80-10 v! 9
RESOLUTION N0. $0-10
WHEREAS, the City of Atlantic Beach undertook a Utility Revenue Bond
Issue dated March 1, 1955,~arid
WHEREAS, the remaining life span of-said bond issue is drawing near
(March 1, 1983), and
WHEREAS, the City finds itself in the position of being able to place
in existence, through an escrow agent, sufficient funds as are necessary to
retire said Bond Issue,
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Atlantic Beach that the City Treasurer is directed'to transfer $42,135.00 to
the escrow agent, said agent being The Atlantic National Bank of Jacksonville,
by and through its Trust Department, and said Bank shall act as the escrow
agent in the complete retirement`of the outstanding bonds of said Utility
Revenue Bond Issue as the same becomes due and payable.
Said escrow agent is directed to invest said funds in interest-bearing
investments that are qualified legally for the investing of such public funds
and shall report said earnings quarterly to the Treasurer of the City of
Atlantic Beach. Additionally; the escrow agent shall remit periodically
to the City those excess investment earnings collected by it.
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Said escrow agent is further directed to pay to the Paying Agent (The
Barnett Bank of Jacksonville) those amounts as are necessary for principle
and interest as, the same become due and payable in accord with the schedule
of~payments to be furnished the escrow agent by the City Treasurer.
BE IT FURTHER RESOLVED that the City of Atlantic Beach is placing on
deposit with its escrow agent sufficient funds to result in the advance
retirement of the total obligation of the City of Atlantic Beach to those
several bond holders of the 1955 Utility Revenue bonded indebtedness of said
City.
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Passed by the City Commission September 22,,19$0
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ATTEST:
Adelaide R. Tucker, City Clerk
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At~antie Bank
Atlanta National Bank ofJatksonvdle, 200 iVesf Forryfh, Grncral Mail Crnfn, Jacluonv~llr, Flonda 32131, Telephone (904) 358-6565
October 2, 1980
a' ,
Mrs. Adelaide R. Tucker
City Clerk-Treasurer-Comptroller
City of Atlantic Beach
716 Ocean Boulevard, Drawer 25
Atlantic Beach, Florida 32233
RE: 02934-00-8 - CITY OF ATLANTIC BEACH UTILITY REVENUE BONDS
DATED 3-1-55 ESCROW ACCOUNT
Dear Mrs. Tucker:
We have invested the $42,135.00 deposited in the Escrow
Account in U. S. Government Securities with maturities to meet the
scheduled bond retirements due March 1, 1981, 1982, and 1983, as
follows:
$15,000 U. S. Treasury Bills due 2-26-81 $14,309.33
$15,000 U. S. Treasury 6 3i8% Notes due 2-15-82 14,109.38
Accrued Interest paid 122,13
$14,000 U. S, Treasury 8% Notes due 2-15-83 12,950.00
Accrued Interest paid 143.04
$41,633.88
We estimate that the investments held,to maturity will
earn $4,659,86 income.
Yours very truly,
Vice~President and Trust Officer '
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t Atlantic Bank Atlanta National Bank ofJacksonvilfe, 200 West Forsyth, CeneraI Mal Center, Jacksonville, Flonda 32231, Telephone (904) 358-6565
September 29, 1980
RECEIVED from Ms. Adelaide R. Tucker of the City of Atlantic Beach,
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Florida, the following:
Check, No. 006171
- Payable to Atlantic National Bank
' of `Jacksonville $42,135.00
/ ate"' 20 .-,~
- Check No. 006177 ~,.~r,~j-,~s>v
Payable to Atlantic National Bank
of Jacksonville ,. 350.00
ATLANTIC ;NATIONAL BANK OF JACKSONVILLE
Admini trative Assistant to
REESE R.~BOHN
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Atlantic Bank Atfanti[ National Bank ofJackronviJlc, 20o Witt Forsyth, Grnnaf Mai! Crnta, Jacktonviffe, Florida 32231, Telephone (904) 358-6565
September 24, 1980
Mrs. Adelaide R. Tucker
City Clerk/Treasurer
City of Atlantic Beach
716 Ocean Boulevard - Drawer 25, '
Atlantic Beach, Florida 32233
RE: CITY OF ATLANTIC BEACH UTILITY REVENUE BONDS DATED MARCH 1, 1955,
ESCROW ACCOUNT
Dear Mrs. Tucker:
Thank you for your letter of September 23rd enclosing the
City's Resolution 80-10 dated September'22,'1980, appointing the
Atlantic National Bank of Jacksonville Escrow Agent for $42,135.00
as advance retirement of the bonds with payments to be made to the
Barnett Bank, paying agent, in accordance with the payment schedule
of principal and interest due on the Utility Bonds.
We are pleased to accept the appointment as Escrow Agent
to carry out the requirements of the Resolution.
Our fee for handling the Escrow Account is $200.00 opening
fee and $150.00 per year with the part-year prorated. If this is
acceptable to you, we will be pleased to receive the check and invest
the funds.
'' - Yours very truly,
~~.c/
Vic{ President and Trust Officer
RRB:sl
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JWc.. Reece R. Bohn ~ " .
V.i.c.e-Pned.c:dent and Tiuca# 0~~-i.ce~c . _ "
ELt,~nviti~c. Na~,i.ona.C Bank o ~ Jackaanv.c.P~e
200 weat Fo~cbyth Sticeet ~ .
Jache o nv.c.C~e, ~'.~oftida 3 2 2 0 2 .
dean Mrs.. Bohn:
In aecon.danee with your te.~ephane eanvenaa~,i.on aii th. Mac. Tyson, owc Gi~y
Audi arc, 7 am ena~oa.cng he~t:ew.ith a eehti.s~.ed copy o~ the`C~.ty a~ A.t,Q,an~cc
Beach Reaa.euti.on 80-10, paaaed an Septembers 22, 1980, wFuch .ca ae.~~_exp.P_ancLtony,
It w.i.Q,b 6e appneci.ated .~~ you w,i..P~ aeknow~edge yours 6anF~~a •aeeeptanee o~
appo~.ntment as eacnow agent to ca~vc.y out the .c~tent,i.ons o~ the C.%ty a~ yet
Month .cn the Reao.P-ution.
~~ ~ A~taehed .c,a a payment aehedu.2e os the outbtanding ptunc,i-pue and .c.nten.e~t
owed on the outstanding boncfa. Aa po.c..nted out .cn. the Reaa~wtcon you atc:Ce
not be nec~cwced to d-ia6wc,ae Sunda as "paying agent", but eui,P.e mene~2y So~u~zurd
the totae amounts to the 8wrnett Bank ion bueFi disbwi;.aement.
Upon xeee.~pt o~ yours, aeknow~edgement, t12e tota.P. n.equ,vc.ed depod.ct o~ $42,135.00
ccu,e,Z 6e a ent to you.
It -i.a ours dea.vice to canaumate th,i.a tnanaaction pnian. to Octobelc 1, 1980. ,yours
.cmmeducte attenti.o n w~ 6e gn.ea#~y app~.eeia ted. "
Stinceh.e.~y you~ca,
e u ~c•
City C~enk/Trceaaunen. •
Bnc2.
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WILLIAM S. HOWELL JAMES E. MHOON
Mayor-Commissioner Commissioner
BtIL M. DAMS OLIVER C. BALL t.1RS
City Manager City Attorney City
ALAN C. JENSEN L. W. MINTON, JR. CATHERINE G. VAN NESS
Commissioner Commissioner Commissioner
ADELAtOE R. TUCKER CARL STUCKI
Cterk-Treasurer-Comptrotier Chief of Police Director of Public Works
and Fue Department GLENN A EDtNaRDS
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Payment Payme-it,6
Vale ' '•Irlten~,6~.... .Ph,~rf.ci.pa.~ " "Tofid.~d
Man. J, 1981 $ 700.00 $ 13,000.00 $13,700.00
Sep~.l, 1981 472.50 - 472.50
Man. 1, 1982 ,472.50 13,000.00 13,472.50
3
Sep~.1,1982 245.00 - 245.00
Man. 1, 1983 245.00 '141000.00 " '14;245.00
TOTALS $2,135.00 $40,000:00 $42,135.00
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WILLIAM S. HOWELJ- JAMES E MHOON ALAN C. JENSEN L. W. MINTON, JR. CATHERINE G. VAN NESS
Mayor-Commissioner Commissioner Commissioner Commissioner Commissioner
BILL M. DAVIS OLIVER C. BALL MRS ADELAIDE R TUCKER CARL STUCKI
C+ty Manager City Attorney City Clerk-Treasurer-Comptroller Chiet of Pol+ce Director of Publ+c Works
and Fire Department GLENN A EDWARDS