HomeMy WebLinkAbout69-228 02-11-1969RESOLUTION NO. 228
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 surrounding areas, and
WHEREAS, City of Euless Ordinance No. 2S7 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 sun of $5,500.00 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 Ctty 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 $5,500.00 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
at the discounted price with $5,500.00 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 issues dated July 15, 1965, and January 15, 1967.
PRESENTED AND PASSED on the eleventh day of February, 1969, by a vote
of 4_ ayes and Q_ nays at a regular meeting of the Euless City Council.
ATTEST:
APPROVED:
Mayor