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HomeMy WebLinkAboutResolution_12-77/78_07/25/1978 RESOLUTION NO. 12 -77/78 A RESOLUTION FIXING THE DATE, MATURITIES, MANDATORY AMORTIZATION INSTALLMENTS, INTEREST RATES AND REDEMPTION PROVISIONS FOR $3,915,000 WATER REFUNDING REVENUE BONDS, SERIES 1978; FIXING THE DATE, MATURITIES AND INTEREST RATES FOR $4,370,000 SPECIAL OBLIGATION BONDS, SERIES 1978A; CANCELLING THE UNSOLD PRINCIPAL AMOUNTS OF SAID 1978 BONDS AND 1978A BONDS, RATIFYING PURCHASE CONTRACTS AND AWARD OF SAID 1978 AND 1978A BONDS; AUTHORIZING USE OF OFFICIAL STATE- MENTS FOR SAID 1978 BONDS AND 1978A BONDS, AUTHORIZING EXECUTION OF AN ESCROW DEPOSIT AGREEMENT AND A TREASURY BOND PURCHASE AGREEMENT AND LETTER AGREEMENT RELATING THERETO; AND NAMING ESCROW HOLDER, PAYING AGENTS AND SUPPLIER UNDER TREASURY BOND PURCHASE AGREEMENT. WHEREAS, the Village Council of the Village of Tequesta (the "Issuer ") has heretofore, by Ordinances adopted on May 9, 1978, authorized the issuance of $5,000,000 Water Refunding Revenue Bonds, Series 1978 (the "1978 Bonds ") and $5,000,000 Special Obliga- tion Bonds, Series 1978A (the "1978A Bonds "); and WHEREAS, the Issuer deems it in its best interest that $3,915,000 principal amount of said 1978 Bonds and $4,370,000 principal amount of said 1978A Bonds be issued; and WHEREAS, it is necessary to fix the date, maturities, Mandatory Amortization Installments, interest rates and redemption provisions for said 1978 Bonds and the date, maturities and interest rates for said 1978A Bonds; and WHEREAS, it is necessary to cancel certain principal amounts of said 1978 and 1978A Bonds; and WHEREAS, William R. Hough & Co. (hereinafter called "Purchaser "), has offered to purchase said Series 1978 Bonds at the price of $3,797,550.00, equivalent to 970 of par value, plus accrued interest from April 1, 1978, to the date of delivery thereof, bearing interest as hereinafter stated, and has offered to purchase said Series 1978A Bonds at the price of $4,282,600.00, equivalent to 98% of par value, plus accrued interest from July 1, 1978, to the date of delivery thereof, bearing interest as hereinafter stated; and WHEREAS, the Issuer deems it in its best financial interest that said Series 1978A Bonds and Series 1978B Bonds be sold at private sale as above recited at the purchase prices above stated; and WHEREAS, it is necessary to designate the Escrow Holder under the Escrow Deposit Agreement for the Series 1978 and Series 1978A Bonds and the paying agents for said Series 1978 and Series 1978A Bonds and the supplier under a Treasury Bond Purchase Agreement; and WHEREAS, it is necessary to authorize the execution of the Escrow Deposit Agreement and also a Treasury Bond Purchase Agreement and related letter agreement for the purchase of certain Federal Securities from funds to be retained in a separate account in the Bond Amortization Fund in the Sinking Fund for certain of the Series 1978 Bonds maturing April 1, 2007, now, therefore, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA: SECTION 1. $3,915,000 principal amount of the $5,000,000 Water Refunding Revenue Bonds, Series 1978, are hereby authorized to be issued. SECTION 2(a). The $3,915,000 Series 1978 Bonds shall be dated April 1, 1978, shall bear interest (payable semiannually on April 1 and October 1) at the rate of 6.75% per annum and shall mature as follows: $2,010,000 on October 1, 2003; $1,905,000 on April 1, 2007. (b) Said Series 1978 Bonds maturing in the years 2003 and 2007 are designated as the Term Bonds of said Series 1978 Bonds. (c) Mandatory Amortization Installments for the Series 1978 Term Bonds maturing in the year 2003 shall be deposited into a 2003 Term Bonds Account, which is hereby created and established in the Bond Amortization Fund in the Sinking Fund, commencing on October 1, 1993, in equal monthly amounts so that the following amounts will be in such 2003 Term Bonds Account on the following dates, any principal amount of the 2003 Term Bonds theretofore retired: -2- i Semiannual Cumulative Date Amount Amount April 1, 1994 $ 70,000 $ 70,000 October 1, 1994 75,000 145,000 April 1, 1995 80,000 225,000 October 1, 1995 80,000 305,000 April 1, 1996 80,000 385,000 October 1, 1996 85,000 470,000 April 1, 1997 90,000 560,000 October 1, 1997 90,000 650,000 April 1, 1998 95,000 745,000 October 1, 1998 95,000 840,000 April 1, 1999 100,000 940,000 October 1, 1999 105,000 1,045,000 April 1, 2000 105,000 1,150,000 October 1, 2000 110,000 1,260,000 April 1, 2001 115,000 1,375,000 October 1, 2001 120,000 1,495,000 April 1, 2002 120,000 1,615,000 October 1, 2002 130,000 1,745,000 April 1, 2003 130,000 1,875,000 October 1, 2003 135,000 2,010,000 Moneys on deposit in the 2003 Term Bonds Account may, at the option of the Issuer, be used for the open market purchase or the redemption of Term Bonds maturing in the year 2003 at not greater than the par value thereof, or retained in said 2003 Term Bonds Account and invested until the stated date of maturity of said Term Bonds in the year 2003. Income on any such investments may, at the option of the Issuer, be retained in the 2003 Term Bonds Account or deposited into the Sinking Fund and used to pay principal of and interest on the Series 1978 Bonds. (d) Mandatory Amortization Installments for the Series 1978 Term Bonds maturing in the year 2007 shall be deposited into a 2007 Term Bonds Account, which is hereby created and established in the Bond Amortization Fund in the Sinking Fund, commencing at the date of delivery of the Series 1978 Bonds and continuing through September, 1993, in such monthly amounts so that on each of the dates set forth below, there will have been deposited in, and there will be accumulated in, said 2007 Term Bonds Account funds sufficient to purchase direct obligations of, or obligations guaranteed by, the United States of America ( "Government Obligations ") in such principal amounts that the aggregate principal of Government Obligations in the 2007 Term Bonds Account after such purchase will be the amount indicated on the following dates, less any principal amount of the 2007 Term Bonds theretofore retired: -3- Cumulative Principal Amount Amortization D ate of Purchase to be Purchased I nstallments October 1, 1978 $565,000 $ 565,000 April 1, 1979 25,000 590,000 October 1, 1979 25,000 615,000 April 1, 1980 25,000 640,000 October 1, 1980 25,000 665,000 April 1, 1981 30,000 695,000 October 1, 1981 30,000 725,000 April 1, 1982 30,000 755,000 October 1, 1982 30,000 785,000 April 1, 1983 35,000 820,000 October 1, 1983 30,000 850,000 April 1, 1984 35,000 885,000 October 1, 1984 40,000 925,000 April 1, 1985 35,000 960,000 October 1, 1985 40,000 1,000,000 April 1, 1986 40,000 1,040,000 October 1, 1986 45,000 1,085,000 April 1, 1987 45,000 1,130,000 October 1, 1987 45,000 1,175,000 April 1, 1988 50,000 1,225,000 October 1, 1988 50,000 1,275,000 April 1, 1989 50,000 1,325,000 October 1, 1989 55,000 1,380,000 April 1, 1990 60,000 1,440,000 October 1, 1990 55,000 1,495,000 April 1, 1991 65,000 1,560,000 October 1, 1991 60,000 1,620,000 April 1, 1992 70,000 1,690,000 October 1, 1992 70,000 1,760,000 April 1, 1993 70,000 1,830,000 October 1, 1993 75,000 1,905,000 Investments on deposit in said 2007 Term Bonds Account shall mature on or prior to April 1, 2007 and shall be valued at their face value so that sufficient funds will be available to pay the principal of the maturing 2007 Term Bonds. The Government Obligations so purchased shall be held in said 2007 Term Bonds Account and shall be used and applied solely for the payment of principal of the 2007 Term Bonds or payment at their stated maturity. The income on all investments in such 2007 Term Bonds Account shall remain in such account and shall be used for the purposes thereof until the Amortization Installment for October 1, 1993 has been made, and thereafter may be deposited into the Sinking Fund for payment of maturing principal of and interest on the 1978 Bonds. SECTION 3. The redemption provisions for said Series 1978 Bonds shall read as follows: "The Bonds of this issue may be redeemed prior to their respective maturity dates, at the option of the Village, from any -4- moneys available therefor, either in whole on October 1, 1988 or any date thereafter or in part, on October 1, 1988 or on any interest payment date thereafter (and if in part, in inverse order of maturity, and by lot within a maturity) at par plus accrued interest to the date fixed for redemption, plus a premium of .3% of the par value thereof if redeemed in 1988. Such premium shall decrease by 1/4 of 1% on each October 1 thereafter. Notwithstanding the foregoing, the 1978 Bonds maturing October 1, 2003 shall be redeemable from moneys deposited in the 2003 Term Bonds Account in the Bond Amortization Fund on April 1, 1994 and thereafter without premium." SECTION 4(a). $4,370,000 principal amount of the $5,000,000 'Series 1978A Bonds are hereby authorized to be issued. (b) The $4,370,000 Series 1978A Bonds shall be dated July 1, 1978, shall bear interest, payable semiannually on January 1 and July 1, at such rates per annum and shall mature on January 1 and July 1 in the years and amounts as follows: INTEREST INTEREST DATE AMOUNT R ATE DATE A MOUNT RATE Jan., 1979 $125,000 4.10% July, 1991 $ 90,000 5.30% July, 1979 160,000 4.10% Jan., 1992 90,000 5.35% Jan., 1980 155,000 4.25% July, 1992 85,000 5.35% July, 1980 150,000 4.25% Jan., 1993 80,000 5.400 Jan., 1981 155,000 4.40% July, 1993 80,000 5.40% July, 1981 150,000 4.40% Jan., 1994 75,000 5.45% Jan., 1982 145,000 4.55% July, 1994 70,000 5.45% July, 1982 145,000 4.55% Jan., 1995 65,000 5.55% Jan., 1983 145,000 4.70% July, 1995 65,000 5.55% July, 1983 135,000 4.70% Jan., 1996 60,000 5.60% Jan., 1984 130,000 4.80% July, 1996 55,000 5.60% July, 1984 125,000 4.80% Jan., 1997 50,000 5.650 Jan., 1985 125,000 4.90% July, 1997 50,000 5.65% July, 1985 125,000 4.90% Jan., 1998 40,000 5.70% Jan., 1986 120,000 5.00% July, 1998 45,000 5.70% July, 1986 115,000 5.00% Jan., 1999 40,000 5.75% Jan., 1987 115,000 5.10% July, 1999 40,000 5.75% July, 1987 115,000 5.10% Jan., 2000 30,000 5.75% Jan., 1988 110,000 5.15% July, 2000 30,000 5.75% July, 1988 110,000 5.15% Jan., 2001 25,000 5.80% Jan., 1989 105,000 5.20% July, 2001 20,000 5.230% July, 1989 100,000 5.20% Jan., 2002 15,000 5.80% Jan., 1990 100,000 5.25% July, 2002 15,000 5.80% July, 1990 100,000 5.25% July, 2003 5,000 3.85% Jan., 1991 90,000 5.30% SECTION 5. The authorization for $1,085,000 principal amount of the Series 1978 Bonds be and the same is hereby cancelled and rescinded and the authorization for $630,000 principal amount -5- of the Series 1978A Bonds be and the same is hereby cancelled and rescinded. SECTION 6. The sale of the Series 1978 Bonds to the Purchaser be and the same is hereby ratified and confirmed. SECTION 7. The sale of the Series -1978A Bonds to the Purchaser be and the same is hereby ratified and confirmed. SECTION 8. The distribution of the Preliminary Official Statements by the Purchaser is hereby ratified and confirmed and the proper officers•of the Issuer be and they are hereby authorized to execute Final Official Statements and to deliver same to said Purchasers for use by them in connection with the sale and distribu- tion of the Series 1978 Bonds and the Series 1978A Bonds. SECTION 9. The proper officers of the Issuer be and they are hereby authorized and directed to execute said Series 1978 Bonds and Series 1978A Bonds when prepared, and to deliver same to said Purchaser upon payment of the pruchase prices without further authority from the Issuer. The Mayor, Village Manager, Village Clerk and Village Attorney are hereby authorized to act for the Issuer and to sign any documents necessary to effectuate delivery of the Bonds. SECTION 10. Both the Series 1978 Bonds and the Series 1978A Bonds shall be payable as to principal and interest at the Jacksonville National Bank, Jacksonville, Florida and said Jacksonville National Bank is also designated as the Escrow Holder under the Escrow Deposit Agreement referred to in Section 12 hereof. SECTION 11. The Issuer agrees to pay to the Jacksonville National Bank a fee for acting as paying agent for the Series 1973 Bonds, in the amount of $300.00 per year to be payable at the rate of $150.00 on each April 1 and October 1, commencing October 1, 1978. SECTION 1.2. The Escrow Deposit Agreement, in substantially the form attached to the Resolution authorizing the Series 1978 Bonds, with such insertions, deletions and modifications as shall be approved by the Mayor, Village Manager and Village Attorney with the advice of bond counsel, is hereby authorized to be executed by the proper officers of the Village, and the Village seal shall be affixed thereto. -6- SECTION 13. Pursuant to the ordinance authorizing the issuance of the Series 1978 Bonds, the Issuer hereby elects to retain the funds deposited into the Bond Amortization Fund in the Sinking Fund, in the 2007 Term Bonds Account therein, until the stated maturity date of the 2007 Term Bonds on April 1, 2007. A Treasury Bond Purchase Agreement for the purchase of Government Obligations, with related Letter Agreement in substantially the forms attached hereto are hereby authorized to be entered into with the Jacksonville National Bank, Jacksonville, Florida and the proper officers of the Village be and they are hereby authorized and directed to execute, affix the Village seal to, and deliver same. SECTION 14. This resolution shall take effect immediately upon its passage. 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: FOR ADOPTION AGAINST ADOPTION Th Mayor thereupon declared the Resolution duly passed and adopted this 25th day of July A.D., 1978 MAYOR OF TEQUESTA Howard F. Bro n ATTEST: Vill ge Clerk -7- T REASURY BOND PURCHASE AGREEMENT AGREEMENT dated as of August 1, 1978, between the Village of Tequesta, Florida, (the "Issuer ") and Jacksonville National Bank, Jacksonville, Florida a banking association organized under the laws of the United States of America (the "Bank "). WHEREAS, the Issuer by Ordinance enacted on May 9, 1978, as supplemented (the "Ordinance "), authorized the issuance of $5,000,000 Water Refunding Revenue Bonds, Series 1978 (the "Bonds "), for the purpose of providing monies to refund certain outstanding revenue obligations of the Issuer; and WHEREAS, the Issuer pursuant to the Ordinance is to establish a fund to be known as the 2007 Term Bonds Account in the Bond Amortization Fund in the Sinking Fund into which the Issuer is to deposit from Revenues (as defined in the Ordinance) monies sufficient to provide for the payment of $1,905,000 Term Bonds maturing on April 1, 2007; and WHEREAS, the Issuer wishes to invest said monies deposited in the 2007 Term Bonds Account in 7 -5/8% United States Treasury Bonds maturing on February 15, 2007 (the "Treasury Bonds "), in specified amounts at the price hereinafter stated; and WHEREAS, the Bank wishes to sell the Treasury Bonds to the Issuer as provided in this Agreement. Accordingly, the parties hereto agree as follows: (1) In consideration of the Issuer's payment to the Bank of Ten Dollars ($10.00), the Bank hereby agrees to sell to the Issuer and the Issuer hereby agrees to purchase from the Bank the Treasury Bonds on the dates, in the principal amounts and at the prices as set forth on Appendix A hereto. (2) The Bank shall have no obligation hereunder other than to deliver Treasury Bonds to the Issuer on the dates and in the amounts set forth on Appendix A hereto, against payment therefor by or on behalf of the Issuer of the price determined as set forth on Appendix A, in funds immediately available. All expenses in connection with delivery to the Issuer shall be borne by the Bank. (3) If the Issuer shall fail to pay to the Bank on any Purchase Date (as hereinafter defined in Appendix A hereto) the price set forth on Appendix A for the Treasury Bonds to be delivered by the Bank on that Delivery Date, and such failure shall continue for 5 days: (a) The Bank shall have the right to resell all or part of the Treasury Bonds so purchased or held by the Bank pursuant to this Agreement and listed in Appendix A which have not theretofore been delivered to the Issuer to any other purchaser, and the Issuer shall pay to the Bank on demand damages in an amount equal to: (i) the difference between the price set forth on Appendix A and - the price which the Bank shall receive on resale; and (ii) incidental costs and expenses (including legal fees) incurred by the Bank in connection with the resale and the making of such a demand on the Issuer; and (b) The Bank shall have the right to terminate this Agreement by giving notice to the Issuer. (4) If the Bank shall fail to tender to the Issuer on any Purchase Date the full amount of Treasury Bonds required to be de- livered by the Bank, and such failure shall continue for 5 days: (a) The Issuer shall have the right to purchase from any seller the same principal amount of Treasury Bonds ( "Substitute Bonds "). The Bank shall pay to the Issuer on demand damages in an amount equal to: (i) the difference between the price which the Issuer shall have paid to purchase the Substitute Bonds; and (ii) incidental costs and expenses (including legal fees) incurred by the Issuer in connection with the purchase of the Substitute Bonds and the making of such a demand on the Bank; and (b) The Issuer shall have the right to continue or termi- nate this Agreement by giving notice to the Bank. (5) If (a) any representation or warranty of the Issuer con- tained in this Agreement shall prove to have been incorrect, false or misleading in any material respect as of the date on which made; or (b) the Issuer shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, adjustment, liquida- tion, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or not contesting the material allegations of a petition filed against it in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator for itself or of any part thereof or of any substantial part of any of its properties or assets; then, and in such event, the Bank shall have no obligation thereafter to sell Treasury Bonds to the Issuer and this Agreement may be terminated on notice from the Bank to the Issuer and the Bank shall be entitled to receive damages from the Issuer calculated in the manner provided in paragraph (3) hereof. (6) No failure or delay on the part of the Bank or the Issuer in exercising any right or remedy hereunder shall operate as waiver thereof; nor shall any single or partial exercise of any such right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of -2- the Bank or the Issuer hereunder are cumulative and are not exclusive of any rights or remedies provided by law or in any other contract between the Issuer and the Bank. None of the terms or provisions of this Agreement may be waived, modified or amended except in a writing duly signed by the Bank and the Issuer. (7) This Agreement shall be binding upon the Issuer and the Bank and upon their successors, transferees and assigns. (8) The Issuer represents and warrants to the Bank that this Agreement constitutes a valid and legally binding agreement for the Issuer to purchase the Treasury Bonds on the terms stated herein; and that the execution and delivery of this Agreement and the performance of the obligations of the Issuer under this Agreement are not and will not violate any provisions of the Constitution, laws or regula- tions of the State of Florida, are not and will not be in conflict with any provisions of the charter or any ordinance or resolution of the Issuer and do not and will not cause any default by the Issuer under any other agreement to which the Issuer is a party. The Issuer further represents and warrants that it is duly organized and is in good standing and that it will use its best efforts to cause to be done any and all actions necessary for the complete and timely performance of this Agreement. (9) The Bank represents and warrants to the Issuer that this Agreement constitutes a valid and binding Agreement of the Bank and that neither the execution and delivery of this Agreement nor the performance of the obligations of the Bank under this Agreement will violate any Federal or State law or any order, decree, license, permits, or the like which is applicable to the Bank or will cause any default by the Bank under any other agreement to which the Bank is a party. (10) The Bank consents to be named in the Official Statement re- lating to the Bonds as a party to this Agreement. The Issuer hereby acknowledges that the Bank has assumed no responsibility for, and shall not be held responsible for, the validity of the Bonds or for the adequacy, accuracy or completeness of any statement made in such Official Statement. (11) All notices pursuant to this Agreement shall be in writing and shall be sufficient if delivered or mailed by First Class Mail, postage prepaid to the attention of the persons listed below and to the party intended as the recipient thereof at the address of such party set forth below, or at such other address or to the attention of such other person as such party shall have designated for such purpose in a written notice complying as to delivery with the terms of this paragraph. -3- The Bank: Jacksonville National Bank 51 West Forsyth Street Jacksonville, Florida 32202 Attention: James A. Irwin The Issuer: The Village of Tequesta, Florida Village Hall Tequesta, Florida Attention: Robert Harp, Village Manager (12) Nothing expressed or implied herein is intended or shall be construed to confer upon any person, firm or corporation other than the parties hereto any right, remedy or claim by reason of this Agreement or any term hereof, and all terms contained herein shall be for the sole and exclusive benefit of the parties hereto or their successors and their assigns. (13) This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. (14) This Agreement may be executed in one or more counterparts and when each party hereto has executed at least one counterpart, this Agreement shall become binding on all parties and such counter- parts shall be deemed to be one and the same document. (15) If one or more provisions of this Agreement or the applica- tion of any such provisions to any set of circumstances shall be determined to be invalid or ineffective for any reason, such deter- mination shall not affect the validity and enforceability of the remaining provisions or the application of the same provisions or any of the remaining provisions to other circumstances. (16) Notwithstanding any other provision herein, if the Issuer shall not issue, deliver and receive payment for the Bonds on or about August 1, 1978, this Agreement shall terminate without penalty to either party, including such penalties provided in section 3 hereof, and the Bank shall retain as its fee $10.00 as provided in section 1 hereof. (17) The Issuer's obligations under this Agreement, and any liability incurred by the Issuer with respect to any breach of any of such obligations, shall not constitute a general indebtedness of the Issuer within the meaning of any constitutional, statutory or charter provisons or limitations, nor shall the Bank have the right to re- quire or compel the exercise of the ad valorem taxing power of the Issuer for the payment due hereunder. The Issuer shall be obligated -4- to make payments hereunder solely from the funds on hand in the 2007 Term Bonds Account in the Bond Amortization Fund in the Sinking Fund established by the Ordinance. (13) The Bank shall not be required to own any of the Treasury Bonds at the time of execution of this Agreement or at any time prior to the Purchase Dates, but the Bank shall own, or cause others to deliver, Treasury Bonds on the Purchase Dates and in sufficient amounts to perform fully its obligations under this Agreement. Prior to the Purchase Dates with respect to the principal amounts of the Treasury Bonds not yet purchased by the Issuer, the Treasury Bonds shall, even if purchased by the Bank, be the sole property of the Bank. THE VILLAGE OF TEQUESTA, FLORIDA (SEAL) ATTEST: By JACKSONVILLE NATIONAL BANK, JACKSONVILLE, FLORIDA (SEAL) ATTEST: By 0 APPENDIX A VILLAGE OF TEQUESTA, FLORIDA PRINCIPAL AMOUNT OF FEDERAL OBLIGATIONS TO BE PURCHASED Extended Total Purchase Principal Dollar Dollar Accrued Trustee Purchase Date Amount Price Price Interest Fee Price 9/29/78 $ 565,000 93.22 $ 526,693.00 $ 5,268.68 $ 300.00 $ 532,261.08 3/30/79 25,000 93.22 23,305.00 226.43 300.00 23,831.43 10/01/79 25,000 93.22 23,305.00 243.46 300.00 23,848.46 4/01/80 25,000 93.22 23,305.00 240.90 300.00 23,845.90 10/01/80 25,000 93.22 23,305.00 243.46 300.00 23,848.46 4/01/81 30,000 93.22 27,966.00 284.36 300.00 28,550.36 10/01/81 30,000 93.22 27,966.00 292.15 300.00 28,558.15 4/01/82 30,000 93.22 27,966.00 284.36 300.00 28,550.36 10/01/82 30,000 93.22 27,966.00 292.15 300.00 28,558.15 4/01/83 35,000 93.22 32,627.00 305.65 300.00 33,232.65 9/30/83 30,000 93.22 27,966.00 285.94 300.00 28,551.94 3/30/84 35,000 93.22 32,627.00 322.60 300.00 33,249.60 10/01/84 40,000 93.22 37,288.00 389.54 300.00 37,977.54 4101/85 35,000 93.22 32,627.00 331.75 300.00 33,258.75 10/01/85 40,000 93.22 37;288.00 389.54 300.00 37,977.54 4/01/86 40,000 93.22 37 379.14 300.00 37,967.14 10/01/86 45,000 93.22 41,949.00 438.23 300.00 42,687.23 4/01/87 45,000 93.22 41,949.00 426.54 300.00 42,675.54 10/01/87 45,000 93.22 41,949.00 438.23 300.00 42,687.23 4/01/88 50,000 93.22 46,610.00 481.80 300.00 47,391.80 9/30/88 50,000 93.22 46,610.00 476.56 300.00 47,386.56 3/31/89 50 93.22 46,610.00 463.40 300.00 47,373.40 9/29/89 55,000 93.22 51,271.00 512.82 300.00 52 3/30/90 60,000 93.22 55 543.44 300.00 56,775.44 10/01/90 55,000 93.22 51,271.00 535.61 300.00 52,106.61 4/01/91 65,000 93.22 60,593 616.11 300.00 61,509.11 10101/91 60,000 93.22 55;932.00 584.31 300.00 56,816.31 4/01/92 70,000 93.22 65,254.00 674.52 300.00 66,228.52 10/01/92 70,000 93.22 65,254.00 681.69 300.00 66,235.69 4/01/93 70,000 93.22 65,254.00 663.50 300.00 66,217.50 10/01/93 75,000 93.22 69,915.00 730.38 300.00 70,945.38 TOTAL, $1,905,000 $1,775,841.00 $18,046.65 $9,300.00 $1,803,187.65 VILLAGE OF TEQUESTA Tequesta, Florida August 1, 1978 Jacksonville National Bank Jacksonville, Florida Re: Treasury Bond Purchase Agreement dated August 1, 1978 ( "Bond Purchase Agreement ") between the undersigned and Jacksonville National Bank ( "Bank "), and other matters relating to $3,915,000 Water Refunding Revenue Bonds, Series 1978 and $4,370,000 Special Obligation Bonds, Series 1978A (the "Bonds "). Gentlemen: The Village of Tequesta has, on this date, entered into the Bond Purchase Agreement pursuant to which Bank will acquire Treasury Bonds for the account of the Village of Tequesta, Florida (the "City "). Bank will hold the Treasury Bonds purchased by it in accordance with the Bond Purchase Agreement, or otherwise appropriately designate itself as trustee of such Treasury Bonds, to be held by Bank, in trust, in accordance with the terms and conditions set forth herein for the benefit of the undersigned and the $1,905,000 Term Bonds payable from the 2007 Term Bonds Account (the "Term Bonds ") . The capitalized terms not otherwise defined in this letter shall have the meanings ascribed to them in the Bond Purchase Agreement and Escrow Deposit Agreement, both between Bank and the City dated as of the date hereof. With respect to the Treasury Bonds: (1) you are instructed to maintain for the account of the undersigned a 2007 Term Bonds Account for the payment of the Term Bonds and hold and maintain all Treasury Bonds purchased by you for the account of the City, in or for the benefit of that account for payment of the Term Bonds; (2) you are further instructed to collect all interest accruing with respect to the Treasury Bonds, to retain such interest in the 2007 Term Bonds Account until the Amortization Installment for October 1, 1993 has been accumulated therein, and thereafter to remit such interest upon receipt directly to the City for deposit in the Sinking Fund created under the Ordinance hereinafter discussed; (3) the provisions of the Escrow Deposit Agreement are expressly adopted as a part hereof; (4) you shall have no power or duty to sell, transfer or otherwise dispose of or make substitutions for the Treasury Bonds held by you in trust hereunder; and (5) your fiduciary Jacksonville National Bank August 1, 1978 Page Two obligations hereunder shall become effective immediately and shall terminate upon the payment of the Term Bonds in accordance with the terms and provisions of the Bond Purchase Agreement and the Ordinance authorizing the Bonds as supplemented and amended (the "Ordinance "), copies of which have been delivered to you. In addition to the foregoing duties and obligations you have also agreed to be designated and are hereby appointed as secured party of record for the benefit of the holders of the Bonds for the sole purpose of perfecting their security interest in the Net Revenues and other collateral described on the copy of the financing state- ment which is attached hereto. Your duties and obligations as such secured party of record shall be limited to your serving in that capacity as a nominee of record for the purposes of perfecting the security interest of the holders of the Bonds, to provide information concerning the security interest and to continue the effective filing of the financing statement by appropriate continuation statments as may be required by law until you have been notified of the payment in full of the Bonds. In the performance of your duties hereunder you shall be required to take and perform only those actions as are specifically provided to be taken or performed by the express provisions hereof and you shall have no implied actions or duties hereunder. The Village Clerk of the undersigned has joined in the execution hereof for the purposes of appointing you to assist in him carrying out his fiduciary obligations under the Ordinance. Please sign this letter in the space provided below to evidence your acceptance of the trusts and obligations hereunder. Sincerely yours, (SEAL) VILLAGE OF TEQUESTA, FLORIDA ATTEST: By: Mayor Village Clerk Jacksonville National Bank August 1, 1978 Page Three JACKSONVILLE NATIONAL BANK AGREED TO AND ACCEPTED: (SEAL) By: ATTEST: By: SEMINOLE FORM UCC STATE OF FLORIDA UNIFORM COMMERCIAL CODE - FINANCING STATEMENT - FORM UCC - 1 Any forms used for filing with the office of Secretary of State pursuant to the Uniform Commercial Code must be approved by Secretary or State, State of Florida. INSTRUCTIONS: 1. PLEASE TYPE this form. Fold only along perforation for mailing. 2. Remove Secured Party and Debtor copies and send other 3 copies with interleaved carbon paper to the filing officer. Enclose filing fee of $5.00 3. If the space provided for any item(s) on the form is inadequate the items) should be continued on additional sheets, preferably 5 - x 8" or 8 "x 10' Only one copy of such cdditlon.al sheets need be pfesented to the filing officer with the first three copies of the financing statement. Lang schedules of collateral, indentures, etc., may be on onv size paper that is convenient for the secured party. Indicate the number of additional sheets attached. Enclose filing fee of $2.00 for each additional sheet. 1. If collateral is crops or goods which are or are to become fixtures, give the legal description of the real estate and none of record owner or record lessee. 5. When a copy of the security agreement is used as a financing statement, it is requested that it be accompanied by o completed but unsigned set of these forms. An additional fee of $3.00 is required. 6. Please sign this form with a ball point pen. Signatures must be I"egible on alphabetical and numerical copies. Si6rINOLE eA•[R a egINY1Na ca., INC.' YI.N1, FtOgla• ]II OI i. If filing with Clerk of Circuit Court consult Cheater 28, F. S., or local clerk for proper fees. THIS FINANCING STATEMENT is presented to a filing officer for filing pursuant to the Uniform Commercial Code: 3. Maturity date (if any): t. Debtor(s) (Last Name First) and address(es) 2. Secured Party(ies) and oddress(es) For Filing Officer (Dote, Ti Nurs,bar, end Filing OlFicel Village of Tequesta Jacksonville National Bank Village Hall 51 West Forsyth Street Tequesta, Florida Jacksonville, Florida 32202 4_ This financing statement covers the following types (or items) of property: See Exhibit "A" attached. S. Assignees) of Secured Party and Address(es) 6. T'he secured party(s), whoa stgnoture(s) appears below. states that the stamps required by Chapter 20). Florida Statutes, if any, hove been aced on the prorrusswy nst . secured hereby, arld —11 be placed on any additional and similar instrument that may be so secured. This statement is filed without the debtor's signature to perfect a security interest in collateral. ;Check M if so) E] Already subject to a security interest in another jurisdiction when it was brought into this state. u which is proceeds of the original collateral described above in which a security interest was perfected: Check INtif covered: Proceeds of Collateral are also covered. ❑ Products of Collateral are also covered. No. of additional Sheets presented: Filed wit Department of State Village of Tequesta Jacksonville National Bank By _ By . Signature(s) of Debtors) Signature(s) of Secured Party(ias) ` STANDARD FORM —FORM UCC -1 i _ �'�...i.._.. _._ _ _..... Approved by Secretary of State, State of Florida Exhibit A to financing Statement between the Village of Tequesta, Florida, as Debtor, and Jacksonville National Bank, as Secured Party. A. The Net Revenues, as defined in Ordinance No. 260 of Debtor adopted May 9, 1978, as supplemented (the "Ordinance ") relating to Water Refunding Revenue Bonds, Series 1978, all in the manner provided in the Ordinance. B. All funds and interest received from investments of funds established by the Ordinance, specifically including all funds to be deposited in the Sinking Fund, Bond Amortization Fund, Reserve Account, and 2007 Term Bonds Account.