75-36
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RESOLUTION
No. 75 - 36
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 powers in
order to accomplish the payment in the proper manner of expenses of
construction of improvements according to the provisions of Ordinance
No. 1570 of said City; and
WHEREAS, the CITY OF CLEARWATER has sold $5, 100, 000
Bridge Revenue and Utilities Services Taxes Taxes Bonds, dated
June 1, 1974, and part of the proceeds thereof 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 Bank of Clearwater, Clearwater, Florida, a banking
corporation organized and existing under the laws of the State of Florida,
and having trust powers is hereby designated as the Trustee for the
purposes set out in Ordinance No. 1520 and the Construction Trust
Fund Agreement substantially 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 Mayor, City 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 requisitions according
to Section 3 (A) of said Construction Trust Fund Agreement are as
follows :
Picot B. Floyd »
or
Gerald B. Weimer -
and
A. Clark Lowrey -
or
Stephen C. Barrett-
, ..
f. , Reso. 075v-35
City Manager
Assistant City Manager
City Treasurer
Deputy City Treasurer
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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 the City Manager
or the above designated Assistant and the City Treasurer or his Deputy.
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 reinvest
according to Section 8 of the Construction Trust Fund Agreement shall
be the City Treasurer until further resolution of this Commission.
5. That the Trustee shall be compensated for its services as
follows :
$350 for bank services plus reimbursement for
out of pocket costs incurred pursuant to terms
of the Trust Agreement.
b. That this resolution shall take effect immediately upon its
passage.
PASSED AND ADOPTED this 3rd day of March, A.D. 1975.
Mayor- Comr ssion
A tte a t:
C Clerk
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