HomeMy Public PortalAboutR0020 R E S O L U T I O N NO. 20
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 Boatman's
National Bank of St. Louis and the First National Bank of Clayton,
Clayton, Missouri, and it is the consensus, due to the increasing
amount of escrow money, that one additional depository should be
used for such funds.
NOW, THEREFORE, BE IT RESOLVED, that as an additional
depository for funds placed with the District for the purpose of
future sewer construction, the Manchester Bank of St. Louis, 4015
Chouteau Avenue, 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.
The above Resolution was adopted April 4, 1955.