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The Chairman stated that we had some $59,000.00 in'the Capital <br />Outlay Fund and since we have no immediate need for these funds he would <br />like for the Board to invest around $50,000.00 in U. S. Treasury Bonds <br />or Notes. After some discussion in the matter and upon Motion made by <br />Commissioner Waddell, seconded by Commissioner McCullers and unanimously <br />carried, the following Resolution was adopted: <br />RESOLUTION <br />WHEREAS, the Board of County Commissioners now have`on <br />deposit with the Florida National Bank at Vero Beach, Vero Beach, Florida, <br />a sum of money in the Capital Outlay Fund in excess of the immediate needs <br />and requirements of said fund being held and accumulated for the future <br />costs of construction of certain county buildings; and, <br />WHEREAS, it is to the best interest of said county that said <br />funds be invested in order to produce interest income to said county; now, <br />therefore, <br />BE IT RESOLVED by the Board of County Commissioners of <br />Indian River County, Florida, that the Chairman and Clerk of this Board are <br />herewith authorized and directed to invest the sum of approximately Fifty <br />Thousand Dollars ($50,000-00) of the above funds in United States Treasury <br />Bonds or Notes with suggested maturity date of approximately August 15, <br />1960, and to do any and all things necessary in order to carry out the pur- <br />poses and intent of this Resolution; and, <br />BE IT FURTHER RESOLVED that the Florida National Bank at <br />Vero Beach, Vero Beach, Florida, be retained to purchase said securities <br />and that the bank be paid a percentage fee of one -thirty-seconds per cent <br />(1/32nds 7o) of the amount invested for its services and that said bank hold <br />said securities in safekeeping for said county and issue therefor its custo- <br />mary safekeeping receipt. <br />SMITH, DIAMOND & HEATH, ATTORNEYS AT LAW, VERO BEACH, FLORIDA <br />