Title of Item:
NON-AD VALOREM NOTE $5M FOR PURCHASE OF 301 E. OCEAN PROPERTY (RC):
RESOLUTION No. 94-2020; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA AUTHORIZING THE ISSUANCE OF A TAXABLE NON-AD VALOREM REVENUE NOTE, SERIES 2020 OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $5,050,000 TO FINANCE ALL OR A PORTION OF THE COSTS OF ACQUISITION, DESIGN, RENOVATION, AND EQUIPPING OF ALL OR A PORTION OF REAL PROPERTY TO BE USED FOR CITY HALL PURPOSES AND TO BE USED FOR COMMUNITY REDEVELOPMENT PURPOSES AND TO PAY COSTS OF ISSUANCE THEREOF, AS FURTHER DESCRIBED HEREIN; MAKING CERTAIN FINDINGS OF PUBLIC PURPOSE AND PARAMOUNT PUBLIC PURPOSE; PROVIDING THAT THE NOTE SHALL BE A LIMITED OBLIGATION OF THE CITY PAYABLE FROM NON-AD VALOREM REVENUES BUDGETED, APPROPRIATED, AND DEPOSITED AS PROVIDED HEREIN; PROVIDING FOR THE RIGHTS, SECURITIES AND REMEDIES FOR THE OWNER OF THE NOTE; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation/Background Information on Agenda Request:
A Resolution to accept and execute a $5M loan for the purchase of the property at 301 E Ocean for the intended future public use of the City.
Funding Source:
General Fund - Debt Proceeds
Recommended Action:
Adopt Resolution 94-2020 | | |