HomeMy WebLinkAboutOrdinances Book 10, Page 738, No Resolution Number737
A RESOLUTION AUTHORIZING THE CITY MANAGER AND THE CITY
RREASURER OF THE CITY OF PADUCAH, KENTUCKY, TO ACCEPT FROM
THE CITIZENS SAVINGS BANK AT PADUCAH, AND THE PEOPLES NATIONAL
BANK OF PADUCAH, KENTUCKY, BONDS OR OTHER SECURITIES IN LIEU OF
PERSONAL BONDS TO SECURE THE DEPOSITS OF THE CITY OF PADUCAH IN
SUCH BANKS
WHEREAS, the Citizens Savings Bqnk at Paducah, and the
Peoples National Bank of Paducah, Kentucky, have been designated as
depositories of the City of Paducah; and,
WHEREAS, under and pursuant to the provisions of
Section 579 of the Kentucky Statutes, 1936 Revision, incorporated
banks and trust companies doing business under the laws of the
State of Kentucky, are authorized to pledge such portion of their
assets as may be required by law as collateral security for govern
ment deposits made with them;
NOVI, THEREFORE, be it resolved by the board of
Commissioners of the City of Paducah, Kentucky;
SECTION 1.
That the City Manager and the City Treasurer be and
they are hereby authorized and empowered to accept from the Citizens
Savings Bank at Paducah and the ]3eoples National Bank of Paducah,
Kentucky, government bonds, State of Kentucky warrants and city of
Paducah notes or bonds, or such other securities as may be acceptible
to the City Manager as collateral security for the faithful care
and payment of all funds entrusted to said banks, said securities
to be accepted in lieu of personal bonds, and the same shall be
in an amount not less than the total of the funds deposited in said
banks at all times.
SECTION 2.
The pledge of bonds, notes or other securities by either
of said banks as security for the amount deposited therein shall be
authorized by a resolution duly adopted by the Board of Directors
of such bank. The securities pledged for that purpose shall be
described in such resolution, and a certified copy khereof furnished
to the City Treasurer. In the event either of said banks shall at
any time desire to withdraw any note, bond or other security so
pledged, or to exchange any securities by pledging other notes, bonds,
or obligations in lieu of those held by the city, such withdrawal
for exchange may only be made with the written consent of the City
739
Manager, and upon a resolution adopted by the Board of Directors
of said bank. A certified copy of the resolution of the Board of
Directors of such bank authorizing the withdrawal or exchange of
i
any securities shall also be filed with the City Treasurer.
SECTION 3.
This Resolutioh shall be in full force and effect
i
from and after its adoption. j
i
mayor
Passed by the board of Commissioners, May 12th, 1942
i
Recorded by Rudy Stewart, City Clerk, May 13th, 1942.
i
i
i
I