HomeMy WebLinkAboutOrdinances Book 12, Page 458, No Ordinance NumberAN ORDINANCE CONSENTING TO AND APPROVING THE WITHDRAWAL BY THE CITIZENS
SAVINGS BANK AT PADUCAH, KENTUCKY, OF 0300.00 UNITED STATES TREASURY 1-3/4%
BONDS DEPOSITED BY IT WITH THE CITIZENS -FIDELITY BANK AND TRUST COMPANY OF
LOUISVILLE, KENTUCKY, AS SECURITY FOR THE DEPOSITS MADE AT SAID BANK BY THE CITY
OF PADUCAH, KENTUCKY, AND PROVIDING THAT OTHER UNITED STATES SECURITIES IN A LIKE
ARIOUNT SHALL BE DEPOSITED WITH THE CITIZENS -FIDELITY BANK AND TRUST COMPANY, AS
TRUSTEE IN LIEU OF THE BONDS WHICH ARE WITHDRAWN
WHEREAS, under a supplemental agreement entered into between the City of
Paducah, the Citizens Savings Bank at Paducah, Kentucky, and the Citizens -Fidelity
Bank and Trust Company of Louisville, Kentucky, as Trustee, on Lay 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 City of Paducah and of all funds entrusted to it, $300,000 of United
States Treasury bonds, and
WHEREAS, under a supplemental agreement entered into between the same parties
on the 8th dah of December, 1950, the Citizens Savings Bank at Paducah was permitte
to withdraw the K300,000 of United §tates Treasury bonds originally pledged as
security for payment of the deposits made at said bank, and there was substituted i
lieu of said original issue the following described bonds:
3/•.100,000. United States 1-3/4% Treasury Notes dated December
15, 1950, due December 15, 1955, Interest payable June and December
15, Noe. 5519/5521 inclusive.
AND WHEREAS, the Citizens Savings Bank has requested permission to
withdraw the aforesaid bonds from the Citizens -Fidelity Bank and Trust Company,
as Trustee, and to substitute other United States Treasury bonds in a like amount.
NOW THEREFORE, BE IT RESOLVED By THE BOARD OF COM,1ISSIONERS 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, as Trustee, the
aforesaid Q000,000 of United States Treasury 1-3/4% Notes dated December 15, 1950,
due December 15, 1955, being bonds Nos. 5519, 5520 and 5521, now held by said Trust e,
provided said bank substitutes in lieu thereof the following described bonds:
3/•;;100,000. United States Zia Treasury Bonds, Nos 4605,
1;606 and 4607 and to become due and payable December
15th, 1952 -54 -
SECTION 2. That the I-;ayor 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 second supplemental'
agreement providing for the withdrawal pf the aforesaid bonds dated December 15,
1950, Nos. 5519, 5520 and 5521, and the acceptance of new 2 United States
Treasury bonds for ;x300,000, each in the amount of :;.100,000 and bearing numbers
4605, 4606 and 4607, and said second supplemental agreement to provide that all
other terms, conditions and'covenants contained in the aforesaid original agree-
ment of I•ay 21;, 1948 shall remain and continue in full force and effect.
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SECTION 3. That upon the execution of the aforesaid second supplemental
agreement, the Acting City Treasurer shall file with the Board of Commissioners
a written statement describing by number and denomination the aforesaid United
States Treasury bonds which, upon the receipt of the Citizens -Fidelity Bank
and Trust Company, as Trustee, have been delivered into its custory as security
for the payment of all deposits made at the Citizens Savings Bank by the City
of Paducah pursuant to the terms of the aforesaid agreement of May 24, 1948,
SECTION 4. This resolution shall be in full force and effect from and after
its adoption.
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Passed by the Board of Commissioners July 10, 1951
Recorded by Sarah Thurman, City Clerk, July 10, 1951.
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