Fort Walton Beach Resolution — 62-29-Obtain Loan for Outstanding Debt — reading text

3 RESOLUTION NO.(;' J -2 r; A RESOLUTION TO BE ENTITLED: A RESOLUTION PROVIDING THAT THE CITY OF FORT WALTON BEACH. FLORIDA BORROW FROM THE COMMERCIAL NATIONAL BANK. OF PENSACOLA THE SUM OF $ 150, 000. 00 FOR THE PUR- ITS POSE OF OBTAINING FUNDS TO LIQUIDATE AND RETIRE 150, 000. 00 OUTSTANDING DEBENTURE IN THE AMOUNT OF $ DATED NOVEMBER 6, 1961 AND THEREBY REMOVE AND EXTINGUISH THE SECONDARY PLEDGE OF AND AGAINST THE WATER DEPARTMENT REVENUES OF THE CITY. AND PRO- VIDING FOR THE TERMS OF THE SAID LOAN OBLIGATION AND PLEDGING FOR THE REPAYMENT OF SAID OBLIGATION ALL OF THE REVENUES DERIVED FROM THE COLLEC TION AND DISPOSAL OF GARBAGE. TRASH AND REFUSE. AND FROM THE FINE AND FORFEITURE FUND. AND FROM GAS FRANCHISES AND ISSUANCE OF BUILDING PERMITS. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH. FLORIDA: borrow SECTION I: That the City of Fort Walton Beach, Florida, sum. of from The Commercial National Bank. of Pensacola the 150, 000. 00 for the purpose of retiring its debenture dated November 6, 1961 in the amount of $ 150, 000. 00 in favor of The Commercial National Bank of Pensacola, thereby extinguishing and eliminating the seconda.ry pledge against the revenues of the Water Department of the City of Fort Walton Beach which secures the said presently outstanding debenture. SECTION 2: That there is hereby pledged to The Commercial National Bank. of Pensacola as security for the payment of the principal a.nd forth, interest of the obligation to be incurred as hereinbefore set all of the revenues derived from: the collection and disposal of gar- trash and refuse, and from the Fine and Forfeiture Fund, and bage, from gas franchises and issuance of building permits. SECTION 3: The City of Fort Walton Beach covenants and agrees with the said The Commercial National Bank of Pensacola, that it is will not, as long as any portion of its obligation to the said Bank derived from the outstanding and unpaid, pledge any of the revenues i-;". collection and disposal of garbage, trash and refuse, and from the Fine and Forfeiture Fund, and from gas franchises and issuance of building permits, to secure any other or further indebtedness. And the City of Fort Walton Beach further covenants and agrees with The Commercial National Bank of Pensacola that it will maintain suf- ficient garbage, trash and refuse collections and gas franchise tax and building permit fees to produce revenues necessa.ry for the retiring and payment of its obligation, with interest, to the said Ba.nk. SECTION 4: That the Mayor and Fina.nce Director of the City of Fort Walton Beach, Florida be and they are hereby authorized to complete the transaction herein described with The Commercial National Bank of Pensacola and are authorized to execute the fol- lowing instrument evidencing said indebtedness to The Commercial National Bank of Pensacola, to- wit: DEBENTURE OF THE CITY OF FORT WALTON BEACH. FLORIDA. This is to certify that the City of Fort Walton Beach, a municipal corporation of the State of Florida, is indebted to The C-omercial Natianal Bank of Pensacola, Pensacola, far money bor- Florida., rowed and received fram said Bank in the sum of $150, 0.00. 00 and the said City of Fort Walton Beach does hereby promise to pay to the order of The Conunercial National Bank of Pensacola the sum of $ 150, 000. 00. in five ( 5) equal installments of $ 00.0. 00 each 30, with interest from the date of this obligation at the rate of 5% per annum, said interest and principal being due and payable as follows: Due November 6, 1962 3.0, 000. 00 and interest to date. Due Novem.ber 6, 1963 30, 000. 00 and interest to date. Due Novem.ber 6, 1964 t30, 000. 0.0 and interest to date. Due November 6, 1965 30, 00 and interest to date. 000-. Due November 6, 1966 30, 000. 00. and interest to date. The m.aker expressly reserves the right to pay all or any part of this indebtedness at any time by the payment of interest to date of payment on the a.m.ount of any principal payment m.ade. This note shall be payable solely from the revenues derived from the collection and disposal of garbage,trash and refuse, and from the Fine and Forfeiture Fund, and from gas franchises and issuance of building permits, and said revenues are hereby pledged to secure the pa.yment of said indebtedness. Principal and interest hereunder shall be payable in the offices of The Commercial National Bank. of Pensacola, Pensacola, Florida. 2..  I<"' pi' krr.".", IN WITNESS WHERE'OF. the City of Fort Walton Beach has executed thisobligation by causing its natne to be signed hereto by its Mayor and Finance Director with its corporate seal affixed by its City Cler k. Dated. This resolution shall take effect Imdiately i. m. upon its passage and approval by the Mayor. ADOPT ED: C ~ Irh2- APPROVED: c0J}~ o r- Mayor ATTEST: d-~7l f' d~ Q~C;k?~~ / City Cler J Finance Director l 3-