HomeMy WebLinkAboutMinutes_Special Meeting_01/30/1968letp ~~~:~1!r r ~Y~ ~~, ~~.~ J.i'T,i ~.~i~(,c1 7y. ~u'~~trr ~~'"~.~". ~J _~,
Tr~E COL:VCILM1Ei~T OF 2'~ ~7x~;GE OF T~~U'~STA
• A Special Metting of the Councilmen of the Village of TeeuP~~~
was held Tuesday, January 30, 1968, at 8:00 P,M, at the Village Hall.
CounciLrten present were: Messrs. Bowden, Sylvester, Valier and Cornelius
Also present was Robert Harp, Village Nia,nager and William A. Lord, Village
Attorney.
Mayor Bowden stated the meeting had been set at the January 19,
1968, Council Meeting to discuss various items relating to the purchase
of the Water Company.
The Village Attorney and fiscal agents, W. C. Goss and E. W.
Jackson, discussed the various accounts that will be required under the
terms of Ordinance No. 138 (Bond Ordina.nce~.
Mr. Jackson explained to the Cou~-~cil tha.~ '~e ..".ad discussed the
requirements of the various trust accounts ~~ith the l.Llantic National
Bank and they had stated .they did not desire to b~ ccnside~-ed as a deposi-
tory for these funds at this time. Mr. Jackson farther stated the Bank
of Palm Beach fr Trust Company r~~as familiar with the escrow accounts for
a water company purchase by a municipality especially the deferred pay-
ment plan under which the water company is being purchaaed.,
The Councilmen approved the preparation of formal resolutions
for their final approval designating the following ~~aater department deposi-
tories:
• First Bank of 3upiter/Te questa
Working Capital Fund
Water Department Revenue Rand
Water Department Operation and Maintenance Fund
Bank of Palm Beach ~ Trust Company
Sinking Fufid
Sinking Fund-Reserve Account
Renewa 1 and Replacement Fyand
Certificate Redemption Fund
Capital Improvement Reserve Fund
The Council approved the use of the room on the northwest comer
of the Village Hall as the Water Department office and the west bay of
the garage building for the storage of Water Department vehicles, supplies
and equi~ent.
The Yillage Hs,nager discussed various administrative details
iavolved in the operation of the Water Department and establishing of the
office.
Attorney Lord stated the details for the closing were progressing
and the closing should be accomplished on March 1, 1968, with the Village
commencing operation of the Water Department on that date.
• The Councilmen were also advised of the requirements of Sec-
tioas 4.11 and 4.12, Article IV, Ordinance No. 138, which require the
Water Department to retain a Consulting Rngineer and Financial Advisor
on an aar-ual basis.
-26-
There being ~o f~rthe~ bu~~ness, ~~e Meeta.ng was adjo~tr~ea
at 9:20 P.M.
Respectfully submitted,
Bert Harp
pillage Clerk
-27-