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MUNICIPAL ORDER NO. 590
A MUNICIPAL ORDER AUTHORIZING THE CITY TREASURER
TO RELEASE SAFEKEEPING RECEIPTS
WHEREAS, safekeeping receipts are required by KRS
'""'1 KRS 66.480 when deposits exceed the F.D.I.C. coverage of
$100,000 per institution; and
WHEREAS, the collateral security provides the City
protection in the event a banking institution goes out of v
business.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Finance Director is authorized to
release safekeeping receipts for deposits in excess of
$100,000.00 for the City of Paducah if such action becomes
necessary.
SECTION 2. This Order will be in full force and
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effect from and after the date of its adoption.
GERRY B. MONTGOMERY
Mayor
Adopted by the Board of Commissioners April 23, 1991
Recorded by Lenita Smith, City Clerk, April 23, 1991
mo/receipts
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