Resolution 85-543RESOLUTION No. 543
RESOLUTION AUTHORIZING T
EWAGE THE
RRATRENTPRLANT IMPROVEME
TB'
CITY O ONGWOD, OF A PRINCIPAL AMOUNT OF $300,000AND
WHEREAS, by Ordinance No. 684, doly adopted oN the llth
day of March, 1985, the City Council of the City of Longwood,
Florida, determined that the City accept a loan in the amount It
$100,000.00 from Freedom Savings and Loan Association, payable
over a five-year period, together with interest at 18 belOw the
prime rate per annum th ereon, with such loan to be used for the
improvement of the City', "SKYLARK" and 'COLUMBUS HARBOUR" Sewage
Treatment Plants;
WHEREAS, Freedom Savings and Loan Association has
agreed to loan to the City o£ Longwood $100,000. 00, and t0 accept
the City'e Note therefor, bearing interest at 8.58 per —
-which rate is lower than the interest rate specified in said
Ordinance, and payable interest only On August 1, 1985 and
November 1, 1985, and thereafter by sr zty (60) consecutive equal
monthly installments Of principal and interest,
WHEREAS, the City Council finds that it is iD the best
interes to of the City LO enter into said loan transaction and the
City Council now desires to authorize the Mayor and the City
Clerk t0 execute and deliver all documents necessary I.
effectuate the closing of said loan, now therefore;
NOW, THEREFORE, BE IT RESOLVED DY THE CITY COUNCIL OF
THE CITY OF LONGWOOD, FLORIDA:
Section 1. That in acc oedance with [he aforesaid
Ordinance, dated March 11, 1985, the City Council hereby approves
the form of the City Of Longwood $100,000 Sewage Treatment Plant
Improvement Note, it substantially the same form as Exhibit "A"
attached hereto, which is t0 bb. secured by a prior lien — and
pledge and assignment of the "Net Revenues" (as defined in said
note) of the City's -- System and sewage treatment plants,
for the p,e — of improving the City's water well, known as
r number t and construct g a 750,000 gallon ground voter
storage tank, and hereby authorizes the Mayor and City clerk to
execute and deliver said Note to Freedom Savings and Loan
Association/Cll-lberry, Casselberry, Florida.
Section 2. That the City Council hereby approves the
form of [he Signature and No Litigation Certificate and the
Certificate of Delivery and Payment, attached hereto as Exhibits
1-1 and T, respectively, and hereby authorizes the Mayor and
City Clerk to execute and deli Ver said certificates and such
It— documents necessary to effectuate the closing of said loan.
Section 3. That this Resolution and the Ordinance upon
r which it is based shall be deemed to be and shall constitute a
contract be [veep the City of Longwood, Florida, and the Freedom
Savings and Loan Association/Casselberry, Casselberry, Florida.
S—ti— 9. That this Resolution shall take effect
immediately.
DATED this ay of May, 1985.
n HARV+ M ISON? Nayor
Al
1.
GERI BRI, Clerk