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HomeMy WebLinkAboutOrdinances Book 11, Page 480, No Resolution NumberA RESOLUTION AUTH(R IZING 7-1E CITY OF FADUCAH, BY AND THID UGH ITS INiYOR PROTEI:, STUART JOHNSTON, TO LNTE INTO AGRET-WE': 481 City or if the Bank shall be closed by action of the Division +i of Banking of the Commonwealth of Kentucky or by its'own Board of Directors, the Escrow Agent, upon proof satisfactory to it of the existence of the above facts or any of them, shall upon the written order of the City sell at the market so much of the Government obligations doposited with the Agent as may be necessary to satisfy and pay the balance due and payable to the City on deposit with the Bank and, in the event that the Board of Commissioners of the City of Paducah claims a larger amount due to the City than that claimed by the Bank or the Receiver, Conservator, the Banking Commissioner, or other agent of the state in charge of the Bank's affairs, the Escrow Agent shall sell a sufficiency of the Government securities on deposit with it to satisfy the amount claimed by the Board of Commission and to pay oder to the City t}e amount so claimed by it, such i payment to be Trade, however, without prejudice to the right of the Bank or its receiver, conservator or agent in charge of its affairs to collect from the City such excess as may later be determined to have been paid to the City by reason of this provision. The Bank may substitute from time to time other direct and fully 3uaranteed Government securities or cash, pro- vided always that the par value of said securities so deposited plus any cash deposited therewith, shall always equal 'Avo Hundred Twentt-Five Thousand (`225,000.00) Dollars, and in the case of any substitution the Bank shall promptly furnish the Board of Commissioners of the City a description of the securities so withdrawn and those substituted therefor. SECTION 2. That the City of Paducah, by and through its S'ayor Protem, Stuart Johnston, enter into and execute with the Paducah Bank a depository agreement providing that said Bank shall deposit with the United Bank and Trust Company of St. Louis, as Escrow Agent, bonds or other direct obligations of the United States of America and/or cash in the amount of One Hundred Thousand (x100,000.00) Dollars to be held by it as Escrow Agent upon tie same terms and conditions which are set forth in Section 1 of this resolution. SECTION 3. That the City of Paducah, by.and through its Mayor ?rotem, Stuart Johnston, enter into and execute with the Peoples iational Bank of Paducah, a depository agreement containing the IIollowing terms, conditions and covenants. 4 82 The Bank shall deposit with and pledge directly with the City of Paducah bonds or other direct obligations of the United States of America and/or cash in the amount of Wenty-five Thousand (A25,000.00) Dollars to be held by said city upon the same terms and conditions and for the same purposes set forth in Section 1 of this Resolution. SECTION 4. All resolutions and parts of resolutions in conflict herewith are, to the extent of such conflict, hereby repealed. SECTION 5. 'his Resolution shall be in full force an feet from and after its adoption s ' Johns ton, r,;ayor Pro , commis Passed by the Board of Commissioners, April 13, 1945 Recorded by Sarah Thurman, City Clerk, April 13, 1948.