Reso 2010-1538 - Laserfiche WebLink

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EXHIBIT "B" LOAN AGREEMENT This LOAN AGREEMENT (this "Agreement") is made and entered into as of March _, 2010 and is by and between the City of Sunny Isles Beach (the "City") and SunTrust Bank, a Georgia banking corporation, and its successors and assigns as holder of the hereinafter defined Bonds (the "Bank"); WHEREAS, the City Commission of the City did, on March 18, 2010, adopt an Ordinance and a Resolution (collectively, the "Bond Ordinance") authorizing bonds in the principal amount of $15,000,000 and accepting the commitment to purchase the bonds from the Bank for the purpose of financing a portion of the costs of development of City property for City parks to be located on Collins A venue and Sunny Isles Boulevard, financing architectural, engineering, environmental, legal and other planning costs related thereto, and paying costs of issuance of the bonds (the "Project"); and WHEREAS, the City hereby determines that it is desirable and in the best interest of the City to enter into this Agreement whereby the City will borrow funds from the Bank to be used for the Project; and WHEREAS, the loan evidenced by this Agreement, in an aggregate principal amount of $15,000,000 (the "Bonds"), will be tax-exempt and will finance the Project; and WHEREAS, the obligation of the City to repay the Bonds to the Bank shall be evidenced by the delivery of one Bond, in the amount of $15,000,000, maturing in fifteen (15) years; and WHEREAS, the Bonds shall be issued pursuant to the terms and provisions of the Bond Ordinance and this Agreement; and WHEREAS, the execution and delivery of this Agreement have been duly authorized by the Bond Ordinance. NOW THEREFORE, in consideration of the sum of $10.00, the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and legal sufficiency of which is acknowledged by both parties, the parties agree as follows. ARTICLE I DEFINITION OF TERMS Section 1.1 Definitions. The words and terms used in this Agreement shall have the meanings as set forth in the Bond Ordinance and in the recitals above, unless otherwise defined herein. Unless the context shall otherwise require, the following words and terms as used in this Agreement shall have the following meanings: "Act" means Part II of Chapter 166, Florida Statutes, as amended, the Charter of the City, and other applicable provisions of law. {MI883440_2}