Money v. State ex rel. Florida First National Bank at Port St. Joe

This mandamus action resulted from the dissatisfaction of Florida First National Bank of Port St. Joe, an authorized county depository, with the portion of school funds it had on deposit. The primary subject of this litigation is two funds in the hands of the Gulf County School Board which are proceeds from the sale of certificates on indebtedness in the amount of $2,500,000. One is a construction fund for school buildings, and the other is a sinking and reserve fund. A constant reserve of $160,000 is required, and the first $230,000 of race track funds are pledged to the sinking fund each…