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HomeMy WebLinkAboutR-76-0366RFC : hh. 4/8/16 RESOLUTION NO..76.366 A RESOLUTION APPROVING THE ACCEPTANCE OF AN OFFER TO THE DEPARTMENT OF OPP-STREET PARKING PROM THE SOUTHEAST FIRST NATIONAL SANK OF MIAMI TO MAKE A $1,000,000 LOAN UNDER THE TERMS AND CONDITIONS AS SET FORTH IN ORDINANCE NO. 8540. ADOPTED THIS DATE 8Y THE CITY OF MIAMI, FLORIOA. LE IT RESOLVED By THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section I. The acceptance by the Depa.ntment 06 O66- Stneet Pan(zing .the o66en 6nom the Sou-theaut F.Lnbt Nat.Lona.0 Bank 124 M.Lanu to maze a $1,000,000 £Dan unden. the .tenm4 and eondit.Lon4 an. seeun.L.ty and bon payment theneo6 az he. 5onth in Ond.Lnance No. 8640 , adopted thtiz date by the City 04 Miami, F.eon-.da, be and the same £4 heneb y approved. Section 2. The o i 6 Lcens and agents 04 the City 06 M.Lam.L are hene.by authon.Lzed .to take at action necezzany .to canny out the pnotiL Longs o6 this n.eso.eut.Lon. PASSED AND ADOPTED thi6 8 day o6 APRIL , 1976. D. SaJTHERN CZ17 CL RK PREPARED AND APPROVED BY:� R6SERT F. CLARK, A:ST. cify AT7'y APPROVED TO FORND CORRECTNESS ITEM NO.., ____. MAURICE A. FERRE MAY O R "DOCUMENT INDEX "SUPPORTIVE DOCUMENTS FOLLOW" $1,000,000 UNITED STATES OE AMERICA STATE OF FLORIDA COUNTY OF DADE THE CITY OF MiAMi The City of Miami (herein called the "City"), a municipal corporation in the County of Dade, State of Florida, for the value received, hereby promises to pay, solely from the special fund provided therefor as hereinafter set forth, to Southeast First National Bank of Miami or order, in quarterly installments as hereinafter provided, upon the presentation and endorsement hereof at the Southeast First National Bank of Miami,in the City of Miami, Florida, the principal sum of "SUPPORTIVE ONE MILLION DOLLARS DOCUMENTS p in any coin or currency of the United States of Amer i Ea(1141v 6e dates of payment thereof is legal tender for the payment of public and private debts, and to pay, solely from said special fund, to the owner hereof by check or draft mailed to the owner interest from the date hereof on said principal sum or the unpaid balance thereof at the rate of six and one quarter per centum (6,'-%) per annvm until payment of such principal sum, such interest being payable quarterly until this note shall have been paid. The principal of this note shall be paid $150,000 at end of second year and balance on final due date. This note shall not be deemed to constitute e debt of the City or a pledge of the faith and credit of the City, but shall be payable solely from the special fund provided therefor. The City is not obligated to pay this note or the interest hereon except from such special fund, and the faith and credit of the City are not pledged to the payment of such principal or interest. The issuance of this note shall not directly or indirectly or contingently obligate the City to levy or to pledge any taxes whatever therefor or to make any appropriation for the payment of this note or the interest hereon except from such special fund. The principal of and the interest on this note are payable solely from moneys deposited to the credit of the special fund created by Ordinance No. 7414, which was adopted by the City Commission on March 14, 1966, as amended by Ordinance No, 7452, adopted on July 14, 1966 and Ordinance No, 7517, adopted on February 8, 1967, and designated "Miami Parking Facilities General Reserve Fund" (therein and herein called the "General Reserve Fund"), which moneys are pledged to and charged with the payment of such principal and interest, such pledge being subject to all of the provisions of said Ordinance No. 7414, as amended, This note is issued under and pursuant to the laws of the State of Florida, including Chapter 166, Florida Statutes, and an ordinance duly adopted by the City Commission on April 8, 1976, reference to which and to said Ordinance No. 7414, as amended is hereby made for the rights of the owner of this note. The City reserves the right to pay and redeem the principal of this note or the unpaid balance thereof at any time from any moneys that may be available for such purpose, or any part of such principal from moneys in the General Reserve Fund, on any interest payment date without the payment of any redemption premium; provided, however, that in accordance with the terms of the note it is agreed that $150,000 will be paid against the principal within three years from date of issue of this note, and that there shall also be paid the interest accrued on such amount from the shall be interest deposits date of this note or the date of the last interest payment, whichever later, to the date of such payment. Until the principal of and the on this note shall be paid in full or provision made for such payment, all to the credit of the General Reserve Fund shall be made with the Southeast First National Bank of Miami, as Trustee under said Ordinance No. 7414, as amended, and the Treasurer of the Department of Off —Street Parking of the City shall, from time to time as moneys are so deposited, give notice to the owner of this note to present the same to the Trustee for payment and cancellation or, in the case of any payment of part of the principal, for the endorsement thereon of the amount so paid. This note is not transferable or assignable except on the books of Southeast First National Bank of Miami. All acts, conditions and things required by the Constitution and laws of the State of Florida and ordinances and resolutions of the City to happen, exist and be performed precedent to and in the issuance of this note have happened, exist and have been performed as so required. IN WITNESS WHEREOF, the City of Miami has caused this note to bear the facsimile signature of its Mayor and to be signed by its City clerk and its or- porate seal to be impressed hereon, all as of the /2 17 day of r/ 1976. (SAL) "SUPPORTIVE DOCUMENTS FC LLOW" The following sums have been paid on the principal of this note together with the interest accrued on each such sum until the date of such payment: Amount Date of Signature Paid Payment of Trustee