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R E S O L U T I O N
No, 73 +• 71
WHEREAS, it is necessary and appropriate: that the City of Clearwater
enter Into a Construction Trust Fund Agreement with a Bank in the City of
Clearwater, Florida, having trust powors in order to accomplish the payment
in the proper manner of expenses of construction of improvements according
to the provisions of Ordinance No. 1399 of said City; and
WHEREAS, the City of Clearwater has sold $9, 000, 000 Utility Revenue
Certificates, Series of 1972, dated August 1, 1972, and the proceeds are
available for placing with a Trustee to accomplish the foregoing purpose;
y , 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 Barnett Bank of Clearwater, Clearwater, Florida, a banking
corporation organized and existing under the laws of the United States of
America, and having trust powers, is hereby designated as the Trustee for
the purposes set out in Ordinance No. 1399 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 City hereby binds itself to the provisions thereof, and the
execution thereof on behalf of the City by the City Manager, Mayor-Commissioner,
City Clerk and City Attorney to facilitate the delivery of said $9, 000, 000
i Utility Revenue Certificates, Series of 1972, is hereby ratified,
3, That the officials authorized to execute requisitions according
to Section 3 of said Construction Trust Fund Agreement are as follows:
CITY MANAGER ?. M. R. STIERHEIM
CITY TREASURER - A. C. LOWREY, JR.
and said officials are the only persons authorized to execute said requisitions
until further resolution of this Commission, and that each requisition shall
not be valid until signed by both of the foregoing officials.
11
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Reno. 073-71 7V '/J7
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5-21-73
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4. That the official of the City and the only official of said City
authorized to make the request of the Trustee to invest or re•dnvest according
to Section 8 of the Construction Trust Fund Agreement shall be the City
Treasurer until further Resolution of this Comminsion.
5. That the Trustee shall be compensated for its services as
L
follows:
Base fee, $100. 00 plus 1/10 of I% of all funds paid out
up'.to $1, 000, 000 and 1 /25 of 1% of all funds paid out over
$1,000,000.
Out-of-pocket expenses including but not limited to
registered mail, insurance charges, preparing copies
of documents and the like, special statements, lists,
and duplicate requisitions, „
F Cost of advice and opinions of counsel.
The reasonable cost of additional unanticipated services
for reinvestment or unanticipated functions required to be
performed, said additional-compensation to be approved by
the City Manager and City Treasurer.
6. This Resolution shall take effect inunediately upon its passage.
PASSED AND ADOPTED this 21st day of Way, A. D. 1973.
Commissi
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Deputy City Clerk jLe 13 0.
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