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HomeMy WebLinkAboutOrdinances Book 16, Page 381, No Resolution Number381 / A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK, TOGETHER WITH THE CHAIRMAN AND SECRETARY OF THE BOARD OF PARK COMMISSIONERS, TO EXECUTE A TRUST AGREEMENT WITH THE CITIZENS BANK AND TRUST COMPANY OF PADUCAH, KENTUCKY, AS TRUSTEE OF THE LOCOMOTIVE MEMORIAL TRUST FUND, FOR THE MAINTENANCE AND PRESERVATION OF SAID LOCOMOTIVE WHEREAS by resolution dated December 27, 1962, of record in Ordinance Book 14, page 856, the Parks, Playground and Recreation Board of the City of Paducah was authorized to accept from Illinois Central Railroad Company a steam locomotive engine to be maintained by 'said Board and to execute a Trust Agreement with the Citizens Bank and Trust Company of Paducah, Kentucky, for a maintenance fund, and WHEREAS, on October 2, 1964, by ordinance of record in Ordinance Book 15, pages 396 and 397, the Parks, Playground and Recreation Board was replaced by the Board of Park Commissioners, and WHEREAS, by resolution dated October 10, 1967, of record in Ordinance Book 16, page 339, the Mayor was requested to change the beneficiary of said Trust from Parks, Playground and Recreation Board to Board of Park Commissioners, and WHEREAS, the Citizens Bank and Trust Company of Paducah, Kentucky, has prepared and executed a Trust Agreement and requested the signatures of the Mayor and City Clerk and the Chairman and Secretary of said Board of Park Commissioners. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the Mayor and City Clerk,along with the Chairman and Secretary of the Board of Park Commissioners of the City of Paducah, are hereby authorized to execute a Trust Agreement with the Citizens Bank and Trust Company of Paducah, Kentucky, in words and figures as follows: "THIS TRUST AGREEMENT made and entered into this the day of November, 1967, by and between the CITY OF PADUCAH, KENTUCKY, here- inafter referred to as the 'City', and the BOARD OF PARK COMMISSIONERS OF THE CITY OF PADUCAH, hereinafter referred to as the 'Pa'rk Commissioners', and CITIZENS BANK AND TRUST COMPANY OF PADUCAH, TRUSTEE, hereinafter referred to as the 'Bank'; 382 W I T N E S S E T H: "WHEREAS, the City in the year 1962 acquired from Illinois Central Railroad Company a steam locomotive engine to be placed in a public place in said City for public viewing, and by public solicitations the sum of $7,500.00 was raised for the protection, preservation and maintenance of said engine; and "WHEREAS, under a resolution adopted by the Board of Com- missioners of the City on December 27, 1962, the Parks, Playground and Recreation Board was designated as the proper board to have charge of and to maintain said engine, and it was further provided in said resolution that the aforesaid sum of $7,500.00 be established as a trust fund to provide for the protection and preservation of said engine, and the Parks, Playground and Recreation Board was authorized to enter into an agreement with the Bank providing that said sum shall be held in Trust by the Bank; and "WHEREAS, said trust agreement was never entered into but the sum of $7,368.04 was paid to the Bank and has since been held and administered by it pursuant to the provisions of said resolution; and "WHEREAS, under a resolution adopted on October 10, 1967, by the Board of Commissioners, the City designated the Park Commissioners as successors of the Parks, Playground and Recreation Board and the beneficiary of the aforesaid trust; and "WHEREAS, it is deemed advisable to enter into at this time a trust agreement as required by and pursuant to the provisions of the original resolution of December 27, 1962. "NOW THEREFORE, the premises considered, the City and Park Commissioners do hereby ratify, confirm and approve the actions of the Bank as trustee up to this date in the investment and adminis- 00 tration of said trust fund, and it is further agreed between the parties hereto as follows: "1. That said trust fund shall continue to be invested by the Bank as trustee in United States Securities or such other securities permitted by law, and the income therefrom ,(less 5% com- mission of such income for trust services to the Bank) will continue to be paid by said Trustee at regular intervals to the City, for use by the Park Commissioners for the protection and preservation of said engine; 383 "2. That the investment made on August 10, 1966, in 804 Units of Common Trust Fund B of the Citizens Bank and Trust Company of Paducah at a cost of $7,498.33 be approved, and said investment, or such other investment as the Bank as Trustee may elect to make, shall continue until such time as the City may, by appropriate action of its legislative body, designate other securities in which said fund shall be invested or shall terminate the aforesaid trust; and "3. The income from said securities for the care, protection and preservation of said engine shall be administered by the City by and through its aforesaid Park Commissioners, and the only responsibility or liability the Bank as trustee assumes is for the proper accounting to the City for the income and as custodian of said securities. "IN TESTIMONY WHEREAS, the City of Paducah, Kentucky, has caused its corporate name to be subscribed hereto by its Mayor, Tom Wilson, and has caused its corporate seal to be affixed hereto and attested by Sarah Thurman, the City Clerk, the Board of Park Commissioners has caused its name to be subscribed hereto by its Chairman, whose signature is attested by its secretary, and the Citizens Bank and Trust Company of Paducah, Trustee, has caused its corporate name to be subscribed hereto by Fred L. Nagel, its President, and has caused its corporate seal to be affixed hereto and attested by Randall Shaffer, its Cashier, this the day and date first above written." SECTION 2. That the Mayor is further authorized and requested to request and seer, approval of said trust agreement by the Board of Park Commissioners of the City of Paducah, and to obtain the signatures of: the Chairman and Secretary of said Board, for said trust agreement. SECTION 3. This resolution shall be in full force and effect Iron and after its adoption. �r' �r.�: .. ,, -i •`. ,rel ��. .�,� Mayor Passed by the Eoard of Commissioners November 28, 1967 Recorded by Sarah Thurman, City Clerk, November 28, 1967.