HomeMy WebLinkAboutA-4 Municipal Funds Investment
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ORDINANCE NO.
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An Ordinance Authorizing Investment of Municipal
Water Works Funds in United States Bonds
WHEREAS, the Town of Carmel is the owner and operator
of the Municipal Water Works system in said Town, and
WHEREAS, pursuant to an order of the Public Service Commis-
sion of Indiana, dated May 5, 1955, said Town has collected revenues
from the sale of water and deposited a portion of said collections
in accounts designated as "Depreciation Account" and "Bond and Interest
Redemption Account", and
WHEREAS, monies in the aforementioned accounts 'have
accumulated and that part of said funds could be invested in securities
having a maturity date earlier than when such funds are required, but
in no event having a maturity date more than one year from the date of
purchase' of such securities, and
WHEREAS, the investment of these funds would be proper and
profitable to the Town and authorization is specifically given by
Chapter 9 of the Acts of the Indiana General Assembly of ,1945 (Burns
61-677);
NOW, THEREFORE,
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF CARMEL:
1. That funds on deposit in the "Deprec,iation Account" 'and
the "Bond and Interest Redemption Account" not innnediately required for
the use for which they have been collected, may be invested in securities
of the United States of America, bearing a maturity date not later than
the time when such funds are required, but in no event bearing a maturity
date one year or dess' from the date of purchase.
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2. That any interest derived from such investment shall
become a part of the funds invested.
3. That the Clerk-Treasurer of the Town of Carmel shall be
the legal custodian of any securities acquired under, the provisions
of this ordinance.
Passed and adopted by the Board,of Trustees of the ToWn of
Carmel on the -'1!! day of February,' 1957.
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Clerk-Treasurer
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Board of Trustees
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