HomeMy WebLinkAboutIII (B) Approval and Authorization for Mayor and City Clerk to execute Amendment to Loan Agreement with SunTrust Bank Agenda 6-2-98
Item III B
LAW OFFICES
BRYANT,MILLER AND OLIVE,P.A.
Barnett Plaza,Suite 1265
101 East Kennedy Boulevard
Tampa,Florida 33602
(813)273-6677
201 South Monroe Street FAX: (813)223-2705 430 Margate
Suite 500 EMAIL:bmo@icubed.net Atlanta,Georgia 30328
Tallahassee,Florida 32301 (770)399-7700
(850)222-8611 FAX(770)399-6462
FAX (850)224-1544
(850)224-0044
MEMORANDUM
TO: The Members of the City Commission
of the City of Ocoee, Florida
FROM: Grace E. Dunlap
Bryant, Miller and Olive, P.A.
RE: Amendment to Loan Agreement with SunTrust Bank
ACTION
REQUESTED: Motion Approving Execution of First Amendment to Loan Agreement for
1996 Note Issue
DATE: May 22, 1998
SunTrust Bank has requested that the City enter into a First Amendment to Loan Agreement
in order to amend a reference regarding the amount of the "Reserve Requirement" for the City's
Promissory Note issued in 1996. The amount of the Debt Service Reserve for the Loan was
negotiated to be $440,000. However, Bank Counsel did not specify this amount through the
definition in the original documents,therefore, this Amendment is in order. SunTrust is in agreement
with this Amendment and will also execute the document.
cc: Wanda Horton
Paul Rosenthal
J:\BON DS\4203\M-CCOM M.W P D
May 22,1998
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FIRST AMENDMENT TO
LOAN AGREEMENT
This First Amendment to Loan Agreement is dated as of June 1, 1998 by and
between City of Ocoee, Florida(the "City") and SunTrust Bank, Central Florida, National
Association (the "Bank") and relates to the City's Capital Improvement Revenue
Promissory Note, Series 1996.
WHEREAS, the City and the Bank have entered into the Loan Agreement dated
December 4, 1996 (the "Loan Agreement");
WHEREAS, a discrepancy exists between the definition of the "Reserve
Requirement" set forth in the Loan Agreement and the amount required to be on deposit
in the Reserve Fund as agreed to by the City and the Bank; and
NOW, THEREFORE, in consideration of the premises set forth and other good and
valuable consideration, the reeipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:
Section 1. The definition for"Reserve Requirement" is hereby amended to mean
$440,000.
Section 2. Except as specifically provided for herein, the terms and provisions
of the Loan Agreement remain in full force and effect.
Section 3. This Agreement may be executed in any number of counterparts, each
of which,when so executed and delivered, shall be an original; but such counterparts shall
together constitute but one and the same Agreement, and, in making proof of this
Agreement, it shall not be necessary to produce or account for more than one such
counterpart.
ve/ub 14:03 ID:LANIERFAX3800 FAX: PAGE 2
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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Loan Agreement to be duly executed as of the date first set forth herein.
CITY OF OCOEE,FLORIDA
By:
S. Scott Vandergrift, Mayor
[SEAL]
Attest:
By:
Jean Grafton,City Clerk
SUNTRUST BANK, CENTRAL FLORIDA,
NATIONAL ASSOCIATION
0 i ji
By: . A,
Edward Stull,Jr.
Vice President
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS DAY OF , 1998 - '
By: -
Special Counsel
APPROVED BY THE OCOEE CITY COMMISSION
AT A REGULAR MEETING HELD ON
1998 UNDER AGENDA ITEM
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