96-38 v r
RESOLUTION NO. 96-38
A RESOLUTION SUPPLEMENTING ORDINANCE NO. 35-95-10 ENTITLED
AS FOLLOWS:
"AN ORDINANCE OF THE CITY OF ATLANTIC BEACH, FLORIDA,
PROVIDING FOR THE REFINANCING OF A BALLOON PAYMENT ON
THE OUTSTANDING CITY HALL LOAN TO THE FIRST MUNICIPAL
LOAN COUNCIL AND FINANCING CERTAIN CAPITAL PROJECTS
WITHIN THE CITY; AUTHORIZING THE BORROWING OF NOT
EXCEEDING $1,175,000 FOR THAT PURPOSE; AUTHORIZING THE
DELIVERY OF A PROMISSORY NOTE IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT EXCEEDING $1,175,000 TO EVIDENCE THE
OBLIGATION OF THE CITY TO REPAY SAME; FIXING THE FORM,
DATE, MATURITY, AND INTEREST RATE WITH RESPECT TO SUCH
NOTE; AUTHORIZING FURTHER OFFICIAL ACTION IN CONNECTION
WITH THE DELIVERY OF SUCH NOTE; AND PROVIDING AN
EFFECTIVE DATE."
PROVIDING FOR THE USE OF THE AVAILABLE PROCEEDS OF SUCH
PROMISSORY NOTE FOR ADDITIONAL AUTHORIZED CAPITAL
PROJECTS OF THE CITY; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION AND ON BEHALF OF THE
PEOPLE OF THE CITY OF ATLANTIC BEACH, FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted
pursuant to the provisions of Chapter 166, Part II, Florida Statutes, and other applicable
provisions of law (the "Act") and Sections 2 and 16 and of Ordinance No. 35-95-10 (the
"Original Ordinance").
SECTION 2. DEFINITIONS. All capitalized terms used herein shall have the meanings
set forth in the Original Ordinance unless the context clearly requires otherwise. Words
importing singular numbers shall include the plural number in each case and vice versa, and
words importing persons shall include firms and corporations.
"Project" means, collectively, the (i) construction and renovation to the Public Safety
Building, (ii) construction of certain park improvements, and (ii) construction and renovations
to the City's Lifeguard Building, all located within the boundaries of the City, and such other
capital projects of the City as may be provided by resolution supplemental hereto.
SECTION 3. FINDINGS. It is hereby found, declared, and determined by the
Commission:
(A) The City has previously issued the Note to provide for the financing of certain
capital projects within the City and refinancing of a prior loan to the City.
(B) The cost of one the capital projects originally designated to be financed with
proceeds of the Note, the renovation of the City Lifeguard Building, is being paid for by the
City of Jacksonville, Florida pursuant to a settlement agreement between the City and the City
of Jacksonville. Additionally, there may be additional proceeds of the Notes available for other
uses by the City due to costs being less than anticipated for the other capital projects designated
in the Original Ordinance.
(C) The Original Ordinance provides that the "Project" to be financed with the proceeds
of the Note may include such other capital projects of the City as may be provided by resolution
supplemental to the Original Ordinance.
(D) It is necessary, desirable and in the best interests of the City and its inhabitants to
designate other capital projects which may be financed by the Note to the extent of any available
proceeds of the Note not needed for previously designated projects.
(E) The Lender has consented to the adopted of this Resolution by the City, a copy of
which consent shall be filed with the City Clerk with the minutes of this meeting.
SECTION 4. RESOLUTION AND ORIGINAL ORDINANCE TO CONSTITUTE
CONTRACT. In consideration of the acceptance of the Note by the Lender and the Lender's
consent to the adoption of this resolution, this resolution, together with the Original Ordinance
shall be deemed to be and shall constitute a contract between the City and the Lender. The
agreements set forth herein to be performed by the City shall be solely for the benefit, protection
and security of the Lender.
SECTION 5. AUTHORIZATION OF ADDITIONAL CAPITAL PROJECTS. Proceeds
of the Note which had been designated for use to pay the cost of the renovation of the City's
Lifeguard Building are hereby approved to be used to pay the costs of improvements to the
City's governmental facilities, as such improvements may be approved by the Commission, such
approval to be reflected in the minutes of a Commission meeting. Any additional proceeds not
necessary to complete the other capital projects designated in the Original Ordinance are hereby
authorized to be used for other capital projects in the City, including but not limited to additional
improvements to governmental facilities and/or parks and recreation facilities, as such
improvements are approved by the Commission, such approval to be reflected in the minutes of
a Commission meeting. Upon approval of any additional capital project, the City shall provide
notice of such approval to the Lender.
3248/ATLI6.W 3/O-8AN K-OK D-SU PP-K L'SO Y.13-1996/11 32am
2
SECTION 6. EFFECTIVE DATE. This Resolution shall take effect immediately upon
its adoption.
Adopted this A day of September, 1996.
Approved as to form, sufficiency and
correctness:
IIIIPIPPr
ity Attorn Ma ',Presiding Officer
ATTEST:
/ ) (W,LLL?..: "l t.),(C'
City Clerk / J
3248/ATL I6.003/O-BANK-OR D-SU PP-R ESO 9-13-1996/11 32am
3
CONSENT OF
SUNTRUST BANK, CENTRAL FLORIDA, NATIONAL ASSOCIATION
The undersigned authorized officer of SunTrust Bank, Central Florida, National
Association (the "Bank") hereby certifies as follows on behalf of the Bank:
1. Capitalized terms used in this certificate shall have the meanings set forth in
Ordinance No. 35-95-10 enacted by the City Commission of the City of Atlantic Beach, Florida
(the "City") on November 27, 1995 (the "Original Ordinance") in connection with the issuance
by the City of its Revenue Note Series 1995 (the "Note").
2. The Bank is the "Lender" under the Resolution and is the sole holder of the Note.
3. The City has requested the Bank to consent to the adoption of a resolution
supplemental to the Original Ordinance, a copy of which resolution is attached hereto and
incorporated herein (the "Supplemental Resolution").
4. The Bank hereby consents to the adoption by the City of the Supplemental
Resolution.
Dated this 17 thiay of September, 1996.
SUNTRUST BANK, CENTRAL FLORIDA,
NATIONAL ASSOCIATION
[SEAL]
By: c_LZUSinn •
Name: Edward D. Stull, Jr.
Title: Vice President
ATTEST:
ame• Wa and L. Herring
Title: First Vice Presi
3248/ATL 16.003/BAN K-CONSENT-TO-SU PP
•
_ . CITY OF
/*uatiC Sead - 9616 41
800 SEMINOLE ROAD
ATLANTIC BEACH,FLORIDA 32233-5445
TELEPHONE(904)247-5800
J. • � FAX(904)247-5805
Memorandum
Date: September 17, 1996
To: Jim Jarboe, City Manager 9M
From: Ann Meuse, Finance Director
Subject: Resolution # 96-38 Amending the SunTrust Loan
Squire, Sanders and Dempsy has prepared Resolution #96-38 which amends the SunTrust
loan. Adoption of the resolution will allow the city to carry over unused project funds and
allow excess project funds to be reallocated by the City Commission for other capital
improvements as defined in the resolution. Following is a summary of the original funds
borrowed, amounts spent and encumbered, amounts anticipated to be spent to complete
the projects and balances available which could be reallocated by the City Commission.
Amount Estimated
Amount Spent or Cost
Sun Trust Loan: Borrowed Encumbered To Compete Balance
Refinance City Hall 652,135 652,135 -0-
Public Safety Building 237,865 226,457 11 ,408 -0-
Park Improvements:
Howell Perk 67,600 67,600 -0-
Russell Park 99,180 99,180 -0-
Handicap Ramp 15.000 15,000 -0-
Bull Park 30,000 30,000
Contingency 8,220 8,220
220,000 166,780 15,000 38,220
Renovations To Lifeguard Bldg. 40,000 40,000
(Reallocated By City Commission
for City Hall Improvements 7/8/96)
Closing Costs on Loan 12 500 7500 _ 5,000
Total Amount Borrowed 1 162 500 1 052 872 _2.6,40S, 83,220