R-0687-79 RESOLUTION NO. 687-79
WHEREAS, Miami Shores Village is the owner of a golf
course and country club which constitute one of its most valuable
assets and attractions; and
WHEREAS, the country club, among other things, has a
club house and golf professional shop; and
WHEREAS, the Council has determined that it is necessary
for the proper operation of said country club that substantial
alterations and repairs be made to the club house and "pro shop"
and has determined that the reasonable cost thereof is $245,000.00,
that the estimated annual revenue of such project is $1,360,000.00
and the estimated revenues of the proceeds from the Florida Power
& Light Company franchise, as hereinafter set forth over and above
the presently pledged revenues is $137,309; that the estimated
annual cost of maintaining, preparing and operating the project
and the interest on the bonds and principal thereof as they become
due is $68.4,000.00; and
WHEREAS, the Village is without the necessary funds to
pay for the work necessary to be done, as above stated;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF
MIAMI SHORES VILLAGE:
Section 1: That certain alterations to the Miami Shores
Golf and Country Club, consisting, among other things, of a new
club house roof, airconditioning and electrical system, be
installed and are necessary to the proper operation and use of
said facilities and that the work therefor be proceeded in forthwith.
Section 2: That the offer of the Peoples First National
Bank of Miami Shores to loan to the Village, in order to perform
and pay for said work, the sum of $311,000.00, with interest at
6.25/ to be evidenced by certificates of indebtedness of said
Village and to be paid solely and only from the revenues herein
referred to over a period of eight years,-with- interest at 6..25/
s
per annum, be accepted. The revenues out of which said certi-
ficates are to be paid shall be primarily the funds generated by
the operation of the golf course and country club and in addition
thereto there shall be pledged to the payment of said bonds the
revenues to be collected from the franchise granted to the
Florida Power & Light Company and no other, and the certificates
of indebtedness shall not under any circumstances be or become a
general obligation of the Village, and the real property of the
inhabitants of the Village shall never be taxed for the purpose
of paying the principal and interest, or other costs, arising out
of the issuance of said certificates.
PASSED AND ADOPTED this 18th day of December
19 79
MA R
ATTEST: --
Village Clerk
2 -