Upon the execution of the contract with the Dollar Savings and Trust Company, the Fiscal Officer is hereby authorized and directed to transfer and pay over to the Dollar Savings and Trust Company twenty-one thousand dollars ($21,000) out of the Trust Principal Account, to be held by the Dollar Savings and Trust Company as custodian under the terms of such contract and this chapter. Upon receipt of such funds, the Dollar Savings and Trust Company is authorized and directed to purchase, as custodian, 20,000 par value of General Motors Acceptance Corporation five percent bonds due 1981, together with accrued interest, if any, and all charges and expenses, out of such funds, and hold such securities under the terms of such contract and this chapter.
(Ord. 432. Passed 9-15-59; Ord. 1420-12. Passed 10-30-12.)