HomeMy WebLinkAboutResolution_11-78/79_08/28/1979 RESOLUTION NO. 11 -78/7 RECE REff
A RESOLUTION PROVIDING FOR THE RETIREMENTar A UG2 7 9
THE OUTSTANDING EXCISE TAX REVENUE BONDS 6R �9
THE VILLAGE OF TEQUESTA, FLORIDA; PROVIDI G, �. r
FOR THE REDEMPTION ON OCTOBER 1, 1979 OF I
SUCH OUTSTANDING REVENUE CERTIFICATES MATU '
ON AND AFTER OCTOBER 1, 1979; APPROVING THE
AND AUTHORIZING THE EXECUTION OF AN AGREEMENT
RELATIVE THERETO; AND APPOINT A TRUSTEE.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, (hereinafter called the "Village ") that:
SECTION 1. It is hereby found, ascertained and deter-
mined that:
A. The Village has heretofore issued $148000__Excis_e
Tax Revenue Bonds, dated October 1, 1964 the final maturity of
which becomes due October 1, 1980 (said final maturity
hereinafter called the "Outstanding Bonds ").
B. All of the Outstanding Bonds are now outstanding and
unpaid and constitute valid and binding special obligations of
the Village.
C. The Outstanding Bonds maturing October 1, 1980, are
subject to redemption in whole prior to their maturity on October
1, 1979 at the price of par and accrued interest plus a premium
of Ten Dollars ($10.00) for each certificate so redeemed.
D. The Village has by Resolution enacted on July 24,
1979 authorized the issuance of $910,000 Improvement Revenue
Bonds, Series 1979, dated October 1, 1979 (hereinafter called
"1979 Resolution" and "1979 Bonds" respectively) to finance the
cost of constructing drainage improvements in the Village.
E. The Village has by such 1979 Resolution recited that
the Outstanding Bonds shall be redeemed prior to their maturity;
said prior redemption is necessary and desirable and in the best
interests of the Village and its inhabitents in order to
discharge the lien of the Outstanding Bonds on the Excise Taxes,
the proceeds of which are pledged to the payment of the principal
of and interest on the 1979 Bonds.
F. The ordinance authorizing the issuance of the
Outstanding Bonds provides for notice of prior redemption of the
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Outstanding Bonds as follows:
"A notice of such redemption shall
be published at least once at least thirty (30)
days prior to the date of redemption in a finan-
cial paper published in the City of New York,
New York. Interest shall cease to accrue on
any Bonds duly called for prior redemption after
the redemption date, provided payment thereof has
been duly provided for."
SECTION 2. The Outstanding Bonds, maturing October 1,
1980, are hereby irrevocably called for redemption as a whole,
prior to maturity, as of October 1, 1979 at the principal amount
thereof, together with accrued interest thereon to October 1,
1979, plus a premium of Ten Dollars ($10.00) for each
Outstanding Bond so redeemed.
SECTION 3. The Village shall deposit with the
Manufacturers Hanover Trust Company, New York, New York, as
Paying Agent for the Outstanding Bonds, such amount which,
together with monies on deposit in the Sinking Fund and the
Reserve Account therein, presently held with said Bank, will be
sufficient to pay, and shall pay, the principal amount of all of
the Outstanding Bonds maturing October 1, 1980, plus the amount
of interest which will mature on said Outstanding Bonds to and
including October 1, 1979, plus a premium of Ten Dollars ($10.00)
for each Outstanding Bond so to be redeemed.
SECTION 4. The Notice of Redemption of all Outstanding
Bonds maturing on October 1, 1980, shall be in substantially the
following form:
NOTICE OF REDEMPTION
VILLATE OF TEQUESTA, FLORIDA
EXCISE TAX REVENUE BONDS
DATED OCTOBER 1, 1964
NOTICE IS HEREBY GIVEN, for and on behalf of the Village
of Tequesta, Florida that ALL of the Outstanding Excise Tax
Revenue Bonds dated October 1, 1964, of such Village, which
mature on October 1, 1980, and are redeemable on October 1, 1979,
at the option of the Village, as a whole, at the redemption price
(consisting of the principal amount thereof, plus a premium of
$10.00 for each Bond so redeemed), together with interest accrued
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thereon to the date fixed for redemption, will be redeemed on
October 1, 1979.
Payment of the principal amount of such Bonds, plus the
redemption premium herein described, will be made on or after
such redemption date of October 1, 1979, upon the presentation of
such Bonds, accompanied by all coupons maturing after such
redemption date, at Manufacturers Hanover Trust Company, New
York, New York. Registered Bonds should be accompanied by duly
executed assignments or transfer powers in blank. Interest on
such Bonds will cease to accrue from and after such redemption
date.
DATED this day of , 19
/s/
VILLAGE CLERK
VILLAGE OF TEQUESTA, FLORIDA
SECTION 5. The Village Clerk, is hereby irrevocably
instructed and directed not less than thirty (30) days prior to
such redemption date:
A. To call for redemption the Outstanding Bonds
maturing on October 1, 1980, by causing to be published at least
once in the name of the Village the aforesaid Notice of
Redemption in a financial newspaper or journal published in the
City of New York, New York.
B. To mail such Notice of Redemption, postage prepaid,
to the Paying Agent for said Outstanding Bonds and to all
registered owners of the Outstanding Bonds to be redeemed, at
their addresses as they appear on the registration books main-
tained for such purposes.
SECTION 6. The Paying Agent for the Outstanding Bonds
is hereby authorized and directed to pay all Outstanding Bonds
upon the surrender thereof (with all unmatured coupons attached),
and thereafter to deliver to the Village all Outstanding Bonds so
paid for disposition as provided by law.
SECTION 7. The Mayor of the Village is hereby
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authorized and directed to execute and deliver on behalf of the
Village an agreement in such form as shall hereafter be determined
by said Village with the advice of Counsel and Bond Counsel
regarding the disposition of monies deposited by the Village with
the Paying Agent for payment of the principal, interest, and
redemption premium with regard to the Outstanding Bonds, and the
Village Clerk or any other authorized officer thereof is directed
and authorized to attest and countersign such agreement under the
seal of the Village.
SECTION 8. This Resolution shall take effect imme-
diately upon its adoption.
THE FOREGOING RESOLUTION was offered by Councilmember
W. Harvey Ylapes _, who moved its adoption. The Resolution was
seconded by Councilmember James H. Ryan and upon being put
to a vote, the vote was as follows:
FOR ADOPTION AGAINST ADOPTION
Howard F. Brown
Leslie A. Cook
James H. Ryan
W. Harvey Mapes
Joseph D. Yoder
The Mayor thereupon declared the Resolution duly passed and
adopted this 2 day of August A.D., 1979.
MAYOR OF TEQUESTA
ATTEST•
VillaW Clerk
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