HomeMy Public PortalAboutR0578 R E S O L U T I O N NO. 578
WHEREAS, the District has from time to time invested
its temporarily surplus funds including, among others, proceeds
from sale of bonds portions of which will not be used until
necessary to pay for construction as it progresses, and
WHEREAS, the District wishes to encourage the maximum
practical investment of such funds, even though contingencies
occasionally require expenditures before invested funds fall due,
and
WHEREAS, the District can frequently borrow money for
short terms at a rate less than that which would be lost if such
investments were terminated,
NOW, THEREFORE, BE IT BE RESOLVED BY THE BOARD OF
TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
That the officers of the District be and are hereby
authorized to borrow on behalf of the District or a subdistrict,
sufficient funds to meet aforesaid obligation for which funds have
previously been appropriated, provided that such funds are
borrowed for a period of time not to exceed thirty-one (31) days,
that the effective interest rate be no more than two (2) percentum
per annum, and that any subject time deposit may be pledged as
collateral therefor.
The foregoing Resolution was adopted September 27, 1962.