HomeMy WebLinkAboutResolution_02-71/72_03/28/1972 V ILLAGE OF TEQUESTA, FLORIDA •
Council Resolution No. 2 -7172
• RESOLUTION AUTHORIZING THE DELIVERY OF
$49,000 WATER REVENUE CERTIFICATES, DATED
JULY 1, 1967, TO THE OFFUTT TRUST FROM
THE CUSTODY ACCOUNT AT BANK OF PALM BEACH
AND TRUST COMPANY
WHEREAS, the Village of Tequesta, Florida, hereinafter called the
"Village ", purchased the assets of the Tequesta Water Company, Inc., hereinafter
called the "Company ", and under the terms of such purchase, an initial accounting
was to be made as of January 1, 1969, to determine the amount required to be
additionally paid at that time by the delivery of additional Water Revenue
Certificates, on account of the full purchase price of the purchased assets, and
at annual accounting periods thereafter; and
WHEREAS, on July 1, 1968 said Tequesta Water Company, Inc. did assign
to "Offutt Trust" all of its right, title and interest in, under and to any Water
Revenue Certificates that may be delivered after that date, under that agreement
with the Village dated August 14, 1967; and
WHEREAS, according to the Certificate of Accounting of V. C. Stewart,
CPA, dated February 16, 1971, heretofore filed in the records of this Village,
the "Offutt Trust ", assignee of Tequesta Water Company, Inc. is entitled to be
paid Forty -Nine Thousand Dollars ($49,000) by delivery of Water Revenue Certificates
in that face amount to complete the purchase price of the assets of the Tequesta
Water Company, Inc.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE
OF TEQUESTA, FLORIDA, that Forty -Nine Thousand Dollars ($49,000) Water Revenue
Certificates, dated July 1, 1967 in the denomination of $1,000 each, bearing
interest at the rate of Five Percentum (57.), being numbered 1652 to 1700, both
inclusive, maturing January 1, 1997 with July 1, 1972 and subsequent coupons
attached, be delivered to the Bank of Palm Beach And Trust Company for the account
of the "Offutt Trust" from the $49,000 Water Revenue Certificates remaining in the
Custody Account at the Bank of Palm Beach And Trust Company, all in accordance
with resolutions heretofore adopted by this Council.
APPROVED, ADOPTED AND SUBSCRIBED TO THIS c� day of March, 1972
at the Village Hall of the Village of Tequesta, Florida.
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Attest:
Village Clerk
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• i
CERTIFICATE OF ACCOUNTING
I. V. C. STEWART, CPA, an independent auditor for the Village of
Tequesta, Florida, do hereby certify that the records of said Village for the
twelve month period immediately preceding January 1, 1972, show that the gross
revenues of the Water System for that period were $279,635.59, and that this
amount of gross revenue represents 2,956 equivalent connections based on the
terms of the Purchase and Sale Agreement applying to such System, dated
August 14, 1967.
I further certify that the "Offutt Trust" assignee of Tequesta
Water Company, Inc. is entitled to the delivery of $49,000 par value of Water
Revenue Certificates, dated July 1, 1967, in the denomination of One Thousand
Dollars ($1,000) each, bearing interest at the rate of Five Percentum (57.)
per annum, with Certificate numbers and maturity dates as follows:
Certificates No. 1652 to 1700, both inclusive, maturing
January 1, 1997. All of the foregoing Certificates Vith
July 1, 1972 and subsequent coupons attached, such delivery
being computed as follows:
Total equivalent connections January 1, 1971 - -- 2,956
Less: Agreed equivalent connections at closing 1,613
Additional equivalent connections-------- - - - - -- 1
Value of Additional Equivalent Connections
@ $500.00 each ----------------------------------- - - - - -- $671,500
Less: Certificates delivered March, 1969 - - - -- $231,000
Certificates delivered March, 1970 - - - -- 16,000
Certificates delivered April, 1971 - - - -- _341,000
Total Certificates delivered--------------------------- - - - - -- 588,000
Par Value of Additional Certificates to be
Delivered representing Equivalent Connections---------- - - - - -- 83,500
Par Value of Additional Certificates to meet total
payment for System------------------------------------- - - - - -- 49,000
• IN WITNESS WHEREOF, I have hereunto set my hand this 16th day of
February, 1972.
it 0S , CPA
Auditor for the Village of
Tequesta, Florida
Co��tersigned�
Mayor
Via age of Tequesta, Florida