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HomeMy WebLinkAboutMinutes Council 091762CITY OF PALM BEACH GARDENS MINUTES OF REGULAR MEETING OF a TY COUNCIL MONDAY, SEPTEMBER 17, 1962 The regular meeting of the City Council was held at 1001 Park Avenue, Lake Park, Florida, on Monday, September 17, 1962, at 10:00 o'clock A.M. QUORUM: The City Clerk announced that a quorum of the City Council was present. ACCEPTANCE The Vice Mayor reminded the Council that the City had, OF GIFT BY CONSTITUTION by its action of December 5, 1961 and of February 5, 1962, LIFE INSURANCE COMPANY. assumed and agreed to pay two outstanding mortgages, which, at the time the realty encumbered by same was conveyed to the City, had total principal balances of $173, 586. 57 and $4, 970. 00, respectively. GIFT BY CON- He further advised that the aforesaid mortgages had to STITUTION LIFE INSURANCE be paid in full as soon as possible in order for the City to comply COMPANY: with the commitments which it made to the Professional Golfers Association of America (see Council action of December 12, 1961). Constititttion Life Insurance Company has informed the City that it is willing to make a gift to the City of sufficient monies to enable the latter to make payments on these mortgages as they became due, together with a sum sufficient to reimburse ON Regular Meeting of City Council September 17, 1962 (continued) Page Two it for payments already made. Such a gift would be most advan- tageous to the City, and the Vice Mayor recommended that it be accepted. The Vice Mayor stated that Constitution Life Insurance Company understood that the purpose of this gift was so that the City could complete the transaction with P.G.A. and, furthermore, that Con- stitution Life understood that, if for any reason the transaction would not be consummated or the City did not find it desirable to do so, in accordance with the Agreement of February 10, 1962 between the City, Bankers Life and Casualty Company and American Airmotive Corpora- tion, the City would convey all of the lands involved plus the City's rights in the transaction to Bankers Life so that Bankers Life could complete the transaction and preserve the benefits thereof to the City and so that the City would be relieved of the responsibility for the trans- action and such lands. He also advised that Constitution Life had indi- cated that it would give the City written confirmation of the foregoing if the City deemed that necessary. The Vice Mayor stated that it was necessary to pay off these mortgages immediately. In order to achieve this result, Bankers Life and Casualty Company has agreed to advance to the City sufficient monies to pay these mortgages in full upon the condition that the City agree to, and does in fact, use all monies received from Constitution to liquidate the indebtedness to Bankers created by these advances. The Vice Mayor also recommended thatthe Regular Meeting of City Council Page Three September 17, 1962 (continued) City accept such advances from Bankers. These proposals were then dis- cussed at length by the Council. WHEREUPON, the following resolution was duly made, seconded and unanimously adopted: WHEREAS, following action of the City Council taken on December 5, 1961 and February 5, 1962, the City assumed and agreed to pay those two certain mortgages recorded respectively in Official Record Book 227, at pages 502, et seq, and in Official Record Book 96, at pages 497, et seq, all in Palm Beach County Public Records, Florida; and WHEREAS, in order to fulfill its commitments to Professional Golfers Association of America, City must satisfy those two mortgages in full at the earliest possible time; and WHEREAS, Constitution Life Insurance Company has offered to make a gift to the City of sufficient monies to pay off those mortgages as the same become due and payable, plus an immediate gift equivalent to the amounts of money heretofore paid by the City on account of those mortgages, which gifts will result in the following sums being paid to the City on the following dates: $60, 237.29 to be paid immediately 26, 037.99 to be paid on or about August 13, 1963 25, 073.62 to be paid on or about August 13, 1964 24, 109.24 to be paid on or about August 13, 1965 23, 144.88 to be paid on or about August 13, 1966 22, 180.51 to be paid on or about August 13, 1967 21, 216. 13 to be paid on or about August 13, 1968 20, 251.74 to be paid on or about August 13, 1969; and WHEREAS, Bankers Life and Casualty Company has offered to advance to the City sufficient monies to pay off the aforesaid mortgages in full immediately, on condition that City accept and use the monies received and to be received from Constitution to liquidate such advances, NOW, THEREFORE, BE IT RESOLVED that the City of Palm Beach Gardens, in Common Council duly convened, does hereby Regular Meeting of City Council September 17, 1962 (continued Page Four accept the aforesaid gift from Constitution Life Insurance Company; and BE IT FURTHER RESOLVED that the City does further accept the offer of Bankers Life and Casualty Company to advance sufficient monies at this time to pay off the aforesaid mortgages, and each of them, subject to the condition that the City will liquidate said advances by use and transfer of monies received by it from Constitution as aforesaid; and BE IT FURTHER RESOLVED that the Acting Mayor and City Clerk are hereby authorized and empowered to carry out the foregoing resolves by making and executing what- ever legal instruments and accounting entries are necessary to effectuate the same. ADJOURN- There being no further business to come before the meeting, it was MENT: duly adjourned. ATTEST Wii L. `�C� yf/" Car ill ty 1(rA g APPROVED: I orman Rowland, Vice Mayor acting as Mayor 'Norman ���RowMlaand`� William L. Cargill q)0_14M_r_� Paul D. Do glen G %llc��ta�� Ho ce S filler L. J. I hane