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HomeMy WebLinkAboutResolution_13-77/78_07/25/1978 • RESOLUTION NO. 13 -77/78 A RESOLUTION PROVIDING FOR THE REDEMPTION OF CERTAIN OF THE OUTSTANDING WATER REVENUE CERTIFICATES, DATED JULY 1, 1967, OF THE VILLAGE OF TEQUESTA, FLORIDA, ON CERTAIN REDEMPTION DATES OF THE RESPECTIVE CERTIFI- CATES. BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA: SECTION 1. It is hereby found, ascertained and determined that: A. The Village has heretofore issued Water Revenue Certificates, dated July 1, 1967 (hereinafter called the "Refunded Bonds "), to finance the cost of the construction and acquisition of additions, extensions and improvements to the existing Water System of the Village. B. Certain of the Refunded Bonds are required to be redeemed prior to their maturity, in inverse numerical order, at par and accrued interest plus premiums equal to a per centage of the par value thereof, on January 1 of each year, in accordance with the following schedule: Redemption Premium January 1 of Principal Certificate (as a percentage Year Amount Nos. (inclusive) of par value 1984 $23,000 1363 -1385 3 1/4% 1985 23,000 1340 -1362 3% 1986 23,000 1317 -1339 2 3/4% 1987 23,000 1294 -1316 2 1/2% 1988 23,000 1271 -1293 2 1/4% 1989 23,000 1248 -1270 2% 1990 23,000 1225 -1247 1 3/4% 1991 23,000 1202 -1224 1 1/2% 1992 23,000 1179 -1201 1 1/4% 1993 23,000 1156 -1178 1% 1994 23,000 1133 -1155 3/4 of 1% 1995 23,000 1110 -1132 1/2 of 1% 1996 23,000 1087 -1109 1/4 of 1% C. The City has by ordinances adopted on May 9, 1978, as supplemented (herein called "Bond Resolutions "), authorized the issuance of not exceeding $5,000,000 Water Refunding Revenue Bonds, Series 1978 (herein called the "1978 Bonds ") and not exceeding $5,000,000 Special Obligation Bonds, Series 1978A (herein called the "1978A Bonds "), for the purpose of refunding all of the Refunded Bonds and certain other issues of outstanding bonds of the Village. D. The Village has by such Bond Resolutions determined that all of the Refunded Bonds may be advantageously refunded with benefit to the Village in saving of interest during the remaining term of such Refunded Bonds by the issuance and sale of the 1978 Bonds and the 1978A Bonds in the manner and subject to the terms and conditions of the Bond Resolutions. E. Section 2.01 of Ordinance No. 138 (hereinafter called "1967 Ordinance ") authorizing the issuance of the Refunded Bonds (therein called the "Certificates ") provides for notice of prior redemption of the Refunded Bonds and such section reads in part as follows: "A notice of the prior redemption of any of said Certifi- cates shall be published at least once at least thirty (30) days prior to the date of redemption in a financial newspaper or journal published in the City of New York, New York. Interest shall cease upon any of said Certificates duly called for prior redemption on the redemption date if the Village has duly made provision for the payment of the redemption price thereof." SECTION 2. The Refunded Bonds numbered as set forth in the Schedule appearing in Section 1B hereof, are hereby irrevocably called for redemption prior to maturity, at par and accrued interest, plus the respective redemption premiums, on the respective dates set forth in Section 1, Paragraph B hereof. Such payment dates in this resolution shall be referred to as the "redemption dates" of the respective bonds. SECTION 3. The Notices of Redemption of the Refunded Bonds being redeemed prior to maturity shall be published not less than thirty (30) days and not more than forty -five (45) days prior to each respective redemption date listed in Section 1, Paragraph B hereof and shall be in substantially the following form: -2- NOTICE OF REDEMPTION VILLAGE OF TEQUESTA, FLORIDA WATER REVENUE CERTIFICATES DATED JULY 1, 1967 NOTICE IS HEREBY GIVEN, for and on behalf of the Village of Tequesta, Florida, that the outstanding Water Revenue Certifi- cates, dated July 1, 1967, of the Village of Tequesta, Florida, numbered to , inclusive, in the aggregate principal amount of $ and which are redeemable on January 1, 19__, at the option of the Village, at the par value of each Bond plus a redemption premium equal to % of the par value thereof, together with interest accrued thereon to the date fixed for redemption, will be redeemed on January 1, 19 Payment of such certificates will be made on or after such redemption date of January 1, 19 , upon the presentation of such bonds, accompanied by all coupons maturing after such redemption date, at Manufactures Hanover Trust Company, New York, New York, the paying agent for such certificates. Registered certificates should be accompanied by duly executed assignments of transfer powers in blank. Interest on such certificates to the redemption date will be paid in the usual manner. Interest on such certificates will cease to accrue from and after such redemption date. .DATED this day of 19 JACKSONVILLE NATIONAL BANK Jacksonville, Florida As Escrow Holder -3- 40 a SECTION 4. The Escrow Holder under the Escrow Deposit Agreement for the Refunded Bonds and the Special Obligation Bonds is hereby irrevocably instructed and directed not more than forty - five (45) days nor less than thirty (30) days prior to each such redemption date for the respective Refunded Bonds as set forth in Section 1, Paragraph B hereof: A.. To call for redemption the Refunded Bonds by publishing at least once on any business day of the week in the name of the Village a Notice of Redemption in the aforesaid form in a financial newspaper or journal printed in the English language and published in the City of New York, New York. B. To file each Notice of Redemption with the paying agent, referred to in said Notice, and to mail a copy of such Notice of Redemption, postage prepaid, to all registered owners of the Refunded Bonds to be redeemed on the respective redemption dates, at their. last addresses as they appear on the registry books maintained for such purposes, not less than thirty (30) days prior to the.redemption of their respective bonds. SECTION 5. The paying agent of the Refunded Bonds is hereby authorized and directed to pay all Refunded Bond coupons as they mature and become due to and including their respective redemption dates and the principal of the Refunded Bonds on their respective redemption dates, upon the surrender thereof (with all unmatured coupons attached), and thereafter to deliver to the Village all Refunded Bonds so paid for disposition. SECTION 6. This resolution shall take effect immeidately upon its adoption. THE FOREGOING RESOLUTION was offered by Councilmember Mapes , who moved its adoption. The Resolution was seconded by Councilmember Ryan and upon being put to a vote, the vote was as follows: -4- FOR ADO AGAINST ADOPTION OV t T Mayor thereupon declared the Resolution duly passed and adopted this 25th day of July A.D., 1978 MAYOR OF TEQUESTA t oward F. Brow ATTEST: lwc�— Vill ' e Clerk -5-