HomeMy WebLinkAbout68-221 07-29-1968RESOLUTIION 221
RESOLUTION RATIFYING, CONFIRMING AND APPROVING
INVESTMENT OF CITY OF EULESS, TEXAS WATER WORKS
AMD 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 Reser�
Bonds for the purchase from Municipal Service Company of the privately Owned
water and sewer systems serving the City of Wass and iledford and Surrounding
arras, and
WNE*EA1, City of Euless Ordinance No. 257 mind by the Euless City
Council on the 29th day of Jury, , 195, yegerlres that the City of
Euless pay from the general revenues derived from the operation of such water
and sewer system the sum of $5,500.00 per month to the bankers Trust Company o
New York City, New York, into a reserve fund for the retirement of such bonds,
and
It I
of such res eras► funds not presently required to be paid in retirement of such
bond issue, and
WNIEAS, it is
REAS, the governing body of the city of £u Ines 1 s deterne1
st interest of the City of Wes* Weeks interim investment
tisane Internee 1nwstwat
will yield interest which will benefit tbs attlssus of Euless, Texas,
WNEAEAS, the Euless City Council dseoea and finds It necessary and to
the public interest to direct the bankers Trust Company of New York Clty, New
York, to wake cm investment of $28,0000.00 of such reserve funds In United States
Treasury Notes bearing Interest at the rate of 5 V111,, and maturing on
November 15. 1974, and
WIEREAS, such 1ossst+t by the vii Trust Company of New York
City, New York Is to be made In United Staters Treasury Notes which vesture
at such times es may be r d to retire the above sold bond Issue, and
WHEREAS, the bond indenture and Ordinance No. 257 passed by the City
Euless on the ;Itk . day of .Ju1Y .,r 196$, requires that the interest
and Income de r i vsd from the Investment of euch reserve funds shall be pa i d
Into and accumulated in such reserves fund:
NOW, THEREFORE, /t rT RESOLVED NY THE CITY COUNCri. TNO CITY of
EULESS, TEXAS:
That the
1.
Trust Company of New Y
Y. New York, be, and the
same is hereby authorised and directed to purchase United States Treasury
Notes at the discount price of 9$ plus. with $28,000.0t of such water and
sewer bond reserve funds, such Treasury Notes bearing Interest it the rate of
5 a and maturing November 15, 1971
2.
That the income, interest and mom* deer i vied from the Investment of
such water and sewer ar'nerve funds shall be paid back into and accumulated
In such ester and saner rsserve fund for the purpose of retiring the aster
and server system bond Issues dated July 15, 196$ and January 15, 1967.
PRESENTED AND PASSED an the ..11.L., day of, November ,, 1968, by a
vote of _ ayes and �..._ nays at a Regular meeting of the Euless City
Counc i l .
ATTEST:
dity Seer cry