HomeMy WebLinkAboutDocumentation_Regular_Tab 8B_1/12/1989 I 1
. . • VILLAGE OF TEQUESTA
.-\• _ •a Post Office Box 3273 • 357 Tequesta Drive
�� •`ai o Tequesta, Florida 33469-0273 • (407) 575-6200
M C,
MEMORANDUM:
TO: Thomas G. Bradford, Village Manager v
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FROM: Bill C. Kascavelis, Finance Director/Village Clerk
DATE: December 28, 1988
SUBJECT: Proposed Resolution for the January 12, 1989 Council
Meeting (Appointment of Paying Agent and Registrar
for the $910, 000 Village of Tequesta, Improvement
Revenue Bond Issue, Series 1979)
Attached is a resolution draft appointing First Florida
Bank, N.A. , Tampa, Florida, as Paying Agent and Registrar for
the above noted bond issue.
Currently, First Florida Bank, N.A. , Tampa is the paying
agent for said issue. The Official Statement for the issue
provides for the appointment of a "Registrar. " This resolution
is required to designate First Florida Bank, N.A. , Tampa, as the
Registrar in addition to their appointment as Paying Agent for
the issue.
We currently pay First Florida $500. per annum for paying
agent services. An additional fee of $100. per annum will be
required for their services as registrar, which to say the
least, is an exceptional bargain for the services to be
provided.
The trend in the bond market today is to have bearer bonds
registered for principal-bond, and interest-coupons, in the name
of the holder; therefore, appointment of the paying agent as
registrar is of significant importance to ensure that a
convenient means of registration is provided Village of Tequesta
bond holders.
Memorandum:
RE: Proposed Resolution for the January 12, 1989
Council Meeting (Appointment of Paying Agent and
Registrar for the $910, 000 Village of Tequesta,
Improvement Revenue Bond Issue, Series 1979 )
December 28, 1988
Page 2 -
Appointment of the paying agent as registrar is considered
the standard practice in the Security Industry. Consideration
of providing this service in-house would not be cost-effective,
and the potential for late payment -default, could detrimentally
affect the excellent credit rating of the Village.
Your continued support for effective and efficient
government administration policies will best be served by
adoption of this proposed legislation.
BCK/j mm
Attachment
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` RESOLUTION NO.
2-88/89
A RESOLUTION OF THE
PALM BEACH COUNTY, VILLAGE OF TEQUESTA,
THE APPOINTMENT FLORIDA, PROVIDING FOR
THE OF FIRST FLORIDA BANK, N.A.
FLORIDA, PAYING AGENT
FOR THE VILLAGE AND REGISTRAR
IMPROVEMENT OF TEQUESTA, FLORIDA,
AGGREGATE REVENUE BOND SERIES 1979, IN
THEH RESOLUTIONAGGRG AMOUNT OF $910, 000 AUTHORIZED
NO. 10-78/79 ON JULY 24, 1979.
WHEREAS, it is necessary provide for the for the Village of Tequesta to
registration transfer of Bond of new Bond certificates uponcer request eof tand
he
holders of Village of Tequesta, Florida, Improvement Revenue
Bond Series 1979; and
WHEREAS, it is
efficient, and necessary to facilitate a registration convenient method of safe,
registration
Bonds of Village of Te uesta providing for the
Series 1979which Flosist, Impwithmtht I
standards and practices of the Industry,Securitys an
with the
WHEREAS, and
the First Florida Bank, N.A.presently serving in the Tampa, Florida, is
Village esent of Tervenga, Florida capacity of Paying
Improvement Revenue ABond Issue;
gent for he
NOW,
THE VILLAGE TOFRTEQUESTAE IT RESOLVED BY THE VILLAGE COUNCIL OF
Section 1. That
o First Florida
Florida,Flo Village appointed as the Paying Bank,n N.A. Tampa,fo
g of Tequesta, 1' g Agent and Registrar for
the
19a9. $910, 000 Improvement Revenue Bond
Section 2. That the authorized to execute the attached aPa Paying Agente Manager is
Agreement with First Florida Bank, N.A. ,g Tm and ,Registrar
enable continuity of services to holdersamof' Floridaillage,
Tequesta, $910, 000 Improvement Revenue Bonds, Series to
Village of
ISection 1979.
First ction a3.BaThat the Village
N.A. g Florida,Manageshall providetifd
copy of this Resolution upon adoptionorida, with a certified
THE FOREGOING
Councilmember RESOLUTION was offered adoption. The by
Councilmember Resolution who moved its
to a vote, was seconded by
the vote was as follows: and upon being put
FOR ADOPTION
AGAINST ADOPTION
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The Mayor thereupon declared the Resolution duly passed
and adopted this 12th day of January, A.D. , 1989.
MAYOR OF TEQUESTA
Ron T. Mackail
ATTEST:
Bill C. Kascavelis
Village Clerk