HomeMy WebLinkAboutResolution 0777R
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V,'ilit
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proper .i "t t,t
thel'Oc,ii, ti#i,)
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tilit ,€ i.'ili tJ
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of Mounds ;'i ow lorn ti'''t'1=)i',t ) j5h th(- l et c 1cnt L-_rcjw Fund
for the purpose of mafekoop3nr and ptope,li a'coulltlt,Cl for a1%
deprskits that are - itLimIttu) to i,;ccurt wcv, l—.In trient Aoref_ttir_i-ikA.
TAO Council authorizea thrz ritkit ctrjtl: i)7PK or .;Ow )it!Cjhthn to
oPen A aavinge nevount in thr nnmv of this rUND and heresy
appropriates one dolklai- ( j .0o) ted maitttrw,in said iwo,)unt.
All DCV01OPltent hgroemunt noaatiahjw avcut,ity dopoa3:ts shall
be deposited by the Clcrk in said account. Int€refit a)tail be
earned on the account in accordance with normal uAvings ancount
probeAures of the Bank. All interest earned shall be distribu-ted
according to aild li+ Lilo same. proportion ar is the ptinnipal amount
s ICC -01VvIolmrant. t suns##.grae-uy-itiv* pe wit th relit A- nv . '=
--- ---- interest earned and payable to a davelbper shall be Esid after the
lest quarter in whi.4h the Dank credits interest an the deposit i
U oh Nabs€actQty fulfillment of thr terms of the Developmsnt
_
-Aroemen}, r,s dets;tminsi h} the Ccunell, the {i nt= . - shell authorise
--_ 7 MLAanss tib the ;'avels'per of the d€pO51to*d aevtsrit,. 'Phi
shall $uliMit An ffgtifflMu of intervit accrued th:ra" wind
- be wtthoriaed to thaw the appronriate withdrawals froyn t.hs ssving8
- --- !ldooUnt brad submit to the Cou.wi 1 *or payment,
MoPfcd this 7 n+i day of Piou nils r, 1 7(„
ATTMI' t
SEA 11j)
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