HomeMy WebLinkAboutOrdinance_200_06/23/1972ORDINANCE N0. 200
AN ORDINANCE SUPPLEMENTING AN ORDINANCE
ENTITLED: "AN ORDINANCE AUTHORIZING THE
CONSTRUCTION, EQUIPPING AND FURNISHING
OF A VILLAGE HALL IN THE VILLAGE OF
TEQUESTA, FLORIDA; AUTHORIZING THE ISSUANCE
OF $148,000 EXCISE TAX REVENUE BONDS TO
FINANCE THE COST THEREOF, SUCH BONDS TO
BE PAYABLE FROM THE CIGARETTE TAXES,
FRANCHISE TAXES AND UTILITIES SERVICES
TAXES COLLECTED IN SAID VILLAGE AND
PROVIDING FOR THE RIGHTS OF THE HOLDERS
OF SUCH BONDS", AND PROVIDING FOR THE
ISSUANCE OF $73,362.50 EXCISE TAX
REVENUE BONDS, SERIES 1972
BE IT ORDAINED BY THE VILLAGE COUNCIL OF TEQUESTA, FLORIDA:
ARTICLE I
Section 1.01. AUTHORITY OF THIS ORDINANCE. This Ordinance is
enacted pursuant to the provisions of Chapter 57-1915, Laws of Florida, Acts
of 1957, as amended, being the charter of the Village of Tequesta, Florida,
Chapter 210, Florida Statutes, Section 167.431, Florida Statutes, and other
applicable provisions of law, and pursuant to Section 3.06 (E) of an ordinance
entitled: "AN ORDINANCE AUTHORIZING THE CONSTRUCTION, EQUIPPING AND FURNISHING
OF A VILLAGE HALL IN THE VILLAGE OF TEQUESTA, FLORIDA, AUTHORIZING THE ISSUANCE
OF $148,000 EXCISE TAX REVENUE BONDS TO FINANCE THE COST THEREOF, SUCH BONDS
TO BE PAYABLE FROM THE CIGARETTE TAXES, FRANCHISE TAXES AND UTILITIES SERVICES
TAXES COLLECTED IN SAID VIL~GE AND PROVIDING FOR THE RIGHTS OF THE HOLDERS
OF SUCH BONDS", adopted by the Council of the Village of Tequesta on the 14th
day of September, 1964 (hereinafter referred to as "Original Ordinance"), and
is supplemental to said Original Ordinance, and is hereafter referred to as
"Supplemental Ordinance".
Section 1.02. FINDINGS. It is hereby ascertained, determined and
declared that:
A. That the acquisition of the assets of PLANTREAT, INC., a
corporation owning and operating a sewer treatment plant
and collection system is necessary to preserve the public
health, safety and general welfare of the citizens of the
Village of Tequesta, Florida, and it is essential that
such acquisition be accomplished as provided in this
Ordinance.
B. That said Original Ordinance, in Section 3.06 (E) thereof,
provided for the issuance of pari passu additional Bonds
under the terms, limitations and conditions provided therein.
C. That the aggregate amount of a combination of Cigarette Taxes,
Franchise Taxes and Utilities Services Taxes received by the
Village is as follows:
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1. In the immediately preceding year
ending September 30, 1971------------------$178,961.27
2. Annual average in the immediately pre-
ceding 24 months ending September 30, 1971"$166,212.88
D. That the Village has made all payments into the Sinking Fund
and Reserve Account and other funds provided for in said
Original Ordinance, and has complied fully with all terms,
covenants and provisions contained in said Original Ordinance.
E. That the Village is authorized to issue the Bonds authorized
herein as pari passu additional obligations within the
authorization contained in Section 3.06 (E) of said Original
Ordinance.
F. That the entire proceeds of the Cigarette Taxes, Franchise
Taxes and Utilities Services Taxes are pledged for the payment
of and interest on $99,000 outstanding Excise Tax Revenue Bonds,
dated October 1, 1964, and $19,000 outstanding Excise Tax Revenue
Bonds, dated October 1, 1969, all of which outstanding Bonds and
any pari passu additional Bonds hereafter issued in the manner
provided in Section 3.06 (E) of said Original Ordinance are
and will be on a parity and will have a first lien on the entire
proceeds of the Cigarette Taxes, Franchise Taxes and Utilities
Service Taxes to be received by the Village each year will be
sufficient to pay the principal of and interest on the Bonds to
be issued pursuant to this Supplemental Ordinance, said outstanding
Excise Tax Revenue Bonds, dated October 1, 1964, and said outstanding
Excise Tax Revenue Bonds, Series 1969, dated October 1, 1969 and
of complying with all the provisions of the proceedings which
authorized the issuance thereof.
G. That the estimated proceeds of the Cigarette Taxes, Utilities
Service Taxes and Franchise Taxes to be received by the Village
each year will be sufficient to pay the principal of and interest
on the Bonds to be issued pursuant to this Supplemental Ordinance,
said outstanding Excise Tax Revenue Bonds, dated October 1, 1964,
said outstanding Excise Tax Revenue Bonds, dated October 1, 1969
and of complying with all the provisions of the proceedings
which authorized the issuance thereof.
H. That the average annual aggregate proceeds of the Cigarette
Taxes, Utilities Services Taxes and Franchise Taxes received
by the Village in the twenty-four (24) months immediately
preceding September 30, 1971 have not been less than One Hundred
Fifty Per Centum (150%) of the largest amount of the principal
and interest which will become due in any succeeding fiscal year
on:
(1) The $99,000 Excise Tax Revenue Bonds,
dated October 1, 1964;
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(2) The $19,000 outstanding Excise Tax Revenue
Bonds, dated October 1, 1969;
(3) The $73,362.50 Excise Tax Revenue Bonds,
Series 1972, to be issued pursuant to
this Supplemental Ordinance;
(4) Any other obligations which are payable
from the proceeds of such aforesaid Excise
Taxes; that the Village is authorized to
issue the $73,362.50 Excise Tax Revenue
Bonds, Series 1972, on a parity with said
Excise Tax Revenue Bonds dated October 1,
1964 and October 1, 1969.
I. That the principal of and interest on the Bonds to be issued
pursuant to this Supplemental Ordinance and all of the Sinking
Fund, Reserve Account and other payments provided for in this
Supplemental Ordinance will be paid solely from the proceeds
of the Cigarette Taxes, Utilities Services Taxes and Franchise
Taxes received by the Village and shall not constitute a debt
of the Village of Tequesta or be a lien on any real estate of
said Village.
Section 1.03. ORDINANCE CONSTITUTES CONTRACT. In consideration of the
acceptance of the Bonds authorized to be issued hereunder by those who shall
hold the same from time to time, this Supplemental Ordinance and said Original
Ordinance shall be deemed to be and shall constitute a contract between the
Village and such Bondholders and the covenants and agreements herein set
forth to be performed by said Village shall be for the equal benefit, protection
and security of the legal holders of any and all of such Bonds and the coupons
attached thereto, all of which shall be of equal rank and without preferences,
priority or distinction of any of the Bonds or coupons over any other thereof
except as expressly provided therein and herein.
Section 1.04. DEFINITIONS. That all of the definitions contained in
Section 1.03 of said Original Ordinance, in addition to the definitions contained
herein, shall apply fully to the Bonds issued hereunder.
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ARTICLE II
AUTHORIZATION OF ACQUISITION OF A SEWER TREATMENT
PLANT AND SEWER COLLECTION SYSTEM.
Section 2.01. AUTHORIZATION OF ACQUISITION. That there is
hereby confirmed and authorized the acquisition of the assets of PLANTREAT,
INC., a Florida corporation, operating a system for the collection and
treatment of sewerage in the Village of Tequesta, Florida, said assets
more particularly described as follows:
Real Estate:
PARCEL 1: Lots thirty-two (32) and thirty-three (33), Block No.
sixteen (16), of JUPITER IN THE PINES, Section "B", according to
the plat thereof recorded in Plat Book 26, page I8, of the public
records of Palm Beach County, Florida.
PARCEL 2: Lots thirty-four (34) and thirty-five (35), Block No.
sixteen (16), of JUPITER IN THE PINES, Section "B", according to
the plat thereof recorded in Plat Book 26, page 18, of the public
records of Palm Beach County, Florida.
ALL PARCELS hereinabove described are conveyed subject to easements,
reservations and restrictions of record and taxes for the year 1972.
In addition to the above described real estate, all structures, equipment,
supplies and records incidental and appurtenant to the operation of said
System.
Total purchase price of Seventy-Three Thousand Three Hundred Sixty-
Two and 50/100 Dollars ($73,362.50) is payable by delivery of Village of
Tequesta, Florida Excise Tax Revenue Bonds in the amount of said purchase
price.
The Seller has agreed to accept Excise Tax Revenue Bonds of the
Village of Tequesta, Florida bearing interest thereon at the rate of Five Per
Centum (5%) per annum and payable in an amount at least equal to Ten Per Cent
(10%) of the total purchase price for the first four years beginning June 1,
1973 and the balance of said purchase price shall be due and payable June 1,
1977, which would require a schedule of payments on June 1 in the years and
amounts shown:
Maturity Date
1973
19 74
1975
1976
1977
Principal Amount
$ 7,500.00
7,500.00
7,500.00
7,500.00
43,362.50
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ARTICLE III
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AUTHORIZATION, TERMS AND FORM OF BONDS
Section 3.01. AUTHORIZATION OF BONDS. Subject and pursuant to
the provisions of this Ordinance, obligations of the Village of Tequesta, to
be known as "Excise Tax Revenue Bonds, Series 1972" are hereby authorized
to be issued in the aggregate principal amount of Seventy-Three Thousand
Three Hundred Sixty-Two and 50/100th Dollars ($73,362.50) for the purpose of
paying the cost of acquisition of the assets of PLANTREAT, INC., as provided
in Sections 1.02 and 2.01 hereof.
Section 3.02. DESCRIPTION OF BONDS. The bonds shall be dated
June 1, 1972, shall be numbered from One (1) to Five (5), both inclusive;
shall bear interest at the rate of Five Per Centum (5%) per annum payable
annually on June 1 of each year, and shall mature serially in numerical
order, on June 1 of each year, in the denomination and years shown:
Bond No. Year Denomination
1 1973 $ 7,500.00
2 1974 7,500.00
3 1975 7,500.00
4 1976 7,500.00
5 1977 43,362.50
Said bonds shall be issued in a form payable to the ESTATE OF
WILLIAM E. SCHLUSEMEYER, SR., Post Office Box 3407, Tequesta, Florida 33458
and interest shall be payable to the designated payee. Both principal and
interest shall be payable in lawful money of the United States of America
and shall bear interest from their date, payable annually in accordance with
the terms of this Ordinance.
All of said bonds maturing in the years 1973 to 1977, inclusive,
shall be redeemable prior to their respective dates of maturity, at the option
of the Village, on December 1, 1972 or on June 1 or December 1 of any year
thereafter, at the price of par and accrued interest to the date of redemption.
A notice of redemption shall be sent by registered mail to the
payee of said bonds at the address shown in the bonds, at least twenty (20)
days prior to the date of redemption. Interest shall cease on any of the
bonds duly called for redemption as provided above on the redemption date
if payment thereof has been duly provided therefor.
Section 3.03. EXECUTION OF BONDS. Said bonds shall be executed
in the name of the Village by its Mayor, and countersigned and attested by its
Village Clerk, and its corporate seal shall be affixed thereto.
Section 3.04. NEGOTIABILITY AND REGISTRATION. The bonds shall be,
and have all the qualities and incidents of, negotiable instruments under the
law merchant and the Negotiable Instruments Law of the State of Florida, and
each successive holder, in accepting any of said bonds shall be conclusively
deemed to have agreed that such bonds shall be and have all of the qualities
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and incidents of negotiable instruments under the law merchant and the
Negotiable Instruments Law of the State of Florida, and each successive holder
of said bonds shall further be conclusively deemed to have agreed that said
bonds shall be incontestable in the hands of a bona fide holder for value in
the manner provided hereinafter in the form of said bonds.
The bonds may be transferred at the option of the payee, as to both
principal and interest, at the office of the Village Clerk, such transfer to be
noted on the back of said bonds.
Section 3.05. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case
any bond shall become mutilated or be destroyed, stolen or lost, the Village
may in its discretion issue and deliver a new bond in exchange and substitution
for such mutilated bond upon surrender and cancellation of such mutilated bond,
if any, or in lieu of and substitution for the bond, if any, destroyed, stolen
or lost, and upon the holder furnishing the Village proof of his ownership
thereof and satisfactory indemnity and complying with such other reasonable
regulations and conditions as the Village may prescribe and paying such expenses
as the Village ma.y incur. All bonds so surrendered shall be canceled by the
Village Clerk and held for the account of the Village. If any such bond shall
have matured or be about to mature, instead of issuing a substituted bond, the
Village ma.y pay the same, upon being indemnified as issuing a substituted bond,
the Village ma.y pay the same, upon being indemnified as aforesaid, if such bond
be lost, stolen or destroyed without surrender thereof.
Any such duplicate bonds issued pursuant to this section shall
constitute original, additional contractual obligations on the part of the
Village, whether or not the lost, stolen or destroyed bonds be at any time
found by any one, and such duplicate bonds shall be entitled to equal and
proportionate benefits and rights as to lien and source and security for
payment from said Excise Taxes pledged herein with all other bonds issued
hereunder.
Section 3.06. FORM OF BONDS. The text of the bonds shall be in
substantially the following tenor, with such omissions, insertions and variations
as ma.y be necessary and desirable and authorized or permitted by this Ordinance
or any subsequent ordinance adopted prior to the issuance thereof:
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No . UNITED STATES OF AMERICA $
STATE OF FLORIDA
COUNTY OF PALM BEACH
VILLAGE OF TEQUESTA
EXCISE TAX REVENUE BOND
SERIES 1972
KNOW ALL MEN BY THESE PRESENTS that the Village of Tequesta, in the
County of Palm Beach, Florida, for value received, hereby promises to pay
to:
ESTATE OF WILLIAM E. SCHLUSEMEYER, SR.
Post Office Box 3407
Tequesta, Florida 33458
on the 1st day of June, 19 from the special funds hereafter mentioned,
the principal sum of
Dollars ($ ) with interest thereon at the
rate of Five Percentum (5%) per annum, payable annually on the first day
of June in each year to the payee named in this Bond. Both principal of
and interest on this Bond are payable in lawful money of the United States
of America at the Village Hall, Village of Tequesta, Florida.
The Bonds of the issue of which this Bond is one maturing in the years
1973 to 1977, inclusive, are redeemable prior to their stated dates of
maturity, at the option of the Village, on December 1, 1972 or on June 1 or
December 1 of any year thereafter, at the price of par and accrued interest
to the date of redemption.
This Bond is one of an authorized issue of Bonds in the aggregate
principal amount of Seventy-Three Thousand Three Hundred Sixty-Two and 50/100ths
Dollars ($73,362.50) of like date, tenor and effect, except as to number,
denomination and date of maturity, issued to finance the acquisition of a
utility system for the collection, treatment and disposal of sewerage in the
Village of Tequesta, Florida, under the authority of and in full compliance
with the Constitution and Statutes of the State of Florida, including Chapter
57-1915, Laws of Florida, Acts of 1957, as amended, Chapter 210, Florida
Statutes, Section 167.431, Florida Statutes, and other applicable statutes,
and an ordinance duly enacted by the Village Council of said Village on the
23rd day of June, 1972, and an Original Ordinance duly enacted by said Village
Council on September 14, 1964, and is subject to all the terms and conditions
of said Ordinance and said Original Ordinance.
This Bond and the interest thereon is payable solely from and secured
by a lien on and pledge of the Cigarette Taxes levied and collected in said
Village pursuant to Chapter 210, Florida Statutes, the Franchise Taxes levied
and collected in said Village pursuant to Chapter 57-1915, Laws of Florida,
Acts of 1957, and Utilities Services Taxes levied and collected in said Village
pursuant to Section 167.431, Florida Statutes, all in the manner provided in
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said Ordinance, and this Bond does not constitute an indebtedness of the
Village of Tequesta within the meaning of any constitutional, statutory
or charter provisions or limitation, and it is expressly agreed by the
holder of this Bond that such holder shall never have the right to require
or compel the exercise of the ad valorem taxing power of said Village for
the payment of the principal of and interest on this Bond or the making of
any sinking fund, reserve or other payments provided for in the ordinance
authorizing said issue of Bonds.
It is further agreed between the Village of Tequesta and the holder
of this Bond that this Bond and the obligation evidenced hereby shall not
constitute a lien upon any property in the Village of Tequesta, but shall
constitute a lien only on said Cigarette Taxes, Franchise Taxes and Utilities
Service Taxes in the manner provided in said ordinance.
It is hereby certified and recited that all acts, conditions and
things required to exist, to happen and to be performed precedent to and in
the issuance of this Bond, exist, have happened and have been performed in
regular and due form and time as required by the Laws and Constitution of the
State of Florida applicable thereto, and that the issuance of this Bond, and
of the issue of Bonds of which this Bond is one, does not violate any
constitutional, statutory or charter limitation.
This Bond is and has all the qualities and incidents of a negotiable
instrument under the law merchant and the Negotiable Instruments Law of the
State of Florida, and the original holder and each successive holder of this
Bond shall be conclusively deemed by his acceptance hereof to have agreed that
this Bond shall be and have all the qualities and incidents of negotiable
instruments under the law merchant and the Negotiable Instruments Law of the
State of Florida.
IN WITNESS WHEREOF said Village of Tequesta in the County of Palm
Beach, Florida has issued this Bond and has caused the same to be executed by
the manual signature of its Mayor, and the corporate seal of said Village to
be affixed hereto, attested by the Village Clerk of said Village by his manual
signature, all as of the first day of June, 1972.
(SEAL)
ATTEST:
Village Clerk
VILIA.GE OF TEQUESTA, FLORIDA
Mayor
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ARTICLE IV
SECURITY OF BONDS
Section 4.01. BONDS NOT TO BE INDEBTEDNESS OF THE VILLAGE OF
TEQUESTA. The Bonds shall not be or constitute an indebtedness of the Village
of Tequesta within the meaning of any constitutional, statutory or charter
limitation of indebtedness, but shall be payable solely from said Cigarette
Taxes, Franchise Taxes and Utilities Services Taxes as herein provided. No
holder or holders of any Bond issued hereunder shall ever have the right to
compel the exercise of the ad valorem taxing power of the Village, or taxation
in any form of any real property therein to pay said Bonds or the interest thereon.
Section 4.02. BONDS SECURED BY PLEDGE OF EXCISE TAX REVENUES. The
payment of the debt service of and all other payments required for the Bonds
issued hereunder shall be secured forthwith equally and ratably by a lien on the
Cigarette Taxes levied and collected pursuant to Chapter 210, Florida Statutes,
and the ordinance enacted on June 28, 1963, the Franchise Taxes levied and
collected pursuant to the charter of said Village and said ordinance enacted
by the Village Council of said Village on September 6, 1960 and the Utilities
Services Taxes levied and collected pursuant to Section 167.431, Florida Statutes,
and said ordinance enacted on July 8, 1958. The aforesaid Excise Taxes, in an
amount sufficient to pay the principal of and interest on the Bonds herein
authorized are hereby irrevocably pledged to the payment of and interest on the
Bonds herein authorized as the same become due; provided, however, that the lien
of the holders of the Bonds issued by this Supplemental Ordinance ranks equally
and is on a parity with the lien on said Excise Taxes of the holders of the
outstanding Bonds of an issue of $148,000 Excise Tax Revenue Bonds, dated October 1,
1964, the holders of the outstanding Bonds of an issue of $27,000 Excise Tax
Revenue Bonds, dated October 1, 1969, and the holders of any pari passu additional
obligations hereafter issued pursuant to and within the terms, limitations and
conditions contained in said Original Ordinance and in Section 4.04 of this
Supplemental Ordinance.
Section 4.03. BONDS SECURED BY ORIGINAL ORDINANCE. The Bonds
authorized by this Supplemental Ordinance shall be deemed to have been issued
pursuant to said Original Ordinance, to which this Ordinance is supplemental, as
fully and to the same extent as the $148,000 Excise Tax Revenue Bonds, dated
October 1, 1964, and all of the covenants and agreements contained in said Original
Ordinance, and the additional covenants contained in the Supplemental Ordinance
which authorized the issuance of the outstanding Excise Tax Revenue Bonds, Series
1969, shall be deemed to be part of this Supplemental Ordinance to the same extent
as if incorporated verbatim in this Supplemental Ordinance, and shall be fully
enforceable in the manner provided in said Original Ordinance and the Supplemental
Ordinance authorizing the issuance of said outstanding Excise Tax Revenue Bonds,
issue of 1969, by any of the holders of Bonds issued pursuant to this Supplemental
Ordinance by the Village of Tequesta.
The "Excise Tax Revenue Fund" heretofore created, the "Sinking Fund"
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and "Reserve Account" created and established pursuant to said Original
Ordinance shall be continued and maintained as provided in said Original
Ordinance so long as any of the Bonds issued pursuant to this Supplemental
Ordinance, or interest thereon, are outstanding and unpaid, and the payments
into the Sinking Fund shall be increased by the amounts necessary to provide
for the Bonds issued pursuant to this Supplemental Ordinance. No preference,
priority or distinction of any kind shall exist or be exercised in the payments
from said Sinking Fund between said Excise Tax Revenue Bonds, dated October 1,
1964, the Excise Tax Revenue Bonds, dated October 1, 1969, and the Bonds issued
pursuant to this Supplemental Ordinance.
Moneys in said Reserve Account shall be used only for the purpose
of the payment of maturing principal of or interest on the Bonds issued
hereunder and the Excise Tax Revenue Bonds, dated October 1, 1964, when other
moneys in the Sinking Fund are insufficient therefor, and for no other purpose.
No preference, priority or distinction of any kind shall exist or
be exercised in payments from said Reserve Account between said Excise Tax
Revenue Bonds, dated October 1, 1964, and said Excise Tax Revenue Bonds, dated
October 1, 1969 and the Bonds issued pursuant to this Supplemental Ordinance.
Section 4.04. ISSUANCE OF PARI PASSU ADDITIONAI, BONDS. That no
pari passu additional bonds, as in this sub-section defined, payable out of
the Cigarette Taxes or Franchise Taxes, or Utilities Services Taxes, shall be
created after the issuance of any Bonds pursuant to this Supplemental Ordinance
except under the conditions and in the manner provided by this Supplemental
Ordinance.
No such pari passu additional Bonds shall be created unless the
average annual aggregate amount of said Cigarette Taxes, as defined herein, or
said Franchise Taxes, as defined herein, or said Utilities Services Taxes, as
defined herein, or any combination thereof received by the Village during the
immediately preceding fiscal year, or the average annual aggregate amount of
said Cigarette Taxes, or Franchise Taxes, or Utilities Services Taxes, or any
combination thereof received by the Village in the immediately preceding
complete twenty-four months, whichever is smaller, shall have been at least
equal to One Hundred Fifty Percentum (150%) of the maximum amount of principal
and interest which will become due in any succeeding fiscal year on the Excise
Tax Revenue Bonds, dated October 1, 1964 then outstanding; and the Excise Tax
Revenue Bonds, Series 1969, dated October 1, 1969, then outstanding; the Excise
Tax Bonds, Series 1972, dated June 1, 1972, then outstanding; and on any other
obligations then outstanding which are payable from said Excise Revenue Taxes;
and on the pari passu additional Bonds then proposed to be issued.
For the purposes of this sub-section the terms "Cigarette Taxes",
"Franchise Taxes" and "Utilities Services Taxes" shall mean respectively the
proceeds of such Cigarette Taxes, Franchise Taxes and Utilities Services Taxes
actually collected by the Village, which the Village has pledged pursuant to
said Original Ordinance, or may legally pledge, at the time of the issuance of
such proposed pari passu additional Bonds, as a first lien on such Cigarette
Taxes, Franchise Taxes and Utilities Services Taxes, to the payment of debt
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service and reserves on Bonds theretofore issued pursuant to said Original
Ordinance and this Supplemental Ordinance and the holders of any pari passu
additional Bonds subsequently created within the limitations of and in
compliance with this sub-section. All of such Bonds, regardless of the time
or times of their issuance, shall rank equally with respect to their lien on
said Excise Tax Revenue, without preference of any Bond or coupon over any
other. The Village shall comply fully with all of the increased payments
into the various funds created by said Original Ordinance and continued and
maintained by this Supplemental Ordinance required for such pari passu
additional Bonds, in addition to the payments required for the Bonds issued
pursuant to this Supplemental Ordinance.
The term "pari passu additional bonds" as used in this sub-section
shall not be deemed to include bonds, notes, certificates or other obligations
subsequently issued, the lien of which on the Excise Tax Revenues is subject
to the prior and superior lien on such revenues of the Excise Tax Revenue Bonds,
dated October 1, 1964, the Excise Tax Revenue Bonds, dated October 1, 1969, and
the Excise Tax Revenue Bonds issued pursuant to this Supplemental Ordinance and
the Village shall not issue any obligations whatsoever payable from Excise Tax
Revenues which rank equally as to lien on and source and security for payment
from such revenues with the Excise Tax Revenue Bonds, dated October 1, 1964, the
Excise Tax Revenue Bonds, dated October 1, 1969 and the Excise Tax Revenue Bonds,
dated June 1, 1972, issued pursuant to this Supplemental Ordinance, except in
the manner and under the conditions provided in this sub-section.
No pari passu additional bonds, as in this sub-section defined,
shall be created at any time, however, unless all of the payments into the
reserve funds provided in said Original Ordinance and continued and maintained
by this Supplemental Ordinance on all Bonds then outstanding, and all other
Reserve or Sinking Funds or other payments provided for in said Original
Ordinance and continued and maintained by this Supplemental Ordinance shall have
been made in full, and the Village shall have fully complied with all the covenants,
agreements and terms of said Original Ordinance and this Supplemental Ordinance.
Notwithstanding the foregoing provisions, the Village shall be
required to enforce all of the covenants and provisions of said Original Ordinance
which authorized the issuance of the outstanding Excise Tax Revenue Bonds, dated
October 1, 1964, the Supplemental Ordinance which authorized the issuance of the
outstanding Excise Tax Revenue Bonds, Series 1969, and this Supplemental Ordinance
authorizing the issuance of Excise Tax Revenue Bonds, Series 1972, dated June 1,
1972, so long as any of the Bonds authorized by said Original Ordinance and the
Supplemental Ordinances are outstanding and unpaid.
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ARTICLE V
MISCELLANEOUS
Section 5.01. MODIFICATION OR AMENDMENT. No material modification
or amendment of this Supplemental Ordinance or of any ordinance amendatory
hereof or supplemental hereto may be made without the consent in writing of
the holders of Two-Thirds (2/3rds) or more in principal amount of the Bonds
then outstanding; provided, however, that no modification or amendment shall
permit the change in the maturity of such Bonds or a reduction in the rate of
interest thereon, or in the amount of the principal obligation thereof or
affecting the unconditional promise of the Village to pay the principal of and
interest on the Bonds as the same become due from said Cigarette Taxes,
Franchise Taxes and Utilities Services Taxes, or reduce the percentages herein
required for such modification or amendments, without the consent of the holders
of such bonds.
Section 5.02. SEVERABILITY OF INVALID PROVISIONS. If any one or
more of the covenants, agreements or provisions of this Supplemental Ordinance
shall be held contrary to any express provision of law or contrary to the policy
of express law, those not expressly prohibited, or against public policy or
shall for any reason whatsoever be held invalid, then such covenants, agreements
or provisions shall be null and void and shall be deemed separable from the
remaining covenants, agreements or provisions and shall in no way affect the
validity of any of the other provisions of this Supplemental Ordinance or of
the Bonds issued hereunder.
Section 5.03. ISSUANCE AND DELIVERY OF BONDS. The Bonds authorized
hereunder shall be executed in the name of the Village by the signature of its
Mayor and countersigned and attested by the signature of its Village Clerk and
its corporate seal shall be affixed thereto. The said Bonds when fully executed
shall be delivered to WILLLANI J. PFAFFENBERGER and ADELE R. SCHLUSEMEYER, as
Co-Executors of the Estate of WILLIAM E. SCHLUSEMEYER, SR. and said Executors
shall deliver a receipt to the Village acknowledging that the said Bonds are
in full and complete payment of all debts owed by PLANTREAT, INC. to the Estate
of WILLIAM E. SCHLUSEMEYER, SR. William A. Lord, as Trustee, has delivered by
Warranty Deed those parcels of land more particularly described in Section 2.01
of this Supplemental Ordinance and has also delivered by Bill of Sale, dated
December 31, 1971, the additional items of equipment, supplies and records
incidental and appurtenant to the operation of said utility system referred to in
Section 2.01 of this Supplemental Ordinance. The delivery of the Excise Tax
Revenue Bonds, Series 1972, authorized by this Supplemental Ordinance and the
receipt of the aforementioned instruments by the Village of Tequesta shall all be
approved by Christopher H. Cook, Village Attorney, and his written approving
opinion of this entire transaction shall be filed with the Village Council.
Section 5.04. TIME OF TAKING EFFECT. That the acquisition of the
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assets of PLANTREAT, INC, is deemed necessary for the health and safety of
the inhabitants of the Village of Tequesta and that such acquisition be
completed with the least possible delay, and it is hereby determined that this
Ordinance is an emergency measure and shall take effect immediately.
PASSED AND ADOPTED ON FIRST READING, on June 23, A.D. 1972.
~~ G r ~'~~-yam
'Mayor
ATTEST:
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Village Clerk/
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