HomeMy Public PortalAboutR0015 R E S O L U T I O N NO. 15
WHEREAS, the District has adopted the policy of
requiring the deposit of funds for future construction of sewers
to be held by the District, in lieu of any other escrowee; and
WHEREAS, certain funds have been deposited with the
District for such purposes and no depository has been selected;
NOW, THEREFORE, BE IT RESOLVED, that all funds for the
purpose of future construction of sewers, hereafter deposited with
the District, shall be deposited in a separate account to be
opened in the Boatmen's National Bank, and disbursed in accordance
with the provisions of agreements made within the fixed policy of
the District.
All such deposits shall be secured in the manner
provided by Section 7.080 of the Plan, by the deposit with a
disinterested banking institution or safe depository, of
securities of the kind and character as provided in Section 30.270
R.S.Mo. 1949, at least equal in market value to not less than 100%
of the amount of deposits made hereunder.
The above Resolution was adopted October 21, 1954.