Res 03-66 RESOLUTION NO. 3-66.
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DELRAY BEACH, FLORIDA,
RELATING TO THE INVESTMENT OF PRO-
CEEDS IN THE "CAPITAL IMPROVEMENT
CONSTRUCTION FUND" ACCOUNT IN THE
DELRAY BEACH NATIONAL BANK.
WHEREAS, the City of Delray Beach has recently re-
ceived the sum of $1,188,116.40 from the proceeds of the sale
of $1,200,000.00 Cigarette Tax Bonds of the City which has been
deposited in a "Capital Improvement Construction Fund" account
in the Delray Beach National Bank, Delray Beach, Florida; and
WHEREAS the City Council of the City of Delray Beach
is authorized to temporarily invest any monies in the "Capital
Improvement Construction Fund" account in direct obligations
of the United States of America, or in bank time deposits evi-
denced 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 interests 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 Delray Beach National Bank is hereby directed to
make the following investments in the amounts and with the
maturities as indicated:
$115,000 Certificate of Deposit, Six Months, 3~,
1st National Bank of Delray Beach
115,000 Certificate of Deposit, Six Months, 3~,
Delray Beach National Bank
300,000 U.S. Treasury Notes, 4%, Due August 1, 1966
200,000 U.S. Treasury Notes, 4~, Due May 1, 1967
$730,000
PASSED and ADOPTED this 10th day of January, 1966.
Mayor ~
ATTEST:
City Clerk
City of Delray Beach
Investment of Funds
Capital. Improvement Construction Fund
January 10, 1966
$115,000 Certificate of Deposit, Six Months, 3¼%, 1st
National Bank of Delray Beach
115,000 Certificate of Deposit, Six Months, 3~, Delray
Beach National Bank
300,000 U.S. Treasury Notes, 4%, Due August 1, 1966
200,000 U.S. Treasury Notes, 4¼%, Due May 1, 196~
$730,000