HomeMy WebLinkAboutResolution - 112453C - CNB Authorized To Invest The Reserve Portion Of Special Waterworks Fund - 11_24_1953 R E S O L U T I O N C
WHEREAS , Ordinance No. 1394 authorizing issuance of
Two Million and Forty-.Five ThousanUand o 100 ($2, 045, 000. 00) Dollars
"CITY OF LUBBOCK, TEXAS, WATERWORKS SYSTEM REVENUE BONDS,
SERIES 1953, " designated the,Citizens National Bank, Lubbock, Texas,
custodian'of funds provided for ttherein, and said ordinance established the
"Special.Waterworks System Revenue Bond Retirement and Reserve Fund"
and further provided that the custodian bank is authorizedto invest the,
reserve .portion of.said Special 'Fund'in short-term direct obligations of the
United States of America, maturing not later than five (5) years from their
Copy date, as the City.Commission may direct; and the Commission desires to
11-28-53 invest said funds as provided by the ordina.ncez T H E R E F O R;E,
To
City Audi BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
for
& two to T HAT the Citizens National Bank, the custodian bank designated in said
Citz.Bank Ordinance, BE and it is hereby authorized and requested to invest the reserve
portion of said Special Fund in 'short-term direct obligations of the United
States of America and to hold and dispose of said obligations as provided for in
said Ordinance, said investments to be made from time to time as directed by
the Finance Officer of the City, accordingly as funds may be available therefor.
0-i motion of.Commissioner Davis
seconded by Commis-
sioner Carpenter r this Resolution was approved and passed
this the 24.th day of November , 1053, by the following vote:
Commissioners voting "YEA":Morris,Carpenter,Davis,Thomas & Mayor Tripp
Commissioners voting "NAY": None kMUR E R* . TR F l r
ATTEST:
1
.Lave a Lowe, G Secretary-Treasurer
VEW:sv
11-23-53