HomeMy WebLinkAboutR-95-11 RIVERFRONT WATER BANK FINANCINGRESOLUTION NO. R-95-11
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY,
FLORIDA, ESTABLISHING THE NECESSARY REVENUE AND
EXPENDITURE ACCOUNTS FOR THE WATER DISTRIBUTION
ASSESSMENT; APPROVING THE FINANCING AGREEMENT FOR
$750,000; PROVIDING FOR REPEAL OF RESOLUTIONS OR PARTS OF
RESOLUTIONS IN CONFLICT HEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of Sebastian and Indian River County have entered into an
"Agreement" that authorizes the Indian River County Utilities to construct a water
transmission system within the City of Sebastian; and
WHEREAS, the City of Sebastian has selected the assessment method for property
owner participation under the provisions of Florida Statutes; and
WHEREAS, the City of Sebastian will need immediate alternative financing for the
project construction; and
WHEREAS, the City of Sebastian Finance Department will require additional bank
accounts for the general fund to record and disburse the bank financing and assessment
revenues,
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
SECTION 1. AUTHORIZATION. The Sebastian City Council hereby authorizes
the City Manager to establish the necessary restricted revenue and expenditure accounts
within the general fund for the revenue generated from the Water Utility Assessment
program and the bank financing construction funds.
SECTION 2. BANK FINANCING. The City Manager is hereby authorized to
execute an agreement for financing the cost of construction of the water distribution lines
within the Riverfront Project area with ~ for $750,000 short term line of credit/term
loan, subject to the unqualified legal opinion from the City Attorney as to the tax exemption
of interest on the note.
SECTION 3_ CONFLICT. All Resolutions or parts of Resolutions in conflict
herewith are hereby repealed.
SECTION 4. EFFECTIVE DATE. This Resolution shall become effective upon
passage.
The foregoing Resolution
Councilmember / '~
was
moved for adoption by Council member
The motion was seconded by
and, upon being put to a vote, the vote was as
follows:
Mayor Arthur L. Firtion
Vice-Mayor Carolyn Corum
Councilmember Norma Damp
Councilmember Robert Freeland
Councilmember Frank Oberbeck
This Resolution was duly passed and adopted by the City Council of the City of
Sebastian, Indian River County, Florida, at its regular meeting on the
by:
Arthur L. Firtion, Mayor
~._ K'athryn 1~. OiHailo~m, ~M~/AAE City Clerk
day of
(Seal)
Approved as to F onn and Content:
~ ' .
_ ~ J.. .1"---._.. - ---f' "I'
Clifton A. McClelland, Jr.
City Attorney