HomeMy WebLinkAboutR-10-22RESOLUTION NO. R -10 -22
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA,
ADVANCING FUNDS FROM THE DISCRETIONARY SALES TAX REVENUE FUND TO
THE AIRPORT ENTERPRISE FUND; MAKING PROVISIONS FOR REPAYMENT OF THE
ADVANCE AND MAKING 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 the construction of a hanger
facility at the City of Sebastian Municipal Airport; and
WHEREAS, the City is required to provide local matching funds for a portion of the
construction cost; and
WHEREAS, the construction of a hanger facility would qualify as an eligible
expenditure of Discretionary Sales Tax revenues; and
WHEREAS, the City has determined the construction of a hanger facility is expected
to further economic development for the City; and
WHEREAS, there are undesignated fund balances in the Discretionary Sales Tax
Fund that can be advanced to the Airport Enterprise Fund without disruption of other capital
projects scheduled to be accomplished with Discretionary Sales Tax funds.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
SEBASTIAN, as follows:
Section 1. AUTHORIZATION. The City Manager is hereby authorized to advance
Two Hundred Ninety Thousand Dollars ($290,000) to the Airport Enterprise 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 a hanger facility.
Section 3. The advance shall be repaid over a thirty (30) 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 part shall be
considered as eliminated and shall, in no way, affect the validity of the other provisions of
this Resolution.
Section 5. CONFLICTS. All resolutions or parts of resolutions in conflict herewith
are hereby repealed.
Section 6. EFFECTIVE DATE. This resolution shall take effect immediately upon its
adoption.
The foregoing Resolution was moved for adoption by Council Member H i l l
The motion was seconded by Council Member Wright and, upon being put into
a vote, the vote was as follows:
ATTEST:
Sally A
City Cle
Mayor Richard Gillmor aye
Vice Mayor Jim Hill aye
Council Member Andrea Coy aye
Council Member Eugene Wolff aye
Council Member Don Wright aye
The Mayor thereupon declared this Resolution duly passed and adopted this 11 day of
August 2010.
io, MMC
CITY OF SEBASTIAN, FLORIDA
ayo is and Gillmor
(T Approved as to form and legality for
reliance by the City of Sebastian only:
obert A.
Ginsburg, City A* ne
9, Y Y
SCHEDULE "A"
ADVANCE TO AIRPORT FROM DISCRETIONARY SALES TAX FUND
AMORTIZATION OF LOAN
Year Rate Interest Principal Annual Total Principal Balance
1 3.0% 8,700.00 0.00 8,700.00 290,000.00
2 3.0% 8,700.00 0.00 8,700.00 290,000.00
3 3.0% 8,700.00 0.00 8,700.00 290,000.00
4 3.0% 8,700.00 0.00 8,700.00 290,000.00
5 3.0% 8,700.00 0.00 8,700.00 290,000.00
6 4.0% 11,600.00 900.00 12,500.00 289,100.00
7 4.0% 11,564.00 936.00 12,500.00 288,164.00
8 4.0% 11,526.56 973.44 12,500.00 287,190.56
9 4.0% 11,487.62 1,012.38 12,500.00 286,178.18
10 4.0% 11,447.13 1,052.87 12,500.00 285,125.31
11 4.0% 11,405.01 7,094.99 18,500.00 278,030.32
12 4.0% 11,121.21 7,378.79 18,500.00 270,651.53
13 4.0% 10,826.06 7,673.94 18,500.00 262,977.60
14 4.0% 10,519.10 7,980.90 18,500.00 254,996.70
15 4.0% 10,199.87 8,300.13 18,500.00 246,696.57
16 4.0% 9,867.86 10,632.14 20,500.00 236,064.43
17 4.0% 9,442.58 11,057.42 20,500.00 225,007.01
18 4.0% 9,000.28 11,499.72 20,500.00 213,507.29
19 4.0% 8,540.29 11,959.71 20,500.00 201,547.58
20 4.0% 8,061.90 12,438.10 20,500.00 189,109.48
21 4.0% 7,564.38 14,935.62 22,500.00 174,173.86
22 4.0% 6,966.95 15,533.05 22,500.00 158,640.82
23 4.0% 6,345.63 16,154.37 22,500.00 142,486.45
24 4.0% 5,699.46 16,800.54 22,500.00 125,685.91
25 4.0% 5,027.44 17,472.56 22,500.00 108,213.34
26 4.0% 4,328.53 19,971.47 24,300.00 88,241.88
27 4.0% 3,529.68 20,770.32 24,300.00 67,471.55
28 4.0% 2,698.86 21,601.14 24,300.00 45,870.42
29 4.0% 1,834.82 22,465.18 24,300.00 23,405.23
30 4.0% 936.21 23,405.23 24,341.44 0.00
$245,041.44 $290,000.00 $535,041.44