HomeMy WebLinkAbout1999-62 Utility Tax Revenues for P&I Secured Note Reso 1995-22
RESOLUTION NO. 99-62
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF PARKLAND, FLORIDA, DESIGNATING A
PORTION OF UTILITY TAX REVENUES FOR THE
PURPOSE OF PAYMENT OF PRINCIPAL AND INTEREST
ON THE CITY OF PARKLAND SECURED NOTE AS
REQUIRED IN RESOLUTION NO. 95-22.
WHEREAS, Resolution No. 95-22 authorized the City of Parkland to execute a
secured note; and
WHEREAS, as collateral for said note, the City is required to pledge funds as
provided in said Resolution and the note approved therein; and
WHEREAS, the City has previously pledged franchise fees as collateral for said
note; and
WHEREAS, inasmuch as the City no longer receives Florida Power and Light
franchise fees, the City is required to designate one or more other lawfully and
contractually available non ad valorem sources as a pledge; and
WHEREAS, the City wishes to comply with the requirements of Resolution 95-
22 and the note executed pursuant thereto;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF PARKLAND, FLORIDA AS FOLLOWS:
Section 1. The City of Parkland City Commission does hereby designate that
portion of available utility tax revenues for deposit in the Capital Projects Fund solely for
the purpose of securing the note approved by Resolution no. 95.22 of the City of
Parkland. The purpose of this Resolution is to comply with the requirements of said
Resolution and to designate said portion of the utility taxes as a contractually available
non ad valorem revenue source to secure the note. The City Commission intends only to
transfer such portion of the utility tax revenues as is required by said Resolution.
Section 2. The Finance Director of the City of Parkland is hereby authorized
to undertake such other measures with regard to notifying the appropriate financial
institutions and others as to the designation of this source and to execute such other
documents as is necessary to comply with the requirements of Resolution No. 95-22.
PASSED AND ADOPTED TmS 15
DAYOF December
, 1999.
RESOLUTION NO. 99-62
PAGE 2
ATTEST:
%~/JJ ~'-(L
HELEN LYNOTT, C.M.C.
CITY CLERK
CITY OF PARKLAND, FLORIDA
-P&~~
SAL P AGLI A YOR
MEMORANDUM
December 8, 1999
To: Harry J. Mertz, City Manager ~
From: Judith C. Kilgore, Finance Director
Subject: Security on the NationsBank Note
Resolution 95-22 authorized the borrowing for the expansion of Terramar
Park. The City was required to pledge specific revenue sources to secure
the repayment of the note. The primary pledge was the franchise fees on
electricity plus all other franchise fees. The secondary pledge was the
Half cent Sales Tax.
Since the Franchise Agreement with the Florida Power and Light
Company has expired, the bank is requesting a substitute revenue source
as a security pledge. The obvious source is the Utility Tax that is
accounted for within the General Fund in the 1999-2000 Budget. In
order to comply with the terms of the note, it is necessary to transfer a
portion of the Utility Tax Revenue to the Capital Projects Fund #305.
I recommend the changes on the schedule attached to enable compliance
with Resolution 95-22 for the note and to accomplish the City's
budgetary objectives.
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