86-16 v RESOLUTION NO. 86-16
RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF ATLANTIC BEACH, FLORIDA
TO APPROVE A PARTICIPATION AGREEMENT
BETWEEN THE CITY OF ATLANTIC BEACH
AND THE FIRST MUNICIPAL LOAN COUNCIL
WHEREAS, the City Commission has determined that the need exists
for the acquisition, construction and/or installation, of certain quali-
fying municipal capital projects (collectively, the "Project") described
in the form of the Participation Agreement (the "Participation Agree-
ment") by and between the City of Atlantic Beach (the "Public Agency") ,
and the First Municipal Loan Council (the "Council", presented to this
meeting; and
WHEREAS, the City Commission has taken or will take the necessary
steps to arrange for the acquisition, construction and/or installation
of such Project under the Participation Agreement,
BE IT RESOLVED by the City Commission that the terms of said
Participation Agreement is in the best interest of the Public Agency and
is hereby approved, and
BE IT FURTHER RESOLVED that the pledged revenues as defined in the
Participation Agreement and consisting of the one-half cent sales tax
received and to be received by the Public Agency pursuant to Section
218, Part VI, Florida Statutes, as amended, shall be duly and validly
pledged to the payment of all amounts from time to time outstanding
under the Participation Agreement and are and shall not be pledged to
the payment of any other obligations of the Public Agency during the
term of the Participation Agreement.
Adopted by the City Commission, August 25, 1986.
William S. Howell, Mayor, Presiding Officer
Approv as to Form and Correctness:
laude L. Mullis, City Attorney
ATTEST:
Adelaide R. Tucker, City Clerk