RESOLUTION 85-01 CRA FOR NOTE PROVIDING INTERM CONSTRUCTION FINANCING FOR J K FINANCIAL CORPORATION
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No. 85 - 1 (eRA)
A RESOLUTION OF THE CLEAIlWATEll IlEDBVELOPMENT
AGBNCY IlEQUBSTING THE CITY OF CLEAIlWATER TO ISSUB A
NOTE TO PIlOVIDE INTEIlIM CONSTIlUCTlON P'INANCING POll
THE PIlOJECT DESClUBED IN THE DBVBLOPMENT
AGIlBBMBNT AMONG THE CITY, THE AGENCY AND J. K.
P'lNANCIAL CORPORATION; COMMITl'lNG THE AGENCY TO
USB ITS BEST EFFOIlTS TO AUTHOIlIZE, VALIDATE AND ISSUB
BONDS TO FINANCB THE ENTIIlB PIlOJBCT, INCLUDING
IlBTIIlBMENT OF THB CITY'S NOTE; PROVIDING AN EFFECTIVB
DATE.
BB IT RESOLVED BY THE COMMUNITY RBDEVELOPMENT AGBNCY OP
THE CITY OF CLEARWATER, PLOIUDA, as followlI
Section 1. All definitions in the proposed resolution of the City of Clearwater
attached hereto ("City Resolution") shall apply herein. The findings and determinations of
the City in the City Resolution are hereby adopted as findings and determinations of the
Agency.
Section 2. The City is requested to adopt the City Resolution, issue the Note
and to loan the proceeds of the Note to the Agency to provide interim funds for
construction of the Project under the Development Agreement. The Agency agrees to (a)
apply the proceeds of the Note for construction of the Project under the Development
Agreement, (b) use its best efforts to authorize, validate and issue the Agency Bonds prior
to maturity of the Note in sufficient amount to finance the Project, including retirement
of the City's Note, and (c) promptly apply and pay over to the City sufficient moneys from
the first proceeds of Agency Bonds to pay all principal of and interest on the Note from
date of issuance of the Note until paid.
Section 3. This resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 18th day of July, A.D. 1985.
RED~ME~~AGENCY
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vor-Commissioner
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Commissioner
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LKL-07/13/85-840A-2223
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