HomeMy WebLinkAbout1981-01 Urging the Legislature to Repeal Section 663.545 & 665.104 of the FL StatutesRESOLUTION NO. 1-81
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA,
REQUESTING AND URGING THE JFC,ISIATURE OF THE STATE OF FLORIDA TO REPEAL
SECTIONS 663.545 AND 665.104, FLORIDA STATUTES, ADOPTED IN THE 1980
LFGISLATIVE SESSION, WHICH REQUIRE BANKS AND SAVINGS AND LOAN ASSOCIATIONS
HOLDING MUNICIPAL MONEY DEPOSITS TO PLEDGE COLLATERAL FOR SUCH DEPOSITS TO
THE TREASURER OF THE STATE OF FLORIDA, RATHER THAN TO THE MUNICIPALITY
MAKING SUCH DEPOSITS; AND FURTHER REQUIRING APPROVAL OF THE STATE TREASURER
IN WRITING TO RELEASE, MODIFY OR SUBSTITUTE SUCH COLLATERAL REQUIRED; AUTHORIZING
AND DIRECTING THE VILLAGE CLERK TO FORWARD A CERTIFIED COPY OF THIS RESOLUTION
TO SUCH PERSONS AS THE MAYOR SHALL DIRECT; AND PROVIDING FOR AN EFFECTIVE
DATE HEREOF.
WHEREAS, the Legislature of the State of Florida enacted Sections
663.545 and 665.104, Florida Statutes, in the 1980 Legislative Session; and
WHEREAS, said statutory provisions require banks and savings and
loan associations holding municipal money deposits to pledge collateral for
such deposits to the Treasurer of the State of Florida, rather than to the
municipality making such deposits; and further requiring written approval
of the State Treasurer to release, modify or substitute such collateral
required after such officer shall first consult the municipality involved; and
WHEREAS, Counties and Boards of Education are not included under this
revised legislation; and
WHEREAS, municipalities on the whole have wisely invested their monies
and obtained the collateral from depository banks and savings and loan
associations as required by law prior to such revisions; and
WHEREAS, the revisions will require a large increase in paper work
at cost to the taxpayer together with the larger banking institutions refusing
to conduct business with municipalities due to the inability to change pledged
collateral within a reasonable time and increased paper work. Further, the
sure of money expected to exceed $400,000 may be required to fund the
Treasurer's office for this purpose, which is a needless cost to the taxpayer,
and which funding has not been made to date, which has caused great confusion; and
UIEREA.S, such revisions reflect the wishes of a small segment of
the banking lobby and an effort to prevent a few municipalities from making
investuents which do not meet the requirements of law;
NOW, THEREFORE, BE IT RESOLVED BY THE VILiAGE COUNCIL OF NORTH
PALM BEACH, FLORIDA:
Section 1. The Village Council of North Palm Beach, Florida urges
and requests members of the Florida Legislature in its 1981 Session to
repeal Sections 663.545 and 665.104, Florida Statutes.
Section 2. The Village Clerk is hereby authorized and directed to
forward a certified copy of this Resolution to such persons as the Mayor
shall direct.
Section 3. This Resolution shall take effect immediately upon
passage.
PASSED AND AWnED THIS 8TH DAY OF JANUARY, 1981.
ATTEST:
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VILLAGE CLERK
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MAYOR
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