HomeMy WebLinkAboutMinutes - City Council - Special - 10/15/1963E
OCT 15 1963
October 15, 1963
Lubbock, Texas
SPECIAL CALLED MEETING:
The City Commission of the City of Lubbock, Texas, met at two o'clock p.m. in the City Hall in
special called session, the following members thereof being present, to -wit:
Mayor Jack F. Strong and Commissioners W. E. Alderson, W. C. O'Mara, Rolan Simpson, and Marvin
McLarty, Jr., City Attorney Fred 0. Senter, Jr., City Secretary -Treasurer Lavenia Lowe.
Absent: City Manager William J. Pitstick and Assistant City Manager Fritz Lanham.
.63-22-475-1252 Proposal for depository for the City of Lubbock for the period beginning October 1, 1963, was
received from the Citizens National Bank on September 26, 1963, of record on page 442-443, Minute
Book 22, and on said date, September 26, 1963, the City Commission authorized the Mayor to enter
into a contract for custody of the funds of the City of Lubbock for the period October 1, 1963 to
expire September 30, 1964, said contract being of record in the City Commission Minutes on page
443-444, Minute Book 22. This contract was rejected by the Citizens National Bank and never execute
On this date, October 15, 1963, meeting was called by Mayor Strong to further consider the following
proposals labeled Proposal No. 1 and Proposal No. 2, dated October 14, 1963, from the Citizens
National Bank of Lubbock, Texas, as to depository contract between the City of Lubbock and said
Citizens National Bank.
THE CITIZENS NATIONAL BANK
PROPOSALS LUBBOCK, TEXAS
October 14, 1963
The honorable Jack Strong
Mayor, City of Lubbock
City Hall
Lubbock, Texas
Dear Mr. Strong:
It was certainly good to talk with you on the telephone today, and in accordance with our conversatio
I am enclosing in brief, the two proposals for the Depository Contract between the City of Lubbock
and the Citizens National Bank. In addition to what is contained in this summary, we intend to
provide the services, etc., as outlined in our previous bids.
If you have any questions on these, please let me know.
Thank you, and very best regards.
Sincerely,
/S/ E. W. Williams, Jr.
EWW/emj President
CITY OF LUBBOCK DEPOSITORY CONTRACT
i, PROPOSAL NO. ONE October 14, 1963
Term: Two (2) years
Interest rates on Time Deposits: 1%-60 days
2%-90 days
2-1/2%-180 days
2-3/4%-270 days
3% 360 days
Funds: This contract will provide for all of the funds of the City of Lubbock and does
not afford the City investment privileges.
Compensating Balances: A 25% demand balance, based on the total funds of the City of
Lubbock, will be maintained with Citizens National Bank of Lubbock
determined by an average monthly, collected balance.
CITY OF LUBBOCK DEPOSITORY CONTRACT
PROPOSAL NO. TWO
October 14, 1963
Term: Two (2) years
Interest rates on Time
Deposits: 2%-90 days
2-1/2%-180 days
3%-360 days.
Funds: This contract
will provide for all of the funds of the City
of Lubbock, with the
exception of
the proceeds of those funds derived from the sale of bonds after the
date of this
contract and will give the City of Lubbock the
privilege of investing
said funds.
Any of the above -mentioned proceeds from future bond sales shall only be deposited
in the Citizens National Bank of Lubbock in a demand account during the term of
this contract, and if, at the time said bonds are funded, the City desires to
invest these funds, they will not be cleared through this bank nor will the City
expect these funds in any way to be secured until such time as they are placed
in a demand deposit account. No funds of the City of Lubbock placed in this bank
during the term of this contract may be withdrawn and invested. No funds of the
City of Lubbock will placed with any other financial institution.
Compensating Balances: A 25% demand balance will be maintained at all times in this bank
by the City of Lubbock on all funds (bank deposits, as well as
funds invested).
After consideration of the above two proposals of the Citizens National Bank, motion was made by
Commissioner Simpson, seconded by Commissioner McLarty, that Proposal No. 1, as set out above, be
accepted. This motion failed to carry, the vote being as follows: Commissioner Simpson and McLarty
76
OCT 15 1993
There was further consideration of the two proposals from the Citizens National Bank as set out
above. Motion was then made by Commissioner Simpson, seconded by Commissioner McLarty, motion
carried, Mayor Strong and Commissioners Alderson, O'Mara, Simpson, and McLarty voting Yea, none
voting Nay, that Proposal No. 1 be accepted, the Mayor being hereby authorized to enter into
contract between said Citizens National Bank and the City of Lubbock, designating the Citizens
National Bank as depository of the City of Lubbock for the two year period, October 1, 1963 to
expire September 30, 1965, the Mayor being hereby authorized to enter into contract.
NO FURTHER BUSINESS COMING UP FOR CGNSIDERATION, THE CITY COMMISSION ADJOURNED FROM SPECIAL
CALLED MEETIEG, OCTOBER 15, 1963.
ATTEST
r
Lav nia Lowe, City Secret ry-Treasurer
READ AND APPROVED THIS THE 24tb DAY OF October , 1963.
ATTEST:
Lav is Lowe, City/Secretary-Treasurer
JAC F. ST ONG, Mayor
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