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RESOLUTION NO. 99-13
A RESOLUTION OF THE CITY OF ATLANTIC BEACH, FLORIDA,
REDUCING THE INTEREST RATE ON THE ASSESSMENTS FOR
IlVIPROVEMENTS MADE IN SECTION H, AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City has levied an assessment for improvements made in Section H
which benefit certain properties located in Section H (see prior Resolution Nos. 87-2, 87-4,
88-11, 91-11 and 91-28), and
WHEREAS, the City originally financed a substantial portion of its costs for the
improvements in Section H with the Gulf Breeze loan at an interest rate of 7.5 %, and
WHEREAS, the City has recently refinanced the Gulf Breeze loan with SunTrust Bank
at the lower interest rate of 4.2 %, and
WHEREAS, the City will realize substantial savings as a result of the above refinancing
and wishes to pass the savings along to those property owners in Section H who still have
outstanding assessments for the improvements made, and
WHEREAS, the interest rate charged on the original assessments to the property owners
in Section H for the improvements is 8.65%, and
WHEREAS, to reflect a similar savings to the property owners in Section H as realized
by the City as a result of the refinancing with SunTrust Bank, the interest rate on the
_assessments should be reduced by 3.3%, resulting in a new interest rate on the assessments of
5.35%.
NOW THEREFORE, be it resolved by the City Commission of the City of Atlantic
Beach as follows:
SECTION 1. The interest rate on the assessments to those property owners in Section
H who still have outstanding assessments for the improvements made is reduced toy 35
effective October 1, 1999.
SECTION 2. All resolutions of the City or parts thereof in conflict with the provisions
of this Resolution are, to the extent of such conflict, hereby superseded and repealed.
SECTION 3. This Resolution shall take effect immediately upon its final passage and
adoption.
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n PASSED by the City Commission this day of , 1999.
ATTEST:
Maureen King, City Clerk Suzanne Shaughnessy
Mayor, Presiding Officer
Approved as to form and correctness:
ALAN C. JENSEN, ESQUIRE
City Attorney
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