Resolution 034-1968
RESOLUTION NO. 34
-1968
WHEREAS, the County of Monroe, Florida, has heretofore authorized
the issuance of $2,600,000 Bridge Revenue Bonds (hereinafter referred to
as "Bondsl!), pursuant to a Resolution adopted on November 14, 1967 (here-
inafter referred to as "Resolution"), and
WHEREAS, the County in said Resolution has agreed to deposit the
proceeds of said Bonds in a special fund to be known as the "Construction
Trust Fund" so as to insure the proper use of such Bond proceeds for the
construction and acquisition of the bridge to be financed by the is suance of
said Bonds, and
WHEREAS, it is deemed necessary and desirable and in the best in-
terest of the County that the proceeds of said Bonds be deposited in the Con-
struction Trust Fund so as to insure their proper use, and
WHEREAS, the Key West State Bank, a banking corporation organized
and existing under the laws of the State of Florida, located in Key West,
Florida, has agreed to handle said Construction Trust Fund, now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, that there is hereby created a Construction
Trust Fund, which shall be held by the Key West State Bank, a banking cor-
poration organized and existing under the laws of the State of Florida, located
in Key West, Florida. Such Construction Trust Fund shall consist of the pro-
ceeds derived from the sale of said $2,600,000 Bridge Revenue Bonds, dated
September I, 1967, heretofore sold and delivered, remaining after the de-
posit in the Interest Account in the Sinking Fund created by said Resolution,
of accrued interest received from the sale of said Bonds, plus an additional
amount of such proceeds which, together with said accrued interest, will be
equal to the amount of interest which will become due on said Bonds to and
including twenty-four months after the date of the delivery of said Bonds.
Dated May 14th, 1968.