Res 812-51 R E S 0 L U T I 0 N N O. -812
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, AMENDING SECTION 5 OF RESOLU-
TION No. 761, P~RTAINING TO SPECIAL TAX RkWENq3E
CERTIFICATES ISSUED BY THE CITY OF DELRAY BEACH,
FLORIDA.
BE IT RESOLVED by the City Council of the City of
Delray Beach, Florida, as follows:
Section 1: That Section 5 of Resolution No. 761 of
the City of Delray Beach, Florida, be, and the same is hereby am-
ended to read as follows:
"Section 5: (a) That there is hereby created for
the purpose of paying principal of and interest on the certificates
herein authorized and establishing and maintaining a reserve for
such purpose a fund to be known as the "Special Tax Revenue Cefti-
n' ' ~ which is hereinafter in this resolution
ficates Slnkln~ Fund",
sometimes referred to as the "Certificate Fund". Such fund shall
be kept on deposit in the First National Bank in the City of Del-
ray Beach, Florida, or in such other bank of equal standing and
rating as may hereafter be specified by the City Council.
The money held in said fund shall be held by said
depositary as a special and not a general deposit and as a special
trust fund the beneficial interest in which shall be in the hold-
ers from time to time of the obligations payable therefrom. All
money in such fund shall be continually secured by the deposit of
collateral security having a market value at all tin,es of not less
than the amount on deposit in such fund and shall be otherwise se-
cured to the fullest extent required by the laws of Florida for
tile securing of public deposits.
Money received by the City from the excise tax levied
and imposed by the City under the provisions of Ordinance Number
535, as adopted by the City ~ouncil on July 9, 1945, as amended
on January 28, 1946, as amended at any time prior to the issuance
of the certificates hereunder, upon every purchase of electricity,
bottled gas (natural or manufactured), and local telephone service
(herein called the "u~ilities service tax"), while any of the cer-
tificates herein authorized remain outstanding and unpaid, shall
be placed by the City in the Certificate Fund as such money is
received,and to the extent hereinafter provided, and all money so
placed in said Certificate Fund is hereby irrevocably pledged to
the payment of principal and interest on the certificates.
It stroll be the duty of the depositary of the certi-
£icate fund to transmit to the City Clerk not later than July 15
of each year an amount taken from the Certificate Fund which will
be sufficient to pay principal of and interest on the certificatel
due on the succeeding August 1st, and interest on the certificates
falling due on the succeeding February 1st. There shall be main-
tained in such Certificate ~nd, at all times, an amount suffici-
ent to pay principal and interest falling due in the next succeed-
ing calendar year.
(b) That the City of Delray Beach is hereby author-
ized to withdraw from such Certificate Fund any monies in excess
of the amount necessary to pay the principal and interest falling
due in the next succeeding calendar year."
Adopted and approved September 6, A. D. 1951.
(S XL)
ATTEST:
APPROVED by the First National Bank of Delray Beach,
Florida.