1973-08 (For Reserve Fund)RESOLUTION PROVIDING RESERVE FUND IN GENERAL
OBLIGATION BONDED INDEBTED FUND.
WHEREAS, there has accumulated in the General Bonded Indebted
Account in the City of Okeechobee, from interest earned and principal
refunded in conjunction with the sale of the City of Okeechobee General
Refund Bonds of 1971, interest on certificates of deposits on such funds,
and unanticipated excess income from taxes levied in 1972, and the present
cash balance is $51,960.18.
WEREAS, Principal payments together with semi-annual interest pay-
ments are due and payable on January 1 of each year and addition interest
payment is due July 1 of each year. Taxes are due and payable from
November 1 in each tax year and are not deliquent until April 1 of the
following year, and consequently the total tax levy for payment of January
1 Principal and Interest is not fully available at such time for such
purpose.
WHEREAS, it is determined to be in the best interest of the bond
holders and in the best interest of the City to reserve such accumulated
funds referred to above for the purpose of always being available to
meet the bonded obligations as they fall due, and to meet any contingency
that may arise.
WHEREAS, the City Council of the City of Okeechobee by this
Resolution designates such fund together with interest from this date
forward, as General Obligation Refunding Bond Sinking Fund. This Sinking
Fund will be held and accumulated for the purposes expressed above, and
if not expended during the period of the bond issue shall be used to
satisfy the final year or years under the issue.
WHEREFORE, the City shall levy annually sufficient municipal debt
millage to pay principal payments, interest payments, and Paying Agent
fees as they fall due.
DONE, RESOLVED and made effective the 18th day of September, 1973,
at a regular adjourned meeting of the City Council, City of Okeechobee,
Florida.
( � S
PRESIDENT OF CITY COUNCIL
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ATTEST: 2 -t C d 4--a L CITY f ERIC