HomeMy WebLinkAboutResolution_07-79/80_02/26/1980 • RESOLUTION N0. 7-79/80
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, FLORIDA, FIXING THE
MATURITIES, INTEREST RATES, AMORTIZATION
INSTALLMENTS AND REDEMPTION PROVISIONS FOR
THE IMPROVEMENT REVENUE BONDS, SERIES 1979;
AUTHORIZING USE OF AN OFFICIAL STATEMENT FOR
SAID BONDS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Village Council of the Village of Tequesta,
Florida has heretofore by a resolution adopted on July 24, 1979,
authorized the issuance of $910,000 Improvement Revenue Bonds,
Series 1979 (hereinafter called "Bonds "); and
WHEREAS, the Village Council deems it in the best
interest of the Village that said Bonds be sold at this time;
and
WHEREAS, it is necessary to fix the maturities, interest
rates, amortization installments and redemption provisions for
the Bonds; and
WHEREAS, William R. Hough & Co. (hereinafter
called "Purchaser "), has, on this date, submitted a proposal for
the purchase of said Bonds; and
WHEREAS, it is necessary to authorize the use of an
Official Statement for said Bonds; now therefore,
BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
T EQUESTA, FLORIDA:
SECTION 1. $910,000 principal amount of the Bonds,
being the total amount of the Bonds heretofore authorized, shall
be issued.
SECTION 2. (a) The Bonds shall bear interest, payable
semiannually on April 1 and October 1 of each year, at the rates
and shall mature on October 1 in the years and amounts as
follows:
Interest Interest
Y ear Amount Rate Year Amount Rate
1980 $15,000 8,50 % 1987 $25,000 8.40 %
1981 15,000 8,50' 1988 25,000 8,40 %
1982 15,000 8,50 % 1989 25,000 8,30 %
1983 20,000 8,50 % 1990 30,000 8,30 %
1984 20,000 8,50 % 1991 30,000 8,30 %
1985 20,000 8.50 %
1986 20,000 8,40 % 2004 $650,000 8,40 %
(b) The $650,000 principal amount of the Bonds
maturing in the year 2004 are designated as the 2004 Term Bonds.
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(c) Mandatory Amortization Installments for the 2004
Term Bonds shall be deposited into the Bond Amortization Account,
heretofore established in the Sinking Fund, for retirement of the
2004 Term Bonds on October 1 in such years and such amounts as
follows: Year Amount Year Amount
1992 $35,000 1999 $55,000
1993 35,000 2000 55,000
1994 40,000 2001 60,000
1 995 40,000 2002 65,000
1996 45,000 2003 70,000
1997 45,000 2004 55,000
1998 50,000
Moneys held in the Bond Amortization Account shall be applied to
the retirement of the 2004 Term Bonds in accordance with the pro-
visions of Section 3.11 of the Resolution authorizing the
issuance of the Bonds.
SECTION 3. The net interest cost rate for the Bonds is
8.52927% excluding MBIA Insurance.
hereby found and determined to be 8.65147% including MBIA Insura
SECTION 4. The redemption provisions for the Bonds
shall read as follows:
The Bonds maturing in the years 1980 to 1991, inclusive,
shall not be redeemable prior to their stated dates of maturity.
The 2004 Term Bonds shall be subject to mandatory redemption
solely by operation of the Bond Amortization Account established
by the Resolution authorizing the issuance of the Bonds, on
October 1, 1992, and on each October 1 thereafter, the particular
Bonds to be redeemed to be selected by lot in the customary
manner, at a redemption price of par plus accrued interest to the
redemption date. The 2004 Term Bonds shall additionally be
redeemable prior to their stated date of maturity, at the option
of the Village, as a whole only, at any time on or after October
1, N92. at the price of par plus accrued interest to the date of
redemption, plus a premium of one -half of one per centum (1/2 of
1 %) of the par value of the Bonds being redeemed, for each year
or portion thereof between the date fixed for redemption and the
stated date of maturity of such 2004 Term Bonds, such premium not
to exceed three per centum (3 %) of the principal amount of Bonds
to be redeemed.
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SECTION`5. The Bonds are hereby awarded and sold to the
Purchaser at the price of $ 890,407.70 and accrued interest
from October 1, 1979 to the date of delivery thereof; provided
that such award, in the event that the net interest cost rate
specified in Section 3 hereof shall exceed 7 -]/2$, is expressly con-
, ditioned upon approval by the State Board of'Administration of
the State of Florida.
SECTION 6. The proper officers of the Village be and
they are hereby authorized to execute the Official Statement and
to deliver same to the Purchaser for use by it in connection with
the sale and distribution of the Bonds.
SECTION 7. The proper officers of the Village be and
they are hereby authorized to act for the Village and to sign any,
and all documents necessary to effectuate the delivery of. the
Bonds.
SECTION 8. All resolutions or parts of resolutions in
conflict herewith are hereby repealed.
SECTION 9. This resolution shall take effect imme-
diately upon its adoption.
THE FOREGOING RESOLUTION was offered by Councilmember
W. Harvey Mapes who moved its adoption. The motion
was seconded by Councilmember Joseph P. Yoder-_ and upon
being put to a vote, the vote was as follows:
FOR ADOPTION AGAINST ADOPTION
Howard F. Brown Leslie A. Cook
W. Harvey Mapes
James H. Ryan
Joseph D. Yoder
The Mayor thereupon declared the Resolution duly passed
and adopted this 26 day of February , A.D., 1950.
ATTEST: MAYOR OF TEQUESTA
Vi e Clerk Howard B own
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