HomeMy WebLinkAboutResolution - 102435D - Confirmation Of Security Deposits Made By Citizens National Bank - 10/24/1935A
'CHSOLUTION
1024 35 D
BE IT REh,12-iMBERED: That the Uitizens National bank of Lubbock placed
-lith the First National Bank of Fort <:'orth additional securities to
cover the guarantee of the City's funds, and upon motion by Co:�missioner
Price, seconded by Commissioner Richardson, carried unanimously, that
the City accept the additional securities.
'.'HEREAS, 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 Uity of Lubbock,
Texas, to be s ecured by deposit of permissible securities under
the Statutes of this State, and
"'HEREAS, the said The Citizens National Bank has placed -with the
First National Bank of l'ort '=' orth, Fort NTorth, Texas, securities
for the purpose of covering deposits of this Uity with such depository
in compliance -with such selection and said Ordinance No. 528, which
said securities are described as follows:
3 - -,,100000 #173,3C -34D -35E
1 - 5,000 #1307H
Interest due March k Sept. lst.,
"March 1, 1935 and S. C.A.
2 3/4% Federal Farm 1utg.
Corp. Bonds, dated 3/1/35 3359000.00
due 3/l/42
-7hich are held to the joint account of the Depository and
this City for indemnity to the City;
�vo-r, therefore, B -i,' IT RESOLVED Bi 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 laity on Deposit with said
The Citizens Nation -1 Bank of Lubbock, Texas.
Passed and approved by unanimous vote of the City Commis Bion, this
the 24th day of October, 1935.
Mayor
A'7--' S T
Acting City Seccrre , ry.