HomeMy WebLinkAboutResolution_27-08_06/12/2008RESOLUTION NO. 27-08
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA,
PALM BEACH COUNTY, FLORIDA, APPROVING PAYING OFF THE BALANCE
OF THE IMPROVEMENT REVENUE REFUNDING BOND SERIES 1994 AND
INCREASING THE 2007-2008 BUDGET IN THE IBR FUND #101 BY
APPROPRIATING ADDITIONAL FUND BALANCE AND INCREASING DEBT
SERVICE IN AN AMOUNT EQUAL TO THE ADDITIONAL LOAN PAYMENT,
Whereas, There is one year remaining on the Improvement Revenue Refunding
Bond Series 1994.; and
Whereas, Paying off the balance of the IBR Bond Series 1994 will result in a savings
of approximately $8,295; and
Whereas, Wachovia Bank, N.A. has determined that as of June 2, 2008 there are no
pre-payment penalties to pay off the balance of the loan in its entirety; and
Whereas, the IBR Fund #101 has sufficient existing funds to pay off the balance of
the debt;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1 Resolution No. 27-08 authorizing the Village Manager to proceed on
behalf of the Village, is hereby approved .
Section 2 This Resolution shall become effective immediately upon passage.
The foregoing Resolution was offered by Vice-Mayor Turnquest who moved its
adoption. The motion was seconded by Council Member Humpage and upon being put
to a vote, the vote was as follows:
Mayor Pat Watkins
Vice-Mayor Calvin Turnquest
Council Member Vince Arena
For Adoption Against Adoption
X
X
X
Council Member Tom Paterno X
Council Member Jim Humpage X
The Mayor thereupon declared the Resolution duly passed and adopted this 12th day of
June, 2008.
MAYOR OF TEQUESTA
ATTEST:
Lori McWilliams, CMC
Village Clerk
Z
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Pat Watkins