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RESOLUTION
No. 62 - Z3
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 improve-
ments according to the provisions of Ordinance No. 910 of said City; and
WHEREAS, the CITY OF CLEARWATER has sold $1, 500, 000. 00
Bridge Revenue Bonds, dated November 1, 1960, and the proceeds 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. 910 and in the Construction Trust Fund Agreement
dated February 19, 1962.
2. That said Construction 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 the CITY
MANAGER and the CITY TREASURER, 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 and approved by the Consulting Engineers,
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,' : Resc. - 62.-23 ' 2-19-62
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4. That the official of the City and the only officials of said City
authorized to make the request of the Trustee to invest or ro-invest
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:
Base fee, $100.00 plus 1110 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 1 th day of Fe3 ruary, A. D. 1962.
Attest:
C' Clerk
.
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Raso: .62-23; 2-19-62
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