HomeMy WebLinkAboutOrdinance 99-85
ORDINANCE NO. 99-~
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING
THE TERMS OF A LINE OF CREDIT WITH EAGLE
NATIONAL BANK IN THE AMOUNT OF ONE MILLION
($1,000,000) DOLLARS, ATTACHED HERETO AS
EXHIBIT "A," TO FACILITATE THE CONSTRUCTION
OF A STORM WATER DRAINAGE SYSTEM FOR THE
CITY;AUTHORIZING THE CITY MANAGER TO DRAW
DOWN ON A LINE OF CREDIT IF NECESSARY;
PROVIDING FOR A REPEALER; PROVIDING FOR
SEVERABILITY; PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the Mayor and City Commission desires to construct a storm water
drainage system for the benefit and welfare of the citizens of Sunny Isles Beach; and
WHEREAS, in order to facilitate said construction the City wishes to establish a line of
credit with Eagle National Bank in the amount of $1,000,000 under the terms and conditions of
the commitment letter attached hereto as Exhibit "A;"
WHEREAS, Section 4.3(6) of the Charter of the City, requires the authorization of
borrowing money to be effected by ordinance;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS:
. Section I. Approval. The City Commission hereby approves the terms of the line of credit
with Eagle National Bank, in the amount of One Million ($1,000,000) Dollars, as set forth in the
commitment letter attached hereto as Exhibit "A," to facilitate the construction of a storm water
drainage system for the City.
Section 2. Authorization of Manager. The Manager is hereby authorized to execute such
documents and to draw down on the Line of Credit as he deems necessary.
Section 3
repealed.
Repealer. All ordinances or parts of ordinances in conflict or inconsistent are
Section 4 Severability If any word, clause, phrase, sentence, paragraph or section of this
ordinance is held to be invalid by a court of competent jurisdiction, such declaration of invalidity
shall not affect any other word, clause, phrase, sentence, paragraph or section of this ordinance.
Section 5 Effective Date. This ordinance shall be effective ten days after passage by the City
Commission on second reading. O""'A~N'
PASSED AND ADOPTED on frrst reading thi~Y o~ 1999.
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Line of Credit with Eagle Bank Ord.
11/22/99 - 4:21 PM
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ATTEST:
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" .Ri.~~ard ~rown:'Mo.ri~la, City Clerk
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<, APP,R. OVIfDAS T~rtEGAL FORM
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Motion on second reading by: ~1b\tN 1 W\R. ~
Second on second reading by: ~lctNA .l~
Vote: 6-0
Mayor David Samson
Vice Mayor Connie Morrow
Commissioner Irving Turetsky
Commissioner Lila Kauffman
Commissioner Daniel Iglesias
(yes) V
(yes) V
(yes)~
(yes L.IL'"
(yes) V
(no )_
(no )_
(no )_
(no)_
(no)_
Line of Credit with Eagle Bank Ord.
11/22/99 - 4:21 PM
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