08-01-60AR_£-S-O-L-U- T-I-O-N
~qEREAS, on January 4, 195~, the governing body
of the CITY OF BOYNTON BEACH, FLORIDA, enacted a certain resolu-
tion authorizing the issuance of $~.28,000.00 in the CITY OF
BOYNTON BEACH Water Revenue Bonds; and
~fHEREAS, said resolution provided for certain
administrative procedures to be followed relative the disposition
of revenues derived from the operation of the municipal water
system covered by subject bonds; and
WHEREAS, it is the intent of the CITY OF BOYNTON
BSACH, FLORIDA, to strictly adhere to and comply with the pro-
visions of the above bond resolution;
NOW, THEREFORE, BE IT R£SOLVED BY THE CITY
COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA, AS FOLLOWS:
1. That there shall be immediately hereafter
established, a Reserve Trust Account of the Water ~evenue Sinking
Fund, which trust account shall be deposited with the BOYNION
BEACH STAT£ BANK as Trustee; that the sum of ~16,700.00 shall be
transferred from the Water System Revenue Fund and deposited in
the said Reserve Trust Account of the Water Revenue Sinking Fund;
That as to said Sinking Fund and said Reserve Trust Account of
said Sinking Fund, the Mayor of the CITY OF BOYNTON BEACH, FLORID.
is hereby authorized to execute and enter into a Trust Agreement
with the said BOYNTON BEACH STATE BANK, as Trustee, for the holde~
of the bonds issued pursuant ~o said Resolution, the ~erms of
said Trust Agreement to be drawn in accordance with the provision:
relative thereto and set forth in said resolution.
~.. Tha~ there shall be immediately hereafter
established a Renewal and Replacemen~ Fund ~o be maintained in
the BOYNTON BEACH STATE BANK; tha~ the sum of ~10,132.27 shall
be initially transferred from the ~/ater System Revenue Fund and
deposited in said Water System Renewal and ~ieplacement Fund,
which fund shall thereafter be maintained in accordance with and
pursuant to the terms of the above bond resolution relative there
3. That there shall be immediately hereafter
established with the BOYNTON BEACH STATE BANK, a Payroll Bank
Account to be utilized for the purpose of handling payment of
salaries of all City employees or officers of the CITY OF BOYNTON
BE ACH, FLORIDA.
4. That the City Finance Director is hereby
authorized to take the necessary steps to carry into effect the
procedures set forth in Paragraphs 1 through 3 he re in above .
PASSED AND ADOPTED this 1st day of August, A.D.
1960.
( CO iiPO.~2ATE SE AL )
City Cler~
CITY OE BOy, TON BEACH, FLORIDA
'//' ~ Councilman
- ~-~ -~ Co~cilman --
- 2 -