Resolution 6624 •
R(SOLUTION NO. 6624
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MIAMI BEACH, FLORIDA, that Miami Beach First National Bank,
Mercantile National Bank of Miami Beach and North Shore
Bank be and they are hereby made depositories for funds
of the City of Miami Beach, Florida.
BE IT FURTILII RESOLVED that the funds of said City,
available for deposit, shall be deposited in the depositories
hereinbefore designated in proportions as follows:
One-half of the total funds of said City now on deposit
or hereafter, from time to time, available for deposit, shall
be deposited in the depositories hereinbefore designated on a
pro-rata basis, the amount of the deposit by the City from such
funds in each of said depositories to bear the same ratio to
the total deposits by the City from such funds in all of said
depositories as the total capital, surplus and undivided pro-
fits of such depository shall bear to the total capital, sur-
plus and undivided profits of all of said depositories.
One-half of the total funds of said City now on deposit or
hereafter, from time to time, available for deposit, shall be de-
posited in the depositories hereinbefore designated on a pro-
rata basis, the amount of the deposit by the City from such funds
in each of said depositories to bear the same ratio to the total
deposits by the City from such funds in all of said depositories
as the total deposits, of such depository, exclusive of all City
deposits, shall bear to the total deposits of all of said depo-
sitories, exclusive of all City deposits .
BE IT FURTHPR RESOLVED that the return of each of said
depositories to the last preceding Comptroller' s call shall de-
termine the amount of capital, surplus, undivided profits and
deposits for the basis for carrying out the purposes of this
resolution.
PASSED and ADOPT_,D this 18th day of August,. A. D. 1948.
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Mayor
Attest:
City Clerk
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