HomeMy WebLinkAboutOrdinances Book 11, Page 464, No Resolution Number464�i
FPAD,jCAJ1,
ESOLUTION AUTHORIZIIIG TE'7 CITY MANAGER AIiD THE CITY
F Tr.E CITY OF PADUCAH, KEIITUCKY, TO ACCEPT FROM
S SAVINGS BANK AT PADUCAH, THE PEOPLES NATIONAL CAI•II: KEIITUCKY, Ai1D TIS rADUCAH BATIK OF PADUCAH, KENTUCrY,
HER SMI URITIEa 1" LIEU OF P"ROONAL BONDS TO SECURE
S OD THE CITY OF PADUCAH IN SUCH EANIM
WHEREAS, the Citizens -Savings Ean'.t at Paducah, the Peoples
D:ationol Bank of Paducah, Kentucky, and The Paducah Dank of
Paducah, Kentucky, have been designated as depositories of the
City of Paducah; and
YIIEREAS, under and pursuant to the provisions of Section 92.
of the Kentucky Revised Statutes, incorporated banks and trust
companies doing business under the laws of the State of Kentucky
are authorized to pledge such portion of their assets as may be
required by law as collateral security for government deposits
made with them;
Ti-?EFORE, EE IT RESOLED BY THE B4OAiID OF COI;?I-iISSIONERS
OF THE C I Tf OF PADUCAH, =11, CIff :
SECTIO:; 1.
That the City Tanager and the City Treasurer be and
they are hereby authorized and empowered to accept from the
Citizens Savings Bank at Paducah, the Peoples National Blank of
Iaducah, Kentucky and The Peoples Lan{ of Paducah, Kentucky,
_overnment bonds, State of Kentucky warrants and City of
Paducah notes or bonds, or such other securities as may be
acceptable to the City ICanager as collateral security for the
faithful care and payment of all funds entrusted to said banks,
said securities to be accepted in lieu of personal bonds, and
the same shall be in an amount not less than the total of the
funds deposited in said banks at all times.
SECTION 2.
The pledge of bonds, notes or other securities by either
of said banks as security for the amount deposited therein shall be
authorized by a resolution duly adopted by the toard of Directors
of such bank. The securities pledged for that purpose shall be
described in such resolution, and a certified copy thereof furnishe
to the City Treasurer. in the event either of said banks shall at
any time desire to withdraw any note, bond or other security so
pledged, or to exchanCe any securities by pledging other notes, bonuz
or obligations in lieu of those held by the city, such withdrawal
or exchan.-e may only be made with the written consent of the City
465
1<9n8-er, and upon a resolution adopted by the Loard of Directors
Of said bank. 9 certified copy of the resolution of the zoard of
Directors of such bank authorizinf; the withdrawal or exchanEe of a
securities shall also be filed with the City Treasurer.
SECTION 3.
This resolution shall be in full force and effect from
and after its adoption.
.ayor tem
Edgard ,arlicjc, Commissioner
Passed by the Board of Commissioners, 1.1arch 30, 1948
Recorded by Sarah Thurman, City Clerk, ;:arch 30, 1948.