HomeMy WebLinkAboutMinutes_Special Meeting_10/23/1979•
MINUTES OF THE SPECIAL MEETING OF THE COUNCIL
OF THE VILLAGE OF TEQUESTA, FLORIDA
October 23, 1979
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A Special Meeting of the Council of the Village of Tequesta, Florida,
was held at 7:00 P.M., Tuesday, October 23, 1979 in the Village Hall,
357 Tequesta Drive, Tequesta, Florida. Councilmembers present were Brown,
Cook, Mapes, Ryan and Yoder. Also present were Robert Harp, Village Manager,
Cyrese Colbert, Village Clerk and John C. Randolph, Village Attorney.
Mayor Brown announced the purpose of this meeting was to discuss
options available to the Village in regard to proceeding with the financing
program for the drainage improvement projects and that the meeting had been
duly advertised.
Mr. Joe B. Wise, Vice-President, William R. Hough & Co., was present
and reviewed with Council his letter to Council dated October 17, 1979. In
the letter it states, "...the upward surge of tax exempt rates, both short
and long, makes it marginal as to whether or not twenty-five year "A" Bonds,
or short-teen notes of a comparable rating, can be marketed within the
statutory limit of 7z% permitted by Florida Law for public borrowing".
Mr. Wise told Council that the bond market is presently in. a~'chaotic
state and the trend continues upward in rates.
Mr. Wise, recommended that Council petition the State Board of
Administration for relief from the Statutory rate limit. If the permission
is granted the Council should then determine if they desired to continue with
the bond sale. The reponse from the State usually takes about thirty days.
Council discussed the recommendation from Mr. Wise and the possibilty of
calling a Special Council Meeting should the bond market improve•
The meeting was adjourned at 7:31 P.M.
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D e Approved
Howard ,~. Brown
Les e A. Cook `
W. Harvey Mapes
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Cyres Colbert
ames H. Ryan
Joseph D.~ Yoder