HomeMy WebLinkAboutReso 2010-1553
RESOLUTION NO. 2010- 'SS3
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
SUNNY ISLES BEACH, FLORIDA, RATIFYING LOAN TO
STORMW A TER FUND; PLAN TO REIMUBURSE THE LOAN MADE
BY THE CAPITAL IMPROVEMENTS PROJECTS FUND TO THE
STORMWATER FUND; AUTHORIZING THE CITY MANAGER TO
DO ALL THINGS NECESSARY TO EFFECTUATE THIS
RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, during Fiscal Year 2008/2009, the City's Stormwater Fund incurred Seven
Million Two Hundred Ninety-Eight Thousand Eight Hundred Ninety-One Dollars
($7,298,891.00) in costs for the Central Island Drainage Project; and
WHEREAS, due to lack of available funds, the Storm water Fund borrowed Two Million
Five Hundred Fifty-Five Thousand Eight Hundred Sixty-Three Dollars ($2,555,863.00) from the
Capital Improvements Projects Fund; and
WHEREAS, the borrowing is scheduled to be paid back over four (4) years at an interest
rate of 4.5% with an annual principal and interest payment of Seven Hundred Twelve Thousand
Four Hundred Thirty Dollars and Fifty-Eight Cents ($712,430.58) beginning on June 30, 2010,
with no prepayment penalty.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
Section I. Incorporation of Recitals. All recitals are incorporated into the body of this
Resolution as if same were fully set forth herein.
Section 2. Ratification. The City Commission hereby ratifies the loan in the amount of Two
Million Five Hundred Fifty-Five Thousand Eight Hundred Sixty-Three Dollars ($2,555,863.00)
made to the Storm water Fund by the Capital Improvements Projects Fund.
Section 3. Approval of Payment Plan. The City Commission hereby approves the payment
plan, with no prepayment penalty, from the Stormwater Fund to the Capital Improvements
Projects Fund as follows:
Noff Due Date
Interest
Principal
Balance
1 6/30/2010 712,430.58 115,013.84
r:::c~<~r:':~~-::;:J" _::Y~!,_ -.9"'" ,- ,,~~~:'N_u':8W~Wa>q,::: :4~'~~: ,:'~",_,:?'/' :mh *'" Wi
f!:M~~L~Qa"Ql1"~,,ZJi:{)BO~~,,' ~~!13,Q;.Q,~
3 6/30/2012 712,430.58 60,036.56
1. 2~4..,..'3.'R58.,. ~
", _'0 w:, :".,
2555863:00,
% oc'l",'im\...... 1 ~ i'''''''''''''''''J<~~:
597,416.74 1,958,446.26
"""''',~ W; ,,,:,,?,,,::~:,~,,.,.-~~ ~'m'::;~~
300!5,P~1,,;!'L~J1!,X1~gi
652,394.02 681,751.75
Section 4. Authorization of City Manager. The City Manager is hereby authorized to do all
things necessary to effectuate this Resolution.
R2010- RatifY Loan to Stonnwater Fund Plan
Page I of2
Section 5.
Effective Date. This Resolution will become effective upon adoption.
PASSED AND ADOPTED this 15th day of April 2010.
I ; j
ATTEST:
. -
,:~A~
. .:' )ane A. Hine~,.~MC, City Clerk
, :"l ..
-~
APPROVED AS TO FORM
AN SUFFICIENCY:
Moved by:
Seconded by:
V\'u M~()r --r~ V\L~rG
CcN\~ S<'\-\OLL
Vote: S-D
Mayor Edelcup
Vice Mayor Thaler
Commissioner Brezin
Commissioner Goodman
Commissioner Scholl
v (Yes)
~(Y es)
V(Y es)
~Yes)
~(Yes)
_(No)
_(No)
_(No)
_(No)
_(No)
R2010- RatifY Loan to Stormwater Fund Plan
Page 2 01'2
'f'!.
City of Sunny Isles Beach
18070 Collins A venue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305) 949-3113 Fax
l\1EMORAND_UM
TO:
The Honorable Mayor and City Commission
FROM:
MinaI Shah, Assistant City Manager-Finance
DATE:
4/15/20 I 0
RE:
Ratifying Loan to Stormwater Fund and Approval of Payment
Arrangement to reimburse the loan made by the Capital Improvements
Projects Fund to the Stormwater Fund.
RECOMMENDA TION:
Approve the attached resolution which ratifies the loan to the Stormwater Fund and
approval of the payment arrangement to the reimburse the loan made by the Capital
Improvements Project Fund to the Stormwater Fund. The payment plan is for the term of
4 years at an interest rate of 4.5%. There is no prepayment penalty.
REASONS:
During fiscal year 2009, the City's Stormwater Fund incurred $7,298,891 in costs for the
Central Island Drainage Project. Due to lack of available funds, the Stormwater Fund
borrowed $2,555,863 from the Capital Projects fund. The borrowing is scheduled to be
paid back over 4 years at an interest rate of 4.5%. The annual principal and interest
payment is $712,430.58 with first payment on June 30, 2010.
A TT ACHMENTS:
. Resolution
Agenda Item No.1 OH
Dale 4/15/20 I 0
105