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RESOLUTION TO WORK WITH CITY WATER AND LIGHT PLANT TO INVEST MONEY FROM THE CONTINGENCY FUND FOR THE ACQUISITION OF PUBLIC PROPERTY
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WHEREAS, the City Waster and Light Plant, of Jonesboro, Arkansas, has, by formal Resolution of its Board of Directors, authorized its President, Secretary and Manager to consent to the use of any part of the trust funds held for building purposes by and for the City of Jonesboro and generally called “Contingency Fund”; and
WHEREAS, the original Resolution made jointly by the Board of the City Water and Light Plant and the City Council of Jonesboro provided that moneys in said account should be used only upon the con-currant Resolution of said Board and Council, and it is found to the advantage of both the trust fund described and to the City of Jonesboro and the Municipal Parking Authority of the City of Jonesboro that said funds be used in the purchase of bonds of the City dated June 1, 1954, because there will be a savings of interest or a greater amount of interest received by the public trust fund and said bonds are deemed to be safe investment.
WHEREAS, BE IT RESOLVED that the Mayor and City Treasure of Jonesboro be, and they are hereby, directed to act con-currently with the officers of the City Water and Light Plant and invest so much of the “Contingency Fund”, which is the trust fund held by the City Water and Light Plant, for the Acquisition of public property in purchase of City Bonds dated June 1, as they deem proper.
PASSED and ADOPTED this 21st day June, 1954.