HomeMy WebLinkAboutResolution No. 1965-38 r
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RESOLUTION NO. 415-,39
A RESOLUTION NAMING PAYING AGENT FOR
$1,350,000.00 SANITARY SEWER REVENUE
CERTIFICATES ISSUED UNDER RESOLUTION
NUMBER. 65-7 AS AMENDED; AUTHORIZING
EXECUTION OF A CONSTRUCTION FUND AGREE-
MENT; . APPROVING CERTAIN. FORMS TO BE USED
IN THE DISBURSEMENT OF CONSTRUCTION FUNDS;
PROVIDING FOR AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CAPE CANAVERAL,
FLORIDA, AS FOLLOWS:
Section 1. St. Petersburg Bank and Trust Company of St.
Petersburg, Florida, be and it is hereby designated as paying agent
for the principal of and interest on $1,350,000.00 Sanitary Sewer
Revenue Certificates of the City of Cape Canaveral, Florida, dated
February 1, 1965.
Section 2. There is hereby created the City of Cape Canaveral
Sewer System Sinking Fund and Reserve Account located in said fund to
be deposited in the St. Petersburg Bank and Trust Company of St.
Petersburg, Florida, and disbursement to said fund in the amount of
$135,846.89 by the .First National Bank of Cape Canaveral, City of Cape
Canaveral, Florida,' to said depository is hereby authorized. Of the
disbursement of $135,846.89, the sum of $50,000.00 shall be deposited
in the City of Cape Canaveral Reserve Account, and the. sum of $85,846.89
representing an amount equal to the interest accrued or to accrue on
said Revenue Certificates to August 1, 1966, shall be deposited in the
City of Cape Canaveral Sewer System Sinking Fund. Monies deposited in
the said Reserve Account and Sinking Fund shall be held by the St.
Petersburg Bank and Trust Company of St. Petersburg, Florida, as trustee
for the said funds.
Section 3. The St. Petersburg Bank and Trust Company of St.
Petersburg, Florida is hereby authorized and directed to invest the
said $135,846.89 in certificates of deposit with a guaranteed interest
rate of not less than 4%.
Section 4. The City Treasurer is hereby authorized and directed
to communicate with the St. Petersburg Bank and Trust Company of St.
Petersburg, Florida, to inquire of the said bank and trust company the
amount of the paying agents fees requested by the said bank and trust
company. The City Treasurer is hereby directed to report to the
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council at its next regular meeting the fee request as made by the
said paying agent for council . consideration.
Section 5, Pursuant to Resolution Number 65-7, as amended,
approved by the City, Council of Cape Canaveral, Florida, on February
5, 1965, a Construction Fund is hereby created and the First National
Bank of Cape Canaveral,Florida is hereby designated as the Depository
for the said Construction Fund.
Section 6. Pursuant to said Resolution Number 65-7, as amended,
a Construction Fund Agreement shall be entered into between the City of
Cape Canaveral, Florida and said First National Bank of Cape Canaveral,
Florida. The said Construction Fund Agreement shall be executed on
behalf of the City 'of Cape Canaveral, Florida by the Mayor and the seal
of the City shall be affixed thereto, attested by the City Clerk and
said agreement shall be approved by the City Attorney.
Section 7. The said Construction Fund Agreement shall be in
substance the form ,attached hereto as Exhibit "A" .
Section ' 8. The purchase of $750,000.00 of United States
Treasury Bills to mature March 31, 1966, and yielding 3.96% for a
purchase price of $722,280.00 by the said depository bank is hereby
authorized and ratified.
'Section 9, The First National Bank of Cape Canaveral, City
of Cape Canaveral, Florida, is hereby authorized and directed, from
the funds remaining in the Consturction Fund, to invest on behalf of
the City $425,000.00 in United States Treasury Bills maturing in
approximately. one year or 'in other direct obligations (0.P the United
States of America maturing as recommended by the Consulting Engineer.
Section 10. This Resolution shall take effect immediately
upon its passage.
Pas4sed -and Adopted in regular session by the City Council of
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the Caty `of.C� .�p�r panaveral, Florida on the 4th day of May, A.D., 1965.
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