HomeMy Public PortalAbout1992-63 Authorizing Manager to Allocate Proceeds from Interest on VMS FundsRESOLUTION NO. 9 2.- (O 3
A RESOLUTION OF THE VILLAGE OF KEY
BISCAYNE, FLORIDA; AUTHORIZING THE
VILLAGE MANAGER TO ALLOCATE PROCEEDS FROM
INTEREST ON FUNDS FROM THE KEY BISCAYNE
HOTEL AND VILLAS; PROVIDING FOR AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE VILLAGE COUNCIL OF KEY BISCAYNE,
FLORIDA, AS FOLLOWS:
WHEREAS, Key Biscayne Hotel and Villas has given the Village
of Key Biscayne a check for $500,000 as part of their voluntary
contributions to the island; and
WHEREAS, the Village expects a five percent return on these
funds; -
NOW THEREFORE, BE IT RESOLVED THAT:
SECTION 1. The Village Manager -will re -invest one-third (1/3)
of the interest accrued from the $500,000 principal, one-third
(1/3) of the interest will be allocated for capital improvement
projects, and one-third (1/3) of the interest will be allocated for
community participation grants.
SECTION 2. This resolution shall take effect immediately
upon adoption.
PASS D AND ADOPTED BY A (9-0 VOTE OF THE VILLAGE COUNCIL
THIS t DAY OF NoteAthef' , 1992.
ATTES
VILLAGE CLERK
RAFAEL
APPROVED AS TO FORM AND LEGAL SUFFICIENCY
VILLA ATTORNEY
CONTE, MAYOR
E