HomeMy WebLinkAboutResolution - 111253D - Authorize City Finance Office To Transfer Bond Sale Interest To The General Fund - 11_12_1953 �� S3
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R E S O L U T I O N
C WHEREAS, in considering the disposition to be made of interest
derived from certain investments, it was determined by the Commission
,- - that interest on funds derived from bond sales and investments of the pav-
ing funds and investment of other funds, excluding interest from Sinking
Funds, the City Commission at the time it approved the budget also approved
the transfer of interest earned by investing ;such funds (excluding proceeds
from investment of Interest and Sinking;Funds), but it appears that such
determination was not then made as a matter of record, as suggested by the
City Attorney in his memorandum,dated June 24, 1953 and addressed to the
Finance Officer, and the Commission'desires that the determination then
made be expressed in the minutes, effective as of the date the budget was
adopted; T HERE FORE,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK-
1. T HAT the City Finance Officer BE, and he is hereby authorized
to transfer to the General Fund, interest earned from placing proceeds from
the sale of bonds on time deposit or savings accounts, and interest-earned
from such deposits of the General Fund or any part thereof, and the interest
earned from deposits of paving.funds2 and interest earned from the deposits
of any other such funds.
2. This authority shall not be construed as authorizing the transfer of
interest derived by the investment of Interest and Sinking Funds, and such
interest so,dezivedsh
and Sinking Fund. Il remain and otherwise be apart of the proper Interest
On motion of Commissioner Davis , seconded by
Commissioner Morris , the foregoing Resolution was
passed on the 12t l day of November by the following vote
Commissioners voting "YEA": Morris,Davis,Thomas & Mayor Tripp
Commissioners voting "NAY'", None
MUR- E yor=-----
ATTEST: ..�"-�
Laveni Lowe, City kec;7e:tarV:Ti7e9s"7!i_eF_
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11-16-53