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HomeMy Public PortalAboutR0018 R E S O L U T I O N NO. 18 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 purpose and have been deposited in the Boatmen's National Bank of St. Louis, but no depository has been selected in St. Louis County, and in view of the fact that practically all such funds are received from subdividers for County developments, and it is the sense of the Board of Trustees that part of such funds should be deposited in a County depository, NOW, THEREFORE, BE IT RESOLVED, that as an additional depository for funds placed with the District for the purpose of future sewer construction, the First National Bank of Clayton is selected for such depository, and the Secretary-Treasurer is directed to open an account with said bank for the deposit of such funds, and such funds shall be 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 February 7, 1955.