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<br />ORDINANCE NO. 2001-~ <br /> <br />AN ORDINANCE OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING <br />A LOAN AGREEMENT BETWEEN THE CITY OF SUNNY <br />ISLES BEACH AND THE STATE OF FLORIDA FOR A <br />LOAN IN THE AMOUNT OF $670,000.00 UNDER THE <br />STATE REVOLVING FUND LOAN PROGRAM FOR <br />STORMW ATER ACTIVITIES; ESTABLISHING PLEDGED <br />REVENUES; PROVIDING THE MAYOR WITH THE <br />AUTHORITY TO EXECUTE SAID LOAN AGREEMENT; <br />PROVIDING THE CITY MANAGER WITH THE <br />AUTHORITY TO DO ALL THINGS NECESSARY TO <br />EFFECTUATE THE LOAN AGREEMENT; PROVIDING <br />FOR AN EFFECTIVE DATE. <br /> <br />WHEREAS, the State of Florida Department of Environmental Protection <br />("Department") provides loans to local government agencies to finance the construction of water <br />pollution control facilities; and <br /> <br />WHEREAS, by Resolution No. 2001-330 dated May 18, 2001, the City Commission <br />provided the City Manager with the authority to file a loan application with the Department <br />under the State of Florida Revolving Loan Program for stonnwater activities; and <br /> <br />WHEREAS, Department's rules require authorization to apply for loans, to establish <br />pledged revenues, to designate an authorized representative; to provide assurances of compliance <br />with loan program requirements; and to enter into a loan agreement; and <br /> <br />WHEREAS, the Department's priority list designates the proposed Sunny Isles Beach <br />Project No. SW12089701P as eligible for available funding; and <br /> <br />" <br /> <br />WHEREAS, the City of Sunny Isles Beach, Florida, intends to enter into a loan <br />agreement, which is attached hereto as Exhibit "A" with the Department under the State <br />Revolving Fund for project funding. <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 1. Recitals. <br />made part hereof. <br /> <br />The foregoing recitals are incorporated herein by reference and <br /> <br />Section 2. ApDroval of Loan Agreement. The City Manager is hereby authorized to apply <br />for a $670,000.00 low interest loan to finance pre-construction activities of the Stonnwater <br />Project. <br />Section 3. Pledge of Revenues. The revenues to be pledged for the repayment of the loan <br />are Stonnwater Utility System net revenues after payment of annual operating expenses. <br /> <br />State Revolving Fund Loan App 2000 Ord <br />