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RESOLUTION
No. 67 - 115
.'
1. The First Na.tianal 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, ills and the Construction
Trut3t Fund Agreement dated November 20 , 1967.
2. That said Construction Trust Fund Agreement is approved and
ratified and the City hereby binds itself to the provisions thereof, and the
Mayor, Gity Manager, City Clerk and City Attorney be and they are hereby
authorized to execute same for the City.
3. That the officials authorized to execute xequisitions according
to Section 3 (A) of said Construction Trust Fund Agreement are as follows:
CITY MANAGER - MERRETT R. STIERHEIM
CITY TREASURER - KENNETH McCREARY
and said officials are the only persons authorized to execute said requisitions
until fuxther resolution of this Commission, and that each requisition shall
not be valid until signed by both of the foregoing officials.
-1-
1.
enter into a Construction Trust Fund Agreement with a Banlc 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 No. 1115 of said City; and
WHEREAS, the City of Clearwater has sold $1, 250, 000 Utility
Revenue Certificates, Series of 1967, dated August 1, 1967, and the proceeds
are available for placing with a Trustee to accomplish the foregoing purpose;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COMMLSSION OF THE CITY OF CLEARWATER, FLORIDA,
IN SESSION DULY AND REGULARLY ASSEMBLED, AS
FOLLOWS:
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' ~ Reso. X67-3,i.b
WHEREAS, it is necessary and appropriate that the City of Clearwater
~~
3.I-20-67
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~• ,:~ 4. That the official of the City and the only official of said City .~.,l=S'c
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~ authorized to make the requost of the Trustee to invest or reinvest according .,.r
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;,;" #o Section 8 of the Construction Trust Fund Agreement shall be the City ,;'•;:~:~ t
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'~~~ Treasurer, ISENNETH McCREARY, until further resolution of this j: ~,C:•~f:':'
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~"~-'' •~ 5. That the Trustee shall be compensated far its services as ~ ~"~:"'.-~.,ir
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Base fee, $104. DO plus 110 of 1°fa of all funds i
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"~~ paid out. ~~~
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f= Out-of»pocket expenses including but not limited
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t Copies of documents and the like, special state-
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~f'`rd-n•:~°T~> men#s, lists. and duplicate requisitions.
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,r :~+~~x::r' Coat of advice and opinions of counsel.
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The reasonable cost of addi#ional unanticipated
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~ ~ a~y„ servi.ces for. reinvestment or unanticipated func-
~~~,~• tions required to be performed, said additional
~~'' ~~' compensation to be approved by the City Manager
~.w'~ .~ "~ and Cit Treasuxer.
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'~~ 6. This resolution shall take effect immediately upon its passage.
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~;~~~~, PASSED AND ADOPTED this 20th day of Nozyeryber, A. Dy 1967. .
yor-t.;ommiss
Attest:
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