HomeMy WebLinkAboutResolution_21-96/97_06/12/1997 i
RESOLUTION NO. 21 -9697
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY,
FLORIDA, APPROVING A LETTER OF CREDIT WITH
BARNETT BANK, N.A., PALM BEACH COUNTY, AND
AUTHORIZING THE VILLAGE MANAGER TO DO ALL
THINGS NECESSARY TO EFFECTUATE THIS
APPROVAL.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. A Barnett Bank, N.A., Palm Beach County, Letter
of Credit, in an amount not to exceed $1,000,000, at a
market interest rate in effect at the time of closing, is
hereby approved.
Section 2. The Village Manager is authorized to do all
things necessary to effectuate the terms of this approval,
including, but not limited to, the execution of an
applicable agreement, by not later than November 1, 1997.
THE FOREGOING RESOLUTION WAS OFFERED by Councilmember
who moved its adoption. The motion was seconded by
Councilmember , and upon being put to a vote, the
vote was as follows:
FOR ADOPTION AGAINST ADOPTION
• Alexander W. Cameron I
i
Joseph N. Capretta
Carl C. Hansen
Ron T. Mackail
Elizabeth A. Schauer
The Mayor thereupon declared the Resolution duly passed and
adopted this 12th day of June, A.D., 1997.
MAYOR OF TEQUESTA
�7 0 '
Elizabeth A. Schauer
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ATTEST:
oO
oann Mangan' llo
Village Clerk
wp60 \res \21 -97
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Barnett Bamett Bank, N.A., Palm Beach County
• 625 North Fhgler Drive, 10th Floor
West Palm Beach, FL 33401
Fax 361 838 -2323
May 20, 1997
I&. Clark Benne t
Florida Mlmicipal Advisors, Inc
9121 North Military Trad, Suite 200
Palm Beach Gardens, Florida 33418
RE: Village of Tequesta $250,000 Revolving line of Credit
Dear Clark
I have outlined below to temps and cordlions under wlVch Barnett Bank, N.A, would
be pleased to consider the Village of Tec}�s revolving line of credit request.
BORROWER: Village of Tequesta
PURPOSE: To finame cas"dw4iming differences.
• AMOUNT: $250,Q0 9.Qa * 1 000 000.00
INTEREST RATE: 69.77% of Barnett Bank, ft, Prime lending
rate of interest, adtusted day of change.
The above rate is eqx essly subject to this
transaction being designated a `Qualifad Twc-
Exempt Obligatiary' as defined under Section
265 of the Internal Revenue Code.
BANK LOAN FEE: $1,000.00
ATTORNEY FEE: $2,000.00
TERMS OF REPAYMENT: Interest payable monthly, principal due at
matcaity-
PREPAYMENT PENALTY: None
MATURITY: Twel (12) months f►om the date of dosing.
SECURITY:
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