RES 59-03 INVESTING IN WATER SEWER RESERVE FUNDSRESOLUTION
A RESOLUTION authorizing ~he investing of Water and Sewer
Reserve Funds accumulAtionS in U. S. Government obligations.
WHEREAS, Ordinance Nos. 22 and 2~ provide for the establish-
ment of Water and Sewer Bond Reserve Funds, and
WHEREAS, the provisions referred to authorize, with
stipulations, the investing of such Reserve Funds-in U. S. Government
Bonds or other U. S. Government obligations, and
WHEREAS, it ia considered to the best interesta~ of the
citizen~ that the said cash reserves now held on deposit with the
Town' s official depository be invested at this time;
NOW, THEREFORE, E IT RESOLVED that the Town Treasurer is
hereby authorized to purchase, with funds currently in the Water and
Sewer Reserve Funds, (approximately $3,000.00) such U. S. Government
obligations as may be provided under Ordinances Nos. 2~ and 24.
THAT ~he Treasarer shall administer such investment to
the best interests of the citizens of the Town.
THAT earnings, retirement or sale of such investment shall
be credited to the proper funds of the Town as prescribed by State
law.
PAS.q~.D by the Council of the Town of Winslow, and approved
by its Mayor this 7th day of April, 1959-