AUTHORIZING THE TOWN TO BORROW FUNDS FROM BRANCH BANKING AND TRUST COMPANY IN THE PRINCIPAL AMOUNT NOT TO EXCEED $1,300,000 TO MAKE CERTAIN BRIDGE REPAIRS

A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LAKE CLARKE SHORES, FLORIDA; AUTHORIZING THE TOWN TO BORROW FUNDS FROM BRANCH BANKING AND TRUST COMPANY IN THE PRINCIPAL AMOUNT NOT TO EXCEED $1,300,000 TO MAKE CERTAIN BRIDGE REPAIRS AND TO REFUND THE TOWN’S PROMISSORY NOTE, SERIES 2018; AWARDING THE NOTE TO BRANCH BANKING AND TRUST COMPANY BY NEGOTIATED SALE; APPROVING A LOAN AGREEMENT BETWEEN THE TOWN AND BRANCH BANKING AND TRUST COMPANY; DESIGNATING THE NOTE AS A "BANK QUALIFIED OBLIGATION" UNDER SECTION 265(b) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; PROVIDING FOR REPEAL OF CONFLICTING RESOLUTIONS; AND PROVIDING AN EFFECTIVE DATE.