R66-UURESOLUTION
WHEREAS, the City of Boynton Beach has heretofore entered
into a joint construction project with the Florida State Road Department for
the installation of certain storm drainage facilities on No~th Second Avenue
within said Municipality, and
WHEREAS, in conjunction therewith, the City has issued and
sold a Municipal Revenue Certificate, in the amount of $160,000.00, for
the purpose of financing its share of subject project, and
WHEREAS, it is deemed essential and in accordance with sound
fiscal practice to establish a separate and individual Construction Trust
Fund Account for the purpose of maintaining strict accountability with
relation to income and disbursements relative subject project,
NOW, THERt~FORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF BOYNTON BEACH:
1. That O. R. WALLACE, City Finance Director, is hereby
authorized and directed to establish a checking account with the First Bank
of Boynton Beach, to be designated as the 'ICITY OF BOYNTON BEACH
NORTH SECOND AVENUE DRAINAGE CONSTRUCTION TRUST FUND
ACCOUNT".
2. All proceeds from the sale of the above $160,000.00 Revenue
Certificate shall, as received, be deposited to the above Construction Trust
Fund Account, and payment of all costs of construction and administrative,
legal, fiscal, engineering or other contingent costs connected with subject
project, shall be paid from said account.
3. Checks upon subject account shall be drawn by O. R.
WALLACE, City Finance Director, or in her absence by R. B. CARRIER,
City Treasurer, and shall be countersigned by F. T. KAIN, City Manager,
or in his absence by WALTER A. MADSEN, Mayor, or in the absence of
both, by FRANK McCOY, JR., Vice Mayor.
A. Do
1966.
PASSED AND ADOPTED this
day of December,
CITY OF BOYNTON BEACH, FLO1RI
Mayor k_ ~-'
Counei~an ~ -' -
Counci~a~ --
ATTEST:
City Clerk
(CORP. SEAL)
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