Laserfiche WebLink
<br />RESOLUTION NO. 2009- ~ <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA AUTHORIZING A <br />RATE LOCK AGREEMENT WITH BANK OF AMERICA, NA.; <br />PROVIDING THE CITY MANAGER WITH THE AUTHORITY <br />TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS <br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City of Sunny Isles Beach (the "City"), a municipal corporation, is duly <br />created and existing pursuant to the Constitution and Laws of the State of Florida; and <br /> <br />WHEREAS, the City Commission of the City (the "City Commission") finds and <br />determines that there is a substantial need for the financing of certain capital projects to be <br />owned by the City (the "Projects") permitted by Florida Statutes and State Constitution; and <br /> <br />WHEREAS, the City Commission finds and determines that it is in the best interest of <br />the City that the City borrow the funds to undertake such capital projects; and <br /> <br />WHEREAS, this Resolution is adopted pursuant to the Constitution and Laws of the <br />State of Florida; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA that: <br /> <br />Section 1. Authority for this Resolution. This Resolution is adopted pursuant to the <br />Constitution and laws of the State of Florida. <br /> <br />Section 2. Definitions. Words and phrases used in capitalized form and not otherwise <br />defined herein shall have the meanings ascribed hereto in the Loan Agreement (hereinafter <br />defined) and, in addition, the following words and phrases shall have the following meanings <br />when used herein: <br /> <br />"Authorized Signatory" means the Mayor of the City. <br /> <br />Section 3. Rate Lock Agreement. The City is authorized to execute a Rate Lock <br />Agreement with Bank of America, N.A. (the "Bank") in substantially the form attached hereto as <br />Exhibit A. The form and terms of the Rate Lock Agreement attached hereto are hereby approved <br />by the City and the Authorized Signatory is authorized to execute the same, with such changes as <br />may be approved by the Authorized Signatory, such approval to be conclusively evidenced by <br />the execution thereof by the Authorized Signatory. The City Manager has the authority to do all <br />things necessary to effectuate this Resolution. <br /> <br />Section 4. Applicable Provisions of Law. This Resolution shall be governed by and <br />construed in accordance with the Jaws of the State of Florida. <br /> <br />Section 5. <br />repealed. <br /> <br />Repealer. All Resolutions or parts thereof in conflict herewith are hereby <br />