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