R-1141-08 RESOLUTION NO. 1141-08
A RESOLUTION OF THE MIAMI SHORES VILLAGE COUNCIL, AUTHORIZING THE
LOAN, NOT TO EXCEED THE ORIGINAL PRINCIPAL AMOUNT OF $505,000,
THROUGH THE FLORIDA LEAGUE OF CITIES, FROM BANC OF AMERICA, FOR
THE PURPOSES OF FINANCING ALL OR A PORTION OF THE COSTS ASSOCIATED
WITH THE PURCHASE OF NEW POLICE VEHICLES, AND OF PAYING COSTS
RELATED TO THE ENTRY INTO SUCH LOAN; DETERMINING THAT SUCH LOAN
THROUGH THE FLORIDA LEAGUE OF CITIES, MASTER LEASE PURCHASE
PROGRAM, 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's 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 purchase of new
police vehicles; and
WHEREAS, the Village staff has determined and the Village Council hereby
concurs that the Florida League of Cities, Inc. Master Lease Purchase Program
("League') has proposed to lend the Village up to $505,000; and
WHEREAS, pursuant to the provisions of this Resolution, the Village intends to
accept the proposal of the Florida League of Cities;
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 Florida League
of Cities, and the nature of the loan, it will be in the best interest of the Village to enter
into the loan with the League 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 5th day of February , 2008.
Herta Holly, Mayor
ATTEST:
Alolay ao
Barbara A. Estep, MMC
Village Clerk
APPROVED AS TO FORM:
Richard Sarafan
Village Attorney
02-08Loanresolution