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HomeMy WebLinkAboutResolution - 053139A - Confirmation Of Citizens National Bank's Security Deposits - 05/31/1939© RESOLUTION BE IT RMMIBERED: That the Citizens National Bank of Lubbock placed with the -eirst National Bank of Fort -`forth additional securities to cover the guarantee of the City's funds, and upon motion by Commissioner Jones , seconded by Commissioner Price , carried unanimously, that the City accept the additional securTi s. `THEREAS, 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 permissible securities under the Statutes of this State, and �MREAS, the said The Citizens National Bank has placed with the First National Bank of Fort Horth, Fort Vlorth Texas, securities for the purpose of covering deposits of this pity with such depository in compliance with such selection and said Ordinance No. 528, which said securities are described as follows: 5 - $102000.00 #286871-5 incl., U.S. Treas. Bills dated 5-24-39, 2 - $1001000.00 #169821-2, due 8-23-39, without interest. :250, 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, Texas. Passed and approved by unanimous vote of the Oity Commission, this the 31st day of r,�ay 1939. Mayor Att sit city Secretary.