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1999-62 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. 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