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ORDINANCE NO. 129.
AN ORDINANCE TO SELECT AND DESIGNATE A CUSTODIAN
FOR THE MONEYS TO BE BORROWED FROM THE UNITED STATES
GOVERNMENT FOR STREET IMPROVEMENTS IN THE TOWN OF
FAIRHOPE, ALABAMA, UNDER LOAN AND GRANT AGREEMENT
B Kn7FEN THE SAID TOWN OF FAIRROPE AND THE UNITED
STATES GOVERMENT, PUA DOCKET NO. 5162.
BE IT ORDAINED BY THE TOVIN COUNCIL OF THE TOWN OF FAIRHOPE,
&I AMA, AS FOLLOGS:
Section 1. That the First National Bank of Mobile, Mobile,
Alabama, a banking corporation doing a banking business in the State
of Alabama, and being a member of the Federal Reserve System and also
a member of the Federal Deposit Insdranee Corporation, and having
consented in writing to accept the same, is hereby selected, desig-
nated and constituted custodian of any and all funds received from
the sale of bonds to the United States Government under the afore-
said Loan and Grant Agreement, and all moneys received as a grant
under the said Loan and Grant Agreement, and as well all moneys here-
after collected to pay interest on and retire the said bonds, and the
said custodian of the said funds is authorized and directed to deposit
all interest which shall be received from the sale of said bonds in
a fund to be known as the 'Bond Fund", and as well to deposit any
and all moneys hereafter collected for the purpose of paying inter-
est and principal on the said bonds in the said fund, and also to
deposit all of the principal of the said bonds in a fund to be
known as the "Construction Account".
Section 2. This ordinance shall be in effect upon its
passage and approval.
Section 3. This ordinance shall be posted at places,
in the manner and for the time provided by law.
Duly adopted by the Town Council of the Town of Fairhope,
Alabama, at a meeting thereof specially held on the 15th day of
February, 1935, 4
ATTEST: As or of the Town of Fair ope,
& Alabama,
As Clerk of the Tom of Fairhope,
Alabama.