HomeMy WebLinkAboutOrdinances Book 13, Page 274, No Resolution Number27J
A RESOLUTION AUTHORIZING THE CITIZENS BANK & TRUST COMPA11Y
OF PADUCAH, KENTUCKY TO WITHDRAW f?500,000.00 IN UNITED STATES
TREASURY BILLS FROM CITIZENS FIDELITY BANK & TRUST COIAPANY OF
LOUISVILLE, IMNTUCKY, HELD AS SECURITY TO GUARANTEE THE PAYJEKT
OF DEPOSITS IN CITIZENS BANK & TRUST COLT AIdY OF CITY OF PADUCAH,
KENTUCKY SCHOOL CONSTRUCTION ACCOUNTS AND CITY OF PADUCAH SCHOOL
BUILDING BOND AND INTEREST REDEMPTION FUND OF 1954
WHEREAS, Citizens Bank & Trust Company of Paducah, Kentucky
is the official depository for accounts known as City of Paducah
School Construction Account and City of Paducah School Building
Bond and Interest Redemption Fund of 1954 Account; and
WHEREAS, to secure said accounts and to guarantee the payment
of funds therein, the Citizens Bank & Trust Company has deposited
with the Citizens Fidelity Bank & Trust Company of Louisville, Ken'cucky,
United States Government Securities in the sum of $1,690,000.00; and
WHEREAS, various amounts have been withdravm from said
accounts leaving a total balance on deposit with the Citizens Bank &
Trust Company of $1,043,076.07; and
WHEREAS, the entire amount of the pledged securities is over
;6500,000.00 in excess of the amount required.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF CO1MISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY;
SECTION 1. That the Citizens Bank & Trust Company of Paducah,
Kentucky is hereby authorized to vrithdraiIfrom the Citizens Fidelity
Bank & Trust Company of Louisville, Kentucky, ??500,000.00 in United
States Treasury Bills pledged to secure the accounts and payment of
funds set out above, and said Qitizens Fidelity Bank & Trust Company
of Louisville, Kentucky is authorized to permit such withdrawal.
SECTION 2. This Resolution shall be in full force and
effect from and after its adoption.
IK1yor
Passed by the Board of Cormnissioners 1larch b, 1957
Recorded by Sarah Thurman, City Clerk, Burch 8, 1955.