HomeMy WebLinkAboutResolution - 042744A - Citizens National Bank To Receive And Account For All City Funds - 04/27/19444
RESOLUTION
RESOLUTION PASSED EY THE CITY COkbiISSION OF THE
CITY OF LUBBOCK ON THE 27th DAY OF April , 1944.
WHEREAS, 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 contingency 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 BY THE CITY CONIII(iISSION
OF THE CITY OF LUBBOCK, TEXAS:
That the offer of the Citizens National Bank
of Lubbock, 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. ddposit, to keep the funds separate and to render statements
as of ten as required; and to deposit with the City lawfully
issued security admissible under the laws of the State of Texas
with the right of the City to require at all times such
security to be equal in market value to the funds on deposit
with said Bank; and the further right of the City to dispose
of said collateral security to recover itself for any unpaid
Oand 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 19 4.6 .
Provided should there be enacted during the
life of tris resolution a law requiring payment of interest
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on daily balances the City shall receive the minimum rate
during the remainder of the te--m.
The fact that the time has elapsed within which
the depository should have been selected, or the former contract
to be renewed and the desire of the City to be protected,
creates an emergency and public necessity, that this resolution
be finally passed and enacted at the meeting of its intro-
duction; and IT IS SO ORDERED.
lviayor of the City of Lubbock
ATTEST:
Cit; secretary