HomeMy WebLinkAboutR-08-20RESOLUTION NO. R-08-20
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA ADVANCING
FUNDS FROM THE DISCRETIONARY SALES TAX REVENUE
FUND TO THE AIRPORT ENTERPRISE FUND; MAHING
PROVISIONS FOR REPAYMENT OF THE ADVANCE AND
MAHING PROVISIONS FOR THE PAYMENT OF INTEREST ON
SAID ADVANCE AS PROVIDED FOR IN SCHEDULE "A",
ATTACHED HERETO; PROVIDING FOR SEVERABILITY;
PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City has determined to proceed with constructing an additional
hangar facility at the City of Sebastian Municipal Airport; and
WHEREAS, the City desires to secure funding for a portion of the construction cost
from grant funds made available by the Florida Department of Transportation but is
required to provide local matching funds for the balance; and
WHEREAS, the construction of an additional hangar facility would qualify as an
eligible expenditure of Discretionary Sales Tax revenues; and
WHEREAS, the City has determined the construction of an additional hangar facility
is expected to further economic development of the Airport and the City as a whole; and
WHEREAS, there are undesignated fund balances in the Discretionary Sales Tax
Fund that can be advanced to the Airport Fund without disruption of other capital projects
currently scheduled to be accomplished with Discretionary Sales Tax monies.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
Section 1. The City Manager is directed to advance $285,000.00 (Two hundred
eighty five thousand dollars) to the Airport Fund from balances currently on hand in the
Discretionary Sales Tax Fund.
Section 2. The advance shall be used for engineering, construction and such other
eligible costs as necessary to construct an additional hangar facility.
Section 3. The advance shall be repaid over a 30 (thirty) year period in accordance
with the amounts shown on the attached Schedule "A".
Section 4. If any clause, section, or other parts of this Resolution shall be held by any
Court of competent jurisdiction to be unconstitutional or invalid, such unconstitutional or
invalid part shall be considered as eliminated and shall in no way affect the validity of the
other provisions of this Resolution.
Section 5. All Resolutions or parts of Resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 7. This Resolution shall become effective immediately.
The foregoing Resolution was moved for adoption by Councilmember Paternoster
The motion was seconded by Councilmember Neglia and, upon being put
into a vote, the vote was as follows:
Mayor Andrea B. Coy
Vice-Mayor Sal Neglia
Councilmember Al Paternoster
Councilmember Dale I. Simchick
Councilmember Eugene Wolff
aye
na
The Mayor thereupon declared this Resolution duly passed and adopted this 24th day of
September, 2008
CITY SEBASTI , FLO~IDA
,~
By:
Andrea B. Coy, or
ATT
~~,
,_
Sally A. io, MMC City Clerk
Approved as to form and legality for the
reliance. by the City of Sebastian only:
Rich Stringer, City Attr~rney
Schedule "A"
Advance to Airport from Discretionary Sales Tax Fund
Amortization of Loan
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Annual Principal
Rate Interest Principal Total Balance
3.000% 8,550.00 0.00 8,550.00 285,000.00
3.000% 8,550.00 0.00 8,550.00 285,000.00
3.000% 8,550.00 0.00 8,550.00 285,000.00
3.000% 8,550.00 0.00 8,550.00 285,000.00
3.000% 8,550.00 0.00 8,550.00 285,000.00
4.000% 11,400.00 600.00 12,000.00 284,400.00
4.000% 11,376.00 624.00 12,000.00 283,776.00
4.000% 11,351.04 648.96 12,000.00 283,127.04
4.000% 11,325.08 674.92 12,000.00 282,452.12
4.000% 11,298.08 701.92 12,000.00 281,750.21
4.000% 11,270.01 6,729.99 18,000.00 275,020.21
4.000% 11,000.81 6,999.19 18,000.00 268,021.02
4.000% 10,720.84 7,279.16 18,000.00 260,741.86
4.000% 10,429.67 7,570.33 18,000.00 253,171.54
4.000% 10,126.86 7,873.14 18,000.00 245,298.40
4.000% 9,811.94 10,188.06 20,000.00 235,110.34
4.000% 9,404.41 10,595.59 20,000.00 224,514.75
4.000% 8,980.59 11,019.41 20,000.00 213,495.34
4.000% 8,539.81 11,460.19 20,000.00 202,035.15
4.000% 8,081.41 11,918.59 20,000.00 190,116.56
4.000% 7,604.66 14,395.34 22,000.00 175,721.22
4.000% 7,028.85 14,971.15 22,000.00 160,750.07
4.000% 6,430.00 15,570.00 22,000.00 145,180.07
4.000% 5,807.20 16,192.80 22,000.00 128,987.28
4.000% 5,159.49 16,840.51 22,000.00 112,146.77
4.000% 4,485.87 20,514.13 25,000.00 91,632.64
4.000% 3,665.31 21,334.69 25,000.00 70,297.94
4.000% 2,811.92 22,188.08 25,000.00 48,109.86
4.000% 1,924.39 23,075.61 25,000.00 25,034.26
4.000% 1,001.37 25,034.26 26,035.63 (0.00)
243,785.63 285,000.00 528,785.63