RESOLUTION 63-01

 

A RESOLUTION OF THE WEST MIFFLIN SANITARY SEWER MUNICIPAL AUTHORITYAUTHORIZING THE TRANSFER OFCERTAIN FUNDS

IN THE 1996 DEBT SERVICE FUND, THE 1996DEBT SERVICE

RESERVE FUND AND THE 1998 DEBT SERVICE RESERVE FUND.

 

WHEREAS, the Authority maintains debt service funds in connection with the 1996 and 1998 Bond issues; and

WHEREAS, National City Bank of Pennsylvania has advised the Authority that transfers between certain accounts are necessary and appropriate.

NOW THEREFORE, be it resolved and it is hereby resolved as follows:

1.         The Board hereby authorizes the transfer of $449,805.63 from account P-11661009 (1996 Debt Service Fund) to account P-12829027 (1998 Debt Service Reserve Fund).

2.         The Board hereby authorizes the transfer of $27,277.13 in cash and $651,970.36 (a portion of investment agreement) from account P-i 1663005 to account P-12829027 (1998 Debt Service Reserve Fund).

3.         The Authority hereby authorizes National City Bank of Pennsylvania to transfer appropriate excess monies to the 1998 Debt Service Reserve Fund as necessary.

4.         The Board hereby authorizes the Trustee and Solicitor to take all necessary steps to effectuate the intent of this Resolution.

RESOLVED, this 5th day of April , 2001.

 

ATTEST: 

 

William G. Kiger, Chairman        

 

John P. Schmidt, Secretary