Ordinance 85-684ORDINANC& N0. 6H9
AN o e Txc cxTY c oe T x of
LONGWOOOA, FLORIDA, AUTHOAIZINGST LONGW000
TO BORROW THE SUM OF $100,000 .O OHFAOMTPREEDOM BANK,
LONGW000, FOR THE PURPOSE OF MA
THE CITY'S SEWAGE TREATMENT P NTSG PAOV I-INGNFORTO
CONFLICTS, SEPARABILITY AND EFFECTIVE DATE
WHEREAS, the City of Lo gwood, Florida, has an rmmed fate
need to make certavn improvements to vts S%YLARI( and "COLUMBUS
HARBOUR" Sewage Treatment Plants; and
WHEREAS, these repairs and improvements have been previously
deemed to be rn the nature of an emergency; and
WHEREAS, Freedom Savings and Loan As socva tvon (Longwood),
has negotiated with and agreed t0 loan to the city the sum of
$100,000.00, repayable over a five (5) year period, togethee with
rnterest thereon at 1% below the prime rate per annum, with such
loan to be used for the stores aid repairs and i p Uvements; and
WHEREAE, Section 3.10 Of the City's Charter requires an
ordinance authorizing the borrowing of mcney;
NOW, THEREFORE, HE IT ENACTED BY THF. CITY COMMIE SIGN OF THE
CITY OF LONGW000, FLORIDA, AS FOLLOWS:
SECTION 1: The City Commission of the City of Lo g Ood
hereby declares that the improvements hereinbefore mentioned
are an vmmed is to need to prevent any public health hazzard from
occurring. The City Commission Fur ther declares that it would
no[ be in the best interests of the City to delay the required
improvements.
EECTION 2: The City Comni ss ion hereby makes a determination
that it is in the best interests of the City, and to avoid further
delay, that the aforesaid negotiated loan be accepted at this tome.
SECTION 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 aforesaid loan transac tvon,
vncludinq, but not limited to a pledge o£ all or a portion o£ the
revenues from the a£ores aid sewage treatment plants, as a guarantee
of repayment of the said loan.
ION 4: All ordrnances o p is of ordinances in
conflict herewith are hereby cancelled, annulled, and of no
_urther force and e..ec t. ~(
N 5: If any sec iron o p iron of a section of this
ordinance proves to be invalid, unlawful, or unto ns trtutronal,
rt shall not be held to invalidate or impair the validity, force
or effect of any other section of this ordinance.
N 6: This Ordinance shall become e£f ec tive immediately
upon its passage and adoption.
FIRST ReAOlmc: /f, X965
secomn RcanxNC: ~~KCw~ ~ /97S
FASSeo ANn nooexen Txls iiu x of y~ , .i .o. lg es
vGI : x o 1
Mai ty of Longwu :, F orrdz '
ATTEST: lll///
m ~erk
1