ORDINANCE 823ORDINANCE NO. 25 -74 -23
AN ORDINANCE OF THE CITY OF SOUTH MIAMI,.
FLORIDA,, REPEALING ORDINANCE NO. 530
OF THE CITY OF SOUTH MIAMI, AUTHORIZING
PAYMENT TO THE FIRST NATIONAL BANK OF
SOUTH MIAMI FOR CERTAIN FUNDS FOR
SERVICES RENDERED, AND AUTHORIZING
PAYMENT IN THE FUTURE FOR SERVICES TO
BE RENDERED FOR ACTING AS DEPOSITORY
AND OTHER DUTIES IN CONNECTION WITH
PUBLIC IMPROVEMENT REVENUE BONDS'.
WHEREAS, Ordinance No. 530 of the 'City of South
Miami has designated certain payments to be made to the First
National Bank of South Miami for acting as depository for
Public Improvement Revenue Bonds, and
WHEREAS, no payment has been made to the said bank
for services renderer during 1971, 1972 and 1973, and
WHEREAS, after negotiation with the bank, the City
Manager recommends the payment of $500,.00 per year, the same
being $2,000.00, for services rendered and to be rendered by
the said Bank through 1974, and the payment of $750.00 per
year beginning January 1, 1975.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND
CITY COUNCIL OF THE CITY OF SOUTH MIAMI, FLORIDA:
Section 1. That Ordinance No. 530 of the City
of South Miami, Florida, be, and the same is hereby repealed.
Section 2. That the First National Sank of South
Miami shall be ,paid the sum of $2,000.00 for services rendered
and to be .rendered during 1974 in connection with Public
Improvement Revenue Bonds, Ser'ioa 1965 and 1967.
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Section 3. That beginning January 1, 1975, the
First National Bank of South Miami shall be paid the sum of
$750.00 per year for acting as depository for Public
Improvement Revenue Bonds, Series 1965, authorized by
Ord na ce No. 52:, an' 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.
PASSED and ADOPTED this 16th day of April , -1974.
APPROVED•.
Mayor
Attest:
City Clerk
:Passed on First Reading: 3/19/74
Passed on 'Final Reading: 4/19/74