1968-341 Establishing Escrow Account at First American Bank for Matching Library Funds
RESOLUTION N0. 341-65
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA,
ESTABLISHING AN ESCROW ACCOUNT AT THE FIRST AMERICAN BANK OF NORTH PALM BEACH,
FLORIDA, FOR THE SOLE PURPOSE OF COMPLYING WITH THE APPLICATION FOR MATCHING
LIBRARY FUNDS AND SETTING FORTH MONIES TO BE PLACED IN THE ESCROW ACCOUNT, THE
DISPOSITION OF SAID MONIES OR THE REPLACEMENT THEREOF.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA:
Section 1. The Village Treasurer be, and she is hereby, authorized
• and directed to open a. sepa.ra.te bank account at First American Bank of North
Palm Beach, Florida., to be entitled TMVi1la,ge of North Palm Beach Municipal
Library Escrow Account."
Section 2. The persons who shall draw on said account shall be t}ie
Village Treasurer, or in the absence or inability of the Village Treasurer to
sign, by the Village Manager, Lawrence J. Robbins. Said account shall be
countersigned by the Mayor, Thomas F. Lewis, or in the absence or inability
of the Mayor to sign, by Vice-Mayor, Thomas R. Bell.
Section 3. The Village Treasurer is directed to place the sum. of
$100,000.00 in said account from the General Fund of the Village of North Palm
Beach. Said money shall remain in the account for a, period not to exceed
ninety (90) days from the date of this resolution unless prior to that date the
request of the Village of North Palm Beach for matching construction funds
from the State of Florida. and the United States of America, has either been
granted or denied. In the event said application is denied, the Village
Treasurer is hereby directed to return the said monies to the General Etu~d of
• the Village of North Palm Beach within ten (10) days after receipt of official
notice advising the Village that the application ha.s been denied. In the event
the a.pplica.tion is approved, the Village of North Palm Beach has a commitment
from the First American Bank to borrow. the sum of $100,000.00 for the purpose
of matching library construction money for the Village of North Palm Beach
municipal library, which said $100,000.00 shall be secured by revenue producing
excise taxes of the Village of North Palm Beach and shall not be secured by any
a.d valorem general obligation bonds of the Village of North Palm Beach. There-
after, the $100,000.00 in the escrow account shall remain there until such time
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Resolution No. 341-68
Page Two
' as a similar sum of $100,000.00 has been borrowed from First American Bank
as set forth above, at which time the original money shall be returned to the
General Fund of the Village of North Palm Beach. In no event, however, shall
this money remain in the escrow a.ecount longer than ninety (90) days from the
' date of this resolut ion.
u
u
PASSED AND ADOPTED THIS 26TH DAY OF MARCH, 1968.
/s/ Thomas F. Lewis
MAYOR
ATTEST:
/s/ Dolores R. Walker
Village Clerk
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