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HomeMy WebLinkAboutResolution_13-74/75_06/24/1975 RESOLUTION NO. 13/74 -75 • A RESOLUTION PROVIDING FOR THE ISSUANCE BY THE VILLAGE OF TEQUESTA, FLORIDA, OF TAX ANTICIPATION NOTES IN THE AMOUNT OF $300,000.00 DUE AND PAYABLE JUNE 30, 1976, TO ADVANCE FUNDS FOR THE COST OF MOVING WATER LINES TO ACCOMODATE THE WIDENING OF ROADS IN THE VILLAGE; CONTAINING OTHER PROVISIONS RELATING TO SUCH NOTES; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA: Section 1. AUTHORITY FOR THIS RESOLUTION This Resolution is adopted pursuant to the provisions of the Charter of the Village of Tequesta and other applicable provisions of law. Section 2. FINDINGS It is hereby found, determined and declared as follows, that: A. The Village of Tequesta (the "Issuer ") is obligated to move certain of its water lines at its own expense to accomodate the widening of U.S. Highway 1, through the Village, presently being undertaken by the Florida Department of Transportation, (the "Project ") . B. Although it is contemplated that the Issuer's share of the cost of the project will be financed on a long -term basis by other methods, i.e., by the issuance of water revenue bonds, which may be pursuant to the existing Charter of the Issuer or 4 pursuant to other lawful authority, it is immediately necessary, I i in order to accomodate the present plans and schedules of the Florida Department of Transportation, that $300,000.00 be made immediately available for such purpose. C. It is, therefore, necessary to issue short term notes in the amount of $300,000.00 in order to immediately receive funds in anticipation of the receipt of the proceeds of such long -term financing, and it is necessary to pledge the taxing power of the Issuer for the fiscal year 1975 -76 and other revenue sources } JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING WEST PALM BEACH, FLA. 33402 I described herein as security for said Notes. • Section 3. RESOLUTION TO CONSTITUTE CONTRACT In consideration of the acceptance of the Notes authorized to be issued hereunder by those who shall hold the same from time to time, this resolution shall be deemed to be and shall constitute a contract between the Issuer and such holders. The covenants and agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of the legal holders of any and all of such Notes, all of which shall be of equal rank and without preference, priority or distinction of any of the Notes over any other thereof, except as expressly provided therein and herein. • Section 4. AUTHORITY OF ISSUANCE OF SHORT TERM NOTES For the purpose of financing the cost of the project there are hereby authorized to be issued Tax Anticipation Notes of the Issuer in the aggregate principal amount of not exceeding Three Hundred Thousand Dollars ($300,000.00). The Notes shall be dated as of their date of delivery, but not earlier than July 1, 1975, shall be payable to bearer unless registered as hereinafter provided, shall be payable in lawful money of the United States of America, shall be numbered consecutively from one upward, shall mature on June 30, 1976, and shall bear interest from their date payable at maturity. The Notes shall be issuable in denominations of $5,000 • or integral multiples thereof, shall bear interest at such rate or rates not exceeding the maximum rate permitted by law, and shall be payable with respect to both principal and interest at such place or places as the Issuer shall determine by resolution at the time of sale. JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING WEST PALM BEACH, FLA. 33402 Section 5, SALE OF NOTES. The Notes shall be sold, at . public or private sale, at one time or in installments from time to time, as shall be determined by subsequent resolution or resolutions of the Issuer. Section 6. EXECUTION OF NOTES. The Notes shall be executed in the name of the Issuer by the Mayor and countersigned and attested by the Village Clerk and the corporate seal of the Issuer shall be affixed thereto. The Notes may be signed and sealed on behalf of the Issuer by such person who at the actual time of the execution of such Notes shall hold the proper office in the Issuer, although at the date of such Notes such person may not have been so authorized. • Section 7. NEGOTIABILITY AND REGISTRATION The Notes shall be and shall have all of the qualities and incidents of negotiable instruments under the law merchant and the Laws of the State of Florida, and each successive holder, in accepting any of said Notes appertaining thereto, shall be conclusively deemed to have agreed that such Notes shall be and have all of the qualities and incidents of negotiable instruments under the law merchant and the Laws of the State of Florida. The Notes may be registered at the option of the holder as to principal and interest at the office of the Village Clerk, as Registrar, or such other Registrar as may be hereafter duly • appointed, such registration to be noted on the back of the Notes in the space provided therefor. After such registration as to principal and interest, no transfer of the Notes shall be valid unless made at such office by written assignment of the registered owner, or by his duly authorized attorney, in a form satisfactory to the Registrar, anO similarly noted on the Notes, JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING NEST PALM BEACH, FLA. 33402 • but the Notes may be discharged from registration by being in like manner transferred to bearer form and thereupon transferability by delivery shall be restored. At the option of the holder, the Notes maythereafter again from time to time be registered or transferred to bearer form as before. Section 8. NOTES MUTILATED, DESTROYED, STOLEN OR LnST In case any Note shall become mutilated, or be destroyed, stolen or lost, the Issuer may in its discretion issue andcbliver a new Note of like tenor as the Note so mutilated, destroyed, stolen or lost, in exchange and substitution for such mutilated Note, upon surrender and cancellation of such mutilated Note, if any, or in lieu of and substitution for the Note, if any, • destroyed, stolen or lost, and upon the holder furnishing the Issuer proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the Issuer may prescribe and paying such expenses as the Issuer may incur. All notes so surrendered shall be cancelled by the Village Clerk. If any such Note shall have matured or be about to mature, instead of issuing a substitute Note, the Issuer may pay the same, upon being indemnified as aforesaid, and if such Note be lost, stolen or destroyed without surrender thereof. All such duplicate Notes issued pursuant to the section shall constitute original, additional contractual obligations on the • part of the Issuer whether or not the lost, stolen or destroyed Notes be at any time found by anyone, and such duplicate Notes shall be entitled to equal and proportionate benefits and rights as to lien on and source and security for payment from the funds, as hemi.nafter pledged, to the same extent as all other notes issued hereunder. JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING WEST PALM BEACH, FLA. 33402 i • Section 9. PRIOR REDEMPTION The Notes shall be redeemable prior to their stateddate of maturity in such manner as shall be determined by subsequent resolution of the Issuer prior to the sale thereof. Section 10. FORM OF NOTES The text of the Notes shall be in substantially the following form and tenor, with such variations, omissions and insertions as may be necessary, desirable and authorized or permitted by this rmlution or any subsequent resolution adopted prior to the issuance thereof: • • JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING WEST PALM BEACH, FLA. 33402 i • United States of America State of Florida County of Palm Beach Village of Tequesta Tax Anticipation Notes KNOW ALL MEN BY THESE PRESENTS, that the Village of Tequesta, Florida, (hereinafter referred to as Village), for value received, hereby promises to pay to the bearer, or, if this Note be registered, to the registered holder as herein provided, the principal sum of DOLLARS with interest thereon from date at the rate of per centum ( ) per annum, both the principal sum and interest thereon payable on the 30th day of June, 1976, upon presentation and surrender of this Note. Both principal of and interest on this Note are payable in lawful money of the United States of America at For the prompt payment of the principal of and interest on this Note as the same shall become due, the ad valorem taxing power of the Village for the fiscal year 1975 -76, to be levied and assessed at an annual rate not exceeding ten (10) mills on the dollar of assessed value, is hereby irrevocably pledged. In addition, the Notes and interest thereon are payable from and secured by a lien on the Franchise Taxes levied and collected by an ordinance enacted by the Village Council of the Village on September 6, 1960, and the Utilities Service Taxes levied and collected in the Village pursuant to Section 167.431, Florida Statutes, subject to the prior lien thereon in favor of the holders of the outstanding Excise Tax Revenue Bonds, dated October 1, 1964, and the outstanding Excise Tax Revenue Bonds, Series 1969, dated October 1, 1969, of the Village, JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING WEST PALM BEACH, FLA. 33402 • blank below, but it may be discharged from registration by being transferred to bearer form after which it shall be transferable by delivery but it may be again registered as before. Date of In Whose Name Signature of Registration Registered Registrar Section 11. PLEDGE OF FUNDS For the prompt payment of the principal of and interest on the Notes, the ad valorem taxing power of the Issuer for the fiscal year 1975 -76, to be levied and assessed, at an annual rate not to exceed ten (10) mills on the dollar of assessed value, is irrevocably pledged. The principal of and interest on the Notes are additionally secured by and payable from a lien on and pledge of the proceeds of a lien on the franchise taxes levied and collected by an ordinance enacted by the Village Council of the Village on September 6, 1960, and the Utilities Services Taxes levied and collected in the Village pursuant to Section 167.431, Florida Statutes, subject to the prior lien thereon in favor of the holders of the outstanding Excise Tax Revenue Bonds, dated October 1, 1964, and the outstanding Excise Tax Revenue Bonds, Series 1969, dated October • 1, 1969, of the Village. Section 12. LEVY OF AD VALOREM TAX There is hereby created a Sinking Fund to be held and administered by the Issuer solely for the purpose of paying the principal of and interest on the Notes as they become due. There shall be levied and collected JOHNSTON SA RANDOLPH 111 EY BUILDING WEST M BEACH, FLA. 33402 • a tax during the fiscal year 1975 -76, to be levied and assessed at an annual rate not to exceed ten (10) mills on the dollar of assessed value, on all property subject to taxation by the Village, to the extent necessary to pay the principal of and interest on such Notes as the same shall become due, after deducting therefrom any other funds which may be available for such principal and interest payments and which may be so al# ied. Such tax shall be assessed, levied and collected in the same manner and at the same time as other Village taxes are assessed, levied and collected. Section 13. NOTEHOLDERS NOT AFFECTED BY USE OF NOTE PROCEEDS The holders of the Notes issued hereunder shall have no responsi- bility for the use of the proceeds of said Notes, and the use of such Note proceeds by the Village shall in no way affect the rights of such noteholders. Section 14. MODIFICATION OR AMENDMENT No material modifi- cation or amendment of this Resolution or of any Resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the holders of sixty -seven per centum (67 %) or more in principal amount of the Notes then outstanding, provided, however, that no modification or amendment shall permit a change in the maturity of such Notes or a reduction in the rate of interest thereon, or in the amount of the principal obligation • or affecting the unconditional promise of the Issuer to pay the principal of and interest on the Notes as the same shall become due, or reduce such percentage of holders of such Notes, required above, for such modifications or amendments, without the consent of the holders of all of such Notes. • Section 15. SEVERABILITY OF INVALID PROVISIONS If any one JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING WEST PALM BEACH, FLA. 33402 • or more of the covenants, agreements or provisions of this Resolution should be held contrary to any express provisions of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separate from the remaining covenants, agreements or provisions, and in no way affect the validity of all the other provisions of this Resolution or of the Notes issued $hereunder. Section 16. ARBITRAGE No use will be made of the proceeds of the Notes which would cause the same to be "arbitrage bonds" within the meaning of the Internal Revenue Code. The Issuer at all times while the Notes and interest thereon are outstanding will comply with the requirements of Section 103 (d) of the Internal Revenue Code and any valid and applicable rules and regulations of the Internal Revenue Service. Section 17. EFFECTIVE DATE This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED ON lst. READING THIS 2 4 DAY OF June A.D., 1975. APPROVED: • s �- V "- r ti' -G, may, Mayor y n 1 , 7 ATTEST: 6� Cler • JOHNSTON SASSER & RANDOLPH 1115 HARVEY BUILDING WEST PALM BEACH, FLA. 33402