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<br />276 <br /> <br />Tt ESQ.?. Y <br /> <br />At GTJ..::LrLlQ,..)}j..4 <br /> <br />In order to forego cashing the City's genere.l certificQtes of deposH <br /> <br />but bein!2; advised of the fact that the City's operating cash is insvi'ficient <br /> <br />to carr;,' on the City's bvsbess at tho present time, COlmcH 8.dopted the <br /> <br />folJ.mIinG resolution reC:l'esting the Piedmont Trust Lmlk :':'cl tho First <br /> <br />national Ectl1k to make a\?5.ilal'le to the City on a short-term he.sis cash <br /> <br />mJJns eq1}ul to the amounts held in said certificutes of dopos:t t for the <br /> <br />City: <br /> <br />-VlI-iERE.AS the City of Nartinsville now has general monies in <br />deposit (in certificates of deposit) some nineteen thousw1d <br />dollars (:~19,000.00) with the First Notional Bank, Nartbsville, <br />Virginia &~d some forty-three thous~nd dollars ($43,000.00) with <br />tbe Pied.lJ1on t Trust bank, Ma~"tinsville, Vi rp,inia; and <br /> <br />"vlHEREAS it hcl.s come to the attention of this C01.mcU the.t s'lid <br />City's checking aCC01..mt balances in se.id tHO bo.,'1}:S, bece.use of <br />lillusually heavy COl'l'TL t:rnents with01Jt matchinG incomo to offset <br />some, 0..1'0 no1,.! inSl;fficient to continue the City' s bl'S~G"1ess during <br />the interL'n until genere.l property tax revenues due the forthconing <br />months shall have been realized; no\-!, therefore, <br /> <br />BE IT RSSOLVED by the Council of the City of :Vj[~rtinsville, Vircinio., <br />b regular meeting assembled this tenth day of August, 195/1-, that <br />it doth herein respectfully reouest the said First No.tional B::mk and <br />the saif!. Piedmont Trust Bank to maJ.ce availa'ole i!1medi'ltely, on a <br />short-term k.sis, the cash S1JIDS of nineteen thousand dollars (:;nq,OOO.OO) <br />and forty-three thousanc. dollArs (543,000.00) -' respectivel;r, each ,'?t an <br />i..~terest rate e01J1,-1 to th<,t of said certificc,tes of deposit, Hhich SUIns <br />sha.ll be due anri repEd.ri by s8.id City ninety do.ys (90) from this date; :md <br /> <br />BE IT Fl!RT!ffiR RESOLVED that 1:lillislTi R. Shume.te, TreE.sDrer for said City <br />of Hr,rtinsvil1e, be and is hereby directed and authorized to e:-:ecute <br />on behalf of s'liri City such pspers as m:y be reC'"l'ired to accorrolish <br />the Durpose of this reS01ution. <br /> <br />CCl:l1cil \Js.s adjourned. <br /> <br />) l\.L;f " . <br />_;;::..~~."^',(.<t-.~ ____ <br />W. H. Ye31llc::n~ C18r]( of CaDDcil <br />,J <br />