1964-221 Surplus Municipal Funds Investment• RESOLUTION N0, 221
A RESOLUTION OF THE VILLAGE COUNCIL, NORTH PALM BEACH, FLORIDA, AUTHORIZING AND
' EMPOWERING THE VILLAGE MANAGER TO INVEST ANY SURPLUS MUNICIPAL FUNDS IN ACCORDANCE WITH
SECTION 167.74, FLORIDA STATUTES.
~ # ~ ~ ~
BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA, that:
Section 1. The Village Manager be and is hereby authorized and empowered in
behalf of the Village o£ North Palm Beach to invest any surplus municipal funds. in negotiable
obligations, the principal and interee;t of which are unconditionally guaranteed by the United
States Government, or in direct obligations o£ the United States Government, with the latter
to be invested only at the prevailing market price for such securities.
Section 2. The term +~surplus £unds~~ is defined for the purpose of this resolution
as funds in any general or special account or fund of the Village controlled by the Village
which in reasonable expectation will not be needed for the purposes intended within a period
o£ thirty (30) days from the date of such investment. In making investments of surplus munici-
pal funds, the Village Manager shall only invest such funds as are defined herein.
Section 3. For the purpose of this resolution, the Village Manager is authorized
and empowered to open savings accounts in any federal savings and loan associations or com-
mercial Bank its principal office located in Palm Beach County, Florida in sums not to exceed
X10,000.00, since said sums are insured by an agency of the United States Government.
Section 4. All securities purchased under this resolution or all deposits made in
federal savings and loan associations or commercial bank shall be properly earmarked and
immediately placed for safekeeping in a safety deposit box in some bank or institution carry-
ing adequate safety deposit box insur:ante within Palm Beach County or shall be placed for
safekeeping in an authorized bank or trust company within Palm Beach County, receiving there-
. for proper safekeeping or trust receipts.
Section 5. All withdrawals o£ such securities or from such deposits in federal
savings and loan associations or commercial bank shall be made by the Village Manager at such
time as the money or any part thereof is needed for the purpose originally intended by the
Village Manager at such time as the money or any part thereof is needed for the purpose origi-
na11y intended by the Village of Nortls Palm Beach, and this resolution shall serve as authority
to cry commercial bank or Federal savings and loan association to permit the Village Manager of
the Village of North Palm Beach to withdraw such securities or the monies deposited in such
federal savings and loan associations or commercial bank. All monies so withdrawn from
investments accounts of the surplus frznds shall be paid directly to the proper account or
fund of the Village of North Palm Beach.
r~
lJ
- 1 -
• RESOLUTION N0. 221
Page -2-
Section 6. In the investemxxt of surplus funds, the Village Manager shall be guided
and shall comply with the provisions of Section 167.74, Florida Statutes, regulating invest-
ment of surplus funds by a municipaliiy.
PASSED AND ADOPTED this 2 th day of December, 1964.
Mayor
(SEAL)
ATTEST:
Village Cler
~I
J
- 2 -