HomeMy WebLinkAbout299RESOLUTION No • .:Jt/7
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3 WHE.i."1EAS, the City of Kent has realized certain monies from the
4 sale of its water revenue bonds, and
..,.f'~"' 5 WljEREAS, the immediate use of all of said funds is no~ necessary
I' ?" '::f 6 · 017 practicable, a:nd the 8 aid funds should be invested at the
+2 7 p~sent time; rfl
-~ '1 N,~ THEREFORE 9 BE IT RESOLVED BY THE CITY COUTTCIL OF TJ-IE CITY
/'" 1 ~ t .. 9f I KENT IN REGUL~l MEETillG ASS:El\IBJjED:
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r 10 . :,. 1. ! That the proceeds of the sale of Kent City Wfi,ter Revenue
Bonds which are not immediately re1Uired for use shall be
invested in United States of ~~erica obligations of suoh
series and having such maturities as the Finance Committee of
the City Council shall in its discretion decide.
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15 2. That in making its decisions, the §aid Finance Committee
16 shall be guided by the estimated and probable tir1.e of need for
17 the fUnds or any part thereof for the orderly rehabilitation and
18 ex~ension of the water s~stem of the city.
;l~;tfl:y of November, 1948.
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Passed this
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