RESOLUTION NO. 2003-3225

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI SPRINGS, FLORIDA AUTHORIZING ISSUANCE OF THE EQUIPMENT LOAN NOTE OF THE CITY AND THE EXECUTION AND DELIVERY OF THE ATTACHED LOAN AGREEMENT IN AN AMOUNT NOT TO EXCEED $272,000 BETWEEN THE CITY AND WACHOVIA BANK, NATIONAL ASSOCIATION FOR THE FINANCING OF THE ACQUISITION OF VARIOUS CAPITAL EQUIPMENT ACCEPTING THE PROPOSAL OF WACHOVIA BANK, NATIONAL ASSOCIATION; APPROVING THE FORM OF LOAN AGREEMENT AND NOTE EVIDENCING SUCH FINANCING; PROVIDING FOR THE PAYMENT OF SUCH NOTE FROM THE NON-AD VALOREM FUNDS OF THE CITY; PROVIDING FOR REPEAL OF INCONSISTENT PROVISIONS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.

NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI SPRINGS, FLORIDA:

SECTION 1.  AUTHORITY FOR THIS RESOLUTION.  This Resolution is enacted pursuant to the provisions of Section 166, Florida Statutes and other applicable provisions of law.

SECTION 2.  FINDINGS.  It is hereby ascertained, determined and declared that:

A.            The City requested proposals from various lending institutions to provide the City with the necessary financing (the “Loan”) for the acquisition of various capital equipment (the “Project”).  The proposals received are on file with the Finance Director and are tabulated as Exhibit A.

B.            The proposal attached hereto as Exhibit B (the “Proposal”) is determined to be the best Proposal received and it is hereby determined to be in the best financial interest of the City to accept such Proposal.

C.            The City does not expect to issue more than ten million dollars in tax‑exempt obligations during the calendar year ending December 31, 2003.

D.            It is necessary and desirable to provide for the execution and delivery of a Loan Agreement and the issuance of a Note of the City to implement the Loan.  Amounts due under the Loan Agreement and the Note shall be payable  from non-ad valorem revenues of the City and to be secured by the City’s covenant to budget and appropriate from legally available non-ad valorem funds each year monies sufficient to pay the principal and interest on such obligation.

SECTION 3.  AUTHORIZING OF LOAN.  The issuance by the City of not exceeding $272,000 Equipment Loan Note (the “Note”) of the City, for the purpose above; to be dated, to bear interest at a rate or rates not exceeding the maximum legal rate per annum, to be payable, to mature, to be subject to redemption and to have such other characteristics as shall be provided in the form of the loan agreement attached and in the Proposal; and to be secured by a covenant of the City to budget and appropriate from legally available non-ad valorem funds each year monies sufficient to pay the principal and interest on such Note, is hereby authorized.

SECTION 4.  ACCEPTANCE OF PROPOSAL.  The Mayor and the City Clerk are hereby authorized to execute the attached loan commitment and letter agreement with Wachovia Bank, National Association.

SECTION 5. APPROVAL OF FORM OF LOAN AGREEMENT AND NOTE.  The form of the Loan Agreement and the Note attached thereto as an exhibit are hereby approved and the City of Miami Springs, Florida and City Clerk are hereby authorized to execute and deliver such instruments and to take such other actions as shall be necessary to implement the Loan.

SECTION 6.  REPEAL OF INCONSISTENT PROVISIONS.  All resolutions or parts thereof in conflict with this Resolution are hereby repealed to the extent of such conflict.

SECTION 7. SEVERABILITY.  In the event that any portion or section of this Resolution is determined to be invalid, illegal or unconstitutional by a court of competent jurisdiction, such decision shall in no manner affect the remaining portions or sections of this Resolution shall remain in full force and effect.

SECTION 8.  EFFECTIVE DATE.  This Resolution shall take effect immediately upon its final passage and adoption.

PASSED AND ADOPTED by the City Council of the City of Miami Springs, Florida, this 14^th day of July, 2003.

The motion to adopt the foregoing resolution was offered by Vice Mayor Elza, seconded by  Councilman Pacheco, and on roll call the following vote ensued:

Vice Mayor Elza “aye”

Councilman Caudle “absent”

 Councilman Pacheco “aye”

Councilman Youngs “aye”

Mayor Bain “aye”

____________________

Billy Bain

  Mayor

ATTEST:                                            APPROVED AS TO LEGALITY AND FORM:

                                                                                          Jan K. Seiden_________            

                                                                            City Attorney

________________

Magalí Valls, CMC

       City Clerk