HomeMy WebLinkAboutMinutes_Special Meeting_11/18/1976•
MINUTES OF THE SPECIAL COUNCIL MEETING
THE VILLAGE OF TEQUESTA, FLORIDA
November 1$, 1976
A Council Meeting of the Village of Tequesta, Florida,
was held on Thursday, November 1$, 1976 at 11:00 A.M., in
the Village Hall. Present were Baron, Brown, Campbell,
Huggins and Yoder. Also present were Robert Harp, Village
Manager, Cyrese Colbert, Village Clerk, and John C. Randolph,
Village Attorney.
This Special Council Meeting was called to consider a
purchase proposal from William R. Hough 8c Co., pursuant to
their agreement of November, 1974 for the purchase of $2,500,000.
Water Revenue Certificates.
Mr. Joe B. Wise, William R. Hough & Co., was present and
informed Council that Standard &Poors would not rate the Village
of Tequesta Water System and that MDIA would not insure without
a rating. NIr. Wise reviewed the proposal with Council and told
Council that if the Village of Tequesta Water System does not
receive a "BAA" rating then the proposal made by William
R. Hough & Co. will be withdrawn.
During the meeting Mr. Wise received a telephone call
that the Village of Tequesta Water System received a conditional
BAA from Moody. The condition was that it s untested new rates
projection would be met and that there be a rate review on
March 1, 1977 on the revenues accrued for December, January
and February. If the rates show insufficient in March then
the Village of Tequesta Water System will increase the water
rates. Brown moved, "that the Council reaffirm its" committment
that all rates, charges and fees of the waterworks system,
shall be revised from time to time as will always provide
revenues in each year sufficient to meet all costs of operation
and maintenance of the waterworks system and shall review
said rates in March 1977 and consider whether such rates shall
be revised". Yoder seconded. Vote on the motion was:
Baron -Against
Brown -For
Campbell -For
Huggins -For
Yoder -For
The motion was therefore adopted.
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Brown moved, "to adopt a Resolution determining to issue
$2,500,000. principal amount of the X3,540,000. Village of
• Tequesta, Florida Water Revenue Certificates series 1976,
fixing the maturities and redemption provisions for such
$z,500,000. Certificates; awarding said Certificates and fixing
the interest rates therefor; and authorizing the use of an
official statement for said Certificates". Yoder seconded and
vote on the motion was:
Baron -Against
Brown -For
Campbell -For
Huggins -For
Yoder -For
and therefore Resolution No. 1-76/77 was passed and adopted
on first reading. Yoder moved, "that the alternate proposal
submitted by William R. Hough & Co., dated November 1$, 1976,
be approved and that the appropriate officer of the Village
Council be authorized to execute said proposal on the behalf
of Village Council. Brown seconded and vote on the motion
was:
Baron -Against
Brown -For
Campbell -For
Huggins -For
Yoder -For
Therefore the motion was adopted.
The meet~.ng was adjourned 1:15 P.M.
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Cyr se Colbert
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