1963-186 Investment of Surplus Funds in Debt Service Account
RESOLUTIONd # 186
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH FLORIDA, CONCERNING INVESTMENT OF SURPLUS FUNDS IN THE DEBT SERVICE
ACCOUNT.
** ~~ t. sr
WHEREAS Section 16'7,74, Florida Statutes, reads as follows:
167.74 Municipality; investment of surplus funds.--
' (1) The governing board or 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 municipal
funds in its control or possession in negotiable direct obligation
of~ or obligations the principal and interest of which are uncondi-
tionally 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 immediately
placed for safekeeping in a safety deposit box 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 withdrawal 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.
C3) 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 prevailing market price and the
' payment of the proceeds of such sale into the proper account or fund
of the municipality.
(4) For the purpos~a of this law, the term "surplus funds" is
defined as funds in any general or special account or fund of the
municipality which ~n reasonable expectation will not be needed for
the purposes intended within a period of thirty days from the date
of such investment.
ands
WHEREAS the Village Treasurer has reported that there is approximately
534000.00 in surplus funds, +~s defined in said Section 167.74 above, in the
Debt 6ervice P~ecount of the Village;
• NOW, THEREFORE, BE IT AId:D IT IS HEREBY RESOLVED BY THE VILLAGE COUNCIL
OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA:
Section 1, The Village '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 S34,000.00 in said surplus funds
now in the Debt Service Account of the Village to be invested in securities
as described in subsection (1) of aforesaid Section 167.74, and to cause such
securities so purchased to be stored as provided in subsection (2) of said
Section 167.74,
Resolution #186
Page 2,
' PASSED AND ADOPTED this
L J'~
(SEAL)
18th day of December ~ 1963,
ayor
• ATTEST: /7
i. age rc `
0
n
u
Resolution #186
Page 2,
' PASSED AND ADOPTED this
L J'~
(SEAL)
18th day of December ~ 1963,
ayor
• ATTEST: /7
i. age rc `
0
n
u