HomeMy WebLinkAboutResolution_03-70/71_02/16/1971 VILLAGE OF TEQUESTA, FLORIDA
Council Resolution No. 3 -7071
• RESOLUTION AUTHORIZING THE DELIVERY OF
$341,000 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 on 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 period 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 3, 1971, heretofore filed in the records of this Village,
the "Offutt Trust ", assignee of Tequesta Water Company, Inc. is entitled to
be paid Three Hundred Forty -One Thousand Dollars $341,000) by delivery of
Water Revenue Certificates in that face amount on account of 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 Three Hundred Forty -One Thousand Dollars ($341,000)
Water Revenue Certificates, dated July 1, 1967 in the denomination of $1,000
each, bearing interest at the rate of Five Percentum (5 %), being numbered
1311 to 1652, both inclusive, maturing January 1, 1997 with July 1, 1971 and
subsequent coupons attached, be delivered to the Bank of Palm Beach And Trust
Company for the account of the "Offutt Trust" from the $390,000 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 / day of February,
• 1971 at the Village Hall of the Village of Tequesta, Florida.
ti
Attest:
Village Clerk �U(
VILLAGE OF TEQUESTA, FLORIDA
Council Resolution No. 3 -7071
• RESOLUTION AUTHORIZING THE DELIVERY OF
$341,000 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 on 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 period 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 3, 1971, heretofore filed in the records of this Village,
the 11 Offutt Trust ", assignee of Tequesta Water Company, Inc. is entitled to
be paid Three Hundred Forty -One Thousand Dollars ($341,000) by delivery of
Water Revenue Certificates in that face amount on account of 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 Three Hundred Forty -One Thousand Dollars $341,000)
Water Revenue Certificates, dated July 1, 1967 in the denomination of $1,000
each, bearing interest at the rate of Five Percentum (5 %), being numbered
1311 to 1652, both inclusive, maturing January 1, 1997 with July 1, 1971 and
subsequent coupons attached, be delivered to the Bank of Palm Beach And Trust
Company for the account of the "Offutt Trust" from the $390,000 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 /(0 day of February,
• 1971 at the Village Hall of the Village of Tequesta, Florida.
Attest:
Village Clerk
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, 1971, show that the gross revenues of the
Water System for that period were $263,910.62, and that this amount of gross revenue
represents 2,789 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 $341,000 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. 1311 to 1652, both inclusive, maturing January 1,
1997. All of the foregoing Certificates with July 1, 1971 and
subsequent coupons attached, such delivery being computed as
• follows:
Total equivalent connections January 1, 1971 2,789
Less: Agreed equivalent connections at closing 1,613
Additional equivalent connections 1,176
Value of Additional Equivalent Connections
@ $500.00 each $588,000
Less: Certificates delivered March, 1969 $231,000
Certificates delivered March, 1970 16,000
Total Certificates delivered 247, 000
Par Value of Additional Certificates to be Delivered $341,000
IN WITNESS WHEREOF, I have hereunto set my hand this 3rd day of
February, 1971.
CPA
•
Auditor for the Village of
Tequesta, Florida
Countersigned:
Mayor
Village of Tell sta,.Florida
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