HomeMy WebLinkAboutResolution - 121053C - Finance Officer To Calculate Amount In Special Waterworks System Rev Bond Fund - 12/10/1953f",
3 copies t
Alfred Cou
Auditor ,
12-11-53
(2 to be
given to
Citz.Bank.)
R E S O L U T I O N
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
T HAT, the Finance Officer is authorized and directed to calculate the
amount of money on deposit in the "SPECIAL WATERWORKS SYSTEM
REVENUE BOND ,RETIREMENT AND RESERVE FUND" on deposit in the
Citizens -National Bank, Lubbock, Texas, which bank is the City's depository
under the terms of its contract dated 'July 110, 1952, which provides for the
payment of interest according to its terms; and to periodically determine the
amount on deposit in said Special Fund which will not be needed for bond
retirement purposes for periods of time stated in said contract, and, when
calculated, to notify said depository that such ;funds will not be immediately
needed for bond retirement purposes according to such calculations; and
that such funds shall be'held by said bank.on time deposit for the period of
time required by such notice under the terms of the said depository contract
at the rates of interest provided by said depository contract; and that the
interest accruing from. said special deposit under the terms of the City's
contract "with, the depository shall constitute an increment to said Special
Fund; and (that part of the Special Fund upon which interest is paid shall
remain in'and be a part of said Special Fund,
The calculations contemplated herein to be made by the Finance Officer
shall be so timed that adequate demand deposits in said Special Fund shall
be available to retire bonds and interest coupons upon due presentment for
payment,
On motion of Commissioner Morris - , seconded by Com-
missioner Carpentdr , this Resolution was passed by the
Cit Commission on this the 10th da of December
Y y , 1953, by the
following vote:
Commissioners voting "YEA'': Norris$ Carpenter* Davis and Mayor Tripp
Commissioners voting "NAY": None
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