HomeMy WebLinkAboutResolution - 011437D - Deposit To Secure City Funds, Citizens National Bank To 1St National Bank - 01/14/1937011431D
RESOLUTION
BE IT RMEMBERED: That the Citizens National Bank of Lubbock
placed with the First National Bank of Fort viorth additional
securities to cover the guarantee of the City's funds, and upon
motion by Commissioner Richardson , seconded by Cormaissioner
Price , carried unanimously, that the City accept the
additional securities.
T°MRE4S, 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 perriissible securities under
the Statutes of this State, and
"MEREA.S, the said The Citizens National Bank has placed with the
'irst National Bank of Fort �Oorth, Fort'dorth, texas, securities
for the purpose of covering deposits of this L'ity with such
depository in compliance with such selection and said Ordinance
No. 528, which said securities are described as follows:
2 - :100,000.00 #s 641OL-6498)
5 - 10,000.00 #s 20076F-1764OL-41A-42B, 16681A
21% Treas. Bonds of 1949-53 dated 12/15/36 due 12/15/53 ivith
6%15/37 ^.nd s.e.a. - Int. due June and Dec. 15th
X250,000.00
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 hank of Lubbock, Texas.
Passed and approved by unanimous vote of the City �;onmission, this
the 14th day of January , 1937
,gyp
Mayo
Att t:
City 8ecretary.