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HomeMy WebLinkAboutReso 1935-420 �� '. _ . � Resolution No. 420 . � RESOIS�i'ION: N0. 4?A . i � OF Tf� CITY COIINCIL OF THE CITY OF CHIII:A VISTA,. CALIFORNIA,. TO � ' _ REIMBURSE:.PAVING CONSTRIICTION.FUND, P..W.A. _DOCKET 8025 FOR � II�TSURANCE PREMIUM. t '` 's" _ . � _ _ _ I j . °`f . ' ' . i7F�BEA,S, on the 13th day oP February; T935, the City oP Chula ` Vista, California received the s� of �T07.'s86.7.:89 under and by virtue oP a I:oan -and Grant Agreement dated October 26 , T934 by and between the Public Works Administrator and said City;. and - �� ' ( i7f�REAB, on the 18th day o.f February, 1935 the Treasurer of said City caused said funds to be deposited in the Bank. oP America National ' Trust & Savings Association, Chula Vista Branch, in accordanoe �aith ( an agreement with said bank whereby said. bank agreed to pay the law- Pul rate of interest upon said funds for a period of ninety days; and i7�RE9S, at the end of said period of ninety days the said bank ! was unable to continue the payment of - said interest as aPoresaid on ' said Punds; and � � W�REA,S, it �as ttiereupon inc�bent upon the said Treasurer oP said Citp to remove said funds from said bank; and " 97HF,RFAS� the said Treasurer found it necessary and proper to place the .said Punds in cash in a saPe deposit boa in the Securitp - Trust Bd. Savings Bank of San Diego ,Chula Vista Branch; and 47I�EREA,S, it was necessary and proper that said Treasurer take � II out the proper insurance to protect said funds vrhile they remained in said safe deposit boa and pay therefor a_ premi� in the amount of . , �174.98 to the Maryland Casualty Company, the insurer; and �REAS, it has been determined that said insurance premium is not a charge allowable under said Loan and Grant Agreement to the ! said funds received under and by virtue oP said agreement ; and � WHERE�S, said insurance premium is a proper charge to be made against the general funds oY the said City; � �� N0�'7, THEREFORE; BE IT RESOLVED BY THE CITY COIINCIL OF THE CITY �I OF CHULA VISTA, CALIFORNZA that �174.78 be paid from the general funds � of the said City into the account containing the funds received under and by virtue oP the Loan and Grant Agreement made and entered into between the Public Fiorks Administrator and said City .on Oct- ober 26 , 1.934; that the proper warrant therePor. be drawn and eaecu- ted and deposited by the proper officials to: aPfect said purpose. �� _1_ 1k� � � .. � � PASSED �iND gDOP'FID _by the City Council of the City of ChuIa� i Vista, California, this EBth day of October; 1935; by the follow- ing vote , to-wit �- . � AYES: COIINC IiNfEN Brown, Boltz, Rife, Lyone. NAYS: � COUNCIId�N None. �BSENT: COUNC II�ENN Ho�e. � �,�✓ �.�.. G. H. Rife _ � Mayor of the City of Chula Vista, CaliPornia. Attest:- A �/��f/�✓�/!GLa �wr � CYty Clerk_ of the City of Chula Vista, �alifornia. . . � n . - - �- : ' � - ' -. � . . , , , , , � II . � - . . � _2_ .