R66-PPRESOLUTION NO. 66-PP
WHEREAS, the City Council of the CITY OF BOYNTON BEACH,
FLORIDA, has heretofore entered into a joint construction project
with the Florida State Road Department providing for the oversizin¢
of certain storm drainage facilities on North Second Avenue (State
Road $804) within said City; and
WHEREAS, the FIRST BANK OF BOYNTON BEACH, BOYNTON BEACH,
FLORIDA, has heretofore committed to lend the sufficient funds to
enable the City to pay its share of said joint construction pro-
ject, with said loan to be secured by a revenue certificate of the
City payable soley from revenues derived from the existing munici-
pal cigarette tax; and
WHEREAS, it is deemed advisable and in accordance with sound
municipal fiscal policy that a separate trust fund account be
established for the purpose of having the required funds available
for paying the debt service under subject loan as the respective
payments come due;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA:
1o THAT F. T. KAIN, City Manager, is hereby authorized and
directed to establish with the FIRST BANK OF BOYNTON BEACH,
BOYNTON BEACH, FLORIDA, a specific municipal account to be designa-
ted as the "CITY OF BOYNTON BEACH MUNICIPAL CIGARETTE TAX TRUST
FUND ACCOUNT" and to further make any and all necessary transfers
to said trust account from that portion of the Municipal General
Fund Account derived from the existing municipal cigarette tax as,
from time to time, are necessary to pay the debt service coming due
under the revenue certificate and loan from the FIRST BANK OF
BOYNTON BEACH, described herein above.
2. THAT all checks, vouchers or other documents connected
with or pertaining to said account shall be drawn by R. B. CARRIER,
City Treasurer, or in her absence by O. R. WALLACE, City Finance
Director, and countersigned by F. T. KAIN, City Manager, or in
his absence by WALTER A. MADSEN, Mayor, or in the absence of both,
by FRANK MC COY, JR., Vice Mayor.
PASSED AND ADOPTED THIS 5th Day of September, A. D. 1966.
(CORP. SEAL)
ATTEST: ~z~'~z~ /
Cit y.:;~le~k
CITY OF BOYNTON BEACH, FLORIDA
May6r~
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