Res 340 RESOLUTION NO .~
A RESOLUTION oF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH DESIGNATING THE £RVING TRUST COMPANY oF THE CITY
OF sEW YoR~, AS PAYING AGENT FOR REFUNDinG BONDS OF
SAID C ITY; AND AUTnuRIZING THE MAYOR AND CLERK OF SAID
CITY TO ENTER INT0 AN AGRF. W~ENT THEREFOR.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH:
Section 1. That The Irving Trust Company of the Oity of New
York, New York, be and it is hereby designated as Paying Agent for
principal and interest on City of Delray Beach Refunding bonds
$1,01~,6~.00, dated July l, 19~, numbered i to 10~9, inclusive;
that there be authorized to be paid, and paid, fees to said Paying
Agent as follows: 1/% of 1% of each installment of interest but
with a minimum of 4¢ per coupon paid by it; 1/10th of 1% of each
installment of principal; that such payments shall be made to such
Paying Agent only upon interest coupons and bonds actually paid
by it; that any fund turned over to, or placed in the hands of
said Paying Agent shall be by it held solely for the purpose of
paying interest coupons or bond maturities, and the same shall
not be placed by it in a general account to the credit of said
City, as a general deposit, but held by it as a trust deposit;
that the Mayor and Clerk of the City of Delray Beach be, and they
are hereby authorized to enter into an agreement with The Irving
Trust Company of the City of New York, in accordance with this
resplution, such agreement, however, to be revocable by the City
Council, City of Delray Beach, in the event said Council should
deem it advisable to revoke the same.
Section 2. That the Clerk of the City of Delray Beach be,
and she is hereby authorized and directed to pay over to The
Irving Trust Company of the City of New York, as Paying Agent for
the City, sufficient l~muds to pay the January 1, 1939, July 1, 1939,
and January 1, 1940 interest on the above described Refunding Bonds,
such funds to be placed in the hands of the Paying Agent, to be by
it held solely for the purpose of paying such interest.
Section 3. That the official signatures of the Mayor and City
Clerk of the City of Delray Beach who executed the Refunding Bonds
by signing the same, and who executed the interest coupons
attached thereto by facsimile signatures, and the official
seal of the City of Delray Beach, are hereinafter set forth
for the information of the Irving Trust Company.
~ Signature/ . Official Title
Pf~SED in special session on this the ~5~ day of
November, A. D. 1939.
Presaidefr~, Cit~ Council
ATTEST: / / / / ~/~ .~
~i~y Clerk Mayo~ ~