HomeMy WebLinkAbout68-213 08-13-1968RESOLUTION NO. 213
RESOLUTION RATIFYING, CONFIRMING AND APPROVING
INVESTMENT OF CITY OF EULESS, TEXAS, WATER WORKS
AND SEWER RESERVE BOND FUNDS.
WHEREAS, the City of Euless, on the 29th day of July , 1965,
authorized the issuance of City of Euless Water Works and Sewer System Reserve
Bonds for the purchase from Municipal 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 No. 257 adopted by the Euless
City Council on the 29th day of July , 1965, requires that the City of
Euless pay from the general revenues derived from the operation of such water
and sewer 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 determined
that it is to the best interest of the City of Euless to make interim investment
of such 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 will benefit the citizens of Euless, 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 $10,000.00 of such reserve funds in United States
Treasury Notes bearing interest at the rate of 5 5/8% , and maturing on
August 15, 1974, and
WHEREAS, such investment by the Bankers Trust Company of New York
City, New York is to be made in United States Treasury Notes 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 Euless on the 29th day of July 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
Notes with $10,000.00 of such water and sewer bond reserve funds, such Treasury
Notes bearing interest at the rate of 5 5/8% , and maturing August 15, 1974;
2.
That the income, interest and revenues derived from the investment
of such water and sewer reserve funds shall be paid back 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 of July , 1965.
PRESENTED AND PASSED on the 13th day of August , 1968, by a
vote of 4 ayes and 0 nays at a Regular Meeting of the Euless City Council.
APPROVED:
ATTEST:
City Secretary
Mayo r