CAFR_FYEnding_09/30/1977.J -_
AUDIT REPORT
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1977
NOWLEN, LYNCH & STEWART
CERTIFIED PUBLIC ACCOUNTANTS
WEST PALM BEACH. FLORIDA
VILLAGE OF TEQUESTA, FLORIDA
SEPTE~UIBER 30, 1977
TABLE OF CONTENTS
PAGES
ACCOUNTANTS' REPORT 1_2
COMBINED BALANCE SHEET - ALL FUNDS AND
ACCOUNT GROUPS 3_~
GENERAL FUND
Balance Sheet 5
Statement of Changes in Fund Balance 6
Statement of Revenues, Expenditures,
Encumbrances and Transfers 7
FEDERAL REVENUE SHARING FUND
Balance Sheet g
Statement of Changes in Fund Balance 9
Statement of Revenues and Expenditures 10
DEBT SERVICE FUND
Balance Sheet 11
Statement of Revenues, Transfers, Expenditures
and Fund Balance 12
~7ATER FUND
Balance Sheet 13-14
Statement of Changes in Retained Earnings 15
Income Statement 16
Statement of Changes in Financial Position 17
STATEn1ENT OF GENERAL FIXED ASSETS 18
STATEMENT OF GEivERAL LONG-TERi~1 DEBT 19
NOTES TO FINA:vCIAL STATEi•1ENTS 20-23
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
SEPTEMBER 30, 1977
TABLE OF CONTENTS
PAGES
SUPPLEMENTAL INFORMATION
General Fund
Schedules of Expenditures, Encumbrances
and Transfers 24-28
Water Fund
Schedule of Operating Expenses - Actual and Budgeted 29-30
Analysis of Restricted Funds Under Bond Ordinances 31-32
Combined Schedule of Investments - All Funds 33-35
Amortization Schedule - Excise Tax Revenue
Bonds - Series 1964 36
Amortization Schedule - Series 1967
water Revenue Certificates 37-39
Amortization Schedule - Series 1976A
Water Revenue Certificates 40-42
Schedule of Insurance 43-44
NOWLEN, LYNCH & STEWART
NOWLEN. LYNCH & STEWART
EVERETT B. NOWLE N, CPA
W. F LYNCH. CPA (1897-!9641
V. G. STEWART, CPA
ALAN L. TEDAMONSO N, GPA
EDWARD T. HOLT, CPA
WILLIAM G. KISKE R, JR., CPA
WILLIAM B. MINER, GPA
JANET R. BA RICEVIC H, CPA
RIG HARD G. ALLEN, CPA
B. E. WEEKS, CPA
CERTIFIED PUBLIC ACCOUNTANTS
220 FLAGLER COURT BUILDING
POST OFFICE BOX 347
W EST PALM BEACH. FLORIDA 33402
TELEPHONE X305) 659-3060
January 25, 1978
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
BELLE GLADE. FLORIDA OFFICE
333 S. E. 2ND STREET
POST OFFICE BOX 33S
BELLE GLADE. FLORIDA 33430
TELEPHONE 13051 996-5612
The Honorable Mayor and Village Council
Village of Tequesta, Florida
We have examined the financial statements of the various
funds and account groups of the Village of Tequesta, Florida
for the year ended September 30, 1977, as listed in the fore-
going table of contents. Our examination was made in accordance
with generally accepted auditing standards, and accordingly
included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
As discussed in note 7 to the financial statements, the
Village is involved in litigation concerning the Water Fund.
The ultimate outcome of the litigation cannot presently be
determined.
In our opinion, subject to the effects, if any, on the
financial statements of the ultimate outcome of the matter
discussed in the preceding paragraph, the aforementioned
financial statements present fairly the financial position of
the various funds and account groups of the Village of Tequesta,
Florida at September 30, 1977 and results of operations of such
funds and the changes in financial position of the Water Fund
for the year ended September 30, 1977, in conformity with generally
accepted accounting principles consistently applied during the years
except for the changes, with which we concur, explained in note 2
of the notes to financial statements.
We have also reviewed the provisions of the bond resolutions
relating to the receipts and application cf funds, and in our
opinion, based on our examination of the financial statements,
the Village has complied with such provisions. It should be noted
that information obtained on the basis of our examination of the
financial statements would not necessarily disclose defaults of a
non-accounting nature.
The accompanying supplemental information and the column
on the accompanying combined balance sheet captioned "Total
b2emorandum Only" are not necessary for a fair presentation of
the financial statements, but are presented as additional
analytical data. This information has been subjected to the
tests and other auditing procedures applied in the examination
of the financial statements mentioned above and, in our opinion,
is fairly stated in all material respects in relation to the
financial statements taken as a whole.
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS
SEPTEMBER 30, 1977
TOTAL
MEMORANDUM
ONLY
ASSETS AND OTHER DEBITS
Cash $ 234,910
Investments 2,662,102
Accrued interest receivable 25,916
Accounts receivable 81,624
Prepaid expenses and deposits 2,426
Property, plant and equipment 3,259,133
Accumulated depreciation (418,978)
Construction work in progress 651,302
Amount available for debt service 15,046
Amount to be provided for debt service 21,954
TOTAL ASSETS AND OTHER DEBITS $6,535,435
LIABILITIES
Accounts payable $ 63,540
Accrued interest payable 61,603
Customers' meter deposits 42,229
Bones payable (Page 19) 37,000
Water revenue certificates payable -
Series 1967 (Note 8) 1,536,000
Water revenue certificates payable -
Series 1976A (Note 8) 2,500,000
Less: L'namortized debt discount (60,697)
TOTP_L LIABILITIES $4,179,675
CONTINGENT LIABILITIES (Note 7)
CONTRIBUTIONS FROM CUSTOMEF.S 15,600
RESERVES
Reserve for encumbrances (Note 6) 50,697
Reserves - Water Fund (Note 5) 2,014,807
INVESTMENT IN GEi~ERAL FIXED ASSETS 668,531
FUND BALA~~ICES/RETAINED EARNINGS
Fund balance 299,209
Retained earnings (693,084)
TOTAL LIABILITIES, CONTRIBUTIONS, RESERVES, INVESTMEN'_^
IN GENERAL FIXED ASSETS Ai~ID FUND BALANCES/
RETAINED EARNINGS $6,535,435
The accompanying notes are an essential part
of the financial statements.
3
VILLAGE OF TEQUESTA, FLORIDA
COMBINED BALANCE SHEET - ALL FUNDS AND ACCOUNT GROUPS
SEPTEMBER 30, 1977
FEDERAL
REVENUE DEBT GE~:ERAL GENERAL
GENERAL SHARING SERVICE WATER LONG-TERM FIXED
FUND FUND FUND FUND DEBT ASSETS
$117,315 $22,412 $ 76 $ 95,107 $ $
210,000 14,879 2,437,223
1,679 91 24,146
2,396 3,166 76,062
280 2,146
2,590,602 668,531
(418,978)
651,302
15,046
21,954
$331,670 $25,578 $15,046 $5,457,610 $37,000 $668,531
$ 22,3.88 $ $ $ 41,152 $ $
61,603
42,229
37,000
1,536,000
2,500,000
(60,697)
$ 22,388 $ $ $4,120,287 $37,000 $
(Note 7 )
15,600
50,697
2,014,807
668,531
258,585 25,578 15,046
(693,084)
$331,670 $25,578 $15,046 $5,457,610 $37,000 $668,531
The accompanying notes are an essential part
of the financial statements.
4
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
BALANCE SHEET
SEPTEMBER 30, 1977
Cash
Certificates of deposit
Accrued interest receivable
Accounts receivable
Deposits
TOTAL
LIABILITIES
Liabilities:
Accounts payable
Accrued payroll taxes
Total Liabilities
ASSETS
RESERVE AND FUND BALANCE
Reserve for encumbrances (Note 6)
Fund Balance
TOTAL
The accompanying notes are an essential part
of the financial statements.
$117,315
21C,000
1,679
2,396
~o~
$331,670
$ 12,123
10,265
$ 22,388
50,697
258,585
$331,670
5
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1977
Fund Balance, October 1, 1976
Prior period adjustment (Note 2)
Adjusted Fund Balance, October 1, 1976
Add:
Excess (deficiency) of revenues
over expenditures
Fund Balance, September 30, 1977
The accompanying notes are an essential part
of the financial statements.
6
NOWLEN. LYNGH & STEWART
$303,009
(6,222)
$296,787
(38,202)
$258,585
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
STATE'~IENT OF REVENUES , EXPENDITURES ,
ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1977
OVER
(UNDER)
ACTUAL BUDGET BUDGET
REVENUES
Ad valorem taxes
State revenue sharing
Utility taxes
Franchise taxes
County contribution - Tequesta Drive
State road and bridge funds
Occupational licenses
Investment earnings
Cigarette taxes
Building permits
Fines and forfeitures
Administrative management -
water department
Fire hydrant rental fees
Anti-recession fiscal assistance funds
Office rent - water department
Beverage licenses
Miscellaneous income
Police desk message service
Recreation fees
$333,162 $ 334,410 $ (1,248)
129,246 129,300 (54)
109,365 90,000 19,365
92,326 92,000 326
71,922 50,000 21,922
22,070 18,000 4,070
20,277 19,000 1,277
13,731 7,000 6,731
13,464 12,000 1,464
24,863 15,000 9,863
7,311 5,000 2,311
7,000 7,000 -
- 7,400 (7,400)
5,457 -0- 5,457
5,000 5,000 -
4,401 4,400 1
3,153 3,200 (47)
1,200 1,200 -
915 1,100 (185)
EXPENDITURES, ENCUMBRANCES
A1VD TRA~T~ISFERS
TOTAL REVENUES
Streets and maintenance expense
Public safety expense
Administrative expense
Recreation and parks expense
Office expense
Building department
Transfers to Sinking Fund
TOTAL EXPENDITURES, EIQCU'~IBRA1`dCES
?~~1D TRANSFERS
EXCESS (DEFICIENCY) OF REVENUES
GVER EXPENDITURES
$864,863 $ 801,010 $ 63,853
$382,527 $ 395,856 $(13,329)
240,898 242,300 (1,402)
161,133 185,900 (24,767)
46,387 58,000 (11,613)
38,717 44,900 (6,183)
20,363 21,400 (1,037)
13,040 13,040 -
$903,065 $ 961,396 $(58,331)
$(38,202) $(160,386) $122,184
The accompanying rotes are an essential part
of the financial staternerlts.
t
7
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING FUND
BALANCE SHEET
SEPTEMBER 30, 1977
ASSETS
Cash
$22,412
Account receivable -
entitlement payment 3,166
Total Assets $25,578
FUND BALANCE
Fund Balance
The accompanying notes are an essential part
cf the financial statements.
8
$25,578
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVEP3UE SHARING FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1977
Fund Balance, October 1, 1976 $ 9,502
Prior period adjustment (Note 2) 2,946
Adjusted Fund Balance, October 1, 1976 $12,448
Add:
Excess of revenues over expenditures 13,130
Fund Balance, September 30, 1977 $25,578
The accompanying notes are an essential part
of the financial statements.
9
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUES AND EXPENDITURES
FOR THE YEAR ENDED SEPTED'IBER 30, 1977
OVER
{UNDER)
ACTUAL BUDGET BUDGET
Entitlement payments $12,257 $12,257 $
Investment earnings 873 873
TOTAL REVENUES $13,130 $12,257 $873
EXPENDITURES None None
EXCESS OF REVENUES OVER
EXPENDITURES $13,130 $12,257 $873
The accompanying notes are an essential part
of the financial statements.
10
NCWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
BALANCE SHEET
SEFTEti1BER 30, 1977
ASSETS
Cash
Investments:
Certificates of deposit $4,900
United States Treasury Notes -
at cost 9,979
Accrued interest receivable
Total Assets
FUND BALANCE
Fund Balance
The accompanying notes are an essential part
of the financial statements.
11
NOWLEN, LYNCH & STEWART
$ 76
14,879
91
$15,046
$15,046
VILLAGE OF TEQUESTA, FLORIDA
DEBT SERVICE FUND
STATEMENT OF REVENUES , TRA.ATSFERS , EXPENDITURES AND FUND BALANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1977
REVENUES AND TRAi~ISFERS
Transfers from General Fund $13,040
Investment earnings 1,310
EXPENDITURES
Principal payments $11,000
Interest payments 2,040
Paying agent's fee 30
EXCESS TG FUND BALANCE
FUND BALANCE, OCTOBER 1, 1976
FUND BALANCE, SEPTEMBER 30, 1977
The accompanying notes are an essential part
of the financial statements.
$14,350
13,070
$ 1,280
13,766
$15,046
12
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBER 30, 1977
ASSETS
CURRED7T ASSETS
Cash $ 85,272
Certificates of deposit 306,700
Accounts receivable 75,937
Accrued interest receivable 1,893
Prepaid expenses 2,146
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Cash and investments:
Sinking Fund $ 50,600
,
Reserve Account 101,812
Certificate Redemption Fund 224,336
Renewal and Replacement Fund 54,043
Capital Improvements Reserve Fund 52,269
1976 Interest and Sinking Fund 89,625
1976 Reserve Account 208,848
Meter Deposits Fund x'3,789
Water Main Relocation Fund 17,459
1976 Water Construction r^und 1,261,929
Capital Improvement Fund 15,648
Accounts receivable - Meter Deposits Furd 125
Accrued interest receivable 22,253
TOTAL RESTRICTED ASSETS
PROPERTY, PLANT AND EQUIPMENT
At cost:
Land $ 92,042
Plant and equipment 2,498,560
$2,590,602
Less acc simulated depreciation (Note 1) 418,978
$2,171,624
Construction work in progress 651,302
NET PROPERTY, PLANT P_ND EQUIP?~iENT
TOTF.L
Tre accompanying notes are an essential part
of the financial statements.
$ 471,948
2,162,736
2,822,926
$5,457,u"i0
13
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
BALANCE SHEET
SEPTEMBER 30, 1977
LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS
CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS)
Accounts payable, accrued payroll and
utilities taxes $ 37,055
CURRENT LIABILITIES {PAYABLE FROM RESTRICTED ASSETS)
Accounts payable $ 4,097
Customers' meter deposits 42,229
Accrued interest payable 61,603
Water revenue certificates payable 40,000 147,929
TOTAL CURRENT LIABILITIES $ 184,984
LONG-TERi'~! DEBT
Water revenue certificates
payable - Series 1967 (Note 8) $1,536,000
Water revenue certificates
payable - Series 1976A (Note 8)
$2,500,000
Less: Unamortized debt
discount and expenses 6C,697 2,439,303
Total long-term debt $3,975,303
Long-term debt payable within
one year 40,000
NET LONG-TERM DEBT 3,935,303
TOTAL LIABILITIES $4,120,287
CONTINGENT LIABILITIES (Note 7)
RESERVES (Note 5) .2,014,807
CONTRIBUTIONS
Contributions from customers 15,600
F.ETAINED EARNINGS (Deficit) (693,084)
TOTP.L $5,457,610
The accompanying notes are an essential part
of the financial statements.
14
NO~VLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1977
Balance of Retained Earnings,
October 1, 1976
Prior period adjustment (Note 2)
Adjusted Balance of Retained Earnings,
October 1, 1976
Add:
Net income for the year
Total Balances and Additions
Deduct
Increase in reserves
Balance of Retained Earnings,
September 30, 1977
The accompanying notes are an essential part
of the financial statements.
15
NOWLEN, LYNCH & STEWART
$1,000,986
(193,997)
$ 806,989'
320,737!
$1,127,726
1,820,810 ~
$ (693,084)
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
INCOb1E STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 1977
DT~'C 71~'TTiTF'C
Water sales $ 680,944
Fire hydrant rental fees 7,400
Investment earnings 124,817
Miscellaneous income 334
TOTAL REVENUES $ 813,495
OPERATING EXPENSES
Purchased water $ 66,077
Pumping and storage expense 64,058
Office and administrative expense 60,674
Distribution expense 37,012
TOTAL OPERATING EXPENSES $ 227,821
OPERATING INCOME $ 585,674
OTHER INCOME (EXPENSES)
Connection charges $ 30,059
Connection (expenses) (15,754)
Interest on water revenue certificates (216,456)
Paying agents' fees (686)
Debt discount amortization (2,409)
TOTAL OTHER INCOA'IE (EXPENSES ) $ (205 , 246 )
INCOME BEFORE DEPRECIATION $ 380,428
DEPRECIATION (Note 1) 59,691
NET INCOME $ 320,737
The accompanying notes are an essential part
of the financial statements.
16
NOWLEN, LYNc_.H & STE`NART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1977
SOURCE OF FUNDS
Operations:
Net income for the year $ 320,737
Items not requiring current outlay of funds:
Depreciation and amortization of
debt discount 62,100
Total from operations $ 382,837
New long-term debt 2,500,000
Contributions from customers 15,600
Total $2,898,437
APPLICATION OF FUNDS
Increase in restricted assets $1,562,340
Additions to property, plant and
equipment (net of retirements) 641,527
Increase in debt discount 62,500
Decrease in long-term debt 40,000
Increase in working capital 592,070
Total $2,898,437
Various Elements of Net Increase in
Working Capital:
Cash $ 26,768
Certificates of deposit 306,700
Accounts receivable 27,282
Accrued interest receivable 1,893
Prepaid expenses 567
Accounts payable, accrued payroll
and utilities taxes (20,532)
Customers' meter deposits (5,639)
Accrued interest payable (28,969)
Current portion of long-term debt (16,000)
Tax anticipation notes payable 300,000
Total $ 592,070
The accompanying notes are an essential part
of tre financial statements.
17
NCWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
STATEMENT OF GENERAL FIXED ASSETS
SEPTEMBER 30, 1977
GENE RAL FIXED ASSETS
Land $ 35,000
Buildings 150,735
Improvements other than buildings 345,942
Equipment 136,854
Total General Fixed Assets $668,531
INVESTMENT IN GENERAL FIXED ASSETS
Total investment in General Fixed
Assets from Bonds, General
Revenues and Gifts $668,531
The accompanying notes are an essential part
of the financial statements.
18
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQL'ESTA, FLORIDA
STATEMENT OF GENERAL LGNG-TERM DEBT
1964 EXCISE TAX REVENUE BONDS
SEPTEMBER 30, 1977
Amount available and to be
provided for payment of
long-term debt:
Amount available in Debt
Service Fund $15,046
Amount to be provided 21,954
Total available and to be
provided
Bonds Payable (4.250, payable from
utilities taxes, $12,000 due within
one year)
The accompanying notes are an essential part
of the financial statements.
19
$37,000
$37,000
NOWLEN, LYNCH 9e STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINALvCIAL STATEMENTS
SEPTEMBER 30, 1977
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Village of Tequesta, Florida
conform to generally accepted accounting principles as
applicable to governmental units. The following is a surrsnary
of the significant policies.
Basis of Accounting
The accrual basis of accounting is followed, with minor
exceptions, by all funds except the General Fund and Debt
Service Fund which utilize the modified accrual basis of
accounting.
Investments
Investments are stated at cost.
Accounts Receivable
Receivables are written off in full when it is determined
that the unpaid balance is uncollectible. Receivables are
written off directly to expense and no allowance for doubtful
accounts is considered necessary.
General Fixed Assets
General Fixed Assets purchased are recorded as expenditures
in the General Fund at time of purchase. Such assets are
capitalized at cost in the General Fixed Assets group of accou:~ts.
No depreciation has been provided on General Fixed Assets.
Water Fund Fixed Assets
Water Fund Fixed Assets are stated at cost. Depreciation has
been computed using the straight-line method over the following
estimated useful lives:
Plant 50 years
Equipment 20-30 years
Office equipment 6 years
Vehicles 4 years
Construction work in progress is not depreciated until completed
and placed in service.
20
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQL'ESTA, FLORIDA
NOTES TO FINANCIAL STATEMEIv'TS
SEPTEMBER 30, 1977
NOTE 2 - PRIOR PERIOD ADJUSTN?ENTS
General Fund
The prior period adjustment was made for correction of an error
and to properly restate beginning fund balance under the modified
accrual basis of accounting.
Federal Revenue Sharing Fund
The prior period adjustment was made in order to report revenues
under the accrual basis of accounting in accordance with generally
accepted accounting principles.
Water Fund
The prior period adjustment to retained earnings was made to
establish reserves in accordance with generally accepted
accounting principles.
NOTE 3 - PENSION PLADI
All full-time Village employees are eligible to participate in
the non-contributory state retirement system as authorized by
Chapter 121 of the Florida Statutes. Total pension costs for
the year ended September 30, 1977 were $30,078. As of
September 30, 1977, there was no unfunded liability for prior
service costs.
NOTE 4 - WATER FUND - REQUIRED PAYMENTS PER BOND ORDINANCES
Pursuant to Ordinance No. 138, enacted by the Village Council
on November 21, 1967, the Village has issued water revenue
certificates Series 1967 outstanding in the principal amount
of $1,536,000 on September 30, 1977. Ordinance No. 138 provides
for the disposition of all revenues derived from the operation
of the system. Revenues are first to be used for the payment of
all current operating expenses. Revenues are next to be used
for the required payments for principal and interest on, and
reserve for, the outstanding water revenue certificates. Revenues
are next to be used to maintain the renewal, replacement and
improvement of the water system. Such payments to the Renewal
and Replacement Fund are made monthly equal to one-twelfth of 5%
of the gross revenues derived from the system. Revenues are next
to be used for payment to the Certificate Redemption Fund. Monthly
required payments are $1,978. Finally, any revenue remaining will
be deposited into the Capital Improvement Reserve Fund far the
purpose of financing the cost of constructing additions, extensions
and improvements tc the water system.
21
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1977
NOTE 4 (Continued)
Pursuant to Ordinance No. 237, enacted by the Village Council
on August 3, 1976, the Village has issued water revenue certifi-
cates Series 1976A outstanding in the principal amount of
$2,500,000 on September 30, 1977. The lien on the revenues
of the water system will rank junior and subordinate to the
lien thereon of the 1967 Series. All revenues will first be
applied in accordance with all requirements of Ordinance No.
138. The revenues remaining shall be used for the required
payments on principal and interest on and reserve for, the
outstanding Series 1976A water revenue certificates.
NOTE 5 - RESERVES
The Revenue Bond Ordinances described in Note 4, required the
establishment of the following accounts:
ACCOUNT PURPOSE
Revenue Funds To collect all water revenues
Operation and Maintenance To pay fully accrued operating
Fund expenses
Sinking Funds To accumulate sufficient funds to
meet annual debt service require-
ments through transfers from the
Revenue Accounts
Reserve Accounts To accumulate funds for payment
of principal and interest payments
if funds in the Sinking Funds
are insufficient
Certificate Redemption To accumulate funds for the
Fund purchase or redemption prior to
maturity of the Series 1967 and Series
1976A water revenue certificates
Renewal and Replacement To accumulate funds for the cost
Fund of constructing additions or
improvements to the water system or
renewal or replacement of capital
assets
Capital Improvements To accumulate any remaining revenues
Reserve Fund for the purpose of constructing
additions, extensions and
improvements to the water system
22
NOWLEN, LYNCH & STEWART
\~
\..
VILLAGE OF TEQUESTA, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1977
NOTE 6 - RESERVE FOR ENCUMBRANCES
The encumbrances recorded represent material amounts appropriated
for capital expenditures outstanding at September 30, 1977.
NOTE 7 - CONTINGENCIES
The Village of Tequesta, Florida was involved in a class action
' suit with residents living within the unincorporated limits of
Palm Beach County. The plaintiffs were seeking declaratory
relief from the water service surcharge they had been assessed.
This suit has been dismissed by the Court for lack of prosecution.
The Village is involved in a lawsuit with Jupiter Inlet Corporation.
The Corporation contends that the Village had withdrawn water from
beneath its property depriving the Corporation of the use of its
property. A final judgment was entered in favor of the Village in
April, 1976, but the plaintiff has filed an appeal. The District
Court of Appeal overturned the decision holding the Village liable.
The Village filed a Petition for Writ of Certiorari to the State
Supreme Court. A decision will be forthcoming in 1978. In the
opinion of the Village attorney, if the Village is not successful
at this level, the matter will probably be remanded to the Circuit
Court and tried, with an estimated exposure to the Village in
the event the plaintiff is successful of $75,000 to $100,000. This
contingent liability is not reflected on the financial statements.
The Village is involved in a lawsuit which is being defended by
its insurance company. According to the Village attorney, if
an unfavorable verdict is rendered, there will be no liability to
the Village.
NOTE 8 - LONG-TERM DEBT - WATER FUND
The long-term debt consists of the following:
Maturity Dates
Years Ended September 30,
Series 1967 - 50 1978
1979-83
1984-88
1989-93
1994-97
Series 1976A - 6.4~ - 7.50 1978
1979-83
1984-88
1989-93
1994-99
2000-03
t 23
NCwLEN, LYNCH & $TEWART
$ 25,000
145,000
186,000
237,000
943,000
$1,536,000
$ 15,000
85,000
235,000
355,000
830,000
980,000
$2,500,000
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1977
(OVER)
UN DE F.
ACTUAL BUDGET BUDGET
STREETS AND MAINTENA~~tCE EXPENSE
Salary - superintendent
Salary - maintenance
OASI expense
Street maintenance
Streets and drainage
Bicycle paths
Fogging expense
General maintenance
Truck and tractor expense
Truck insurance
Gasoline and oil - truck and tractor
Gasoline and oil - other
Small tools
Village Hall maintenance
Garbage collection
Yard trash collection
Trash bag program
Utilities - street lights
Fire hydrant rental fees
Street name signs
New equipment
Village Hall improvements
$ 11,213 $ 11,213 $ -
22,840 22,850 10
2,046 2,100 54
4,823 5,400 577
165,915 155,670 (10,245)
- 22,000 22,000
3,781 4,500 719
10,026 9,60G (426)
1,399 1,450 51
1,012 1,100 88
1,114 1,300 186
78 150 72
480 500 20
4,259 4,300 41
95,417 95,423 6
36,847 37,000 153
461 - (461)
7,064 7,200 136
7,400 7,400 -
- 200 200
906 1,000 94
5,446 5,500 54
TOTAL STREETS AND MAINTENANCE
EXPENSE
$332,527 $395,856 $ 13,329
24
NOWLEN, LYNCH & STEWART
' VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEBULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1977
(OVER)
UNDER
ACTUAL BUDGET BUDGET
PUBLIC SAFETY EXPENSE
' Salary - Police Chief $ 20,G49 $ 20,056 $ 7
Salary - Police Lieutenant 13,876 13,930 54
Salaries - Patrol Sergeants 37,279 39,225 1,946
Salary - Detective 12,895 12,900 5
Salaries - Patrolmen 76,137 78,238 2,101
Salaries - Dispatchers 31,046 30,142 (904)
Merit increases 965 2,100 ~ 1,135
Pay for extra work 871 3,000 2,129
OASI expense 11,248 12,500 1,252
Car expense 4,796 5,050 254
Gasoline and oil 9,613 9,700 87
Car insurance 1,925 2,100 175
Equipment and uniforms 1,712 1,700 (12)
Telephone 1,966 2,000 34
Teletype 32 50 18
Utilities - traffic signals 1,837 3,000 1,163
Judge's fee 600 600 -
Prosecuting attorney 300 600 300
Miscellaneous 2,402 2,300 (102)
Traffic signs 382 650 268
New equipment 10,865 2,259 (8,606)
Personnel training 102 200 98
TOTAL PUBLIC SAFETY EXPENSE $240,898 $242,300 $ 1,402
25
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1977
ACTUAL BUDGET
(OVER)
UNDE R
BUDGET
ADMINISTRATIVE EXPENSE
Salary - Village Manager
Salary - Village Clerk
OASI expense
Car allowance
Councilmembers' fees
Dues and subscriptions
Insurance expense
Legal expense
Contributions
Auditing expense
Hospitalization insurance
premiums
Pension premiums
Contingencies
Miscellaneous
Civil defense
Unemployment Compensation Fund
Codification expense
Disaster Relief Contingency Fund
Comprehensive planning
State Retirement System - full
back service payment
$ 23,311 $ 23,311
11,214 11,214
1,621 1,700
1,190 1,190
3,050 3,100
472 475
21,631 20,700
10,210 15,000
11,720 11,720
2,000 2,200
79
50
3
(931)
4,790
200
TOTAL ADMINISTRATIVE EXPENSE
11,173 13,200 2,027
33,315 36,200 2,885
2,300 3,000 700
3,829 4,615 786
73 500 427
717 3,000 2,283
2,476 3,000 524
- 5,000 5,000
71 4,975 4;904
20,760 21,800 1,040
$161,133 $185,900 $ 24,767
26
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1977
ACTUAL BUDGET
(OVER)
UNDER
BUDGET
RECREATION AND PARKS EXPENSE
Salary - Director
Salaries - Maintenance
Salaries - Part-time
OASI expense
Program expense
Telephone
Office supplies
Car allowance
Miscellaneous
Beautification
Electricity - field lights
Electricity - trailer and office
Electricity - security lights
Utilities - water
Field maintenance
General maintenance
Gasoline and oil - truck
Truck repairs and expense
Minor equipment
Capital improvements
$ 13,630 $ 13,630
6,337 7,589
4,060 4,548
1,168 1,300
473 500
302 400
1 100
700 700
298 400
734 9,123
216 900
1,113 1,150
179 200
648 700
1,028 1,000
2,449 2,500
170 250
249 300
625 700
12,007 12,010
1,252
488
132
27
98
99
TOTAL RECREATION AND PARKS
EXPENSE
102
8,389
684
37
21
52
(28)
51
80
51
75
$ 46,387 $ 58,000 $ 11,613
27
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES, ENCUMBRANCES AND TRANSFERS
FOR THE YEAR ENDED SEPTEMBER 30, 1977
ACTUAL
OFFICE EXPENSE
(OVER)
UNDE R
BUDGET BUDGET
Salaries $ 22,422- $ 26,052 $ 3,630
OASI expense 1,312 1,500 188
Supplies 1,825 2,300 475
Postage 1,024 1,200 176
Telephone 1,912 2,000 88
Utilities 4,611 4,600 (11)
Miscellaneous 3,846 4,748 902
New equipment 1,765 2,500 735
TOTAL OFFICE EXPENSE $ 38,717 $ 44,900 $ 6,183
BUILDING DEPARTMENT
Salaries $ 17,396 $ 17,396 $ -
OASI expense 986 990 4
Telephone 374 400 26
Travel and car 640 700 60
Miscellaneous 672 914 242
New equipment 295 1,000 705
TOTAL BUILDING DEPARTMENT $ 20,363 $ 21,400 $ 1,037
TRANSFERS TO SINKING FT]ND $ 13,040 $ 13,040 $ -
TOTAL EXPENDITURES, ENCUMBRANCES
AND TRANSFERS $903,065 $961,396 $ 58,331
28
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WP.TER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGETED
_FOR THE YEAR ENDED SEPTEMBER 30, 1977
(OVER)
UNDER
ACTUAL BUDGET BUDGET
PURCHASED WATER $ 66,077 $ 91,800 $25,723
PUMPING AND STORAGE EXPENSE
Wages:
Superintendent $ 8,678 $ 8,679 $ 1
Assistant superintendent 6,166 6,168 2
Extra work 539 700 161
Utilities 35,513 36,000 487
Chemicals 3,008 3,300 292
Repairs 7,013 13,000 5,987
General maintenance 734 1,500 766
Truck gasoline and oil 777 800 23
Truck repairs and expense 605 700 95
Small tools 236 550 314
Miscellaneous 789 1,003 214
TOTAL PUMPING AND STORAGE EXPENSE $ 64,058 $ 72,400 $ 8,342
OFFICE AND ADMINISTRATIVE EXPENSE
Wages $ 8,329 $ 8,329 $ -
OASI expense 3,598 3,600 2
Rent 5,000 5,000 -
Administrative management 7,000 7,000 -
Supplies 4,862 5,000 138
Telephone 504 550 46
Hospitalization insurance premiums 2,242 2,450 208
Pension premiums 5,072 5,600 528
Financial consultants fee - 1 1
Engineering service 1,218 1,970 752
Licenses and fees 1,760 1,800 40
Dues and subscriptions 100 150 50
Insurance 3,871 2,500 (1,371)
Miscellaneous 1,626 1,650 24
Legal expense 7,117 8,000 883
Equipment - 500 500
Auditing expense 3,000 3,000 -
Contingencies - 1,000 1,000
Other personal services 3,429 3,600 171
Payment for past service credit 1,946 1,950 4
TOTAL OFFICE AND ADMINISTRATIVE EXPENSE $ 60,674 $ 63,65C $ 2,976
29
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGETED
FOR THE YEAR ENDED SEPTEMBER 30, 1977
(OVER)
UNDER
ACTUAL BUDGET BUDGET
DISTRIBUTION EXPENSE
Wages:
Superintendent $ 8,678 $ 8,678 $ -
Assistant superintendent 6,166 6,167 1
Meter reader/water analyst 7,204 7,589 385
Labor 11,551 15,159 3,608
Extra work 279 6C0 321
Repairs 1,465 1,500 35
Truck gasoline and oil 777 800 23
Truck repairs and expense 597 700 103
Miscellaneous 295 350 55
New equipment - 350 350
TOTAL DISTRIBUTION EXPENSE $ 37,012 $ 41,893 $ 4,881
TOTAL OPERATING EXPENSES $227,821 $269,743 $=-'_i,922
30
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
ANALYSIS OF RESTRICTED FUNDS UNDER BOND ORDINANCES
FOR THE YEAR ENDED SEPTEI`~IBER 30, 1977
Balance, October 1, 1976
Cash and investments
Accrued interest receivable
Increases:
Transfers from net income
Transfers from other restricted funds
Proceeds from sale of Series 1976A
water revenue certificates
Investment earnings
Total
Decreases:
Capital outlay
Interest payments
Redemption of water revenue
certificates and tax anticipation
notes
Paying agents' fees
Transfers to other restricted funds
Total
Balance, September 30, 1977
Cash and investments
Accrued interest receivable
SINKING RESERVE
FUND ACCOUNT
$ 50,821 $101,812
534 685
$ 51,355 $102,497
91,050
325,268
2,567 8,131
$470,240 $110,628
$ $
94,200
324,000
534
8,128
$418,734 $ 8,128
$ 5G,600 $101,812
906 688
$ 51,506 $102,500
31
VILLAGE OF TEQUESTA, FLORIDA
WATER FUND
ANALYSIS OF RE STRICTED FUN DS UNDER BOND ORDINANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1977
1976
CAPITAL INTEREST
RENEWAL A1VD CERTIFICATE IMPROVEMENTS AMID 1976
REPLACEMENT REDEMPTION RESERVE SINKING RESERVE
FUND FUND FUND FUND ACCOUNT
$45,436 $187,658 $ 3,702 $ $
454 2,462
$45,890 $190,120 $ 3,702 $ $
17,883
2,682
$66,455
$11,881
$11,881
$54,043
531
$54,574
23,735
13,653
$227,508
19,588
49,493
2,263
$75,046
$22,667
$22,667
$52,269
110
$52,379
7,959
169,612
6,032
$183,603
93,287
(11,748)
208,848
12,477
$209,577
$224,336
3,172
$227,508
152
$ 93,439
$ 89,624
$ yU,164
32
NOWLEN, LYNCH & STEWART
$208,848
729
$209,577
TOTAL
$ 389,429
4,135
$ 393,564
148,467
374,761
378,460
47,805
$1,343,057
$ 34,548
187,487
324,000
686
8,128
$ 554,849
$ 781,532
6,676
$ 788,208
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS -
SEPTEMBER 30, 1977 ALL FUNDS
CERTIFICATES OF DE POSIT
INTEREST MATURITY
FUND AMOUNT RATE DATE
General Fund $135,000 5.5% 10/11/77
75,000 5.5% 12/30/77
210,000 5.5%
Debt Service Fund 2,200 6.0% 9/15/78
2,700 6.0% 9/24/78
Water Fund 1976 Revenue Fund 85,700 5.5% 10/11/77
29,300 5.5% 11/8/77
40,700 6.0% 12/8/78
38,300 6.0% 9/2/78
3,900 6.0% 9/8/78
57,000 5.5 12/9/77
12,300 5.5% 12/15/77
3,900 5.5% 12/20/77
35,600 5.5% 12/8/77
Sinking Fund 46,600 5.5% 12/15/77
4,000 6.0% 12/15/78
Reserve Account 2,000 6.5% 4/8/79
Renewal and Replacement rr^und 2,000 5.5% 10/7/77
1,600 5.5% 10/11/77
35,100 5.5% 10/15/77
2,000 5.5% 10/24/77
1,500 5.5% 12/15/77
1,700 6.0% 8/12/78
1,500 6.0% 9/2/78
3,100 5.5% 12/8/77
1,500 5.5% 12/9/77
3,500 5.5% 12/15/77
Certificate Redemption Fund 20,400 5.5% 12/1/77
16,900 6.5% 3/15/79
40,200 6.5% 10/12/79
2,900 6.5% 2/16/80
5,000 6.5% 2/19/80
2,000 6.5% 3/2/80
33
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30, 1977
UNITED STATES TREASURY NOTES AND BONDS
MARKET INTEREST MATURITY
AMOUNT COST VALUE RATE DATE
10,000 9,979 10,070 8% 2/28/78
100,000 99,812 100,700 8% 2/28/78
92,000 91,597 87,584 6-3/80 2/18/82
44,000 45,040 44,792 80 5/18/82
34
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS
SEPTEMBER 30 , 19 ;' 7
Water Fund:
Capital Improvements
Reserve Furd
Customer Nieter Deposits Fund
Water Main Relocation Fund
1976 Interest and Sinking Fund
1976 Reserve Account
1976 Water Construction Fund
Capital Improvement Fund
CERTIFICATES OF DEPOSIT
INTEREST MATURITY
AMOUNT RATE DATE
$ 52,200 5.5% 12/7/77
2,000 6.5% 7/19/78
25,400 6.5% 8/18/78
1,000 6.5% 1/28/79
16,100 6.5% 2/23/79
10,900 6.5% 8/6/79
1,800 6.5% 11/26/79
2,900 6.5% 1/28/80
1,700 6.5% 2/17/80
1,000 6.5% 3/30/80
17,400 5% 12/25/77
8,500 5.5% 12/28/77
4,700 5.5% 6/26/78
76,326 5.5% 1/1/78
208,848 7.5% 7/1/86
371,200 5.5% 10/1/77
278,500 5.5% 11/1/77
605,900 5.5% 12/1/77
4,400 6.5% 1/26/80
2,300 6.5% 2/1/80
1,700 6.5% 2/10/80
2,000 6.5% 2/17/80
1,400 6.5% 2/26/80
1,400 6.5% 3/21/80
1,000 6.5% 3/26/80
35
NC~WLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
EXCISE TAX REVENUE BONDS - SERIES 1964
SEPTEMBER 30, 1977
The bonded debt was incurred in 1964 through the issuance of
$148,000 excise tax revenue bonds. The proceeds were used for
construction of the Village Hall and Utility Garage. A balance of
$37,000 was outstanding on September 30, 1977; the schedule of
payments on the outstanding bonds follows:
TT!T TrTr
COUPON
RATE PRINCIPAL
INTEREST TOTAL
$ 786.25 $ 786.25
786.25 12,786.25
ANNUAL
REQUIREMENT
April 1, 1978
October 1, 1978
April 1, 1979
October 1, 1979
4.25 $
4.25 12,000.00
4.25
4.25 12,000.00
13,572.50
531.25 531.25
531.25 12,531.25 13,062.50
April 1, 1980 4.25 276.25 276.25
October 1, 1980 4.25 13,000.00 276.25 13,276.25 13,552.50
TOTAL $37,000.00 $3,187.50 $40,187.50 $40,187.50
36
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
WATER REVENUE CERTIFICATES - SERIES 1967
An ordinance adopted on November 21, 1967, authorizing the
acquisition of a water system by the Village of Tequesta, Florida, a
political subdivision of the State of Florida, from the Tequesta Water
Company, Inc., and the construction of additions, extensions and
improvements to said system, authorizing the issuance of not exceeding
$1,700,000 water revenue certificates of said Village to finance the
cost of the acquisition and improvement of said water system; and
providing for the terms of said water revenue certificates and the
rights, security and remedies of the holders thereof.
Pursuant to the ordinance and the purchase and sale agreement,
certificates have been delivered as follows:
March 1, 1968 At closing:
Certificates sold $ 200,000
Certificates delivered 863,000
TOTAL $1,063,000
Certificates delivered:
March 1, 1969 463 equivalent connections
@ $500 each 231,000
January 1, 1970 32 equivalent connections
@ $500 each 16,000
January 1, 1971 682 equivalent connections
@ $500 each 341,000
January 1, 1972 98 equivalent connections
@ $500 each 49,000
TOTAL CERTIFICATES
DELIVERED $1,700,000
Less certificates maturing
and paid from Sinking Fund:
January 1, 1970 $ 17,000
January 1, 1971 18,000
January 1, 1972 19,000
January 1, 1973 20,000
January 1, 1974 21,000
January 1, 1975 22,000
January 1, 1976 23,000
January 1, 1977 _ 24,000
TOTAL CERTIFICATES
OUTSTANDING $1,536,000
37
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQtJESTA, FLORIDA
AMORTIZATION SCHEDULE
$ 1,536,000 WATER REVENUE CERTIFICATES - SERIES 1967
SEPTEMBER 30, 1977
Dated: July 1, 1967
Due: Serially (as shown)
Coupon Rate: 5o
ANNUAL
PRINCIPAL INTEREST TOTAL REQUIREMENT
1978 Jar_. 1 $ 25,000 $ 38,400 $ 63,400 $
1978 July 1 37,775 37,775 101,175
1979 Jan. 1 26,000 37,775 63,775
1979 July 1 37,125 37,125 100,900
1980 Jan. 1 28,000 37,125 65,125
1980 July 1 36,425 36,425 101,550
1981 Jan. 1 29,000 36,425 65,425
1981 July 1 35,700 35,700 101,125
1982 Jan. 1 30,000 35,700 65,700
1982 July 1 34,950 34,950 100,650
1983 Jan. 1 32,000 34,950 66,950
1983 July 1 34,150 34,150 101,100
1984 Jan. 1 34,000 34,150 68,150
1984 July 1 33,300 33,300 101,450
1985 Jan. 1 35,000 33,300 68,300
1985 July 1 32,425 32,425 100,725
1986 Jan. 1 37,000 32,425 69,425
1986 July 1 31,500 31,500 100,925
1987 Jan. 1 39,000 31,500 70,500
1987 July 1 30,525 30,525 101,025
38
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$1,536,000 WATER REVENUE CERTIFICATES - SERIES 1967
SEPTEbSBER 30, 1977
1988 Jan. 1
1988 July 1
1989 Jan. 1
1989 July 1
1990 Jan. 1
1990 July 1
1991 Jan. 1
1991 July 1
1992 Jan. 1
1992 July 1
1993 Jan. 1
1993 July 1
1994 Jan. 1
1994 July 1
1995 Jan. 1
1995 July 1
1996 Jan. 1
1996 July 1
1997 Jan. 1
PRINCIPAL
$ 41,000
43,000
45,000
47,000
50,000
52,000
55,000
58,000
61,000
769,000
$1,536,000
Dated: July 1, 1967
Due: Serially (as shown)
Coupon Rate: 5%
INTEREST
$ 30,525
29,500
29,500
28,425
28,425
27,300
27,300
26,125
26,125
24,875
24,875
23,575
23,575
22,200
22,200
20,750
20,750
19,225
19,225
$1,170,100
TOTAL
$ 71,525
29,500
72,500
28,425
73,425
27,300
74,300
26,125
76,125
24,875
76,875
23,575
78,575
22,200
80,200
20,750
81,750
19,225
788,225
$2,706,100
ANNUAL
REQUIREMENTS
101,025
100,925
100,725
100,425
101,000
100,450
100,775
100,950
100,975
788,225
$2,706,100
39
NOWLEN. LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$2,500,G00 WATER REVENUE CERTIFICATES - SERIES 1976A
SEPTEMBER 30, 1977
The debt was incurred in December, 1976 by the issuance of
$2,500,000 Water Revenue Certificates. The proceeds were used to
pay the $300,000 tax anticipation notes due December 15, 1976 and to
finance the cost of construction and acquisition of additions,
extensions and improvements to the Village's water system. The lien
on the net revenues of the water system will rank subordinate to the
lien thereon of the 1967 Series. On September 30, 1977, the outstanding
water revenue certificates totaled $2,500,000; the payment schedule
follows:
COUPON ANNUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENT
1978 Jan. 1 $ $ 84,806.25 $ 84,806.25 $
1978 July 1 7.50% 15,000 84,806.25 99,806.25
1979 Jan. 1 84,243.75 84,243.75
1979 July 1 7.500 15,000 84,243.75 99,243.75
1980 Jan. 1
1980 July 1
1981 Jan. 1
1981 July 1
1982 Jan. 1
1982 July 1
1983 Jan. 1
1983 July 1
1984 Jan. 1
1984 July 1
1985 Jan. 1
1985 July 1
1986 Jan. 1
1986 July 1
1987 Jan. 1
1987 July 1
83,681.25 83,681.25
7.50% 15,000 83,681.25 98,681.25
7.50 0
7.500
83,118.75 83,118.75
15,000 83,118.75 98,118.75
184,612.50
183,487.50
182,362.50
181,237.50
82,556.25 82,556.25
15,000 82,556.25 97,556.25 180,112.50
81,993.75 81,993.75
7.50% 25,000 81,993.75 106,993.75
81,056.25
7.500 40,000 81,056.25
79,556.25
7.500 45,000 79,556.25
7.500 45,000
77,868.75
77,868.75
76,181.25
6.40a 50,000 76,181.25
40
NCL'/Lt N, LYNCH & STEWART
81,056.25
121,056.25
79,556.25
124,556.25
77,868.75
122,868.75
76,181.25
126,181.25
188,987.50
202,112.50
204, i12. 50
200,737.50
202,362.50
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCHEDULE
$2,500,000 WATER REVENUE CERTIFICATES - SERIES 1976A
SEPTEMBER 30, 1977
COUPON ANNUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENT
1988 Jan. 1 $ $ 74,581.25 $ 74,581.25 $
1988 July 1 6.600 55,000 74,581.25 129,581.25 204,162.50
1989 Jan. 1 72,766.25 72,266.25
1989 July 1 6.600 60,000 72,766.25 132,766.25 205,532.50
1990 Jan. 1 70,786.25 70,786.25
1990 July 1 6.65% 65,000 70,786.25 135,786.25 206,572.50
1991 Jan. 1 68,625.00 68,625.00
1991 July 1 6.65% 70,000 68,625.00 138,625.00 207,250.00
1992 Jan. 1 66,297.50 66,297.50
1992 July 1 6.70% 75,000 66,297.50 141,297.50 207,595.00
1993 Jan. 1 63,785.00 63,785.00
1993 July 1 6.70% 85,000 63,785.00 148,785.00 212,570.00
1994 Jan. 1 60,937.50 60,937.50
1994 July 1 6.700 90,000 60,937.50 150,937.50 211,875.00
1995 Jan. 1 57,922.50 57,922.50
1995 July 1 6.700 95,000 57,922.50 152,922.50 210,845.00
1996 Jan. 1 54,740.00 54,740.00
1996 July 1 6.700 105,000 54,740.00 159,740.00 214,480.00
1997 Jan. 1 51,222.50 51,222.50
1997 July 1 6.700 105,000 51,222.50 156,222.50 207,445.00
1998 Jan. 1 47,705.00 47,705.00
1998 July 1 6.75% 210,000 47,705.00 257,705.00 305,410.00
1999 Jan. 1 40,617.50 40,617.50
1999 July 1 6.750 225,000 40,617.50 265,617.50 306,235.00
2000 Jan. 1 33,023.75 33,023.75
2000 July 1 6.750 240,000 33,023.75 273,023.75 306,C47.50
41
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
AMORTIZATION SCfiEDULE
$2,500,000 6JATER REVENUE CERTIFICATES - SERIES 1976A
SEPTEMBER 30, 1977
COUPON AI~INUAL
RATE PRINCIPAL INTEREST TOTAL REQUIREMENT
2001 Jan. 1 $ $ 24,923.75 $ 24,923.75 $
2001 July 1 6.750 260,000 24,923.75 284,923.75 309,847.50
2002 Jan. 1 16,148.75 16,148.75
2002 July 1 6.750 275,000 16,148.75 291,148.75 307,297.50
2003 Jan. 1 6,867.50 6,867.50
2003 July 1 6.70% 205,000 6,867.50 211,867.50 218,735.00
$2,500,000 $3,252,025.00 $5,752,025.00 $5,752,025.00
42
NOWLEN, LYNCH & STEWART
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INSURANCE
SEPTEMBER 30, 1977
TYPE OF COVERAGE
Employees Statutory Life
Group Life Insurance
Automobile:
INSURER
Reliance Insurance Co.
Western Life Insurance Co.
General Accident, Fire and
Life Assurance Co.
Physical damage and
uninsured motorists
Bodily injury
Property damage
Public Employees Blanket Bond
Workmen's Compensation
National Surety
General Accident, Fire and
Life Assurance Co.
Multi-Peril Policy
General Accident, Fire and
Life Assurance Co.
Buildings and personal
property (90% co-insurance)
Public Official Bond
Treasurer
National Surety
43
VILLAGE OF TEQUESTA, FLORIDA
SCHEDULE OF INSURANCE
SEPTEMBER 30, 1977
POLICY NO.
POLICY TERMS
10/1/76-10/1/77
14/1/76-10/1/77
12/15/76-12/15/77
COVERP.GE AMOUNT
SR 40914
3-2215
GLA 44-470-37
4135132
U725708
SMP 131935
$10,000 - $20,000
1.5 times annual salary
$250,000/$500,000
$250,000/$500,000
$50,000
12/14/76-12/14/77 $25,000
4/18/77-4/18/78 $100,000
12/15/76-12/15/77
$319,800
087118 12/14/76-12/14/77 25,000
44
NOWLEN, LYNCH Ae STEWART
ANNUAL
PREMIUM
$ 337
1,794
5,223
518
8,677
5,221
250