R-1071-03 RESOLUTION NO. 1071-03
A RESOLUTION OF THE MIAMI SHORES VILLAGE COUNCIL, AUTHORIZING THE
LOAN, NOT TO EXCEED THE ORIGINAL PRINCIPAL AMOUNT OF $500,000,
FROM SUNTRUST BANK FOR THE PURPOSES OF FINANCING ALL OR A PORTION
OF THE COSTS ASSOCIATED WITH THE CONSTRUCTION OF A NEW MOTOR
POOL FACILITY FOR THE PUBLIC WORKS COMPLEX , AND OF PAYING COSTS
RELATED TO THE ENTRY INTO SUCH LOAN; DETERMINING THAT SUCH LOAN
WITH SUNTRUST BANK IS IN THE BEST INTEREST OF THE VILLAGE; PROVIDNG
FOR THE TERMS OF SUCH LOAN, AUTHORIZING THE PROPER OFFICIALS AND
OFFICERS OF THE VILLAGE TO DO ALL THINGS DEEMED NECESSARY OR
ADVISABLE IN CONNECTION WITH THE ENTRY INTO SUCH LOAN; PROVIDING
FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Village Council ("Village Council's 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 bank loan the costs associated with the construction of a
new motor pool facility for the public works complex; and
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's has proposed to lend the Village up to $500,000; and
WHEREAS, pursuant to the provisions of this Resolution, the Village intends to
accept the proposal of the Bank;
NOW, THEREFORE, BE IT RESOLVED by the Miami Shores Village Council that:
Section 1. The recitals contained in the preamble to this Resolution are
incorporated by reference herein.
Section 2. 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 loan, it will be in the best interest of the Village to enter into the loan 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 loan,
substantially in the form of the Summary Term Sheet, attached as Exhibit `'A" herein.
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 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 provisions.
Section S. 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 21st day of October 2003.
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Ji McCoy, yor
ATTEST:
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Barbara A. Estep, CMC
Village Clerk
APPROVED AS TO FORM:
Richard Sarafan
Village Attorney
10-03Loanresoludon