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Fort Walton Beach Council minutes — 12-20-07 emergency minutes — reading text
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standing on it' s own, there is no
one backing it up and he believed the
Dr. Pullen commented the taxes are
City needed to get out before it starts crashing.
being collected now so the City has liquid funds coming in from the
Tax Collector and asked if it was known how much was
budgeted ad valorem figure was about $4. 9 million.
coming in. The Finance Director responded the
I
Mr. Holmes agreed that the State is not
going to go broke but the State has not said they will back it. He
said it is not a matter of liquidity or whether the
City needs the money right now, but it is a matter of
security, that the City knows what they can get out and they know where it will be and not taking a chance
on losing it.
12- 20- 07
Emergency Council meeting 267
INVESTMENTS IN THE SBA cont.
The Mayor Pro Tem called for the vote on the motion authorize the City Manager to withdraw the
7, 764, 441. 61 from Fund A of the SBA and pay the 20/ 0 withdrawal penalty of approximately
155,288.83, and to reinvest at the discretion of the City Manager and Finance Director, and it
carried by a vote of 4 to 2 with Holmes, Reeves, Garvie, and Minich in favor and Miller and Pullen
opposed ( Hartwell absent).
ADJOURNMENT
The meeting adjourned at 7: 00 p. m.
APPROVEr!t:
MAYOR: - iiJJf: ~
A1L6.~.
tlTY CLERK
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