Ord. No. 17-91-1482ORDINANCE NO.17-91-1482
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA,AUTHORIZING THE CITY
MANAGER TO NEGOTIATE AND EXECUTE ALL NECESSARY
S2SU2™T?F0R ™E FINA**CING OF THE CONSTRUCTION OF A
NEW PUBLIC WORKS DEPARTMENT FACILITY BY A FIFTEEN (15)
SSSu^11 °P $80°'00(K *MABL*PROM THE GENERALREVENUESOFTHECITYUSINGTHECITY'S REVOLVING TRUST
FUND AS COLLATERAL TO THE EXTENT REQUIRED WITHOUT
OTHERWISE LIENING THE CITY'S ASSETS FOR THE REPAYMENT
OF THE LOAN;PROVIDING FOR ORDINANCES OR PARTS OF
ORDINANCES IN CONFLICT;PROVIDING FOR SEVERABILITY AND
PROVIDING FORAN EFFECTIVE DATE
WHEREAS,the Mayor and City Commission of the City of South
Miami,Florida have determined the existing Public Works
Department Facility needs to be replaced at an estimated cost of
•800,000..and
WHEREAS,the City presently has a Revolving Trust Fund in
the approximate principal balance of $1,155,000.00;and
WHEREAS,the Mayor and City Commission wish to provide for
the financing of the required Public Works Department Facility by
negotiating a loan of $800,000.with repayment to be from
general revenues of the City over a term of 15 years using the
City's Revolving Trust Fund,to the extent required,as
collateral for the loan;
NOW,THEREFORE,BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION
OF THE CITY OF SOUTH MIAMI,FLORIDA?
Section l.That the city Manager be,and hereby is,
authorized to negotiate and execute the documents necessary for
the construction of a new Public Works Facility by obtaining of a
15 year loan of the sum of $800,000.for the construction of a
new Public Works Facility,said loan to be paid from the general
revenues of the City using the City's Revolving Trust Fund,to
the extent required,as collateral for the loan,without
otherwise pledging,mortgaging,or liening the City's assets for
the repayment of the loan.
fi£Ction 2--If any section,clause,sentence,or phrase of
this ordinance is held to be invalid or unconstitutional by any
court of competent jurisdiction,then said holding shall in no
vay affect the validity of the remaining portions of this
Ordinance.
Section 3.All Ordinances or parts of Ordinances in
conflict herewith be and the same are hereby repealed.
apction 4.This Ordinance shall take effect immediately at
thetimeof its passage.
PASSED AND ADOPTED this 18th th day of June
./1991.
APPROVED:
MAYOR ~7^
r/fA2-C_
ATTEST
CITY CLERK
CiihjC^-
READAND APPROVED ASTO FORM:
CITY ATTORNEY