HomeMy WebLinkAboutResolution - 042640B - Confirmation Of Citizens National Bank's Deposit Of Securities - 04/26/1940I
r
RESOLUTION 042(*40Es
BE IT R IEMBERED: That the Citizens National Bank of Lubbock
placed with the First National Bank of Fort Worth additional
securities to cover the guarantee of the City's funds, and upon
motion by Commissioner MctijjA _, seconded by Commissioner
NewQom _, carried unanimously, that the City accept the
additional securities.
7,MEREAS, by Ordinance No. 528, passed and approved on the 24th
day of January, 1955, the Citizens National Bank of Lubbock, Texas,
was selected as the Depository of the funds of the pity of Lubbock,
Texas, to be secured by Deposit of permissible securities under
the Statutes of this State, and-
','T]EREAS, the said The Citizens National Bank has placed with the
First National Bank of Fort "orth, Fort "orth, Texas, securities
for the purpose of covering deposits of this pity with such
depository in ccmpliance with. such selection and said Ordinance
No. 528, which said securities are described as follows:
114 - $11000.00) 2ef City of Lubbock sewer
Bonds, dated -Feb.
1, 1940, interest
and
August
1st,
with
August 11 1940
# 1
- 16 incl.
due
2-1-41,
- 32
"
due
2-1-421
�17
33
- 48
»
due
2-1-43,
49
- 64
"
due
2-1-441
65
- 80
"
due
2-1-45,
81
- 97
"
due
2-1-469
098
-114
"
due
2-1-47,
and
140 - $12000.00, Ze;o City of Lubbock Storm
Bonds, dated -Feb. 1, 1940, interest
and August lst, with August 1, 1940
1 - 20 incl. due 2-1-41,
21 - 40 " due 2-1-429
41 - 60 " due 2-1-43,
61 - 80 " due 2-1-442
81 -100 " due 2-1-45,
#101 -120 " due 2-1-469
#121 -140 due 2-1-47.
Di spo sal Plant
payable Feb. lst.
and s.c.a.
$114,000.00
Sewer Improvement
payable Feb. lst
and s.c.a.,
$140,000.00
which are held to the Joint account of the Depository and this
City for indemnity to the City;
Now, therefore, BE IT RESOLVED By the City Commission of the City
of Lubbock, Texas, that the City 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 City on Deposit with said The Citizens National Bank of
Lubbock, Texas6
t'assed and approved by unanimous vote of
26111 day of April ,_,__, 1940.
Attest
CitySecretry.