Loading...
HomeMy WebLinkAboutOrdinances Book 12, Page 203, No Resolution Number203 I A RESOLUTION CONSENTING TO AND APPROVING THE WITHDRAWAL BY THE CITIZENS SAVINGS BANK OF PADUCAH, KENTUCKY, OF $300,000 OF 1 1/2o UNITED STATES TREASURY BONDS DEPOSITED BY IT WITH THE CITIZENS -FIDELITY BANK AND TRUST COMPANY OF LOUIS- VILLE, KENTUCKY, AS SECURITY FOR THE PAYI,M T OF DEPOSITS MADE AT SAID BANK BY THE CITY OF PADUCAH, KENTUCKY, AND PROVIDING THAT OT! ---ER UNITED STATES SECURITIES IN A LIKE AMOUNT SHALL BE DEPOSITED 'KITH THE CITIZENS -FIDELITY BANK AND TRUST COMPANY AS TRUSTEE IN LIEU OF THE BONDS WHICH ARE WITHDRAWN WHEREAS, under an agreement entered into between the City of Paducah, the Citizens Savings Bank of Paducah, Kentucky, and the Citizens -Fidelity Bank and Trust Company of Louisville, Kentucky, as trustee on May 24, 1948, the Citizens Savings Bank delivered to the Citizens -Fidelity Bank and Trust Company, as trustee, for the purpose of securing the payment of all deposits made at said bank by the C3 of Paducah and of all funds entrusted to it, ;300,000 of United States Treasury 1 1/21do bonds payable December 15, 1950, being bonds Nos. 11607-8-9 for $100,000 each; and WHEREAS, the Citizens Savings Bank has requested permission to withdraw the aforesaid bonds from the Citizens -Fidelity Bank and Trust Company, trustee, and to substitute in lieu thereof $300,000 of United States 1 3/4% bonds to be dated December 15, 1950 and to become due and payable on December 15, 1955; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF 000VIISSIONERS OF THE CITY OF PADUCAH, KENTUCKY. SECTION 1. That the Citizens Savings Bank be, and it is hereby permitted to withdraw from the Citizens Fidelity Bank and Trust Company, trustee, the afore- said $300,000 of United States Treasury 1 1/2% bonds now held by said trustee, provided said bank substitutes in lieu thereof $300,000 of United States Treasury 1 3/4% bonds to be dated December 15, 1950, and to become due and payable on December 15, 1955. SECTION 2. That the Mayor and City Clerk be authorized and empowered, for and on behalf of the City of Paducah, to enter into and execute with the Citizens Savings Bank and the Citizens -Fidelity Bank and Trust Company a supplemental agreement providing for the withdrawal of the aforesaid bonds which will mature on December 15, 1950, and the acceptance of new 1 3/4; United States Treasury bonds for 5?300,000 to be dated December 15, 1950 and to mature on December 15, 1955, and said supplemental agreement to provide that all other terms, conditions and covenan contained in the aforesaid agreement of May 24, 1M, shall remain and continue in full force and effect. SEETION 3. That upon the execution of the aforesaid supplemental agreement the City Treasurer shall file with the Board of Commissioners a written statement describing by number and denomination the United States Treasury bonds which are being substituted and are to be held by the Citizens -Fidelity Bank and Trust Company as trustee to secure the payment of all deposits made at said Bank by the City of Paducah, pursuant to the terms of the aforesaid agreement of May 24, 1948. 204 SECTION 4. This resolution shall be in full force and effect from and after its adoption. 6/a yor Passed by the board of Commissioners December 5, 1950 Recorded by Sarah Thurman, City Clerk, December 5, 1950.