Fort Walton Beach Resolution — 59-35--Contract w/Nelson P. Davis — reading text

1ItiI""" RESOLUTION NO. 59 - ~. f A RESOLUTION TO BE ENTITLED: A RESOLUTION AUTHORIZING THE CITY OF FORT WALTON BEACH, FLORIDA TO ISSUE ITS DEBENTURE IN THE AMOUNT OF THIRTY- SIX THOUSAND, TWO HUNDRED AND FIFTY DOLLARS 836, 250. 00) WITH INTEREST NOT IN EXCESS OF 8% SAID INTEREST TO : BE PAID SEMI- ANNUALLY AND SAID PRINCIPAL TO BE PAID ON OR BEFORE TWO YEARS FROM, DATE WITH THE RIGHT OF THE SAID CITY TO PREPAY ALL OR A PORTION OF SAID PRINCIPAL AT ANY TIMEt AND PROVID.ING THAT THE MAYOR, CITY MANAGER AND CITY CLERK EXECUTE SAID DEBENTURE IN FAVOR OF THE INDUSTRIAL SAVINGS : BA.NK OF PENSACOLA, FLORIDA, OR ANY OTHER RECOGNIZED LENDING INSTITUTION, UPON RECEIPT FROM SAID INSTITUTION OJ' THE SUM OF THIRTY- SIX THOUSAND TWO HUNDRED AND FIFTY DOLLARS ($ 36, 250. 00 ) . WHEREAS: The City of Fort Walton Beach, Florida did an September 23, 1959 adopt Resolution No. 59 - 38 whereby said munioipality was authorized to enter into a contract with Nelson P. Davis for the extension of city water services and sewa~, paving of streets, curoing, guttering, and installation of drainage systems in Santasia Park and Santasia Park First Addition, said being subd1visionsin Fort Walton Beaoh, Florida and to provide for the financing therefor, and for a lien upon the lots therein described and improved, AND WHEREAS," pursuant to the aforesaid IfesolutioD the said City of Fort 'Walton Beaoh did on the 23rd day of September 1959 enter into a oontract with Nelson P. Davis providing for the construotion of the aforesaid improvements and has re- ceived from the said Nelson P. Davis a promissory note payable to the order of t~e City of Fort Walton Beach, Florida in the sum of ~~ 1:rty~' Slx Thousand Two Hundred and at the rate of Fifty Dollars ($ 36, 250. 00) with interest not in excess of 8~ per annum from date until paid, and WHEREAS, it is the desire of the City that the loan be reoognized lending institution to the negotiated with a lof Fort Walton Beach, Florida for the sum of Th1rty- City  f,"" Ui' Six Thousand Two Hun~ d and Fifty Dollars ($ 36, 250. 00) based upon the city' s debenture secured by a lien upon the ut111~y revenues of the said City, said lien being subordinate only to present lien holders; and WHEBEAS, it is for the best interest of the City to havethe said improvements in Santasia Park and Santasia' Park First Addition completed and constructed and for that p~ pose to borrow the aforesaid sum from the Industrial & Savings Bank of Pensacola, Florida, or from some other recognized lending institution, and for such purpose to pledge a portion of its utility revenue to seoure said loan, the 01 ty,ts revenue there- from being adequate to rep~ said loan after satisfying its sinking fund requirements; NOW THEREFORE BE If RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WAL~ ON BEACH. SECTION I. That the City of Fort Walton Beach, Florida is hereby authorized to seel to the Injustrial & Savings Bank of Pensacola, Florida or any other recognized lend- ing institution, its debenture in the sum of Thirty- Six Thousand Two Hundred Fifty Dollars ($ 36, 250. 00) said debenture to bear interest at a rate not in excess of eight ( 8%) per cent per annum and said interest to be paid semi- annually on the balanoe due at the beginn- ing of each semi- annual period, said debenture to be in the following forma This is to certify that the City of Fort Walton Beao_, a municipal corporation of the St~te of Florida, for value received hereby acknowledges itself indebted to,,:.., in the sum of Thirty- Six Thousand, Two Hundred and Fifty Dollars ( 836, 250. 00) and hereby promises to pay to theorder of the the sum of Thirty Six Thousand Two' Hundred and Fifty Dollars 836, 250.' 00) on or before two years from date here- of with interest thereon at the rate of per cent per annum, payable semi- annually on the balance due at the beginning of each semi- annual period on the first d~ of October and April of each year here- after. The maker expressly reserves the right to pay a.ll or any part of the principal amount of this in- debtedness at any time without penalty and, if the balance is paid in full, with interest to the date of said 18yment only.  ti i~ f! I'" This note or revenue certificate shall be a general obligation of the City of Fort Walton Beach but shall be payable solely from the income received by the Water Department of said City afterprov1sion has been made for the requirenents of the sinking fund necessary to retire the Water ReTenue Certifi- cates issued pursuant to Ordinance No. 300. Principal and interest hereunder shall be paid at the office of the IN WITNESS WHEREOF, the said City of Fort Walton Beaoh has oaused this note to be signed by its Mayor and City Manager and attested by its City Clerk and the oorporate seal of said City affixed this day of , 1959. SECTION 21 The Oi ty of Fort Walton Beach, ~< rida shall Pli) use the aforesaid proceeds of Thirty- Six Thousand Two Hundred and Fifty Dollars ($ 36, 250. 00) or so muoh thereof as may be necessary to complete the improvements contem- plated _ by its solut ion No. R,! 59- i3 3 adopted September 23, 1959 . SECTION 31 Upon receipt from the l-~ ;~ ~ k, by the City of the sum of Thirty Six Thousand Two Hundred and Fifty Dollars 136, 250. 00) the Mayor, City Manager and City Clerk are directed to execute and issue for and on behalf of the City of Fort Walton Beach the debenture of said City in the form hereinbefore set forth and to affix the seal of the City there to . SECTION 4a This Resolution shall take effect immediately upon its passage and approval by the Mayor. Adopted I September 23. 1959 2/~&~ J ATTEST I