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Home My WebLink AboutResolution_02-61_07/11/1961 RESOLUTION WHEREAS, the Council of the Village of Tequesta, Florida, deem it to the best interests of the Village and its inhabitants to improve Tequesta Drive within the corporate limits of the Village from the right -of -way of U. S. Highway No. 1 to the entrance of the Subdivision of Tequesta, by the planting and placing of Royal Palm trees along the right -of- way thereof, and WHEREAS, it appears that the cost of such placing and planting will amount to approximately $21,000, and WHEREAS, other interested parties have agreed to • contribute two - thirds of said costs, if the Village will contribute the other one - third, and WHEREAS, George W. Offutt has offered to loan to the Village the sum of $7,000 to be repayable on or before twenty (20) years with interest thereon at the rate of five percent (5 %) per annum, payable semi - annually to be secured by the "Cigarette Tax Fund's of the Village; and WHEREAS, it is the opinion of the Village Councilmen, the Village Treasurer and the Village Attorney that such bonds are legal and permissible under the charter of the Village and the ordinances passed thereunder and in connection therewith, without the necessity of a referendum, NOW, THEREFORE, BE IT RESOLVED . 1. That the Village shall borrow from George W. Offutt the sum of $7,000 to be used to pay approximately one - third of the cost of placing and planting Royal Palm trees along the right -of -way of Tequesta Drive from the right -of -way of U. S, Highway No. 1 to the entrance to the Subdivision of Tequesta, it being understood that the cost of same shall be fully paid for at the time of the payment by the Village. • 2. That as evidence of the indebtedness to said George W. Offutt, the Village shall issue a series of bonds in accordance with the form presented herewith to the meeting and made a part of the minutes of said meeting. PASSED AND ADOPTED ON SECOND READING THIS 11th day of July, A.D. 1961. If U 1 4 offig 9 4 Village Council APP#P,M Mayor ATTEST: lage Cler • -2-