Res 1081-57 A RESOLUTION ~ ?HE CI%'Y COPH'4ISSION OF THE CITY OF
DELRAY BEACH, FLOF, IDA, AU'i'HORIZING THE INVESTME~
OF CERTAIN SURPLUS FUi~DS.
WHEREAS, The City of Delray Beach has on deposit with the
Delray Beach National Bank in a commercial checking account known
as City of Delray Beach Special '3~'rust Account the sum of $465,995.18,
and on deposit with the First National Bank of Delray Beach in a
commercial checking account known as City of Delray Beach Special
~'rust Account the sum of $465,995~18, representing the proceeds of
the sale of $1,378,000.00 Water L~venue Certificates, Series 1957,
of the City of Delray Beach; and
~.,~HEREAS, the City Commission is empowered and authorized, in
its discretion, by resolution, to invest any surplus in government
paper as authorized by Section 167.7~i., Florida Statutes; or it may
transfer any surplus of such account to time deposits (not exceed-
ing six months) at the prevailing interest rate and provided they
are secured by collateral deposits a.~ required by law for deposits
of public funds, all in accordance with approval of the original
purchaser of the above described water revenue certificates, Ira
Haupt & Company, by letter dated october 28, 1957 to the Delray
Beach National Bank and the First National Ba~z of Delray Beach,
NO~'~, THEREFORE BE IT RESOLVED BY THE CITY COM3~ISSION OF THE
CITY OF DELRAY BEACH, FLORIDA, as follows:
1. %~aat a surplus portion in the amount of $339,250.00 on
deposit with the Delray Beach National Bank and a surplus portion
in the amount of $339,250.00 on deposit with the First National
Bank of Delray Beach does in the reasonable expectation of the
City Commission hereby exist, and %¢ill not be needed for the
purposes intended within a period of six months from the date of
this resolution.
2. That the Delray Beach National Bar~ and the First National
Bank of Delray Beach are hereby empowered and directed to/nvest
$178,000.00 of the above mentioned surplus on deposit in their
respective banks .in ninety day time deposits at 2% interest rate
· and $161,250.00 in six months time deposits at 3% interest rate
upon receipt of certification by Smith and Gillespie of Jackson-
ville, Florida, supervising engineers cf 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.
3. %~nat proper certificates of deposit and the required secur-
ity for said deposits be transmitted to the City Treasurer of the
City of Delray Beach for safekeeping.
4. ~at 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 respective
banks for redeposit with the related interest thereon to the credit
of the City of Delray Beach Special Trust Account.
PASSED IN SPECIAL SESSION this 15th day q%f November, 1957.