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Ordinance 2012-384
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Ordinance 2012-384
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Last modified
4/24/2012 3:13:25 PM
Creation date
4/24/2012 3:12:08 PM
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CityClerk-Ordinances
Ordinance Number
2012-384
Date (mm/dd/yyyy)
04/19/2012
Description
$10 Million Capital Improvement Revenue Refunding Bonds/Loan Agmt.
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<br />LOAN AGREEMENT <br /> <br />This LOAN AGREEMENT (this "Agreement") is made and entered into as of April, _, <br />2012, and is by and between the City of Sunny Isles Beach (the "City") and Branch Banking and <br />Trust Company, a North Carolina banking corporation, and its successors and assigns as holder <br />of the hereinafter defined Bond (the "Bank"); <br /> <br />WHEREAS, the City Commission of the City enacted on April_, 2012, an Ordinance <br />(the "Ordinance") authorizing the issuance of its Capital Improvement Revenue Refunding <br />Bond, Series 2012, in a principal amount not to exceed $10,000,000, and directed that the <br />proceeds thereof, together with other available funds of the City, be applied for the purposes of: <br />(i) refinancing a loan made by the Florida Municipal Loan Council from proceeds of its Revenue <br />Bonds, Series 2002-C (the "Prior Loan"), outstanding in the principal amount of $11 ,51 0,000 as <br />of April I, 2012, the proceeds of which were applied to finance the construction of the Sunny <br />Isle Beach Govermnent Center; and (ii) paying costs of issuance of the Bond and of refunding <br />the Prior Loan; and <br /> <br />WHEREAS, the Ordinance further authorized entry by the City into this Loan <br />Agreement; and <br /> <br />WHEREAS, the City hereby determines that it is desirable and in the best interest of the <br />City to enter into this Agreement whereby the City will borrow funds from the Bank to be used <br />to refund and prepay the Prior Loan and to pay costs of issuance of the Bond and of refunding <br />the Prior Loan; and <br /> <br />WHEREAS, the obligation of the City to repay such borrowing shall be evidenced by <br />the Bond, which shall be in the principal amount of $1 0,000,000; and <br /> <br />WHEREAS, the Bond shall be issued pursuant to the terms and provisions of the <br />Ordinance and this Agreement; <br /> <br />NOW THEREFORE, in consideration of the sum of $10.00, the mutual promises and <br />covenants contained in this Agreement, and for other good and valuable consideration, the <br />receipt and legal sufficiency of which is acknowledged by both pm1ies, and intending to be <br />legally bound hereby, the City and the Bank agree as follows. <br /> <br />ARTICLE I <br /> <br />DEFINITION OF TERMS <br /> <br />Section 1.1. Definitions. The words and terms used in this Agreement shall have the <br />meanings as set forth in the Ordinance and in the recitals above, unless otherwise defined herein. <br />Unless the context shall otherwise require, the following words and terms as used in this <br />Agreement shall have the following meanings: <br /> <br />"Act" means Part II of Chapter 166, Florida Statutes, as amended, the Charter of the City, <br />and other applicable provisions oflaw. <br /> <br />MIA 182,397,885vl 3-5-12 <br />
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