Res 1426-62 RESOLUTION NO. 1426
A RESOLUTION OF THE CITY OF DELRAY
BEACH, FLORIDA, SETTING UP AN AC-
COUNT IN THE WATER FUND ENTITLED
RESERVE FUND FOR UTILITIES TAX
REVENUE CERTIFICATES.
WHS~S, the Water Department of the City of Delray
Beach, Florida, has shown a net profit over the past few years
resulting in an earned surplus in excess of $700,000.00; and
WHEREAS, the City of Delray Beach, Florida is con-
templating the issuance of $1,100,000.00 Utilities Tax Revenue
Certificates for the purpose of financing a portion of an ocean
outfall sanitary sewer system; and
WHEREAS, the City proposes to pay the Utilities Tax
Revenue Certificates from the surplus revenues of the Water and
Sewer System:
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Delray Beach, Florida as follows:
The City Manager is hereby directed to instruct the
Director of Finance to set up a separate account in the Water Fund,
entitled "Reserve for Utilities Tax Revenue Certificates" and te
immediately transfer the sum of $35,625.00 into said account from
the earned surplus, to transfer a like sum into said account at the
end of the next fiscal year from the earned surplus anticipated in
that year, and thereafter provide the funds necessary to pay the
debt service requirements of the Utilities Tax Revenue Certificate~
from the surplus revenues of the Water and Sewer System.
PASSED ANDADOPTED this 12th day of November, 1962.
MA YO~
ATTEST:
t~,git¥. Clerk