HomeMy WebLinkAbout1998-12 Designating a Money Market Savings AccountRESOLUTION NO. 12
Series of 1998
A RESOLUTION DESIGNATING A MONEY MARKET SAVINGS
ACCOUNT EARNING LESS THAN 4.5% FOR ARBITRAGE REASONS
FOR TIIE TOWN OF VAIL WITH ROBERT MCLAURIN, STEVE
TI-IOMI'SON, AND CI~IRISTiNE ANDERSON AS THE DESIGNATED
SIGNERS ON THAT ACCOUNT, PERMiTTI+PD BY T1EIE CHARTER OF
THE TOWN, ITS ORDINANCES, AND THE STATUTES OF THE STATE
OF COLORADO,
WHEREAS, the Town has the power to designate banks or financial institutions for funds
of the Town; and
WI-IEREAS, the Town has received a check for accrued interest of $41,894.51 as a result
of issuing the 1998A and B Sales Tax Bonds; and
WI~EREAS, this amount mast be kept separate from other Town
monies; and
WHEREAS, this amount will he used towards the bond payment due on 1211198; and
WI3EREAS, the Town wishes to open an account earning interest less that 4.5% for
arbitrage reasons; and
WHEREAS, a money market savings account at Firstbanlc of Vail currently earns 3.75%.
NOW, TIICREI'ORL, 13E IT RESOLVED by the Town Council ofthe Town of Vail,
Colorado, as follows:
1. Robert McLaurin, Steve Thompson, and Christine Anderson are designated as signers
for the money market savings account for tlae funds of the Town of Vail.
2. This Resolutio~i shall take effect imn~ccliat~:ly upon its passage.
INTRODUCED, READ, APPROVED AND ADOPTED this 20th day of October 1998.
A`CTE ~:
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L r~lei onaldson, Town Clerk
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Ludwig k~rz, Mayor Pro-Tem