HomeMy WebLinkAboutResolution_20-24_10/16/2024 RESOLUTION 20-24
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, RELATING TO THE STATE REVOLVING FUND
LOAN PROGRAM; MAKING FINDINGS; AUTHORIZING THE LOAN
APPLICATION; AUTHORIZING THE LOAN AGREEMENT;
ESTABLISHING PLEDGED REVENUES; DESIGNATING AUTHORIZED
REPRESENTATIVES; PROVIDING ASSURANCES; PROVIDING FOR
CONFLICTS, SEVERABILITY, AN EFFECTIVE DATE, AND FOR OTHER
PURPOSES
WHEREAS, Florida Statutes provide for loans to local government agencies to
finance the construction of water facilities; and
WHEREAS, Florida Administrative Code rules require authorization to apply for
loans, to establish pledged revenues, to designate an authorized representative, to
provide assurances of compliance with loan program requirements, and to enter into a
loan agreement; and
WHEREAS, the State Revolving Fund loan priority list currently designates Project
No. DW50270 as eligible for available funding; and
WHEREAS; the Village of Tequesta, Florida, intends to enter into a loan
agreement with the Department of Environmental Protection under the State Revolving
Fund for Project No. DW502701 financing.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, FLORIDA, AS FOLLOWS:
SECTION 1. The foregoing findings are incorporated herein by reference and
made a part hereof.
SECTION II. The Village of Tequesta, Florida, is authorized to apply for a loan to
finance Project No. DW502701 .
SECTION III. The revenues pledged for the repayment of the loan are net water
system revenues after payment of debt service on the Village's Promissory Note, Bank
of America, Series 2008.
SECTION IV. The Village Manager is hereby designated as the authorized
representative to provide the assurances and commitments required by the loan
application.
SECTION V. The Mayor of Tequesta is hereby designated as the authorized
representative to execute the loan agreement which will become a binding obligation in
accordance with its terms when signed by both parties. The Mayor is authorized to
represent the Village in carrying out the Village's responsibilities under the loan
agreement. The Mayor is authorized to delegate responsibility to appropriate Village staff
to carry out technical, financial, and administrative activities associated with the loan
agreement.
SECTION VI. The legal authority for borrowing moneys to construct this Project is
section 166.111 Florida Statutes.
SECTION VII. All resolutions or part of Resolutions in conflict with any of the
provisions of this Resolution are hereby repealed.
SECTION VIII. If any section or portion of a section of this Resolution proves to
be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the
validity, force, or effect of any other section or part of this Resolution.
SECTION IX. This Resolution shall become effective immediately upon its
passage and adoption.
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RESOLUTION DATE
20-24 10/16/24
MOTION Council Member Jayson E. French SECOND Council Member Patrick Painter
FOR AGAINST ABSENT CONFLICT
Mayor Molly Young 7 ❑ ❑
Vice-Mayor Rick Sartory ❑
Council Member Laurie Brandon 0 ❑
Council Member Patrick Painter 0
Council Member Jayson E. French 7
The Mayor thereupon declared the Resolution duly passed and adopted.
MAYOR OF TEQUESTA:
Molly Young
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ATTEST: SEAL :D^
:INCORPORATED
Lori McWilliams, MMC
Village Clerk