HomeMy WebLinkAboutOrdinances Book 13, Page 332, No Resolution Number332 /
A RESOLUTION AUTHORIZIiidG THE CITY OF PADUCAH, KENTUCIY, BY
ADID THROUGH ITS I-IAYOR, ROBERT C. CHERRY, TO GIVE PER1,1ISSION TO
CITIZENS BANK & TRUST COMPAlIY.OF PADUCAH, KENTUCKY; THE PEOPLES
FIRST HATI_OMAL BANK TRUST COI-TU,!Y OF PADUCAH, KENTUCKY AND THE
PADUCAH BANK OF PADUCAH, KENTUCKY, AND THEIR RESPECTIVE DEPOSITORIES
TO SUBSTITUTE UNITED STATES SECURITIES FOR OTHER SECURITIES PLEDGED
BY SAID BATIKS AND HELD BY THE RESPECTIVE TRUSTEE DEPOSITORIES FOR
THE FAITHFUL CARE AIM PAY�MMTT OF ALL DEPOSITS OF CITY FUNDS PLACED
IN SAID BANKS
I1IHEREAS, heretofore the Citizens Bank & Trust Company of
Paducah, Kentucky; the Peoples First Rational Bank & Trust Company
of Paducah, Kentucky and the Paducah Bank of Paducah, Kentucky have
been designated as depositories of public funds of%the City, and
°IIIEREAS, each of said banks have deposited various amounts
of United States securities in other banks acting as Trustees and
Depositories for the benefit of the City, and
IIIiEREAS; by contracts heretofore executed it was provided
that the three aforesaid banks shall have the right to substitute other
securities for -those previously deposited provided the securities to
be substituted are satisfactory in kind and amount to the City and the
said -Trustee Depositories were authorized to permit such substitution
upon i:.Tritten authority of the City, and
1.1HERSAS, it appears to be of advantage to the three aforesaid
banks and to no disadvantage of the City that said banks be permitted
to substitute United States Securities.in like amounts to those pledged
without waiting for written authority of the City.
4019 THEREFORE, BE IT RESOLVED BY THE BOARD OF COI.-TaSSIOHERS
OF THE CITY OF PADUCAH, KEAITUCKY:
SECTION 1. That the Mayor of the City of Paducah, Kentucky,
Robert C. Cherry, be, and he is hereby, authorized to notify the
Citizens Bank & Trust Company of Paducah, Kentucky; the Peoples
First National Bank w Trust Company of Paducah, Kentucky and the
Paducah Bank of Paducah, Kentucky, in smiting that any United States
wecurities pledged by said banks for the faithful care and payment
Of City deposits may be withdrasm by said banks from their respective
Trustee Depositories upon the substitution of an equal amount of
other United States securities without further Ari•t•tan authority
of the City, provided the bank makir�,; such substitution and its
Trustee Depository shall, irithin five (5) days, notify the City
Treasurer of such substitution.
333
SECTION 2. This Resolution shall bo in 'ull force and effoct
From and after its adoption.
iayor
Passed by the Board of Commissioners I,iay 24, 1955
Recorded by Sarah Thurman, City Clerk, Iay 24, 1955•