1975-47 Establishing an Escrow Account at First American BankRESOLUTION N0. 47-75
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA, ESTABLISHING AN ESCROW ACCOUNT AT THE FIRST AMERICAN BANK OF
NORTH PAI1~} BEACH, 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, T}{E DISPOSITION OF SAID MONIES OR THE RE-
PLACEMENT THEREOF.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section 1. The Village Treasurer be, and she is hereby, author-
ized 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 account shall be
the Village Treasurer, or in the absence or inability of the Village
Treasurer to sign, by the Village Manager, Lawrence J. Robbins. Said
' account shall be countersigned by the Mayor, M. C. Love, Jr., or in the
absence or inability of the Mayor to sign, by Vice Mayor, Ronald L.
}[eraty .
Section 3. The Village Treasurer is directed to.place the sum of
$SO,000.DO in said account fxom 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 Beaeh has a commitment from the First American
Bank to borrow the sum of $50,000,00 for the purpose of matching library
construction money for the Village of North Palm Beach Municipal Library,
which said $50,000.00 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 sum of $50,000,00 in the escrow account shall
remain there until such time as a similar sum of $50,000.00 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 Beach. 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 shall take effect immediately
upon passage.
PASSED AND ADOPTED THIS 14 DAY OF AUGUST, 1975.
/s/ M. C, Love, Jr.
MAYOR
ATTEST:
/s/ Dolores R. Walker
Village Clerk
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