HomeMy WebLinkAboutResolution_01-76/77_11/18/1976 RESOLUTION NO. 1- 76/77
A RESOLUTION DETERMINING TO ISSUE $2,500,000
PRINCIPAL AMOUNT OF THE $3,540,000 VILLAGE OF
TEQUESTA, FLORIDA, WATER REVENUE CERTIFICATES,
SERIES 1976, FIXING THE MATURITIES AND REDEMP-
TION PROVISIONS FOR SUCH $2,500,000 CERTIFICATES;
AWARDING SAID CERTIFICATES AND FIXING THE
INTEREST RATES THEREFOR; AND AUTHORIZING THE
USE OF AN OFFICIAL STATEMENT FOR SAID CERTIFICATES.
WHEREAS, the Village Council has heretofore, by Ordinance
adopted on August 3, 1976, authorized the issuance of $3,540,000
Water Revenue Certificates, Series 1976; and
WHEREAS, the Council deems it in the best interests of the
Village that $2,500,000 principal amount of said Certificates be
sold at this time, such Certificates to be designated Series 1976A;
and
WHEREAS, it is necessary to fix the maturities and redemption
provisions for such Series 1976A Certificates; and
WHEREAS, William R. Hough & Co., has offered to purchase said
Series 1976A Certificates at the price of $ 2,450,000. plus
accrued interest from July 1, 1976 to the date of delivery thereof,
bearing interest as hereinafter stated; and
WHEREAS, the Council deems it in the best financial interest
of the Village that said $2,500,000 Series 1976A Certificates be sold
at private sale as above recited at the purchase price above stated,
now, therefore
BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA:
SECTION 1. $2,500,000 principal amount of the $3,540,000
Water Revenue Certificates, Series 1976, dated July 1, 1976 are -
hereby authorized to be issued as Water Revenue Certificates, Series
1976A.
SECTION 2. Said Series 1976A Certificates shall mature on
July 1, in the years and amounts as follows:
YEAR AMOUNT YEAR AMOUNT
1978 $ 15,000 1991 $ 70,000
1979 15,000 1992 75,000
1980 15,000 1993 85,000
1981 15,000 1994 90,000
1982 15,000 1995 95,000
1983 25,000 1996 105,000
1984 40,000 1997 105,000
1985 45,000 1998 210,000
1986 45,000 1999 225,000
1987 50,000 2000 240,000
1988 55,000 2001 260,000
1989 60,000 2002 275,000
1990 65,000 2003 205,000
SECTION 3. The redemption provisions for said $2,500,000
Series 1976A Certificates shall read as follows:
"The Series 1976A Certificates maturing in the years 1978
to 1986, inclusive, are not redeemable prior to their respective
stated dates of maturity. The Series 1976A Certificates maturing
in the year 1987 and thereafter are redeemable prior to their stated
dates of maturity, at the option of the Village, in whole or in part,
in inverse numerical order if less than all, on July 1, 1986, or on
any interest payment date thereafter, at a redemption price equal to
the par value thereof, plus accrued interest to the date fixed for
redemption, plus a premium of 3% of the par value thereof if redeemed
on July 1, 1986. Such premium shall be reduced at the rate of one -
fourth of one per cent (1/4 of 1 %) on each July 1 thereafter, but shall
never be less than one per cent (1 %)."
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SECTION 4. Said $2,500,000 Water Revenue Certificates,
Series 1976A be and the same are hereby awarded and sold at private
sale to William R. Hough & Co., at the price of $ 2
and accrued interest from July 1, 1976 to the date of delivery thereof,
bearing interest at the rates per annum set forth below:
Certificates Interest Certificates Interest
Maturing (Years) Rate Maturing (Years) Rate
1978 7.50 % 1991 6.65 %
1979 7.50 % 1992 6.70 %
1980 7.50 % 1993 6.70 %
1981 7.50 % 1994 6.70 %
1982 7.50 % 1995 6.70 %
1983 7.50 % 1996 6.70 %
1984 7.50 % 1997 6.70 %
1985 7.50 % 1998 6.75 %
1986 7.50 % 1999 6.75 %
1987 6.40 % 2000 6.75 %
1988 6.60 % 2001 6.75 %
1989 6.60 % 2002 6.75 %
1990 6.65 % 2003 6.70 %
• SECTION 5. The distribution of a Preliminary Official State-
ment by said Purchaser is hereby ratified and confirmed and the proper
officers of the Village be and they are hereby authorized to execute a
final Official Statement and to deliver same to said Purchaser for use
by them in connection with the sale and distribution of the Certificates.
SECTION 6. The proper officers of the Village be and they
are hereby authorized and directed to execute said Series 1976A
Certificates when prepared, and to deliver same to said Purchaser upon
payment of the purchase price without further authority from this Council.
SECTION 7. This resolution shall take effect immediately upon
its passage.
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THE FOREGOING RESOLUTION was offered by Councilmember
Howard F. Brown , who moved its adoption. The motion
was seconded by Councilmember Joseph D. Yoder, Jr . and
upon being put to a vote, the vote was as follows:
FOR ADOPT AGAINST ADOPTION
Howard F. Brown Peter Baron
Dorothy M. Campbe
Joseph D. Yoder, Jr.
The Mayor thereupon declared the Resolution duly passed and
adopted this 1$ day of November A.D. , 1976.
MAYOR OF TEQUESTA
Y�
ATTEST:
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Vil ' ge Clerk
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