11-15-57SpMtg NOVEgBER 15TH, 1957o
A Special Meeting of the City Council of Delray Beach, F~orlda,
was held in the Council Chambers at 11:30 A. M., with Mayor George
V. Warren in the Chair, City Manager W. E. Lawson Jr., City Attorney
Harry T. Newett and the following Commissioners being present -/Col.
Dugal G. Campbell, Mr. R. J. Holland, Mrs. Martha K. Holland and Mrs.
Catherine E. Strong.
City Manager Lawson informed the Council that more than sixty
Manufacturer's representatives attended the opening of BIDS, at 10:Od
A. M. today, for"Furnishing of all labor, materials and equipment,
and perform all work, in strict compliance with the plans and speci-
fications, for improvements to the Water Plant facilities", and that
twenty-three seperate bids were received.
Mr. Homer B. Scott, of Smith & Gillespie. informed the Council
that a careful study and tabulation of the Bids would be made in
Jacksonville during this week end and said bids, together with Smith
and Gillespie's recommendation would be returned to the City Manager
by Friday, the 22nd, to enable the Manager and Council to review
said recommendation and bids.
Mr. Scott submitted to the Council a certified statement from
Smith and Gillespie, in accordance with the City's letter to the lo-
cal banks, approyed_by Ira Haupt & Company, setting forth therein
that the sum of $678.500.$0, of the total construction fund, is not
expected to be needed for the purposes intended within a period of
six (6) months.
The City Manager then read Resolution No. 1081:
i RESOLUTION OF THE CITY COUNCIL AUTHORIZING THE
INVESTMENT OF CERTAIN SURPLUS 2EUNDS'
(Photo Copy of Res. 1051, see Page
A certified copy of said Resolution No. 1081 is attached hereto as
Page 2 hereof.
Commissioner Campbell moved for adoption of Resolution No. 1081
on this first and final reading. Motion seconded by Commissioner
R. J. Holland and unanimously passed.
City Manager Lawson submitted bids received for a 2-Door Station
Wagon intended for use by the Supt. of Public Works:
Adams Chevrolet Co., CHEVROLET $ 2,199.~d+
Joe Rose Motors, PLYMOUTH 2,356.45
Earl Wallace Ford, Inc. FORD 2,199.00
and informed the Council that Cost Records indicate that the Repair
and Maintenance bills of the Ford Cars, now in use by the City,
greatly exceed similar costs for the Chevrolets now in use and there-
fore recommended purchase of the Chevrolet.
Commissioner Strong moved that purchase of the Chevrolet Station
Wagon, as recommended by the City Manager, be made and that $199.W4,
representing necessary additional funds, over budget provision, to
effect such purchase, be provided by transfer from Unappropriated
Surplus. Motion seconded by Commissioner M. K. Holland and unani-
mously agreed.
City Attorney Newett informed the Council that the completion of
Sale documents and Deed for the transfer of the Golf Course and ad-
ditional items as shown in Resolution No. 1065, was only awaiting the
auditor's completion of inventory and audit which is expected to be
furnished within the next few days.
MEETING ADJOURNED. ~~~~
APPROVED: - ' City,S-
A ~-/ESOLU'f~ION OF ~HE CI'i'Y COMMISSION OF 'I'HE CI'i'Y OF
DELRAY BF.n. CH, FLORIDA, A~7£HORIZING '£HE INVES~£~ENT
CF CERTAIN SURPLUS FUNDS.
WHEREAS, The City of Delray Beach has on deposit with the
Delray Beach Naticnal Bank in a commercial checking account known
as City of Delray Beach Special Trust 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
'l'rust Account the sum of $465,995.18, representing the proceeds of
the sale of $1,378,000.00 Water Revenue 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 ~urplus in government
paper as authorized by Section 167.74, 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 as required by law for deposits
of public funds, all in accordance' with approval of the original
purchaser of the a~)ve described water revenue certificates, Ira
Haupt & Company, by letter dated October 28, 1957 to the Delray
Beach National Bank and the First National Bank of Delray Beach,
NOW, THEREFORE BE I%' RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DELRAY BEACH, FLORIDA, as follows~
1. That 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 will 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 Bank and the First National
Bank of Delray Beach are hereby empowered and directed to invest
$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 '£reasurer and countersigned by the
City Manager.
3. That 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. 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 respective
banks for redeposit with the related interest thereon to the credit
of the City of Delray Beach Special Trust Account.
PASSED IN SPFX~.IAL SESSION this 15th da~
~/A Y O R
ATTES'i': / ~,