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RESOLUTION
11
No, 62 -118
n
WHEREAS, it is necessary and appropriate that the CITY OF
CLEARWATER enter into a Construction Trust 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. 931 of said
City; and
WHEREAS, the CITY OF CLEARWATER has sold $ 1, 100, 000
Utility Revenue Certificates, dated August 1, 1962, and the proceeds are
available for placing with a Trustee to accomplish the foregoing purposes;
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 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 hereby designated as
Trustee for the purposes set out in Ordinance No. 931 and the Construction
Trust Fund Agreement dated October 29, 1962.
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:
MAYOR
CITY MANAGER
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 all three of the foregoing off icialn and approved
by the Consulting Engineers.
Resolution #62-118 -1- 11-5-62
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11
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4. That the official of the City and tbo only official of said City
authorized to make the request of the Trustee to invest or re-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:
PASSED AND ADOPTED this 5th day of November, A. D.
1962.
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.
Attest:
y' Clerk
i
ayor-Commissioner '
ai Res 62-118
11-5-62
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