R-0985-99 RESOLUTION NO. 985-99
A RESOLUTION OF THE MIAMI SHORES VILLAGE
COUNCIL AUTHORIZING THE VILLAGE MANAGER
TO EXECUTE A LOAN AGREEMENT AND RELATED
DOCUMENTS WITH THE CIT GROUP, INC.
WHEREAS, in accordance with the determination made by the Village Administration in
connection with the financing for the new fleet of vehicles delivered in February, 1999,
BE IT RESOLVED BY THE MIAMI SHORES VILLAGE COUNCIL THAT:
The Village Manager is hereby authorized to execute on behalf of the Village, a loan agreement
and related documents required in order for the Village to obtain from The CIT Group, Inc. a
loan in the total amount of$225,624, for the payment of the new fleet of vehicles. $205,610 will
be financed for a period of two (2) years at a rate of 4.58%, and $20,014 will be financed for a
period of five (5)years at a rate of 4.62%.
PASSED AND ADOPTED THIS 22 DAY OF March, 1999.
i s
r
6--'e&
Mary Ross Agosta, Mayor
ATTEST:
LJ"ya
Barbara A. Fugazzi, CMIt
Village Clerk
APPROVED AS TO FORM:
P"o
Richard Sarafan, illageorney