HomeMy WebLinkAboutR-01-06
RESOLUTION NO. R-OI-06
A RESOLUTION OF THE CITY OF SEBASTIAN,
INDIAN RIVER COUNTY, FLORIDA,
AUTHORIZING THE CITY MANAGER TO
ENGAGE HANIFEN, IMHOFF TO PROCURE LINE
OF CREDIT FINANCING FOR HEAVY
EQUIPMENT IN THE AMOUNT NOT TO EXCEED
$900,000; REVOKING PRIOR AUTHORIZATIONS;
PROVIDING FOR CONFLICT; PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the Capital Trust Agency Bond Program has become unreliable as to timing
for the financing; and
WHEREAS, City staff has had extensive discussions with its Financial Advisor
regarding alternate financing options to achieve the same goal;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SEBASTIAN, INDIAN RNER COUNTY, FLORIDA, that:
Section 1.
AUTHORIZATION. The City Manager is authorized to engage
Hanifen, Imhoff to procure Line of Credit financing for heavy equipment in the amount
not to exceed $900,000.
Section 2.
REVOCATION. Authorization for the City Manager to
participate in the Capital Trust Agency Bond Program is hereby revoked.
Section 3.
CONFLICT. All resolutions or parts of resolutions in conflict
herewith are hereby repealed.
Section 4.
approval.
EFFECTIVE DATE. This resolution shall take effect on
The foregoing Resolution was moved for adopt!on by councilmember~. The
motion was seconded by Councilmember _l3iJ2hp and, upon being put into a
vote, the vote was as follows:
CITY OF SEBASTIAN, FLORIDA
By: \/O~ f::;~
Walter Barnes, Mayor
ATTEST:
-
c-
Approved as to form and legality for the
reliance by the City of Sebastian only:
Itl~
Rich Stringer, City A