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RESOLUTION
No. 70 - 58
WHEREAS. it is necessary and appropriate that the CITY QE"
CLEARWATER enter into a Construction Trust Fund Agreement with a
Bank irr the City of Clearwater, Florida, having trust powers in~order to
accomplish the payment in the proper manner of expenses of construction
of improvements according to the provisions of Ordinance No. 12ZZ of
said City; and '
WHEREAS, the CITY OF CLEARWATER has sold $3, 200, 000 Utility
Revenue Certificates, Series of 19b9, dated August 1, 19b9, and the proceeds
are available for placing with a Trustee to accomplish the foregoing purpose;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
1. The First National Sank of Clearwater, Clearwater, Florida,
a banking corporation organized and existing under the laws of the United
States of America, and having trust powers is hexeby designated as the
Trustee for the purposes set out in Ordinance No. lZZ2 and the Construction
Trust Fund Agreement substantially in the form annexed hereto as
Exhibit A.
2. That said Construction Trust Fund Agreement is approved and
ratified and the Gity hereby binds itself to the provisions thereof, and the
Execution thereof an behalf of the City by the City Manager, Mayor-Commi ssioner,
City Clerk and the City Attorney to facilitate the delivery of said $3, 200, 000
Utility Revenue Certificates, Series of 1g69- is hereby ratified.
3. That the officials authorized to execute xequisitions according
to Section 3 of said Construction Trust Fund Agreement are as follows:
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'~ '°=~=~`'^`~'`'; -:`' `>. GITY MANAGER - MERRETT R. STIERHEIM
t+~;:~~l~;~,..•~;-, CITY TREASURER - A. C. LOWREY, JR,
ras~iY',s°: ~'~'a .: E:, .,
~A'?U:,;.,:.`.~,-,~' ..:~. ~ ~ and said officials are the only persona authorized to execute said requisitions
~..~~:,...;,. •:, .. ~ until furthe resolution of this Gommission, and that each requisition
~~f.'q' ' '~ shall not be valid until signed by both of the foregoing officials,
`tel. i'~.'.:' ~ "f .s .
~"""''~f;.~';:.- • ~-'' 4. That the official of the City and the only official of said City
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^:~Y';~:` ~•';"'~ authorized to make the request of the Trustee to invest or re-invest
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:'~'~ ~,~:;~' . `;~ according to Section 8 of the Construction Trust Fund Agreement shall
`'•`;,,:"''.~- ~ ..~ be the City Treasurer until further resolution of this Commission.
":":is""'~;;.•~;•~..'-.F* 5. That the Trustee shall be compensated for its services as
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11 follows:
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~: Base fee, I00 00 p! 1 10 0 %
$ us / f l o of all funds paid out
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' up to $1, 000, ODD and 1/25 of l~jo of all funds paid out aver
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t $I, 004, 000.
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Out-of»pocket expenses including but not limited to
ti r¢
~ :~;• registered mail, insurance charges, preparing copies
X ,ttr.F.,,;.,t~r:-` of documents and the like, spacial statements, lists,
,t. ~'~'~~~ ~~~"'~ and du licate re uisitions.
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Cost of advice and opinions of caunsek.
The reasonable cost of additional unanticipated services
fax reinvestment or unanticipated functions required to be
performed, said additional compensation to be approved by
the City Manager and City Txeasurer.
6. This Resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this 20th day of~cTu~, A,D. 1970.
s
Attest:
1~~
Clerk
... Fieso..N7o-58•' . • . -Z-
July 20, x970
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