1975-59 Establishing an Escrow Account at First American BankRESOLUTION N0. 59-75
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA,
ESTABLISHING AN ESCROW ACCOUNT AT THE FIRST AMERICAN BANK OF NORTH PALM
BEAC}{, 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 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 acoount shall
be the Village Treasurer, or in the absence or inability of the Village
Treasurer to sign, by the Village Manager. Said account shall be counter-
signed by the Mayor, M. C. Love, Jr., or in the absence or inability of the
Mayor to sign, by Vice Mayor Ronald L. Heraty.
Section 3. The Village Treasurer is directed to place the sum
of $83,000 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 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 Beach has a commitment from the First American
}3ank to borrow the sum of $83,000 for the purpose of matching library
construction money for the Village of North Palm Beach Municipal Library,
which said $83,000 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 $83,000 in the escrow account shall remain there until such time as
a similar sum of $83,000 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 Beaeh. 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 supersedes Resolution No. 47-75
adopted by the Village Council of North Palm Beach, Florida on August
14, 1975.
Section 5. This Resolution shall take effect immediately upon
passage.
PASSED AND ADOPTED THIS 23 DAY OF OCTOBER, 1975.
/s/ M. C. Love, Jr
MAYOR
ATTEST:
/s/ Dolores R. Walker
Village Clerk
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