R-1053-02 RESOLUTION NO._L053-02
A RESOLUTION OF MIAMI SHORES VILLAGE, FLORIDA,
AUTHORIZING THE ENTRY INTO A REVOLVING LINE OF CREDIT
UP TO $500,000 FOR THE PURPOSES OF FINANCING ALL OR A
PORTION OF THE COSTS OF CERTAIN CAPITAL IMPROVEMENTS
AND PURCHASES AND OF PAYING COSTS RELATED TO THE
ENTRY INTO SUCH REVOLVING LINE OF CREDIT; DETERMINING
THAT ENTRY INTO SUCH LINE OF CREDIT WITH SUNTRUST BANK
IS IN THE BEST INTEREST OF THE VILLAGE; PROVIDING FOR THE
TERMS OF SUCH REVOLVING LINE OF CREDIT; AUTHORIZING
THE PROPER OFFICIALS AND OFFICERS OF THE VILLAGE TO DO
ALL THINGS DEEMED NECESSARY OR ADVISABLE IN
CONNECTION WITH THE ENTRY INTO SUCH REVOLVING LINE OF
CREDIT; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the Village Council (the "Village Council") of Miami Shores
Village, Florida (the "Village") hereby determines that it would be in the best economic
interest of the Village to finance through a revolving line of credit the costs of certain
capital improvements and purchases; and f ..
WHEREAS, the Village staff has determined and the Village Council hereby
concurs that SunTrust Bank, a Georgia banking corporation with its designated office in
Miami, Florida (the "Bank") has provided to the Village an attractive commitment to
provide the Village a revolving line of credit up to $500,000 (the"Line of Credit"); and
WHEREAS, pursuant to the provisions of this Resolution, the Village intends to
enter into the Line of Credit with the Bank;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF
MIAMI SHORES VILLAGE, FLORIDA,AS FOLLOWS:
Section 1. The recitals contained in the preamble to this Resolution are incorporated
by reference herein.
Section Z. It is hereby ascertained, determined and declared that, in light of present
market conditions, the attractiveness of the terms offered by the Bank , and the nature of
the Line of Credit, it will be in the best interest of the Village to enter into the Line of
Credit with the Bank on a negotiated basis pursuant to the terms and provisions of this
Resolution.
Section 3. The Village hereby approves the terms and conditions of the Line of
Credit. The Village hereby authorizes the Village Manager and the Finance Director to
execute and deliver any and all documents and instruments and to do and cause to be
\\MIA-SRV 01\1408044v02\8/15/02
done any and all acts and things necessary or proper for carrying out the transactions
contemplated by this Resolution.
Section 4. If any section, paragraph, clause or provision of this Resolution shall be
held to be invalid or ineffective for any reason, the remainder of this Resolution shall
continue in full force and effect, it being expressly hereby found and declared that the
remainder of this Resolution would have been adopted despite the invalidity or
ineffectiveness of such section,paragraph, clause or provision.
Section 5. This Resolution shall take effect immediately upon its adoption and any
provisions of any previous resolutions in conflict with the provisions herein are hereby
superseded.
PASSED AND ADOPTED on this 3rd day of September, 2 2 r
Al Davis, Mayor
Attest:
C.
Barbara Fugazzi, M61
Village Clerk
APPROVED AS TO FORM:
Richard Sarafan, Village Att rney
\\MIA-SRVO I\1408044v02\8/15/02