R-1106-05 RESOLUTION No: 11 n&_05
A RESOLUTION OF THE MIAMI SHORES VILLAGE COUNCIL,
AUTHORIZING THE CREATION OF A SUBORDINATED CREDIT
LINE OF $1,500,000.00 WITH SUNTRUST BANKS, NA TO FUND
HURRICANE WILMA-RELATED EMERGENCY COSTS;
AUTHORIZING THE VILLAGE MANAGER AND CHIEF FINANCIAL
OFFICER TO EXECUTE SAID AGREEMENT FOLLOWING VILLAGE
ATTORNEY REVIEW AND APPROVAL; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS,Miami Shores was adversely affected by Hurricane Wilma on
October 24, 2005; and,
WHEREAS,the Village was required to adequately prepare prior to the storm;
and,
WHEREAS,the Village experienced extensive landscape damage throughout the
Village including downed trees, shrubbery and other debris throughout the Village; and,
WHEREAS,the Village has filed damage claims with the Florida League of
Cities,the current insurance program along with applications to participate in the Federal
Emergency Disaster Agency(FEMA)reimbursement programs; and,
WHEREAS,preliminary damage and clean-up costs are estimated to exceed
$3,000,000; and,
WHEREAS,the Village operates normal business on a restrictive cash flow
basis; and,
WHEREAS, SunTrust Bank has agreed to create and make available to the
Village a subordinated Line of Credit for$1,500,000, to provide for any anticipated cash
flow needs regarding hurricane clean-up expenses.
NOW, THEREFORE,BE IT DULY RESOLVED BY THE MIAMI
SHORES VILLAGE COUNCIL,that:
1. The Village Council authorizes the creation of a$1,500,000 Emergency
Credit Line with SunTrust Bank for Village Hurricane Wilma-related
expenses.
2. That the Village Council authorizes the Village Manager and Chief
Financial Officer to negotiate said$1,500,000 Emergency Credit Line
with SunTrust and execute same following final review and approval by
the Village Attorney.
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3. That the Village Council authorizes the Village Manager and/or Chief
Financial Officer to draw on the credit line for Wilma-related expenses
should the Village's overall cash flow position so warrant.
4. That the Village Council directs the Village Manager and Chief Financial
Officer to commit FEMA reimbursements to the Village towards
repayment of the principal and interest drawn on the aforementioned credit
line.
PASSED and ADOPTED this 15t`day of November, 20 .
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Davis,Mayor
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ATTEST: !
AJawa c
Barbara A. Estep, C C
Village Clerk
APPROVED AS TO FORM:
chard Sarafan
Village Attorney