06-06-60AR-E-S-O-L-U-T-I-O-N
WHEREAS, the City Council of the CITY OF BOYNTON
BEACH, has heretofore adopted certain actions and procedures to
be followed by its Finance Department relative disposition of
certain municipal funds now on deposit in City Depositories; and
'~HEREAS for purposes of clarification it is felt that
said recommendations and actions should be reduced to writing in
re solution form,
NOW THEREFORE, BE IT RESOLVED by the City Council of
the CITY OF BOYNTON BEACH, FLORIDA, as follows:
1. That all general fund monies now on deposit in
Federal Savings & ;~.oan accounts exceeding the sum of $9000.00 per
account, be withdrawn from said accounts and transferred to Time
Deposit Accounts in the BOYN~N BEACH STATE BANK for a time perio¢
of not less than six month's duration.
2. That the sum of $50,000.00 of gene ral fund money
now on deposit in the BOYNTON BEACH STATE BANK, be transferred to
a Time Deposit Account in the BOYNTON BEACH STATE BANK for a time
period of not less than six month's duration.
8. That the balance of the BOYNTON BEACH MEMORIAL
CEMETERY FUND account amounting to $5,710.00, and the SARAH SIN~
MENORIAL GARDEN account amounting to $1,130.00 presently on deposl
in the BOYNTON BEACH STATE BANK be transferred to a Time Deposit
Account in the BOYNTON BEACH STATE BANK for a time period of not
less than six month's duration.
4. That the Firemen's Relief and Pension Fund pre-
sently deposited in the FIRST FEDERAL SAVINGS& LOAN ASSOCIATION O}
DELRAY BEACH, which now exceeds the $10,000.00 insurable limit
be reduced to $9,000.00 and that the excess withdrawa from said
account be deposited in a Savings Account in the FIRST FEDERAL
SAVINGS & LOAN ASSOCIATION OF LAKE WORTH, BOYNTON BEACH BRANCH, to
obtain the proper insurance coverage on same.
5. That the City Finance Director is hereby authoriz~
to take the necessary steps to carry into effect the procedures
set forth in paragraphs 1 through 4 inclusive hereinabove.
In further clarification of a certain resolution
passed by this Council on May 16, 1960, authorizing certain desig-
nated officers of said municipality to prepare, sign and endorse
checks and vouchers of the City, it is hereb~ stated that the
intent of said authorization was to include authorization to said
persons to also prepare and sign any and all necessary withdrawal
forms or drafts required by any Federal Savings & Loan Association
serving as a City Depository.
PASSED AND ADOPTED this 6th day of June, A.D. 1960.
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