Ordinance 85-683ORDINANCE N0. 683
AN O e OF THE CITY COMMISSION OF
LoNGwooo,~NFLOaxoA, Aoaxonxsxxc T E cxTY
To BoAROw axe soM oe saao,ooo.HO~{FROM F
WHEREAS, the City of Longwood, Florida, has an vmmediate
need to construct a ]50,000 gallon ground water storage tank
and to make certa rn improvements to its Water Well known as
"number two (2)"; and,
WHEREAS, these i p vements have been previously deemed to
be in the nature o£ an emergency; and
WHEREAS, Freedom Savings and Loan Association lLOngwoo d),
has negotiated with and agreed to loan to the city the sum o£
$400,000.00, repayable over a five (5) year period, together with
vnterest thereon at 18 below prime rate per annum, with such loan
to be used for the aforesaid improvements; and
WHEREAS, Sec tvon 3.10 of the City's Charter requires an
ordinance authorizing the borrowing of money;
NOW, TNEREFOkE, BE IT ENACTED BY THE CITY COMMISB ION OF THE
CITY OF LONGWOOD, FLOAT 5 FOLLOWS:
SECTION 1: The City Commission of the City of Longwood
hereby declares that the improvements hereinbefore mentroned
are an rmmediate need to prevent any public health hazzard from
occurring. The City Commission further declares that it would
not be in the best interests o. the City to delay the required
improvements.
ECTION 2: The City Commission hereby makes a determination
that it vs rn the best interests of the City, and to avoid further
delay, Fhat the aforesaid negotiated loan be accepted at this tome.
ECTSON 3: The City Commission hereby authorizes the Mayor
to execute any and all documents on behalf of the City deemed
necessary and proper in order to close the transaction, including,
from the aforesaid water system, as a guarantee o£ repayment of the
s avd loan.
all orainanoee or parta of ora,nanees ~n
_onflict herewitl, are Hereby cancelled, ann~llea, and of no
fur Uer force and effect.
SECTION 5: if any section or portion o£ a section o£ this
ordinance p ves to be invalid, unlawful, or uncons titutiona ,
rt shall not be held to invalidate or p r the validity, force
e:asT Sao=N~: ,.~: ~ ir, ~y~s
secoN~ xaanlN :~//, /98s
passs~ nNO aooPTeo a~ixs i/v: oo~{~ or y/css~,~ .o. lses
ATTESa. Ma r/,/ ity o~ d, iida _
~erk l/