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60 - 97A
1.1HEREAS, it is necessary and appropriate that the CITY
OF CLEARWATER enter into a Construction Trust Fund Agreement
with a National Bank in 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 110. 875 of said City; and
1t1HEREAS, the CITY OF CLEARWATER has sold ; 600,000.00"of
Utility Revenue Certificates, Series of 1960, and the proceeds
are available for placing with a Trustee to accomplish the
foregoing purpose.
140'd, THEREF'ORE, 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 BANK OF CLEARWATER, Clearwater,
Florida, a banking corporation organized and existing under the
laws of the United State, of America, and having trust powers
is hereby designated as the Trustee for the purposes set out in
Ordinance Wo. 875 and in the Construction Trust Fund Agreement
,
dated December 22, 1960
(2) That raid Construction Fund Agreement is approved and
ratified and the City hereby binds itself to the provisions
thereof, and the Mayor, City Manager, City Cleric, City Treasurer
and City Attorney be and they are hereby authorized to execute the
same for the City.
(3) That the officials authorized to execute requisitions
according to Section 3 (A) of said Construction Trust Fund
Agreement are as follows:
t!AYOR - ALEX D. FINCH
CITY MIANACER - JAMES R. STKWART
.CITY TREASURER FRANK ABERVATHY
and said officials are the only persons authorized to execute
said requisitions until further resolution of this Commission,
Reeo- 60-97A
.I
12-5-60
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and that each requisition shall not he valid until signed by
all three of the foregoing officials.
, (4) That the official of the City and the only official of.
said City authorized to make the request of the 't'rustee to invest
or re-invest according to Section 8 of the Construction Trust
Fund Agreement shall be the City Treasurer, FRANK ABERNATHY,
until further resolution of this Commission.
(5) That the Consulting Engineers of the City are BRILEY,
MILD & ASSOCIATES of Daytona Beach, Florida, the principals of
which are:
HARRY E. WILD
HLROLD D. BRIF,M
B. N. WILSON
the foregoing principals shall be the only persons authorized
to execute requisitions and other papers on behalf of said
Consulting Engineers.
(6) That the Trustee shall be compensated for its services
as follows:
Base fee, $100.00 plus 1/10 of 1% of all funds
paid out.
Out-of-pocket expenses including but not limited
to registered mail, insurance charges, preparing
copies of documents and the like, special state-
ments, lists, and duplicate requisitions.
Cost of advice and opinions of counsel.
The reasonable cost of additional unanticipated
services for reinvestment or unanticipated func-
tions required to be performed, said additional
compensation to be approved by the City Manager
and City Treasurer.
PASSED AND ADOPTED this ___5th___ day of December, A.D. 1960.
J
or -- ommissioner
ATTEST:
By
)2?Cy Clerk
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