Res 02-66 RESOLUTION NO. 2-66.
A RESOLUTION OF THE CITY COUNC/L OF THE CITY
OF DELRAY BEACH, FLORIDA, RELATING TO THE IN-
VESTMENT OF PROCEEDS IN THE "CONSTRUCTION TRUST
FUND" ACCOUNT IN THE FIRST NATIONAL BANK OF
DELRAY BEACH.
WHEREAS, the City of Delray Beach has recently received
the sum of $1,981,777.00 from the proceeds of the sale of
$2,000,000.00 Water and Sewer Revenue Bonds, Series, 1965, of the
City which has been deposited in a "Construction Trust Fund" ac-
count in the First National Bank of Delray Beach, Delray Beach,
Florida; and
WHEREAS, the City Council of the City of Delray Beach
is authorized to temporarily invest any monies in the "Construction
Trust Fund" account in direct obligations of the United States of
America, or in bank time deposits evidenced by certificates of
deposit and secured by collateral of direct obligations of the
United States of America, maturing not later than the estimated
date on which such money shall be needed; and
WHEREAS, the City Council of the City of Delray Beach
deems it in the best interest of the citizens of this community
to make certain temporary investments of said proceeds,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF DELRAY BEACH, FLORIDA, as follows:
The First National Bank of Delray Beach is hereby
directed to make the following investments in the amounts and
with the maturities as indicated:
$150,000 Certificate of Deposit, Six Months, 3~ at
First National Bank of Delray Beach
100,000 Certificate of Deposit, One Year, 4% at
First National Bank of Delray Beach
150,000 Certificate of Deposit, Six Months, 3~ at
Delray Beach National Bank
100,000 Certificate of Deposit, One Year, 4% at
Delray Beach National Bank
900~000 U.S. Treasury Notes, 4%, due February 1, 1967
$1,400,000
PASSED and ADOPTED this 10th day of January, 1966.
City Clerk -----~/
City of Delray Beach
Investment of Funds
Construction Trust Fund
First National Bank of Delray Beach
January 10, 1966
$150,000 Certificate of Deposit, Six Months, 3¼% at 1st
National Bank of Delray Beach
100,000 Certificate of Deposit, One Year, 4% at 1st
National Bank of Delray Beach
150,000 Certificate of Deposit, Six Months, 3~ at
Delray Beach National Bank
100,000 Certificate of Deposit, One Year, 4% at Delray
Beach National Bank
900,000 U.S. Treasury Notes, 4%, due February 1, 1967
$1,400,000
RESOLUTION NO. 2-66.
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DELRAY BEACH, FLORIDA,
RELATING TO THE INVESTMENT OF PRO-
CEEDS IN THE "CONSTRUCTION TRUST
FUND" ACCOUNT IN THE FIRST NATIONAL
BANK OF DELRAY BEACH.
WHEREAS, the City of Delray Beach has recently re-
ceived the sum of $1,981,777.00 from the proceeds of the sale
of $2,000,000.00 Water and Sewer Revenue Bonds, Series, 1965,
of the City which has been deposited in a "Construction Trust
Fund" account in the First National Bank of Delray Beach,
Delray Beach, Florida; and
WHEREAS, the City Council of the City of Delray Beach
is authorized to temporarily invest any monies in the "Construc-
tion Trust Fund" account in direct obligations of the United
States of America, or in bank time deposits evidenced by certi-
ficates of deposit and secured by collateral of direct obliga-
tions of the United States of America, maturing not later than
the estimated date on which such money shall be needed; and
WHEREAS, the City Council of the City of Delray Beach
deems it in the best interest of the citizens of this community
to make certain temporary investments of said proceeds,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF DELRAY BEACH, FLORIDA, as follows:
The First National Bank of Delray Beach is hereby
directed to make the following investments in the amounts and
with the maturities as indicated:
PASSED and ADOPTED this day of January, 1966.
Mayor
ATTEST:
City Clerk