HomeMy WebLinkAbout12 of 1977 - A resolution Authorizing City Treasurer to borrow $1,000,000 from Zion’s First National Bank and to • Resolution No. -
By Jennings Phillips, Jr.
cornrnseioxrn
Authorizing City Treasurer to borrow
$1,000,000.00 from Zions First
National Bank and to pledge Time
Certificates of Deposit as collateral.
Presented t0 the Board of COmmissioner%
AND PASSED
FEB 1 1977
X
CITY RECORD'
1116.
II
ROLL CALL
VOTING Aye Nay Salt Lake City,Utah, February 1 ,1977
Mr.Chairman ..
Agraz 1 move that theRe elution be adopted.
Greener ,
Hogensen 4i�4([C," ,, tt) ( C i"x1.
Phillips \
RESOLUTION
Result
/://
WHEREAS, Salt Lake City Corporation presently holds the follow-
ing time certificates of deposit from Walker Bank $ Trust Co. :
Certificate No. 51907, dated December 14, 1976, maturing
March 21, 1977, for 97 days, yielding 51/2% interest, amount
of certificate $250,000.00.
Certificate No. 51041,dated December 14, 1976, maturing
March 24, 1977, for 100 days, yielding 5b% interest, amount
of certificate $250,000.00.
Certificate No. 51917, dated December 14, 1976, maturing
April 5, 1977, for 112 days, yielding 516 interest, amount
of certificate $200,000.00
Certificate No. 51915, dated December 14, 1976, maturing
April 5, 1977, for 112 days, yielding 512% interest, amount
of certificate $200,000.00.
Certificate No. 51921, dated December 14, 1976, maturing
March 21, 1977, for 97 days, yielding 51/21, interest, amount
of certificate $100,000.00; and
WHEREAS, the City is desirous of borrowing $1,000,000.00 from
Zions First National Bank for a period of 30 days or demand at 611
interest commencing February 1, 1977; and
WHEREAS, lions First National Bank is desirous of making said
loan to the City upon the pledging by the City of the said time certi-
ficates as collateral for said loan.
NOW, THEREFORE, the Board of City Commissioners of Salt Lake City
Corporation hereby authorizes its treasurer, Joseph L. Fakler, to
sign all documents and agreements pledging and assigning said Walker
Bank certificates as collateral on said Zions Bank loan.
DATED this 1st day of February, 1977.
,AYOR
!
commT� Co MMJ SS,f oNrlt �J !
'Cob I I S S I , 1b S R'