HomeMy Public PortalAbout1985_07_10_R110The Town of Leesburg in Virginia
PRESENTED July 10, 1985
RESOLUTION NO. 85-110
ADOPTED July 10, 1985
A RESOLUTION:
AUTHORIZING AN AGREEMENT BETWEEN THE TOWN OF LEESBURG, JEFFERSON
SAVINGS AND LOAN ASSOCIATION AND CENTRAL FIDELTY BANK FOR THE
COLLATERALIZATION OF PUBLIC FUNDS
WHEREAS, the town desires to deposit with Jefferson Savings and Loan
Association public funds;and,
WHEREAS, all public funds on deposit with Jefferson Savings and Loan
Association in excess of Federal Savings and Loan Insurance Corporation coverage
require appropriate collateral to be pledged by Jefferson Savings and Loan
Association to Central Fidelty Bank who will hold the collateral as security
for the excess deposits;and~
WHEREAS, Central Fidelty Bank will not release or dispose of the collateral
pledged to it by Jefferson Savings and Loan Association in any way unless in-
structed to by the town:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
The agreement made this 10th day of July 1985 by and between the Town of
Leesburg, Jefferson Savings and Loan Association and Central Fidelty Bank is
hereby approved and agreed upon by the parties
PASSED this 10th day of July
ATTEST .-
C~nc i 1
involved .z~ ~
Robert E. Sevila, Mayor
Town of Leesburg