1975-07 ( Reserve Fund)RESOLUTION PROVIDING RESERVE FUND IN GENERAL
OBLIGATION BONDED INDEBTED FUND
WHEREAS, there has accumlated 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 1973 and 1974 and the present cash balance is
$98,300.17.
WHEREAS,Principal payments together with semi-annual
interest payments are due and payable on January 1st of each
year and addition interest payment is due July 1 of each year.
Taxes are due and payable from November 1st in each tax year
and are not deliquent until April 1st of the following year,
and consequently the total tax levy for payment of January 1st
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 has by
Resolution dated this 2nd day of October, 1975, designated a
fund as General Obligation Refunding Bond Sinking Fund. This
Sinking Fund was created for holding and accumlating funds 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 transfer and deem said $98,300.17
as an increase to the account of the "General Obligation
Refunding Bond Sinking Fund."
WHEREFORE, the City shall levy annually sufficient municipal
debt millage to pay principal payments, interest payments and
Paying Agent fees as they fall due.
This Resolution was proposed, considered, and adopted
under the provisions of Section 166.041(3)(b) Florida Statutes,
and was enacted by no less than a two-thirds vote of the City
Council and takes effect immediately.
DONE, RESOLVED and made effective this 2nd day of October,
1975, at an adjourned regular meeting of the City Council,
City of Okeechobee, Florida.
President of City Council
ATTEST:
City Clerk
APPROVED BY ME THIS 2ND DAY OF OCTOBER, 1975•
Mayor