HomeMy WebLinkAboutOrdinances Book 12, Page 1200, No Ordinance Number200 J
AN ORDINANCE CONSENTING TO AND APPROVING THE WITHDRAWAL BY T71E
CITIZENS BANK A7✓D TRUST C01.1PANY OF PADUCAH OF 3 ;x100, 000.00 UNITED
STATES 2N TREASURY BONDS NOS. 4605, 4606, and 4607 DUE AND PAYABLE
DECEMBER 15TH, 1952-54, DEPOSITED BY IT METH THE CITIZENS -FIDELITY BANK
AND TRUST COPIPANY OF LOUISVILLE, KENTUCKY AS SECURITY FOR DEPOSITS
MADE AT SAID BANK BY THE CITY OF PADUCAH, KENTUCKY, AND PROVIDING
THAT OTHER UNITED STATES SECURITIES IN A LIKE AMOUNT SMALL BE, DEPOSITED
I/ITH TSE CITIZENS -FIDELITY BANK AND TRUST C010ANY OF LOUISVILLE, AS
TRUSTEE, IN LIEU OF THE BONDS IiHICH ARE I•lITHDRAI/N.
WHEREAS, under an agreement entered into between the City of
Paducah, the Citizens Savings Bank. at Paducah (whose corporate name has �
I
been changed to and is nor. the Citizens Bank and Rmst Company of Paducah),
and the Citizens -Fidelity Bank and Trust Company of Louisville, Kentucky,
as trustee, on May 24th, 1948, the Citizens Bank and Trust Company
delivered to the Citizens -Fidelity Bank and Trust Company, as trustee,
-300, 000. 00 of United States Treasury bonds; and,
i•IHEREAS, under a Second Supplement Agreement entered into between
the City of Paducah, the Citizens Bank and Trust Company of Paducah, and
the Citizens Fidelity Bank and Trust Company on July _, 1951, the
execution of which agreement was authorized by an ordinance adopted
by the Board of Commissioners of the City of Paducah, Kentucky, on
July 10th, 1951, as will be shown by said ordinance of record in Ordinance
Book 12, page 458 of the official records of said city, the following
described bonds were delivered to the Citizens -Fidelity Bank and Trust
Company, as Trustee, as security for the deposits made by the City of
Paducah in the Citizens Bank and Trust Company of Paducah, viz:
3/;100, 000 United States 2,`n Treasury Bonds Nos. 4605,
4606, and 4607 due and payable December 15, 1952-54.
AND WHEREAS, the Citizens Bank and Trust Company of Paducah has
requested permission to withdraw the aforesaid bonds from the Cttizes-
Fidelity Bank and Trust Company, as Trustee,and to substitute other
United States Treasury bonds in a like amount;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF C0,1U4ISSI0NERS OF
THE CITY OF PADUCAH, KENTUCKY
SECTION 1. That the Mayor and the City Ch rk be, and they are
hereby authorized and empowered, for and on behalf of the City of Paducah,
to enter into with the Citizens Bank and Trust Company of Paducah and the
Citizens -Fidelity Bank and Trust Company of Louisville, Kentucky, as
Trustee, a Third Supplemental Agreement providing for the withdrawal of
the aforesaid 3/j100,000 United States 2 Treasury Bonds Nos. 4605,4606
1201
and 4607, payable December 15th, 1952-54 and the acceptance in lieu
thereof of 3/;}Z00, 000 Ontted States 22;5 Treasury Bonds due and pay-
able December 15, 1963-68, and said Third Supplemental Agreement shall
provide that all other terms, conditions and covenants contained in the
aforesaid original agreement of iay 24th, 1948 shall remain and continue
in fill force and effect.
SECTION R. That upon the execution of the aforesaid Third
Sapplemental Agreement, the'City Treasurer shall file with the Board
of Commissioners a written statement describing by number and denomin-
atton the aforesaid United States Treasury Bonds which, upon the receipt
of the Cittzens-Fidelity Banc and Trust Company, as Trustee, have been
delivered into its custody as security for the payment of all deposits
made at the Citizens Bans and Trvst Company of Paducah by the City of
Paducah pursuant to the terms of the aforesaid agreement of flay 28th,
1948.
SECTION 3. This ordinance shall be in Azll force and effect
from and after its adoption.
iiayor
Passed by the Board of Commissioners June 16, 1.953
_7? corded by Sarah Thurman, City Clerk, Tune 16, 1953