|
<br />RESOLUTION NO. 2010- 'SS3
<br />
<br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
<br />SUNNY ISLES BEACH, FLORIDA, RATIFYING LOAN TO
<br />STORMW A TER FUND; PLAN TO REIMUBURSE THE LOAN MADE
<br />BY THE CAPITAL IMPROVEMENTS PROJECTS FUND TO THE
<br />STORMWATER FUND; AUTHORIZING THE CITY MANAGER TO
<br />DO ALL THINGS NECESSARY TO EFFECTUATE THIS
<br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE.
<br />
<br />WHEREAS, during Fiscal Year 2008/2009, the City's Stormwater Fund incurred Seven
<br />Million Two Hundred Ninety-Eight Thousand Eight Hundred Ninety-One Dollars
<br />($7,298,891.00) in costs for the Central Island Drainage Project; and
<br />
<br />WHEREAS, due to lack of available funds, the Storm water Fund borrowed Two Million
<br />Five Hundred Fifty-Five Thousand Eight Hundred Sixty-Three Dollars ($2,555,863.00) from the
<br />Capital Improvements Projects Fund; and
<br />
<br />WHEREAS, the borrowing is scheduled to be paid back over four (4) years at an interest
<br />rate of 4.5% with an annual principal and interest payment of Seven Hundred Twelve Thousand
<br />Four Hundred Thirty Dollars and Fifty-Eight Cents ($712,430.58) beginning on June 30, 2010,
<br />with no prepayment penalty.
<br />
<br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
<br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
<br />
<br />Section I. Incorporation of Recitals. All recitals are incorporated into the body of this
<br />Resolution as if same were fully set forth herein.
<br />
<br />Section 2. Ratification. The City Commission hereby ratifies the loan in the amount of Two
<br />Million Five Hundred Fifty-Five Thousand Eight Hundred Sixty-Three Dollars ($2,555,863.00)
<br />made to the Storm water Fund by the Capital Improvements Projects Fund.
<br />
<br />Section 3. Approval of Payment Plan. The City Commission hereby approves the payment
<br />plan, with no prepayment penalty, from the Stormwater Fund to the Capital Improvements
<br />Projects Fund as follows:
<br />
<br />
<br />Noff Due Date
<br />
<br />Interest
<br />
<br />Principal
<br />
<br />Balance
<br />
<br />1 6/30/2010 712,430.58 115,013.84
<br />r:::c~<~r:':~~-::;:J" _::Y~!,_ -.9"'" ,- ,,~~~:'N_u':8W~Wa>q,::: :4~'~~: ,:'~",_,:?'/' :mh *'" Wi
<br />f!:M~~L~Qa"Ql1"~,,ZJi:{)BO~~,,' ~~!13,Q;.Q,~
<br />3 6/30/2012 712,430.58 60,036.56
<br />1. 2~4..,..'3.'R58.,. ~
<br />", _'0 w:, :".,
<br />
<br />
<br />2555863:00,
<br />% oc'l",'im\...... 1 ~ i'''''''''''''''''J<~~:
<br />597,416.74 1,958,446.26
<br />"""''',~ W; ,,,:,,?,,,::~:,~,,.,.-~~ ~'m'::;~~
<br />300!5,P~1,,;!'L~J1!,X1~gi
<br />652,394.02 681,751.75
<br />
<br />
<br />
<br />Section 4. Authorization of City Manager. The City Manager is hereby authorized to do all
<br />things necessary to effectuate this Resolution.
<br />
<br />R2010- RatifY Loan to Stonnwater Fund Plan
<br />
<br />Page I of2
<br />
|