HomeMy WebLinkAboutResolution - 012837A - Accept Bid Of Citizens National Bank To Become City Fund Depository - 01/28/1937012331A
RES OLUT IO N
."JFF�EAS the City has sought in the proper manner for a bid
for depository of the `'ity's funds, and failed to secure any bid
to pay interest on daily balance, and the Citizens National Bank,
Lubbock, Texas, has offered to continue as depository for such funds
and to secure the same with legal securities, but pay no interest,
therefore:
A RESOLUTION accenting the offer of the Citizens National Bank,
Lubbock, Texas, to receipt, properly keep and account for the
City's funds, and to secure the same t•iith collateral admissible
under Chapter 3 of Title 47 of the Revised Statute of Texas,
and to permit the City to dispose of the collateral on default;
providing for a contingency of there being enacted a state late
requiring a depository to pay interest, and declaring an emergency
account of inability to secure a bid more satisfactory and to
properly secure the funds.
BE IT RESOLVED BSI Tl"'*" CITY C O1.11ISSION OF TIE C ITY OF
LUBBO CI., TEXAS
1. That the offer of the Citizens National Bank, "Lubbock, Texas,
to receive and account for all funds of the City, said Bank to accept
negotiable items subject to collection thru the regular channels;
to pay all lawfully issued demands on said funds, within the credit
of the City on deposit, to keep the funds separate and to render
statements as often as required; and to deposit with the City law-
fully issued securities admissible under Chapt 3 of `title 47 of Revised
Civil Statutes; with the right of the city to require at all tines
such security to equal in market value the funds t,iith said Bank;
and the further right of tae `'ity to dispose of the collateral
security to recoup itself for any unpaid and unhonored lawful
demands on it, be and the same is accepted,
2. That the foregoing agreement of deposit and security shall be
effective from this date for a period ending Decenber 31, 1936,
3. Provided: should there be enacted during the life of this
Resolution a law requiring payment of interest on daily balances
the City shall receive the Minimum rate during the remainder of
the term.
4. The fact that the time has elapsed within which another
depository should have been selected, or the forner contract
renewed and the desire of the `'iter to be protected by collateral,
creates an emergency and public necessity that this msolution
be finally passed and enacted at the meeting of its introduction,
and it is so ordered.
Passed by unanimous vote of the 1'ity Connission and approved by
the Ilayo r, this 28th day of January, 19
i.:a or
Attui
City Secret,?.r)7,.