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HomeMy WebLinkAboutOrdinance_161_01/20/1970` ~ ORDINANCE N0. 161 AN ORDINANCE SUPPLEMENTING AN ORDINANCE ENTITLED: "AN ORDINANCE AUTHORIZING THE CONSTRUCTION, EQUIPPING AND FURNISHING OF A VILLAGE HALL IN THE VILLAGE OF TEQUESTA, FLORIDA; AUTHORIZING THE ISSUANCE OF $148,000 EXCISE TAX REVENUE BONDS TO FINANCE THE COST THEREOF, SUCH BONDS TO BE PAYABLE FROM THE CIGARETTE TAXES, FRANCHISE TAXES AND UTILITIES SERVICES TAXES COLLECTED IN SAID VILLAGE AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS", AND PROVIDING FOR THE ISSUANCE OF $27,000 EXCISE TAX REVENUE BONDS, SERIES 1969 . BE IT ORDAINED BY THE VILLAGE COUNCIL OF TEQUESTA, FLORIDA: ARTICLE I Section 1.01. AUTHORITY OF THIS ORDINANCE. This ordinance is enacted pursuant to the provisions of Chapter 57-1915, Laws of Florida, Acts of 1957, as amended, being the charter of the Village of Tequesta, Florida, Chapter 210, Florida Statutes, Section 167.431, Florida Statutes, and other applicable provisions of law, and pursuant to Section 3.06 (E) of an ordinance entitled: "AN ORDINANCE AUTHORIZING THE CONSTRUCTION, EQUIPPING AND FURNISHING OF A VILLAGE HALL IN THE VILLAGE OF TEQUESTA, FLORIDA; AUTHORIZING THE ISSUANCE OF $148,000 EXCISE TAX REVENUE BONDS TO FINANCE THE COST THEREOF, SUCH BONDS TO BE PAYABLE FROM THE CIGARETTE TAXES, FRANCHISE TAXES AND UTILITIES SERVICES TAXES COLLECTED IN SAID VILLAGE AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS", adopted by the Council of the Village of Tequesta on the 14th day of September, 1964 (hereinafter referred to as "Original Ordinance"), and is supplemental to said Original Ordinance, and is hereafter referred to as "Supplemental Ordinance". Section 1.02. FINDINGS. It is hereby ascertained, determined and declared that: u A. That the acquisition of a parcel of land in Section 30, Township 40 South, Range 43 East, Palm Beach County, Florida, is necessary to preserve the public health, safety and general welfare of the citizens of the Village of Tequesta, Florida and it is essential that such acquisition be accomplished as provided in this ordinance. B. That said Original Ordinance, in Section 3.06 (E) thereof, provides for the issuance of pari passu additional Bonds under the terms, limitations and conditions provided therein. C. That the aggregate amount of a combination of Cigarette Taxes, Franchise Taxes and Utilities Services Taxes received by the Village is as follows: 1. In the immediately preceding year ending September 30, 1969--------------------------------------------------$125,085.85 2. Annual average in the immediately preceding 24 months ending September 30, 1969-----------------------------$114,150.97 • • D. That the Village has made all payments into the Sinking Fund and Reserve Account and other funds provided for in said Original Ordinance, has .complied fully with all terms, covenants and provisions contained in said Original Ordinance. E. That the Village is authorized to issue the Bonds authorized u herein as pari passu additional obligations within the authorization contained in Section 3.06 (E) of said Original Ordinance. F. That the entire proceeds of the Cigarette Taxes, Utilities Services Taxes and Franchise Taxes are pledged for the payment of the principal of and interest on $117,000 outstanding Excise Tax Revenue Bonds dated October 1, 1964, which outstanding Bonds, and any pari passu additional Bonds hereafter issued in the manner provided in Section 3.06 (E) of said Original Ordinance are and will be on a parity and will have a first lien on the entire proceeds of the Cigarette Taxes, Utilities Services Taxes and Franchise Taxes received by the Village. G. That the estimated proceeds of the Cigarette Taxes, Utilities Services Taxes and Franchise Taxes to be received by the Village each year will be sufficient to pay the principal of and interest on the Bonds to be issued pursuant to this Supplemental Ordinance and said outstanding Excise Tax Revenue Bonds dated October 1, 1964 and of complying with all the provisions of the proceedings which authorized the issuance thereof. H. That the average annual aggregate proceeds of the Cigarette Taxes, Utilities Services Taxes and Franchise Taxes received by the Village in the 24 months immediately preceding September 30, 1969 have not been less than One Hundred Fifty Per Centum (150%) of the largest amount of the principal and interest which will become due in any succeeding fiscal year on (1) the $117,000 outstanding Excise Tax Revenue Bonds, dated October 1, 1964, (2) the $27,000 Excise Tax Revenue Bonds, Series 1969 to be issued pursuant to this Supplemental Ordinance, and (3) any other obligations which are payable from the proceeds of such aforesaid Excise Taxes; that the Village is authorized to issue the $27,000 Excise TaxrEevenue Bonds, Series 1969, on a parity with said Excise Tax Revenue Bonds dated October 1, 1964. . I. That the principal of and interest on the Bonds to be issued pursuant to this Supplemental Ordinance and all of the Sinking Fund, Reserve Account and other payments provided for in this Supplemental Ordinance will be paid solely from the proceeds of the Cigarette Taxes, Utilities Services Taxes and Franchise Taxes received by the Village and shall not constitute a debt of the Village of Tequesta or be a lien on any real estate of said Village. -2- Section 1.03. ORDINANCE CONSTITUTES CONTRACT. In consideration of the acceptance of the Bonds authorized to be issued hereunder by those who shall hold the same from time to time, this Supplemental Ordinance and said Original Ordinance shall be deemed to be and shall constitute a contract between the Village and such Bondholders and the covenants and agreements herein set forth to be performed by said Village shall be for the equal benefit, protection and security of the legal holders of any and all of such Bonds and the coupons attached thereto, all of which shall be of equal rank and without preference, priority or distinction of any of the Bonds or coupons over any other thereof except as expressly provided therein and herein. Section 1.04. DEFINITIONS. That all of the definitions contained in Section 1.03 of said Original Ordinance, in addition to the definitions contained herein, shall apply fully to the Bonds issued hereunder. u -3- • • ARTICLE II AUTHORIZATION OF ACQUISITION OF PARCEL OF LAND Section 2.01. AUTHORIZATION OF ACQUISITION. That there is hereby confirmed and authorized the acquisition of that parcel of land in Section 30, Township 40 South, Range 43 East, Palm Beach County, Florida, more particularly described as follows: Commence at a point in the west line of said Section 30 at a distance of 1004.75 feet north of the southwest corner thereof, said point being in the north right-of-way line of an 80° foot proposed road, and the point of beginning of the herein described parcel of land; thence continue northerly along said west line of Section 30, a distance of 435 feet to a point; thence easterly, making an angle of 90 degrees, from south to east, a distance of 300 feet to a point; thence southerly, parallel to the said west line of Section 30, a distance of 465.82 feet to a point in the arc of a curve concave to the south whose radius is 1540 feet and central angle is 11° 13° 55", said point being in the northerly right-of-way line of the aforementioned proposed road, making an angle of 78° 31' 05" from north to northwest to the tangent of said curve; thence northwesterly and westerly along the arc of said curve a distance of 301.89 feet to a point of tangency; thence westerly along a line tangent to said curve a distance of 0.17 feet to the point of beginning. Subject to easements, restrictions and reservations of record and taxes for the year 1969 and thereafter, all in accordance with the terms and conditions authorized by motion of the Village O,ouncil on February 18, 1969, which terms and conditions are as follows: Total purchase price of $30,000 payable $3,000 in cash at time of closing and the balance of $27,000 to be paid on or before September 30, 1969 together with interest thereon at the rate of 5% per annum or, in the event the Village is unable to pay the said balance of $27,000 on September 30, 1969, then and in that event the Sellers agree that they will accept valid obligations of said Village secured by a pledge of Cigarette Taxes, Utilities Services Taxes and Franchise Taxes, which obligations shall mature on September 30th in the years and amounts shown: Maturity Date Princit~al Amount 1970 $ 4,000 1971 4,000 1972 4,000 1973 5,000 1974 5,000 1975 5,000 -4- . • • ARTICLE III AUTHORIZATION, TERMS AND FORM OF BONDS. Section 3.01. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions of this ordinance, obligations of the Village of Tequesta, to be known as "Excise Tax Revenue Bonds, Series 1969" are hereby authorized to be issued in the aggregate principal amount of Twenty-Seven Thousand Dollars ($27,000) for the purpose of paying part of the cost of acquisition of a parcel of land as provided in Sections 1.02 and 2.01 hereof. Section 3.02. DESCRIPTION OF BONDS. The bonds shall be dated October 1, 1969, shall be numbered from 1 to 6, both inclusive; shall bear interest at the rate of Five Percentum (5%) per annum, payable annually on October 1 of each year, and shall mature serially in numerical order, on October 1 of each year in the denomination and years shown: Bond No. Year Denomination 1 1970 $4,000 2 1971 4,000 3 1972 4,000 4 1973 5,000 5 1974 5,000 6 1975 5,000 Said bonds shall be issued in a form payable to the Seller of the parcel of land being acquired, and interest shall be payable to the designated payee. Both principal and interest shall be payable in lawful money of the ~inited States of America and shall bear interest from their date, payable annually in accordance with the terms of this ordinance. Section 3.03. EXECUTION OF BONDS. Said bonds shall be executed in the name of the Village by its mayor, and countersigned and attested by its Village clerk, and its corporate seal shall be affixed thereto. Section 3.04. NEGOTIABILITY AND REGISTRATION. The bonds shall be, and have all the qualities and incidents of, negotiable instruments under the law merchant and the Negotiable Instruments Law of the State of Florida, and each successive holder, in accepting any of said bonds shall be conclusively deemed to have agreed that such bonds shall be and have all of the qualities and incidents of negotiable instruments under the law merchant and the Negotiable Instruments Law of the State of Florida, and each successive holder of said bonds shall further be conclusively deemed to have agreed that said bonds shall be incontestable in the hands of a bona fide holder for value in the manner provided hereinafter in the form of said bonds. The bonds may be transferred at the option of the payee, as to both principal and interest, at the office of the Village clerk, such transfer to be noted on the back of said bonds. Section 3.05. BONDS MUTILATED, DESTROYED, STOLEN OR LOST. In case any bond shall become mutilated or be destroyed, stolen or lost, the Village may in its discretion issue and deliver a new bond in exchange and substitution for such mutilated bond upon surrender and cancellation of such mutilated bond, if any, or in lieu of and substitution for the bond, if any, destroyed, stolen or lost, and upon the holder -5- • • furnishing the Village proof of his ownership thereof and satisfactory indemnity and complying with such other reasonable regulations and conditions as the Village may prescribe and paying such expenses as the Village may incur. All bonds so surrendered shall be canceled by the Village clerk and held for the account of the Village. If any such bond shall have matured or be about to mature, instead of issuing a substituted bond, the Village may pay the same, upon being indemnified as aforesaid, if such bond be lost, stolen or destroyed without surrender thereof. Any such duplicate bonds issued pursuant to this section shall constitute original, additional contractual obligations on the part of the Village, whether or not the lost, stolen or destroyed bonds be at any time found by any one, and such duplicate bonds shall be entitled to equal and proportionate benefits and rights as to lien and source and security for payment from said Excise Taxes pledged herein with all other bonds issued hereunder. Section 3.06. FORM OF BONDS. The text of the bonds shall be in substantially the following tenor, with such omissions, insertions and variations as may be necessary and desirable and authorized or permitted by this ordinance or any subsequent ordinance adopted prior to the issuance thereof: . -6- No. UNITED STATES OF AMERICA $ STATE OF FLORIDA COUNTY OF PALM BEACH VILLAGE OF TEQUESTA EXCISE TAX REVENUE BOND SERIES 1969 KNOW ALL MEN BY THESE PRESENTS that the Village of Tequesta, in the County of Palm Beach, Florida, for value received, hereby promises to pay to MARY JANE OFFUTT MOCHWART and PEGGY ANN OFFUTT LANE as Trustees of the "Offutt Trust" . on the first day of October, 19 from the special funds hereafter mentioned, the principal sum of Four Thousand Dollars ($4,000) with interest thereon at the rate of Five Percentum (5%) per annum, payable annually on the first day of October in each year to the payees named in this Bond. Both principal of and interest on this Bond are payable in lawful money of the United States of America at the Village Hall, Village of Tequesta, Florida. This Bond is one of an authorized issue of Bonds in the aggregate principal amount of Twenty-Seven Thousand Dollars ($27,000) of like date, tenor and effect, except as to number, denomination and date of maturity, issued to finance part of the cost of acquisition of a parcel of land in Section 30, Township 40 South, Range 43 East, Palm Beach County, Florida, under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including Chapter 57-1915, Laws of Florida, Acts of 1957, as amended, Chapter 210, Florida S~atutes, Section 167.431, Florida Statutes, and other applicable statutes, and an ordinance duly enacted by the Village Council of said Village on the day of X970, and an Original Ordinance duly enacted by said Village Council on September 14, 1964, and is subject to all the terms and conditions of said Ordinance and said Original Ordinance. This Bond and the interest thereon is payable solely from and secured by a lien on and pledge of the Cigarette Taxes levied and collected in said Village pursuant to Chapter 210, Florida Statutes, the Franchise Taxes levied and collected in said Village pursuant to Chapter 57-1915, Laws of Florida, Acts of 1957, and Utilities Services Taxes levied and collected in said Village pursuant to Section 167.431, Florida Statutes, all in the manner provided in said Ordinance, and this Bond does not constitute an indebtedness of the Village of Tequesta within the meaning of any constitutional, statutory or charter provisions or limitation, and it is expressly agreed by the holder of this Bond that such holder shall never have the right to require or compel the exercise of the ad valorem taxing power of said Village for the payment of the principal of and interest on this Bond or the making of any -7- ~ ~ ~ sinking fund, reserve or other payments provided for in the ordinance authorizing said issue of Bonds. It is further agreed between the Village of Tequesta and the holder of this Bond that this Bond and the obligation evidenced hereby shall not constitute a lien upon any property in the Village of Tequesta, but shall constitute a lien only on said Cigarette Taxes, Franchise Taxes and Utilities Services Taxes in the manner provided in said ordinance. It is hereby certified and recited that all acts,.conditions and things required to exist, to heppen and to be performed precedent to and in the issuance of this Bond, exist, have happened and have been performed in regular and due form and time .as required by the Laws and Constitution of the State of Florida applicable thereto, and that the issuance of this Bond, and of the issue of Bonds of which this Bond is one, does not violate any constitutional, statutory or charter limitation. This Bond is and has all the qualities and incidents of a negotiable instrument under the law merchant and the Negotiable Instruments Law of the State of Florida, and the original holder and each successive holder of this Bond shall be conclusively deemed by his acceptance hereof to have agreed that this Bond shall be and have all the qualities and incidents of negotiable instruments under the iaw merchant and the Negotiable Instruments Law of the State of Florida. IN WITNESS WHEREOF said Village of Tequesta in the County of Palm Beach, Florida has issued this Bond and has caused the same to be executed by the manual signature of its Mayor, and the corporate seal of said Village to be affixed hereto, attested by the Village Clerk of said Village by his manual signature, all as of the first day of October, 1969. VILLAGE OF TEQUESTA, FLORIDA (SEAL) ATTEST: Mayor Village Clerk -8- • • ARTICLE IV SECURITY OF BONDS Section 4.01. BONDS NOT TO BE INDEBTEDNESS OF THE VILLAGE OF TEQUESTA. The bonds shall not be or constitute an indebtedness of the Village of Tequesta within the meaning of any constitutional, statutory or charter limitation of indebtedness, but'shall be payable solely from said Cigarette Taxes, Franchise Taxes and Utilities Services Taxes as herein provided. No holder or holders of any bond issued hereunder shah. ever have the right ~o compel the exercise of the ad valorem taxing power of the Village, or taxation in any form of any real property therein to pay said bonds or the interest thereon. Section 4.02. BONDS SECURED BY PLEDGE OF EXCISE TAX REVENUES. The payment of the debt service of and all other payments required for the bonds issued hereunder shall be secured forthwith equally and ratably by a lien on the Cigarette Taxes levied and collected pursuant to Chapter 210, Florida Statutes, and the ordinance enacted on June 28, 1963, the Franchise Taxes levied and collected pursuant to the charter of said Village and said ordinance enacted by the Village Council of said Village on September 6, 1960 and the Utilities Services Taxes levied and collected pursuant to Section 167.431, Florida Statutes, and said ordinance enacted on July 8, 1958. The aforesaid Excise Taxes, in an amount sufficient to pay the principal of and interest on the bonds herein authorized are hereby irrevocably pledged to the payment of and interest on the bonds herein authorized as the same become due; provided, however, that the lien of the holders of the bonds issued by this Supplemental Ordinance ranks equally and is on a parity with the lien on said Excise Taxes of the holders of the outstanding bonds of an issue of $148,000 Excise Tax Revenue Bonds, dated October 1, 1964, and the holders of any pari passu additions"1 obligations hereafter issued pursuant to and within the terns, limitations and conditions contained in said Original Ordinance and in Section 4.04 of this Supplemental Ordinance. Section 4.03. BONDS SECURED BY ORIGINAL ORDINANCE. The bonds authorized by this Supplemental Ordinance shall be deemed to have been issued pursuant to said Original Ordinance, to which this Ordinance is supplemental, as fully and to the same extent as the $148,000 Excise Tax Revenue Bonds, dated October 1, iyo4, and all of the covenants and agreements contained in said Original Ordinance, shall be deemed to be part of this Supplemental Ordinance to the same extent as if incorporated verbatim in this Supplemental Ordinance, and shall be fully enforceable in the manner provided in said Original Ordinance by any of the holders of bonds issued pursuant to this Supplemental Ordinance ~y the Village of Tequesta. The "Excise Tax Revenue Fund" heretofore created, the "Sinking Fund" and "Reserve Account" created and established pursuant to said Original Ordinance shall be continued and maintained as provided in said Original Ordinance so long as any of the bonds issued pursuant to this Supplemental Ordinance, or interest thereon, are outstanding and unpaid, and the payments into the Sinking Fund shall be increased by the amounts necessary to provide for the bonds issued pursuant to this Supplemental Ordinance. No preference, priority or distinction of any kind shall exist or be exercised in the payments from said Sinking Fund between said Excise Tax Revenue Bonds -9- • • dated October 1, 1964 and the bonds issued pursuant to this Supplemental Ordinance. The Village shall also deposit in said Reserve Account, in addition to the amounts required to be deposited therein by said Ordinance on the 1st day of April and the 1st day of October of each year beginning with the 1st day of April, 1970, the sum of Five Hundred Twenty-Five Dollars ($525.00); provided, that no further payments shall be required to be made into said Reserve Account when there shall have been deposited therein, and as long as there remains therein, an amount equal to the largest aggregate amount of principal and interest maturing and becoming due on the outstanding Excise Tax Revenue Bonds dated October 1, 1964 and the bonds herein authorized in any succeeding year. Moneys in said Reserve Account shall be used only for the purpose of the payment of maturing principal of or interest on the bonds issued hereunder and the Excise Tax Revenue Bonds dated October 1, 1964 when other moneys in the Sinking Fund are insufficient therefor, and for no other purpose. No preference, priority or distinction of any kind shall exist or be exercised in payments from said"Reserve Account between said Excise Tax Revenue Bonds dated October 1, 1964 and the bonds issued pursuant to this Supplemental Ordinance. -10- • • Section 4.04. ISSUANCE OF PARI PASSU ADDITIONAL BONDS. That no pari passu additional bonds, as in this sub-section defined, payable out of the Cigarette Taxes, or Franchise Taxes, or Utilities Services Taxes, shall be created after the issuance of any bonds pursuant to this Supplemental Ordinance except under the conditions and in the manner provided by this Supplemental Ordinance. No such pari passu additional bonds shall be created unless the average annual aggregate amount of said Cigarette Taxes, as defined herein, or said Franchise Taxes, as defined herein, or said Utilities Services Taxes, as defined herein, or any combination thereof received by the Village during the immediately preceding fiscal year, or the average annual aggregate amount of said Cigarette Taxes, or Franchise Taxes, or Utilities Services Taxes, or any combination thereof received by the Village iri the immediately preceding complete twenty-four months, whichever is smaller, shall have been at least equal to One Hundred Fifty Percentum (150°/°) of the maximum amount of principal and interest which will become due in any succeeding fiscal year on the Excise Tax Revenue Bonds dated October 1, 1964 then outstanding; and the Excise Tax Revenue Bonds, Series 1969, dated October 1, 1969, then outstanding; and on any other obligations then outstanding which are payable from said Excise Revenue Taxes; and on the pari passu additional bonds then proposed to be issued. For the purposes of this sub-section the terms "Cigarette ~~axes", "Franchise Taxes" and "Utilities Services TaxesY1 shall mean respectively she pr:>ceeds of such Cigarette Taxes, Franchise Taxes and Utilities Services Taxes actually collected by the Village which the Village has pledged pursuant to said Original Ordinance, or may legally pledge, at the time of the issuance of such proposed pari passu additional bonds, as a first lien on such Cigarette Taxes, Franchise Taxes and Utilities Services Taxes, to the payment of debt service and reserves on bonds theretofore issued pursuant to said Original Ordinance and this Supplemental Ordinance and the holuers of any pari passu additional bonds subsequently created within the limitations of and in compliance with this sub-section. All of such bonds, regardless of the time or times of their issuance, shall rank equally with respect to their lien on said Excise Tax Revenue, without preference of any bond or coupon over any other. The Village shall comply fully with all of the increased payments into the various funds created by said Original Ordinance and continued and maintained by this Supplemental Ordinance required for such pari passu additional bonds, in addition tc the payments required for the bonds issued pursuant to this Supplemental Ordinance. The term "pari passu additional bonds" as used in this sub-section shall not be deemed to include bonds, notes, certificates o-r other obligations subsequently issued, the lien of which on the Excise Tax Revenues is subject to the prior and superior lien on such revenues of the Excise Tax Revenue Bonds dated October 1, 1964-and the Excise Tax Revenue Bonds issued pursuant to this Supplemental Ordinance and the Village shall not issue any obligations whatsoever payable from Excise Tax Revenues which rank equally as to lien on and source and security for payment from such revenues with the Excise Tax Revenue Bonds dated October 1, 1964 and the Excise Tax Revenue Bonds dated October 1, 1969 issued pursuant to this Supplemental Ordinance except in the manner and under the conditions provided in this sub-section. -11- ~ ~ No pari passu additional bonds, as in this sub-section defined, shall be created at any time, however, unless all of the payments into the reserve funds provided in said Original Ordinance and continued and maintained by this Supplemental , Ordinance on all bonds then outstanding, and all other Reserve or Sinking Funds or other payments provided for in said Original Ordinance and continued and maintained by this Supplemental Ordinance shall have been made in full, and the Village shall have fully complied with all the covenants, agreements and terms of said Original Ordinance and this Supplemental Ordinance. Notwithstanding the foregoing provisions, the Village shall be required to enforce all of the covenants and provisions of said Original Ordinance which authorized the ~.ssuance of the outstanding Excise Tax Revenue Bonds dated October 1, 1964 and the outstanding Excise Tax Revenue Bonds, Series 1969, dated October 1, 1969, so long as any of the bonds authorized by said Original Ordinance and this Supplemental Ordinance are outstanding and unpaid. U -12- • ARTICLE V MISCELLANEOUS • Section S.O1. MODIFICATION OR AMENDMENT. No material modification or amendment of this Supplemental Ordinance or of any ordinance amendatory hereof or supplemental hereto may be made without the consent in writing of the holders of Two-Thirds (2/3rds) or more in principal amount of the bonds then outstanding; provided, however, that no modification or amendment shall permit the change in the maturity of such bonds or a reduction in the rate of interest thereon, or in the amount of the principal obligation thereof or affecting the unconditional promise of the Village to pay the principal of and interest on the bonds as the same become due from said Cigarette Taxes, Franchise Taxes and Utilities Services Taxes, or reduce the percentages herein required for such modification or amendments, without the consent of the holders of such bonds. Section 5.02. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the covenants, agreements or provisions of this Supplemental Ordinance shall be held contrary to any express provision of law or contrary to the policy of express law, those not expressly prohibited, or against public policy or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions and .shall in no way affect the validity of any of the other provisions of this Supplemental Ordinance or of the bonds issued hereunder. Section 5.03. ISSUANCE AND DELIVERY OF BONDS. The bonds authorized hereunder shall be executed in the name of the Village by the signature of its mayor, and countersigned and attested by the signature of its Village clerk and its corporate seal shall be affixed thereto and the said bonds when fully executed shall be delivered to Mary Jane Offutt Mochwart and Peggy Ann Offutt Lane, as Trustees of the "Offutt Trust" and said Tr~.stees shall deliver a receipt to the Village for such bonds acknowledging that the said bonds and funds previously paid to such Trustees constitute full and complete payment for that parcel of land in Section 30, Township 40 South, Range 43 East, Palm Beach County, Florida, more particularly described in Section 2.01 of this Supplemental Ordinance. Said Trustees shall further deliver to the representatives of the Village a deed transferring fee simple title to the Village of Tequesta along with title insurance in an amount deemed adequate by the representatives of the Village of Tequesta. The delivery of the Excise Tax Revenue Bonds, Series 1969 authorized by this Supplemental Ordinance and the receipt of the aforementioned instruments by the Village of Tequesta shall all be approved by William A. Lord, Village attorney, and his written approving opinion of this entire transaction shall be filed with the Village Council. Section 5.04. TIME OF TAKING EFFECT. That the acquisition of the parcel of land prescribed in Section 2.01 hereof is deemed necessary for the health and -13- • • safety of the inhabitants of the Village of Tequesta and that such acquisition be completed with the least possible delay and it is hereby determined that this Ordinance is an emergency measure and shall take effect immediately. PASSED AND ADOPTED ON FIRST READING, on January~{~, A.D. 1970. ATTEST: ~~`, Village Clerk -14- 0 APPRO ,- ii. ~ ~'~2~ .--