HomeMy WebLinkAboutMinutes - City Council - Regular - 4/23/1954RECESSED REGULAR Iv1EETING April 23, 1954
Lubbock, Texas
The City Commission of the City of Lubbock, Texas, met at 8:30 A.M: in recessed regular
session, recessed from Regular Meeting of April 22, 1954, at the Regular Meeting place
in the City Hall, the following members thereof being present to -wit. -
Mayor Murrell R. Tripp, Commissioners Lennis Baker; Hurley Carpenter, S. S. Forrest,
Lucian Thomas, City Manager Steve Matthews, Acting City Attorney W. L. Somers, City
Secretary -Treasurer Lavenia Lowe,
54-12-535.953 Bids having been received and read April 22, 1954, for construction of West Lubbock
County Water Supply Line, said bids being of Record at Page 516, Minute Book 121, award
of bid having been deferred, the City Commission gave further consideration to award of
this bid. Mr. Ray Foley and Mr. Porter of Gifford -Hill -Western Inc.appeared before the
City Commission requesting that pipe for construction of this line be purchased from their
Company. Mr. J. R. Wilson of United Concrete Corporation of Big Spring, Texas, also
appeared before the City Commission for discussion of selling the pipe for use in this
line. Motion was made by Commissioner Forrest, seconded by Commissioner Thomas, motion
carried, Mayor Tripp and Commissioners Baker, Carpenter, Forrest and Thomas voting Yea,
none voting Nay, to authorize acceptance of the bid of Pelphrey-Basham, Inc. of Fort
Worth, Texas, on their proposal "CIO for construction of the Water Supply Line in West
Lubbock County under WWO No. 6643, the 45 inch pipe to be installed. The Mayor being
hereby authorized to enter into contract between the City of Lubbock and Pelphrey-Basham,
Inc. for construction of this Water Supply Line
:54-12-535-954 Albert Fortenberry of the Lubbock Bus Company appeared before the City Commission for
further discussion of Insurance Coverage on busses serving the City of Lubbock but no
action was taken.
54-12-535-955 Bids having been received April 22, 1954, for depository of City Funds for term beginning
April 27, 1954, said bids being of Record at Page 503-505, Minute Book 12, of the City
Commission Records, award of bids having been deferred; motion was made by Commissioner
Carpenter, seconded by Commissioner Thomas, motion carried, Mayor Tripp and Commissioners
Baker, Carpenter and Thomas voting Yea, none voting Nay, (Commissioner S.S.Forrest not
voting), to award bid for Depository of City Funds to the Citizens National Bank for a
term of two years from April 27, 1954, to April 27, 1956, the Mayor hereby being authoriz-
ed to enter into Depository Contract. Said Depository Contract being set out below:
depos it
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CONTRACT FOR THE CUSTODY OF
THE FUNDS OF THE CITY OF LUBBOCK
THIS CONTRACT is made and entered into this the 27th day of April, 1954, by and
between the Citizens National Bank of Lubbock, Texas, a National Banking Corporation, acting
by and through its duly authorized officers, and (hereinafter sometimes referred to as the
bank), the City of Lubbock, a home rule municipal Corporation, chartered under the laws
of the State of Texas, with its domicile in Lubbock County, Texas, acting herein by and
through its duly authorized officers:
W I T N E S S E T H:
In accordance with the provisions of Articles 2559 to 2566-A, inclusive, of the
Revised Civil Statutes of the State of Texas, as amended, the governing body of the City
of Lubbock has designated The Citizens National Bank of Lubbock, Texas, custodian of the
city funds for a period of two (2) years, -ending on the 27th day of April, 1956; and the
City of Lubbock has deposited, and will deposit from time to time, funds of such city
with The Citizens National Bank of Lubbock and the Bank does hereby agree to accept such
or deposits; and such deposits shall be made upon the following terms and conditions:
1. All funds deposited by the City of Lubbock will be secured by pledge of United
States Government Bills, Notes, Certificates or Bonds or by Notes or Obligations issued
by any Instrumentality, Agency or Corporation of the United States Government in an
amount sufficient to secure the funds in full at all times and providing that any of such
securities so pledged fall within and are a type of security authorized by the provisions
of Article 2560, Subdivision (d), Revised Civil Statutes of Texas. These securities will
be held by the Republic National Bank of Dallas, Texas, as custodian for the City of
Lubbock and The Citizens National Bank of Lubbock.
2. Demand deposits will be handled without the customary service charge being arplied,
and interest will not be paid on balances in the demand deposit accounts.
3. Interest will be paid on time deposit open accounts as follows:
a. Deposits subject to 30 days written withdrawal notice will
draw 1% interest.
b. Deposits subject to 90 days written withdrawal notice will
draw 2% interest.
c. Deposits subject to six months written withdrawal notice
will draw 2 1/2% interest.
4. The bank agrees to act as paying agent without charge on any future bond issues
of the City of Lubbock during the term of this Depository Agreement.
5. The bank will handle foreign exchange for the City of Lubbock without charge.
6. ,The bank agrees to furnish daily armored car service to the City of Lubbock with -
charge.
7. The bank agrees to furnish regular ABC checks overprinted to the City of
Lubbock without charge,
8. The bank's parking lot facilitips will be available without charge for the use
of the City of Lubbock in its transaction of banking business.
9. Advances to the City of Lubbock within the limits prescribed by law and within
the legal loan limit of this Bank, will be made at a rate of not exceeding 1% for loans
of not over twelve months' duration. It is understood that these advances will be made
solely for the purpose of riding thgtity in its ordinary operations and shall not be made
for the purpose of preventing the withdrawal of time deposits before their due date. Ad-
vances requested by the City to prevent its having to draw on its time deposit open
account before its due date shall bear the same rate 4q that.paid.by the bank on such
time deposits. Advances shall mean loans or overdrafts.
10. The bank agrees to furnish the City of Lubbock a coin counter and wrappers
wit hout c harge.
11. It is hereby understood and agreed that the City of Lubbock can legally issue
warrants up to a maximum sum of $50,000.00 in each fiscal year and during the life of this
Agreement the Bank agrees to purchase such warrants which shall have A maturity of not
over five years, at a rate of 2 1/2% should the City request the Bank to do so.
This Agreement is made subject to the terms df such rules and regulations, promulgat-
ed by the office of Comptroller of the Currency of the United States and the Board of
Governors of the Federal Reserve System as are now in existence and such other rules and
regulations of these agencies as may hereafter become effgctive during the term of this
agreement; and if this agreement should be or become in conflict with such rules and regula-
tions, then this agreement shall be amended to comply with such rules and regulations.
EXECUTED This the 27th day of April, 1954.
THE CITIZENS NATIONAL BANK
OF LUBBOCK
BY:„/s/ Qeo_ E. Benson
Geo. E. Benson, President
ATTEST:
fs/ Harold Mum
Cashie r
CITY OF LUBBOCK
BY: /s / Murrell R. Tripp
Mayor of the City of
Lubbock ok:WLS
ATTEST:
/s/ Layenia Lowe
City Secretary
No further business coming up for consideration, the City Commission recessed to meet
April 29, 1954, at 10:00 A.M.
Read and approved, this the 27th day of May , 1954.
ATTEST:
L venia Lowe, ty Secretary -Treasurer