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<br />ORDINANCE NO. 99-~ <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING <br />THE TERMS OF A LINE OF CREDIT WITH EAGLE <br />NATIONAL BANK IN THE AMOUNT OF ONE MILLION <br />($1,000,000) DOLLARS, ATTACHED HERETO AS <br />EXHIBIT "A," TO FACILITATE THE CONSTRUCTION <br />OF A STORM WATER DRAINAGE SYSTEM FOR THE <br />CITY;AUTHORIZING THE CITY MANAGER TO DRAW <br />DOWN ON A LINE OF CREDIT IF NECESSARY; <br />PROVIDING FOR A REPEALER; PROVIDING FOR <br />SEVERABILITY; PROVIDING FOR AN EFFECTIVE <br />DATE. <br /> <br />WHEREAS, the Mayor and City Commission desires to construct a storm water <br />drainage system for the benefit and welfare of the citizens of Sunny Isles Beach; and <br /> <br />WHEREAS, in order to facilitate said construction the City wishes to establish a line of <br />credit with Eagle National Bank in the amount of $1,000,000 under the terms and conditions of <br />the commitment letter attached hereto as Exhibit "A;" <br /> <br />WHEREAS, Section 4.3(6) of the Charter of the City, requires the authorization of <br />borrowing money to be effected by ordinance; <br /> <br />NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />. Section I. Approval. The City Commission hereby approves the terms of the line of credit <br />with Eagle National Bank, in the amount of One Million ($1,000,000) Dollars, as set forth in the <br />commitment letter attached hereto as Exhibit "A," to facilitate the construction of a storm water <br />drainage system for the City. <br /> <br />Section 2. Authorization of Manager. The Manager is hereby authorized to execute such <br />documents and to draw down on the Line of Credit as he deems necessary. <br /> <br />Section 3 <br />repealed. <br /> <br />Repealer. All ordinances or parts of ordinances in conflict or inconsistent are <br /> <br />Section 4 Severability If any word, clause, phrase, sentence, paragraph or section of this <br />ordinance is held to be invalid by a court of competent jurisdiction, such declaration of invalidity <br />shall not affect any other word, clause, phrase, sentence, paragraph or section of this ordinance. <br /> <br />Section 5 Effective Date. This ordinance shall be effective ten days after passage by the City <br />Commission on second reading. O""'A~N' <br /> <br />PASSED AND ADOPTED on frrst reading thi~Y o~ 1999. <br />j;.o-'. <br />I <br /> <br />Line of Credit with Eagle Bank Ord. <br />11/22/99 - 4:21 PM <br />LMD:ch <br />