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MAHARISHI VEDIC CITY
CITY COUNCIL
Resolution No. 8
To Establish the Mechanics for the Distribution of Raam Mudra
February 19, 2002
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WHEREAS, the City wishes to establish a practical procedure for distribution of 100,000 Raam Mudra, and such additional Raam Mudra as the City Council may from time to time approve.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and such other persons as the City Council may from time to time approve, is authorized to sell Raam Mudra for the City;
FURTHER RESOLVED, that Raam Mudra shall be sold for $10 per Raam in denominations of 1, 5, and 10 Raam paper notes;
FURTHER RESOLVED, that all proceeds of sale shall be deposited in insured account(s) separate from any other funds of the City, such accounts to be approved by the City Council;
FURTHER RESOLVED, that the principal amount of such account(s) shall be used for redemption of Raam Mudra put into circulation and registered through the City;
FURTHER RESOLVED, that any transaction costs shall be paid from interest earned on such account(s); and
FURTHER RESOLVED, that any person authorized to sell Raam Mudra for the City shall be bonded;
FURTHER RESOLVED, that this offer of Raam Mudra is not and shall not be made to persons established, residing or domiciled in Arkansas, Virginia or the Netherlands.
PASSED AND APPROVED:
| February 24, 2002 |
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Mayor |
ATTEST:
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