Resolution 85-542RESOLUTION NO 542
RESOLUTION AUTHORIZING THE ISSUANCE OF A
WATER SYSTEM IMPROVEMENT NOTE OFTHE CITY OF
LONGWOOD, FLORIDA, IN
THE
PRINCIPAL A F
$400,000 AN PPROViNGT
D OTHER TERMS
HOR—, MATURITY,
S2INGTT ENMAYOR AN FOFATHEN
TCITY
OF LONGWOOD TO EXECUTE AN DELIVER SAID NOTE
OTHERAND DOCUMENTS NECESSARY
TO LOSE THE
LOAN TRANSACTION REPRESENTED BY SAID NOTE
WHEREAS, by Ordinance No. —, duly adopted on the llth
$400,000.00 from Freedom Savings and Loan Association, payable
over a five-year period, together with interest at 19 below the
prime rate per an num thereon, with such loan to be used for the
1
improvement of the City',, water well and far const ructicn of a
WHEREAS, Freedom Savings and Loan A—tiati— has
g eed to loan to the City of Longwood $400,000.00, and to accept
the City's Note therefor, bearinq interest at 8.5% per ann um,
Ordinance, and payable interest only on August 1, 1985 and
November 1, 1985, and thereafter by sixty (60) consecutive equal
monthly installments Of principal and interest,
WHEREAS, the City Council finds that it is in the best
in [eeests of the City to enter into said loan transaction and the 1
City Council now desires to authorize the Mayor and the City
Clerk to execute and deliver all tlocuments necessary to
effectuate the closing of said loan, now therefore;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF LONGWOOD, FLORIDA:
Section 1. That in accordance with the aforesaid
Ordinance, dated Narch 11, 1985, the City Council hereby approves
the form, maturity, interest rate and other terms of the City of
Longwood $400,000 Water Hystem Improvement Note, in substantially
the same form as Exhibit "A" a .ached hereto, which is to be 1
securetl by a prior lien on and pledge and assignment of the "Net
Revenues" (as defined in said note) of the City's water system,
for the puepose of making Certain improvements to the City's
"Skylark" and "Columbus Harbour" 5 wage Treatment Plants, and
hereby authorizes the Mayor and City Clerk to execute and deliver
said Note to Freedom Savings and Loan Association/Casselberry,
Casselberry, Florida.
ction 2. That the City Council hereby approves the
form of the Signature and No Litigation Certificate and —
Certificate of Delivery and Pa yme n[, attached hereto as Exhibits
B and "C," respectively, and hereby authorizes the Mayor and
City Clerk to execute and deliver said certificates and such
It— documents necessary to effectuate the closing of said loan.
ection 3. That this Resolution and the Ordinance upon
r ,
which it is based shall be deemetl to be antl sRall constitute a
contract between the City of Longwood, Florida, and the Freedom
Savings and Loan Association/Casselberry, Casselberry, Florida.
Section 4. That this Resolution shall Fake effect
immediately.
DATHD this 201N, of May, 1985.
AT ET:
GTB� RI, Clerk