58-03RE50LUT ION ,~~~$-3
WHEREAS, the City of Atlantic Beach, Florida, proposes
to construct in said City a sewer system, the part thereof
consisting of the disposal plant, lift stations, force main
and outfall sewer to be paid for from the proceeds of a
~p300,000.00 issue of gerneral obligation bonds of said City
and the remainder of said system to be financed and paid for
from the proceeds of special assessments to be levied against
the lands and premises served by said system, it being the
intention that no part of the proceeds from the sale of said
bonds shall be used to pay for any part of said system other
than that described above;
Yom, NOW THEREFORE, BE IT RESOLVED by the City Commission
~ I' of the City of Atlantic Beach; Florida, that in the event there
is any excess fund remaining from the proceeds of the sale
of the proposed X300,000 issue of general abligation bonds of
said City remaining after the payment for the construction of
that part of the proposed sewer seystem consistion of the dis~
posal plant, lift stations, force main and outfallsewer, such
excess shallbbe deposited in a fund to be known as the general
obligation bond fund and used for the redemption or retirement
of said bonds; PROVIDED HO~7E3tER, that the City Commission may
from time to time authorize the use of said excess funds tem-
porarily, and pending the collecting of special assessments,
to finance the construction of parts of said system to be paid
for from the proceeds of special assessments as aforesaid,, any
such funds so used to be repaid to said bond funds, not later
than the collection of the final assessments, and when so repaid
into said bond fund, to be thereafter used solely for the re-
demption or retirement of said bonds.
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Passed by the City Commission on February 21~, 195.
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Adele , ~. Grage,~ City lerk~ ~ ~ `~
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