HomeMy WebLinkAbout84-5-251165
ORDINANCE NO. 85-5-2511
.-..AN ORDINANCE AUTHORIZING THE CITY TREASURER TO RELEASE FROM ESCROW, THE SUM OF
$300,000 OF GOVERNMENT SECURITIES. HELD BY CITIZENS FIDELITY BANK & TRUST COMPANY
WHEREAS, in 1948 the City of Paducah and Citizens Bank & Trust Company placed the
SUM of $300,000 in Government Securities in Escrow with Citizens Fidelity Bank & Trust
Company, and
WHEREAS, said sums were placed in escrow to secure the deposits of the City of
Paducah with Citizens Bank & Trust Company, and
WHEREAS, since that time Citizens Bank & Trust Company has other pledges securing
monies held by said Bank on behalf of the City of Paducah, and
WHEREAS, it is no longer necessary for the $300,000 to remain in escrow.
NOW, THEREFORE BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY AS FOLLOWS:
SECTION 1. The City Treasurer is hereby authorized to release Citizens Fidelity
Bank & Trust Company from the escrow in which it is holding $300,000 Government Securities
since May 24, 1948.
SECTION 2. The City Treasurer is authorized to execute any and all documents
necessary to carry out the intent of this ordinance.
SECTION 3. In order to keep from occurring an escrow fee, an emergency is hereby
declared and this ordinance shall be effective immediately upon passage.
JOE VITERISI
Mayor
Introduced and passed by the Board of Commissioners May 8, 1984
Recorded by Louise McKinney, City Clerk, May 8, 1984
Published by The Paducah Sun