HomeMy WebLinkAboutR-13-19RESOLUTION NO. R -13 -19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA ACCEPTING A
PROPOSAL OF SEACOAST NATIONAL BANK AND APPROVING A
LOAN AGREEMENT WITH SEACOAST NATIONAL BANK IN THE
AGGREGATE PRINCIPAL AMOUNT OF $299,050 TO PURCHASE
GOLF CARTS FOR THE CITY OF SEBASTIAN MUNICIPAL GOLF
COURSE; AUTHORIZING THE REPAYMENT OF SUCH LOAN
FROM GOLF COURSE REVENUES; AUTHORIZING THE
EXECUTION AND DELIVERY OF SAID LOAN DOCUMENTS TO
SEACOAST NATIONAL BANK BY THE MAYOR; AUTHORIZING
THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS IN
CONNECTION THEREWITH; PROVIDING FOR SEVERABILITY;
AND PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the City operates a municipal golf course and requires certain equipment to
be acquired for the purpose of maintaining those facilities; and
WHEREAS, the City desires to replace the current fleet of golf carts at this time to
avoid excessive repair costs; and
WHEREAS, the City approved funds in the golf course budget for the required
payments of the equipment financing; and
WHEREAS, the City has determined to use the services of Seacoast National Bank for
an equipment loan; and
WHEREAS, the City wishes to execute a loan agreement with Seacoast National Bank
to repay the loan in forty -eight (48) equal monthly payments with a final balloon payment at
the end of the loan period and agrees to a first lien on said equipment until the loan is fully
paid;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
Section 1. The City accepts the proposal from Seacoast National Bank for a loan
agreement requiring repayment over forty-eight months with a final balloon payment at the
end of the loan period and agrees to a first lien on said equipment until the loan is fully paid.
Section 2. The Mayor is hereby authorized on behalf of the City to execute and deliver
the necessary closing documents for the equipment loan, following final review and
approval by the City Attorney, City Manager, City Clerk and Finance Director.
Section 3. 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 4. All Resolutions or parts of Resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
Section 5. This Resolution shall become effective immediately.
The foregoing Resolution was moved for adoption by Councilmember Wright
The motion was seconded by Councilmember coy and, upon being put into
a vote, the vote was as follows:
Mayor Bob McPartlan
aye
Vice Mayor Don Wright
aye
Councilmember Andrea B. Coy
aye
Councilmember Jim Hill
absent
Councilmember Jerome Adams
aye
The Mayor thereupon declared this Resolution duly passed and adopted this 25th day of
September, 2013.
ATTES
Sally A. Maio, MC City Clerk
CITY OF SEBAST N, FjLORIDA
By: vt///- �11
Bob McPartlan, Mayor
Approved as to form and legality for the
reliance by the City of Sebastian only:
d
Robert A. Ginsburg, City Attorney