HomeMy WebLinkAbout66-148 08-23-1966RESOLUTION NO. 148
RESOLUTION RATIFYING CONFIRMING AND APPROVING
INVESTMENT OF CITY OF EULESS, TEXAS, WATER WORKS
AND SEWER RESERVE BOND FUNDS,
REAS, the City of Eulss, on the 29th day of July , 1
authorized the issuence of City of Euless Wlater Works and Sewer System: Reserve
Bonds for the purchase from Municipai Service Company of the privately owned
water and sewer systems serving the City of Euless and Bedford and surrounding
areas, and
WHEREAS, City of Euless Ordinance #to..257„ adopted by the Euless
CI ty Council on the j9th . day of Ju j v , 1965, requires that the City of
Euless pay from the general revenues derived from the operation of such water
end serer system the sum of $1500.00 per month to the Bankers Trust Company of
New York City, New York, into a Reserve Fund for the retirement of such bonds,
and
WHEREAS, the governing body of the City of Euless has del
it is to the Lest interest of the City of Euless to make interim investment
h reserve funds not presently required to be paid in retirement of such
bond issue, and .
WHEREAS, it is anticipated that such interim investment of such funds
will yield Interest which wilt benefit the citizens of Eusss, Texas, and
WHEREAS, the Euless City Council deems and finds it necessary and to
the public interest to direct the Bankers Trust Company of New York City, New
York, to make an investment of $6000.00 of such reserve funds in United States
Treasury Bonds bearing interest at the rate of 44% , and maturing on May 151
1874
WHEREAS, such Investments by the Bankers Trust Company of New York
City, New York is to be made in United States Treasury Bonds which mature at
such times as may be required to retire the above said bond issue, and
WHEREAS, the bond indenture and Ordinance No. 257 ,passed by the
City of Euiess on the 29th day of Juilv , 1965, requires that the interest
and income derived from the Investment of such reserve funds shall be paid
into and accumulated in such reserve fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EULESS, TEXAS:
1.
That the Bankers Trust Company of New York City, New York, be and
the same is hereby authorized and directed to purchase United States Treasury
Bonds with $6000.00 of such water and sewer bond reserve funds, such Treasury
Bonds bearing interest at the rate of 41.%
nd maturing May 15, 1974
2.
That the income, interest and revenues derived from the investment
of such water and sewer reserve funds shall be paid bock into and accumulated
in such water and sewer reserve fund for the purpose of retiring the water and
sewer system bond issue of the 15th day , July . ,, 1965.
PRESENTED AND PASSED on the 23rd day of Auay,gt , 1966, by a
vote of. 4 ayes and o nays at a regular meeting of the Euless CIty
Council.
APPROVED:
MAYOR