HomeMy WebLinkAboutResolution - 041146A - Offer Of Citizens National Bank To Receive And Account For All City Funds - 04/11/1946IM
0411WA
RESOLUTION
RESOLUTION PASSED BY THE CITY COMUSSION OF THE CITY OF LUBBOCK
ON THE 11 DAY OF April , 1946.
VMEREAS, the Citizens National Bank of Lubbock, Texas, has agreed
TO continue as depository and to receipt properly, properly keep and
account for, City funds and to secure the same with collateral as made
and provided under the laws of the State of Texas, and permit the
City to dispose of the collateral on default; providing for dontingency
of there being enacted a state law requiring a depository to pay interest,
declaring an emergency on account of inability to secure a bid to properly
secure the funds;
THEREFORE, BE IT RESOLVED BT THE CITY COMMISSION OF THE CITY OF
LUBBOCK, TEXAS:
That the offer of the Citizens National Bank of Lubb )ck, Texas,
to receive and account for all funds of the City, said Bank to accept
negotiable items subject to collection through the regular channels;
to pay all lawfully issued demands on said funds, within 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 lawfully issued
security admissable under the laws of the State of Texas with the
right of the Oity to require at all tia,es such security to be equal
in market value to the funds on deposit with said Bank; and the further
right of the 4'ity to dispose of . said collate --al security to recover
itself for any unp1tid and unearned demands on it, be and the same are
hereby accepted .
That the foregoing agreement of a deposit and security shall be
effective from this date for a period and ending the 27th day of
April, 1948.
Provided should there be enacted during the life of this resolution
a law requiring payment of interest on daily balances the City shall
receive the minimum rate during the remainder of the term.
Passed and approved this the1_ lth day of April , 1946.
I '?J
MAYOR
ATTEST
,,, '.�l City Secretary.