Resolution 10932 RESOLUTION NO. 10932
WHEREAS, in accordance with the provisions of Resolution #7127 and #9651
of the City Council of the City of Miami Beach, Florida, all the unretired
Parking Revenue Bonds, Series 1950 have been called for redemption and retire-
ment, and
WHEREAS, under the provisions of Section 4, Resolution #9651 , after the
retirement of all the 1950 Bonds, the City may require the Depository to in-
vest all or any part of the money in the Reserve Account in the Bond Fund and
in the Renewal and Replacement Fund and all money held as Surplus in direct
obligations of the United States of America,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Miami
Beach, Florida, that the Miami Beach First National Bank as the Depository of
said Funds be, and it is hereby requested and directed to invest the said funds
in accordance with the Schedule submitted herewith -
From Surplus Revenues Fund -
A sum sufficient to fully utilize as near may be, the amount of $301 ,020.38
to be invested in U. S. Treasury Bills, Notes or Bonds, whichever will
produce the greatest yield, to mature not later than December 15, 1963.
From Bond and Interest Redemption Fund - Reserve Account -
A sum sufficient to fully utilize as near may be, the amount of $14,525.73
to be invested, as follows -
A sum sufficient to purchase four (4) $1 ,000.00 U. S. Treasury Bonds,
3-7/8% due May 15, 1968, plus accrued interest.
The balance to be invested in U. S. Treasury Bills, Notes or Bonds, which-
ever will produce the greatest yield, to mature not later than December
15, 1963.
A sum sufficient to fully utilize as near may be, the amount of $5,000.00
each month beginning March 1 , 1963 and ending December 1 , 1963, to be in-
vested in U. S. Treasury Bills, Notes or Bonds, whichever will produce
the greatest yield, to mature not later than December 15, 1963.
BE IT FURTHER RESOLVED by the City Council of the City of Miami Beach, that
a duly certified copy of this Resolution be transmitted to the Miami Beach First
National Bank.
PASSED and ADOPTED this 20th day of February, A.D. 1963.
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