7/25/1928 - Laserfiche WebLink

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The following resolution was offered by Com'r. J.W.LaBruce and seconded by C.omt r. Gen, A. Braddock: MEREAS, on October 6th 19250 pursuant to advertisement for the sale of $49,000. bonds of S)ecial R & B Dist #4 the best price obtainable for said bonds amounted to $480,694.000 and the only with the understanding that the proceeds of the sale of such bonds would not bear interest to the County for the time it remained in the County Depositories to be used as the worked progressed on the roads in said District, and 'SMA, in July 1926, the. Bank of Sebastian, Sebastian, Florida, closed its doors with the sum of $40,281.34 of the County's funds on hand; 434,000.00 of which was on deposit to draw 4% interest thereon, but by reason of the failure of said institution no interest can be collected, and WHEREAS, in January 1927 the Farmers Bank & Trust Co. , of hero Beach, Florida,, closed its doors with approximately $1559000.00 of the County's funds on hand, $1432599.26 of which was of the proceeds of the sale of bonds of Special R & B Dist #4 on which it had been previously agreed no interest would be collected on such deposit, and REAS, interest was regularly paid by the several County Depositories up to March 24th, 1926, on all daily balances of funds on deposit to the credit of the County, and AREAS, since January let 1926 the State of Florida in general, and the southern part of the State in particular has been going through a period of depression, (inane loss and a general re -construction period, causing great losses to the people, banking institutions and other businesses throughout the State, THEREFORE, be it resolved that this Board go on record as opposed to the charging and collecting from the various County Depositories interest on daily balances of the various funds until such time as the financial and business condition of this section of the Mate will justify such action. Upon being put to a vote the resolution was adopted unanimously. The Board of County Commissioners, on motion made, seconded and carried, adjourned until the next regular meeting to be held in August 1928. A / I --ad, 0z&--yUC , . (7 airrnasi. I a 3 , ' 3 a R t-.