Res 1107-58 RESOLUTION NO. 1107.
A RESOLUTION OF THE CITY COUNCIL OF THE
CITT OF DELRAY BEACH, FLORIDA, AUTHORIZING
'I~E INVESTMENT OF CERTAIN SURPLUS FUNDS.
WHEREAS, The City of Delray ~each has on deposit with the
Delray Beach National Bank in a commercial Checking account known
as City of Delray Beach Special Trust Account, funds representing
the remaining proceeds of the sale of $1,878,000.00 Water Revenue
Certificates, Series 1957, of the City of Delray Beach; and
WHEREAS, the City Council is empowered and authorized, in
its discretion, by resolution, to invest any surplus in government
paper as authorized by Section 167.74, Florida Statutes; or it may
transfer any surplus of such account to time deposits (not ex-
ceeding six months) at the prevailing interest rate and provided
they are secured by collateral deposits as required by law for
deposits of public funds, all in accordance with approval of the
original purchaser of the above described water revenue certifi-
cates, Ira Haupt & Company, by letter dated October 28, 1957 to
the Delray Beach National Bank and the First National Bank of
Delray Beach,
NOW, TH~EFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA, as follows:
1. That a surplus portion in the amount of $100,000.00
on deposit with the Delray Beach National Bank and a surplus por-
tion in the amount of $100,000.00 on deposit with the First
National Bank of Delray Beach does in the reasonable expectation
of the City Council hereby exist, and will not be needed for the
purposes intended within a period of three months from the date of
this resolution.
2. That the Delray Beach National Bank and the First Nation-
al Bank of Delray Beach are hereby empowered and directed to invest
$100,000.00 of the above mentioned surplus on deposit in their
respective banks, as of May 19, 1958, in ninety day time deposits
at 1½% interest rate, upon receipt of certification by Smith and
Gillespie of Jacksonville, Florida, supervising engineers of the
project, that such funds are deemed surplus funds, and properly
signed check, voucher, or warrant signed by the City Treasurer and
countersigned by the City Manager.
S. That proper certificates of deposit and the required
security for said deposits be transmitted to the City Treasurer of
the City of Delray Beach for safekeeping.
4. That at the maturity date of said time deposits the
City Treasurer of the City of Delray Beach is hereby authorized
and directed to surrender the certificates of deposit to the res-
pective banks for redeposit with the related interest thereon to
the credit of the City of Delray Beach Special Trust Account.
PASSED IN ~£GULAR SESSION this 9thday of June
A.D. 1958 . ''