HomeMy WebLinkAboutR-82-01 A RESOLUTION AUTHORIZING THE EXECUTION
OF PROMISSORY NOTE AND SECURITY AGREEMENT
TO THE FIRST BANKERS OF INDIAN RIVER COUNTY
IN THE PRINCIPAL AMOUNT OF $84,915.00, AT
AN INTEREST RATE OF 10.45%, WITH MATURITY
THREE (3) YEARS FROM DATE OF EXECUTION, .FORF~
PURCHASE OF GOLF CARTS; AND AUTHORIZING
PLEDGING OF GOLF CART RENTAL INCOME AS
SECURITY.
WHEREAS, the City of Sebastian has authorized the
purchase of sixty new golf carts for the use at the Sebastian
Municipal Golf Course; and
WHEREAS, the Council finds and determines that
it is in the best interests of the City and the golf course
facility to purchase said carts, and finance said purchase
through a private lender; and
WHEREAS, the First Bankers of Indian River County,
Florida, has expressed its willingness to finance said
purchase by loaning the City of Sebastian the sum of $84,915.00
in exchange for a promissory note payable three (3) years from
the date thereof, at an interest rate of 10.45% per annum
repayable quarterly, and a pledge of the anticipated golf cart
rental income as security for the payment of said note.
WHEREAS, it appears to be in the best interest of
the City of Sebastian to accept these funds under the above
stated conditions.
NOW, THEREFORE, BE IT RESOLVED by the Council of
the City of Sebastian that the Mayor and City Clerk are hereby
authorized to execute and deliver to the First Bankers of
Indian River County a promissory note, at an interest rate of
Ten and 45/100 (10.45%) percent per annum, repayable quarterly,
with the final payment due three (3) years from the date thereof,
in exchange for the sum of $84,915.00; and be it further .~
RESOLVED that the promissory note be secured by a
pledge of the anticipated revenue from the rental of golf
carts at the Sebastian Municipal Golf Course and a first lien
upon said golf carts; and be it further
RESOLVED that the Mayor and City Clerk are hereby
authorized to execute and deliver any and all documents necessary
to effectuate the intent of this Resolution.
This Resolution was duly passed and adopted by the
Council of the City of Sebastian, Florida, this // ~Lt
day of ~~~~~ , 1982.
, Cit~ of Sebastian
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