HomeMy Public PortalAboutRES-CC-1957-no number 3RESpLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF MOAB CITY, UTAH:
1. That the City Administrator of Moab City be and he is hereby
authorized to instruct the Trust Department, Zion's Savings Bank and
Trust Company, Main Street at South Temple, Salt Lake City, Utah, that
moneys to the credit df Moab City in the "W & S Sinking Fund, Series of
1954" and the "W & S Sinking Fund, Series of 1956" accounts be invested
in United States Treasury Bonds, in respective amounts to be determined
by the City Administrator, but not to exceed the provisions of Ordinance
78-56, Sect. 12, said bank to act as agent for Moab City, and that any
and all United Staten Treasury Bonds so purchased shall be acquired in
the name of the respective sinking fund from which investment funds were
derived.
2. That the City Administrator be and he is hereby authorized to
instruct the Trust Department, First Security Bank of Utah, N. A., Main
Street and Fourth South Branch, Salt Lake City, Utah, that moneys to the
credit of Moab City in the "W & S Sinking Fund, Series of June 1, 1951"
and the "H & S Sinking Fund, Series of July 1, 1951" accounts be invested
in United States Treasury Bonds, in recpective amounts to be determined by
the City Administrator, but not to exceed the provisions of Ordinance 78-56,
Sect. 12, said bank to act as agent for Moab City, and that any and all
United States Treasury Bonds so purchased shall be acquired in the name of
the respective sinking fund from which investment funds were derived.
3. That the City Treasurer is hereby authorized to pay agent's fees
of not to exceed one -tenth of one per cent (.1%) of the total money in-
vested in accordance with authority contained in this resolution sa4=4he
to the Trust Department, First
Security Bank of Utah, N. A., Main at Fourth South Branch, Salt Lake City,
Utah, and/or to the Trust Department, Zion's Savings Bank and Trust Company,
Main Street at South Temple, Salt Lake City, Utah, upon presentation by the
said Trust Department of its invoice for this service.
ADOPTED AND APPROVED THIS 22ND DAY OF MAY, 1957
SEAL:
City Recorder