HomeMy WebLinkAboutRes 1964-187 Investment of Surplus Funds in the Debt Service Account•
RESOLUTION # 187
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, CONCERNING INVESTMENT OF SURPLUS FINDS IN THE DEBT SERVICE
ACCOUNT.
**
WHEREAS, Section 167.74, Florida Statutes, reads as follows:
167,74, Municipality; :investment of surplus funds.--
(1) The governing board of body of any municipality in this
state is hereby authorized and empowered, by resolution, in
its discretion, to provide for the investment of any surplus
fnunfcipal funds in its control or possession in negotiable
direct obligation of, or obligations the principal and interest
of which are undonditionally guaranteed by, the United States
government, at the then prevailing market price for such
securities.
(2) All securities purchased by any such board under the
authority of this law shall be properly earmarked and in some
bank or institution carrying adequate safety deposit box
insurance within the county in which said municipality is
situated, or shall be placed for safekeeping in an authorized
bank or trust company within or without the state, receiving
therefor proper safekeeping or trust receipts, and no with-
drawal of such securities in whole or in part shall be made
except upon authority evidenced by resolution of the governing
board or body of said municipality.
(3) When the money invested in such securities is needed in
whole or in part for the purpose originally intended, or when
it is deemed prudent to discontinue any such investment, the
governing board or body of such municipality is authorized to
provide for the sale of such securities at the then provailing
market price and the payment of the proceeds of such sale into
the proper account or fund or the municipality.
(4) For the purpose of this law, the term "surplus funds" is
defined as funds in any general or special account or fund of
the municipality held or controlled by the governing board or
body of such municipality which in reasonable expectation will
not be needed for the purposes intended within a period of
thirty days from the date of such investment.
and,
WHEREAS, the Village Treasurer has reported that there is approximately
$10,000.00 in surplus funds, as defined in said Section 167.74 aboire, in the
Debt Service Account of the Village;
NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED BY THE VILLAGE
COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, AS follows:
Section 1. The Vileh9ge Treasurer and the other Village Officers are
hereby authorized and directed to take all necessary steps and to sign all
necessary documents in order to cause up to $10,000.00 in said surplus funds
now in the Debt Service Account of the Village to be invested in securities
as described in sub -section (1) of the aforesaid Section 167.74, and to cause
such securities so purchased to be stored as provided in sub -section (2) of
said Section 167,74,
PASSED AND ADOPTED this llth day of February, 1964,
(SEAL)
ATTEST;
Mayor