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RESOLUTION
No, 64 - 139
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 Cleaxwatex, Florida, having txuat powers in order to
accomplish the payment in the proper manner of expenses of construction
of improvements accaxding to the provisions of Ordinance No. 1016 of
said City; and
WHEREAS, the CITY OF CLEARWATER has sold $975, 000 Utility
_'
Revenue Certificates, dated August 1, 1964, and the pxoceeds are available
for placing with a Trustee to accomplish the foregoing purpose;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMLS5ION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
I. The FIRST NATIONAL 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 hexeby designated as
the Trustee for the purposes set out in Ordinance No. 1016 and the Construction
Trust Fund Agreement dated September , 1964.
2. That said Constructian Trust Fund Agreement is approved and
ratified and tiie City hereby binds itself to the provisions thereof, and the
Mayor, City Manager, City Clerk and City Attorney be and they are hereby
authoxized to execute same fox the City.
3. That the officials authorized to execute xecluisitions according
to Section 3 (A) of said Construction Trust Fund Agxeement are as follows:
CITY MANAGER - JAMES R.' STEWART
CITY TREASURER - KENNETH McCREARY
and said officials are the only persons authorized to execute said requisitions
until further resolution of this Cammissiou, and that each requisition shall
not be valid until signed by both of the foxegoing officials.
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A.
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4. That tha official of the City and the only official of said City ~° •_~',~~~,°'°
`` aY - . ~ "r
authorirced to maka the re uost of tho Txustco to invest or ra-invost ~'' '"`" ~'~
1' ~yFJ+f,~,r{~~+ ~~{fir"
~4 f"?~'6' ~•i ly~r'~
according to uection 8 of the Construction Trust Fund Agreement shall ~ ~~~~.'``,'+.•~`:s
be the City Treasurer, KENNETH McC11.EARY, until further resolution ~ " ".=~~'~A
i+'; F: ,~'~J
of this Commission. ~ ~ ,,~ ~~~:.
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5. That the Trustee shalt ;'C compensated for its services as ~~;r_a~~~.#
~; w: ~~ N
~~st~, ~
~~~~~~:.
follows: ' ~
a~
Rasa fee, $100.00 plus 1/10 of 1°jo of all funds ~
paid out. ~,~
Out-af-pocket expenses including but not limited .k
to xegistered mail, insurance charges, preparing
copies of documents and the litre, special state-
ments, lists, and duplicate requisitions.
Cost of advice and opinions of counsel.
The reasonable coat of additional unanticipated
services for reinvestment or unanticipated funs- ~.
Lions required to he performed. said additional
compensation to be approved by the City Manager `
and City Treasurer. .
PASSED AND ADOPTED this 8kh day of September, A. D. 1964.
r •r
• ayor-Commissioner
Attest:
v `r
L
' Clcrk
t
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