Ordinance No. 35-81-5 v ORDINANCE NO. 35-81-5
AN ORDINANCE PROVIDING FOR THE BORROWING OF
FUNDS FOR THE LEASE/PURCHASE OF FIRE APPARATUS
TO BE USED IN THE CITY OF ATLANTIC BEACH; SAID
FUNDS TO BE BORROWED FROM THE OCEAN STATE BANK;
ESTABLISHING OF COLLATERAL, AND THE TERMS OF
SAID LOAN; PROVIDING AN EFFECTIVE DATE.
BE-IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF ATLANTIC BEACH, FLORIDA,
THAT:
SECTION 1. The purpose of this borrowing of funds is for the lease/purchase
of One (1) Model 20084M Triple Combination Pumper with a 750 GPM Hale Pump and
500-gal. Booster Tank, from Emergency One, Inc. , Ocala, Florida.
SECTION 2. The Mayor-Commissioner, attested by the City Clerk of the City
of Atlantic Beach, Florida, is hereby authorized to borrow, on behalf of the
City, the sum of Fifty-One Thousand Two Hundred Fifty ($51,250) from the Ocean
State Bank for a period of time not to exceed three (3) years at an interest
rate not to exceed seven and one-half (72%) percent per annum, for the sole
purpose of purchasing that fire apparatus in the aforementioned Section 1. Said
repayment schedule for this indebtedness shall be on a per annum basis until paid
in full. Nothing contained herein shall preclude the City of Atlantic Beach from
repaying this indebtedness at any time.
SECTION 3. Said vehicular title of this fire apparatus shall remain in the
custody of the Ocean State Bank, located in Neptune Beach, Florida, for the
duration of the terms of said indebtedness, and sole security for this indebtedness
shall be the title to said apparatus. When said apparatus indebtedness is paid
in full, title shall be delivered to the City of Atlantic Beach.
SECTION 4. The authority for the passage of this ordinance is contained in
Section 67 of the Charter of the City of Atlantic Beach.
SECTION 5. This ordinance shall become effective immediately upon its
passage.
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Passed by the City Commission on First Reading February 23, 1981 •
Passed by the City Commission on Second Reading February 23, 1981 •
Passed by the City Commission on Third and Final Reading March 9. 1981 •
ATTEST:
(SEAL) Adelaide R. Tucker, City Clerk