Village of Pinecrest Approval of $5.75 Million Loan for Capital Projects and Refinancing

Original title: A RESOLUTION OF THE VILLAGE OF PINECREST, FLORIDA, SUPPLEMENTING ORDINANCE NO. 2021-3, ENACTED ON MARCH 9, 2021, AS AMENDED BY ORDINANCE NO. 2021-5, ENACTED ON JUNE 8, 2021, WHICH AUTHORIZED THE BORROWING OF MONEY; AUTHORIZING THE ISSUANCE OF ITS $5,750,525.53 CAPITAL IMPROVEMENT AND REFUNDING REVENUE NOTE, SERIES 2021B, FOR THE PURPOSES OF REFINANCING ALL OR A PORTION OF AN OUTSTANDING LOAN PREVIOUSLY UNDERTAKEN FROM THE FLORIDA MUNICIPAL LOAN COUNCIL AND FINANCING THE CONSTRUCTION AND ACQUISITION OF CERTAIN CAPITAL PROJECTS, EACH AS MORE FULLY DESCRIBED HEREIN; AUTHORIZING THE NEGOTIATED SALE OF SUCH NOTE TO REGIONS CAPITAL ADVANTAGE, INC., PURSUANT TO THE TERMS AND CONDITIONS OF A LOAN AGREEMENT BY AND AMONG THE FLORIDA MUNICIPAL LOAN COUNCIL, THE VILLAGE OF PINECREST, FLORIDA, AND REGIONS CAPITAL ADVANTAGE, INC.; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF THE LOAN AGREEMENT; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT BY AND AMONG THE FLORIDA MUNICIPAL LOAN COUNCIL, THE VILLAGE OF PINECREST, FLORIDA, AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH NOTE; AND PROVIDING AN EFFECTIVE DATE.