HomeMy WebLinkAboutMinutes - City Council - Regular - 1/28/1937REGULkR T E"ING.
Lubbock,Tera-, January 28, 1937.
The `'ity Commission of the `'ity of iubbock, Tevas, met at 1:30
1.I.1. in Regular Session at the Regular Heeting Place in the
City Ball, the following rlembers thereof being present, to-rrit:
I.Iayyor Ross Edwards, Corllissioners iI G LjcIlillan, od B -L'rice, J A
Fortenberry, A :1 Richardson, City Attorney-Lkxvrood Il -bradley,
Cityj•1,anager 'd II o(Ij ers and City ►secretary Lavenia Williaris.
Absant: Hone.
The IIinutes of Regular sleeting of Janu-ry 14th, 1937, rrere
read and upon motion by Corunissioner McMillan, seconded by
Commissioner Fortenberry, they were unanirlous-Ly approved.
Bids for refinishing the City Ball were opened and it was
decided to ask for new bids for calcimine.
The rmtter of Lubbock Poultry & Egg k�orlpany building an addition
to their present plant which would extend 301 into the street
on the East side, was discussed, and upon motion by Connissioner
McHillan, seconded by Comissioner Fortenberry, carried unaniriously,
the City !attorney vias instructed to draw up necessary Ordinance
to close thirty feet of the street in Dead End of :Avenue K,
north of 4th atreet.
Motion by Commissioner -1tichardson, seconded by Commissioner Price,
carried unanimously, that the City perrdt Pit toilets to be built by
7.F.A. labar and funds to replace dry toilets, where property otmers are
not financially able to connect to -the Sanitary hewer.
Lubbock, Texas,
January 22, 1937.
Hon. City Commission,
City of Lubbock,
Lubbock, Texas.
Gentlemen:
It is our understanding that the depository
contract which we have had Ath the City of Lubbock, expired on
December 31, 1936. :le desire to be naried as depository for the
succeeding two years frori that date, and offer to secure the City
with United L)tates Government bonds during this period, for the
full amount of their deposit with us. The National Banking Act
of 1935 prohibits the paying of interest by any riember of the
Federal Reserve System to anyone, therefore we are not allotred
to pay any interest on any deriand deposits.
We appreciate the very cordial relations
which have existed between this bank and the City of Lubbock,
and if we are selected again, we will trlr to rend(-.r you the very
best service possible.
Respectfully subr fitted,
CIT=ENS Il^TI01TA , BA1Y.
(Signed) By Geo. E. Benson
Vice 2resident.
P.Iotion by Coruzissioner Richardson, seconded by Coruiissioner Ucldillan,
the following Resolution carried unaninously.
RE 3 OLUT I OTT
.'HEREAS the City has sought in the proper rzanner for a bid
for depository of the City's funds, and failed to secure any bid
to pay interest on daily balance, and the Citizens rational BaiLc,
Lubbock, Texas, has offereu to continue as depository for such funds
and to secure the sarie with 1<:gal securities, but ?gay no interest,
therefore:
.AIL RESOLUTION accepting the offer of the Citizens rational Bank,
Lubbock, Texas, to receipt, properly keey) and account for the
City's funds, and to secure the sane with collateral adrAssible
under Chapter 3 of Title 47 of the t1evised Statute of Texas,
and to peiT i . the City to dispose of the collaterral on default;
providing for a contingency of there being enacted a state law
requiring, a depository to pay interest, and declaring an energency
account of inability to secure a bid pore satisfactory and to
properly secure the funds.
BE IT REI SOLVED BY TIE CITY COMI SSIOIT OF Tiu�] CITY OF
LUBBOCI., r=4 r A S
1. That the offer of the Citizens national Bank, Lubbock, Texas,
to receive and account for all funds of the City, said Bank to
accept negotiable items subject to collection thru the regular
channels; to pay all larrfullJr issued der. -lands on said funds, ►ithin
the credit of the City on deposit, to keep the funds separate and
to render statements as often as required; and to deposit with
the City lawfull-T issued securities admissible under Chapter 3
of Title 47 of Revised Civil Statutes; with the right of the
City to require at all tiries such security to equal in market
value the funds -rith said Bank; and the further. -right of the
City to dispose of the collateral security to recoup itself
for any unpaid and unh.onored lav ful deriands on- i �, be and the
same is accepted.
2. That the foregoing; agreeilent of deposit and security shall
be effective from this dote for a period ending December 31,
1938.
3. Provided: Should there be enacted during the life of
this Resolution a lair requiring payment of interest on daily
balances the pity shall receive the Iiiniriuri rate during the
remainder of the terra.
4. The fact thR t the time has elapsed within which another
depository should have been selected, or. the: former contract
rene,:red and the desire of the City to be protected by
collateral, creates an emergency Lind )ublic necessity that
this resolution be finall;;r Massed and enacted at the meeting
of its introduction, and it is so ordered.
Passed by unanimous vote of the City nor-rlission and a--pproved
by the I.layor, this 28th da-y of Janus ry, 1937.
Doss Edwards
-lay o r
:itte st :
Lavenia ,filliams
ity .secretary.
I1btion b:r Cor—Tiir•sioner Price, seconded by ';omriissioner
Fortenberry, carried u:kznirio asl;r, Ordinance No. 562 parsed
first reading.
ORDMUTCE 110. 56N
FOR THE R-EGUL:,TIOIT AIM COIITROL O:P TA=C,�I3 Alm BUSSES FOR IT_TRE
`.1ITIIIN THE CITY OF LUBBOCK; I2E:�UIRI11G PEI'ti:ITS AND SURETY BONDS
OR' II1SUI2 ;I10E POLICITL: I111U:ING IT UIJi.AWFUL TO Oi"MATE WITHCUT,
JIUM P RESCRIBEM PETIALT`Y , AND RIOP2ALI TG OI DIIIAITCE ITO. 466.
No futher business coning up for consider•F-tion, the Gity
Commission adjourned.
Read and approved this
;111th da, of Febrtinry, 1937.
L.'ayor
At e t:
City Secretary.