HomeMy WebLinkAboutResolution_02-69/70_02/17/1970 VILLAGE OF TEQUESTA, FLORIDA
Council Resolution No. 2 -6970
RESOLUTION AUTHORIZING DELIVERY OF
$16,000 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 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 12, 1970, heretofore filed in the records of this Village,
the "Offutt Trust ", assignee of Tequesta Water Company, Inc. is entitled to
be paid Sixteen Thousand Dollars ($16,000) 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 Sixteen Thousand Dollars ($16,000) 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 1295 to 1310, both
inclusive, maturing January 1, 1997 with July 1, 1970 and subsequent coupons
attached, be delivered to Bank of Palm Beach And Trust Company for the account
of the "Offutt Trust" from the $406,000 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 17th day of February, 1970
at the Village Hall of the Village of Tequesta, Florida.,,.__ --
Attest
Village lerk