HomeMy WebLinkAboutResolution - 041041A - COL Confirms Security Deposits By CNB To First National Bank Of Ft. Worth - 04/10/1941C
I
RESOLUTI i1
0410WIA
BE IT RE -I "BERED: That the Citizens National Bank of Lubbock
placed with the j'irst Nationel Bank of Mort -orth, additional
securities to cover the guarantee of the jity's f _nds, and upon
motion by Commissidner Trice , seconded by Commissioner rdelVdillan
carried unanimously, that the Oity accept the additional securities.
HERE_4S, by Ordinance No. 528 _ passed and approved on the
24th day of January 1935, the Citizens National Bank
of Lubbock, 'Texas, was selected as the Depository of the funds of the
City of Lubbock, Texas, to be secured by Deposit of pe mAssible secu-
rities under the Statutes of this State, and
vifEl EAS, the said The Citizens rational Bank has placed with the
First National Bank of i'ort 4orth, Fort +orth, Texas, securities
for the purpose of covering deposits of this amity %jith such
depository in compliance with such selection and said ordinance
No. _528 __, which said securities are described as follows:
175 - $19000.00 1% Oity of Lubbock, 2exas, -Plectric Light Improve-
ment and Uonstruction Winds, dated 2/10/41, due as follows:
t1s 1/60, inc., due monthly in 1942
#s 61/120, inc., due monthly in 1943
s 121/175, inc., due monthly in 1944, interest due 8/10/41
and thereafter interest due monthly beginning 1/10/42
8/10/41 and s.c.a. 4175,000.00
75 - 41,000.00 pity of Lubbock, Texas, 'Faterworks Improvement
and Construction Bonds, 1, dated 2/10/41, due as follows:
#fs 1/25, inc., due 2/10/42
s 26/50, inc., due 2/10/43
s 51/75, inc., due 2/10/44
with 8/10/41 and s.c.a. X751000.00
interest payable February and August 10th
Total 7;250,000.00
which are held to the joint account of the Depository and
this "ity for indemnity to the City;
NO J I THEREFORE , BE IT RESOLVED BY THE CITY CO111ISSION
of the City of Lubbock, Texas, that the CitTT of Lubbock, Texas,
does here ratify and confirm such deposit and the terms thereof, and the
individual securities as being acceptable and in compliance with the
ordinance selecting the depository, insofar as the face of such
securities do not exceed the sums of the Uity on Deposit with said
The Citizens National Bank of Lubbock, Texas.
Passed and approved by unanimous vote of the Cit-% C, on, this the
day of
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