ORDINANCE 875i
ORDINANCE NO. 2:5 -75 -875
AN ORDINANCE OF THE CITY OF SOUTH ,MIAMI,
FLORIDA., AUTHORIZING PAYMENT TO THE FIRST
NATIONAL BANK OF SOUTH MIAMI FOR SERVICES
TO BE RENDERED FOR ACTING AS DEPOSITORY
AND OTHER DUTIES :IN CONNECTION WITH PUBLIC
IMPROVEMENT REVENUE BONDS AND REPEALING
CnDI *T.P__TCF TAO -. ?5 -74- 823.
WHEREAS, the City of South Miami has heretofore
made certain payments to the First National Bank of South
Miami for acting as depository for Public Improvement
Revenue Bonds,, and
WHEREAS, after negotiation with the bank, the City
Manager recommends the payment of $1,000.00 per year, for
services to be rendered by the said Bank beginning January 1,
1976.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND
CITY COUNCIL OF THE CITY OF SOUTH MIAMI, FLORIDA:
Section 1. That beginning January 1, 1976, the
First National Bank of South Miami shall be paid the sum
of $1,000.00 per year for acting as depository for Public
Improvement Revenue Bonds, Series 1965, authorized by
Ordinance No. 520, and as depository for Public Improvement
Revenue Bonds, Series 1967, authorized by Ordinance No. 553.
Said duties shall include, but not be limited to, all matters
in connection with said bonds and acting as escrow agent for
the Capital improvement Fund for the City of South Miami.
Section 2. That Ordinance No. 25 -74 -823, the
same being an ordinance designating certain payments to be
made in commection with the City's Public Improvement Bonds,
be and the same is hereby repealed.
PASSED and ADOPTED this 7th day of October
1975.
Attest::
a"�
City C 'er
Passed on First Reading: 9/16/75
Passed on Final Reading: 10/7/75
APPROVED:
Moved b� >_ $ ZOck
Seconded by McCann
YES Nn
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