HomeMy WebLinkAboutResolution_03-78/79_12/12/1978 Resolution No. 3 ,478 /r/9
A RESOLUTION AUTHORIZING AND RATIFYING CERTAIN
ACTS OF JACKSONVILLE NATIONAL BANK, AS ESCROW
HOLDER PURSUANT TO ESCROW DEPOSIT AGREEMENT
DATED AS OF AUGUST 1, 1978, BETWEEN THE BANK
AND THE VILLAGE OF TEQUESTA, FLORIDA; PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the Village of Tequesta, Florida (the "Village ")
has entered into an Escrow Deposit Agreement dated as of August 1,
1978 (the "Agreement ") with Jacksonville National Bank, Jacksonville,
Florida (the "Escrow Holder "), for the purpose of providing for
payment of certain Refunded Bonds of the Village and certain Special
Obligation Bonds, Series 1978A of the Village; and
WHEREAS, on the date of delivery of the bonds and the
receipt of the proceeds thereof, the Agreement provided for certain
investments in obligations of the United States of America, State
and Local Government Series; and
WHEREAS, shortly after delivery on August 1, 1978 of the
funds to the Escrow Holder pursuant to the Agreement, the United
States Treasury Department suspended the sale of such obligations
until such time as a new debt ceiling was approved by the Congress
of the United States, which approval was duly enacted by Congress on
August 4, 1978; and
WHEREAS, the Escrow Holder, being unable to make the
investments directed pursuant to the Agreement, has otherwise invested
the funds in direct obligations of the United States of America as
hereinafter described, all to the advantage of the Village and in
furtherance of full assurance of payment of the Refunded Bonds and
Special Bonds described in the Agreement; now therefore
BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA:
SECTION 1. The following described acts of the Escrow
Holder, pursuant to the Agreement, are hereby authorized and
ratified by the Village:
A. The receipt of $8,098,247.50 on August 1, 1978;
B. The investment on August 2, 1978 of $8,096,020.83
in United States Treasury Bills maturing on August 22, 1978;
C. The deposit of $100 in cash in the Principal Account
on August 1, 1978;
D. The deposit of the balance of $2,126.67 in cash in
the Income Account on August 1, 1978;
E. The sale on August 7, 1978 of the above described
United States Treasury Bills for net proceeds of $8,102,653.25;
F. The reinvestment on August 7, 1978 of $7,875,000.00
in United States Treasury obligations, State and Local Government
Series, maturing and bearing interest as described on Schedule
C to the Agreement, but bearing an issue date of August 7, 1978;
G. The deposit on August 7, 1978 of the balance of
$227,653.25 of such proceeds of sale of the Treasury Bills in the
Income Account pursuant to the Agreement;
H. The application, as necessary, of $2,067.58 in funds
originally allocated for "expense contingency" as described on
Schedule D to the Agreement, for payment of maturing principal of
and interest on the Special Bonds as defined in the Agreement.
SECTION 2. This resolution shall take effect immediately
upon its adoption.
THE FOREGOING RESOLUTION was offered by Councilmember
W. Harvey Mapes , 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
W. Harvey Mapes
James H. Ryan
Joseph D. Yoder
The Mayor thereupon declared the Resolution duly passed
and adopted this 14 day of November A.D., 1978.
MAYOR OF TEQUESTA
f f `
Attes : Howard F. Brown
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Villa6b Clerk