Loading...
1975-47 Establishing an Escrow Account at First American BankRESOLUTION N0. 47-75 A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA, ESTABLISHING AN ESCROW ACCOUNT AT THE FIRST AMERICAN BANK OF NORTH PAI1~} 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, T}{E DISPOSITION OF SAID MONIES OR THE RE- PLACEMENT THEREOF. BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA: Section 1. The Village Treasurer be, and she is hereby, author- ized and directed to open a separate bank account at First American Bank of North Palm Beach, Florida, to be entitled "Village of North Palm Beach Municipal Library Escrow Account." Section 2. The persons who shall draw on said account shall be the 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, M. C. Love, Jr., or in the absence or inability of the Mayor to sign, by Vice Mayor, Ronald L. }[eraty . Section 3. The Village Treasurer is directed to.place the sum of $SO,000.DO in said account fxom 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 Fund of the Village of North Palm Beach within ten ' (10) days after receipt of official notice advising the Village that the application has been denied. In the event the application is approved, the Village of North Palm Beaeh has a commitment from the First American Bank to borrow the sum of $50,000,00 for the purpose of matching library construction money for the Village of North Palm Beach Municipal Library, which said $50,000.00 shall be secured by revenue producing excise taxes of the Village of North Palm Beach and shall not be secured by any ad valorem general obligation bonds of the Village of North Palm Beach. Thereafter, the sum of $50,000,00 in the escrow account shall remain there until such time as a similar sum of $50,000.00 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 account longer than ninety (90) days from the date of this resolution. Section 4. This Resolution shall take effect immediately upon passage. PASSED AND ADOPTED THIS 14 DAY OF AUGUST, 1975. /s/ M. C, Love, Jr. MAYOR ATTEST: /s/ Dolores R. Walker Village Clerk 1 - 2 -