HomeMy WebLinkAboutRESOLUTION 1964-02- . ..~~
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CITY OF i0~..i~kil :t.;SUI,UTZOh'. 64••~
AUTHORIZING PAYA~NT OF MONEY DEPOSITED Ih THE "RESl•:itVL ACCOUNT" OF THE
"BOND REDEMPTION FUND", ESTABLISHL•'D BY O:tllINANGE i10. 54 FOR Id3VESTMEidT
IN OBI.IGATIOIdS OF TIH+ UNITED STATES OF AMERICA
WHEREAS, Ordinance No. 54 of the City of Kenai, Alaska, authorizes
investment of money in the "Reserve Acco~.mt" of the "Bond tedemption Fund",
and it is the desire of the City of Kensai, to implement such authority on a
continuing basis;
T~REFORE, the Council of the City of Kenai, Alaska, resolvef,:
1. That funds presently held in the "Reserve Account of the Bond Redemp-
tion Fund" have been authorized for investment in direct obligateions of the
United States and should be so utilized on a systematic, recur~:ing basis.
2. That the Kenai Branch, Alaska State Banlc, is hereby authorized to pay
out on a continuing basis and without additional authorization for each
investment of money for purchase of obligations of the U.S. Treasury, as
will bear the most beneficial interest rate for the City of Kenai , from •
the funds on deposit in the"Reserve Account" of the "Bond Redemption Fund"
established by Ordinance No. 54 of the City of Kenai.
3. That actions of the Kenai Branch, Alaska State Bank, undertaken prior ,
to passage of this ordinance to effect the intention hereof, are hereby ~.
ratified.
Passed ~ /~ day of January,
Attest:
Frances Torkilsen, City Clerk
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Check with Mr. Crinklaw on this.
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Attached hereto is a Resolution which has been requested.
I have conferred with Mr. Cranklaw and with Alaska State Bank re-
garding the requirements for this resolution. I believe this resolu- ~~
lion will fulfill the requirements.
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~'~Ct ~. `~` , '
~ SIGNED _~ ~ ~ DATE
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A resolution will be needed authorizing investment of funds of the Bond Reserve
Account (Kenai City Light) in U.S. Treasury obligations as authorised on Bond Ord.
M54. Alaska State Bank authorized fiscal agency handling such funds to make said
investments in bondc or treasury notes as will bear the most interest to the benefit
of iCCL.