AUTHORIZING THE TOWN TO BORROW FUNDS FROM JPMORGAN CHASE BANK IN THE AMOUNT NOT TO EXCEED $3,000,000 TO DESIGN IMPROVEMENTS TO UTILITY SYSTEM

A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LAKE CLARKE SHORES, FLORIDA; AUTHORIZING THE TOWN TO BORROW FUNDS FROM JPMORGAN CHASE BANK, NA IN THE PRINCIPAL AMOUNT NOT TO EXCEED $3,000,000 TO DESIGN CERTAIN IMPROVEMENTS TO THE TOWN’S UTILITY SYSTEM AND TO REFUND CERTAIN PROMISSORY NOTES OF THE TOWN RELATING TO THE TOWN’S UTILITY SYSTEM; AWARDING THE NOTE TO JPMORGAN CHASE BANK, NA BY NEGOTIATED SALE; APPROVING A LOAN AGREEMENT BETWEEN THE TOWN AND JPMORGAN CHASE BANK, NA:  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.