R92-26RESOLUTION NO. R92-~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A LOAN BETWEEN FUNDS IN
CONNECTION WITH THE STORMWATER
MANAGEMENT PROGRAM; PROVIDING FOR
INTEREST RATE, CONFLICTS~ SEVERABILITY
AND AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton
Beach, Florida, hereby authorizes a loan between funds as
more particularly described hereinafter in connection with
the Stormwater Management Program, and
WHEREAS, various funds from time to time need short
term financing and it is not economically feasible to obtain
outside short term financing for these funds where other
'city funds have available cash to meet the short term
financing of these funds; and
WHEREAS, the funds providing the financing should be
adequately compensated for the foregone interest;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA THAT:
Section 1. The City Commission of the City of
Boynton Beach, Florida, hereby authorizes the following loan
between funds in connection with the Stormwater Management
IProgram.
A. Amount of loan: $ 126,120.
From Fund Entitled:
Account No.:
UTILITY FUND
%401-000-0-324-25
To Fund Entitled:
Account No.:
Storm Water Utility Fund
%425-000-1-364-01
Interest at: See Section 2 %
Duration of Loan and Repayment. The above
mentioned loan will terminate and the original
fund will be repaid principal and interest out of
the cost of issuance account from the Stormwater
Utility Fee Bonds issued to finance the Program.
Section 2. The interest rate charged for inter-fund
loans will be the rate paid by the State Board of
Administration on invested funds.
Section 3. That all resolutions or parts of
resolutions in conflict herewith be and the same are hereby
repealed.
Section 4. Should any section or provision of this
resolution or portion hereof, any @aragraph, sentence, or
word be declared by a court of competent jurisdiction to be
invalid, such decision shall not affect the remainder of
this resolution.
Section 5. This resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED this /~ day of February, 1992.
CITY OF BOYNTON BEACH, FLORIDA
Mayor
er
%TTEST:
Cit~Clerk -
(Corpor-a.te.Seai)
~tiiity~F~d