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VILLAGE OF TEQUESTA, FLORIDA
Council Resolution No. 1 -68
RESOLUTION AUTHORIZING DELIVERY OF
$231,000 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 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, by agreement dated February 25, 1969, between the Village
Council and George W. Offutt, acting for the Tequesta Water Company, Inc.,
• and Offutt Trust, assignee of said Company, the initial accounting date was
changed to March 1, 1969 in order that a full twelve (12) months' history of
revenue from said Water System be available for purposes of computing additional
equivalent connections; and
WHEREAS, according to the Certificate of Accounting of V. C. Stewart,
CPA, dated March h? , 1969, heretofore filed in the records of this Village,
the " Offutt Trust ", assignee of Tequesta Water Company, Inc., is entitled to
be paid Two Hundred Thirty -One Thousand Dollars ($231,000) 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 Two Hundred Thirty -One Thousand Dollars ($231,000)
Water Revenue Certificates, dated July 1, 1967 in the denomination of $1,000
each, bearing interest at the rate of Five Per Centum (5 %) per annum, being
numbered 1064 to 1294, both inclusive, maturing January 1, 1997 with July 1,
1969 and subsequent coupons attached, be delivered to:
• Bank of Palm Beach And Trust Company
for the account of the " Offutt Trust"
from the $637,000 Water Revenue Certificates 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 25th day of March, 1969
• at the Village Hall of the Village of Tequesta, Florida.
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