Resolution 6696 RESOLUTION NO. 6696
BE IT RESOLVED by the City Council of the City of Miami Beach,
Florida, that funds of said City shall be deposited only in such banks
as have heretofore, or shall hereafter, be designated as depositories
for City funds.
BE IT FURTHER RESOLVED that at all times when City funds are
on deposit in such designated depositories, such depositories shall be
required to place and keep in escrow sufficient United States Government
Bonds or United States Treasury Notes to equal or exceed in par value
the amount of said funds on deposit, as collateral security for the
protection of said deposits, written evidence of such security so
placed and kept in escrow to be delivered to the City Clerk.
BE IT FURTHER RESOLVED that the manner of placing said collateral
in escrow, and any subsequent change in, or removal thereof, shall be
governed only by the written approval of the City Clerk or the City
Manager.
PASSED and ADOPTED this 15th day of December, A. D. 1948.
Mayor
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Attest: (T26C/
City Clerk
OFFICE OF CITY ATTORNEY - CITY HALL - MIAMI BEACH 39, FLORIDA
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