HomeMy WebLinkAboutResolution - 021339A - Offer Of Citizens National Bank To Account For All City Funds Is Accepted - 02_13_1939 4"
OZI 339
RESOLUTION
VYHEREAS, the City has sought in the proper manner for a bid
for depository of the 1�'ity's funds, and failed to secure any bid
to pay interest on daily balance , and the Citizens National Bank,
Lubbock, Texas , has offer4d to continue as depository for such
funds and to secure the same with legal securities , but pay no
interest, therefore ;
A RESOLUTION accepting 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 with collateral admissible
under Chapter 3 of Title 47 of the Revised Statute of Texas,
and to permit the �'Jty to dispose of the collateral on default;
providing for a contingency of there being enacted a state law
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 BY THE CITY CQblMISSION OF THE CITY OF
LUBBOCK, TEXAS.
1. That the offer of the Citizens National Bank, Lubbock, Texas,
to receive And account for all funds of the Uity, 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 lawfully issued securities admissible under Uhapter 3
of Title 47 of Revised Civil Statutes; with the right of the
City to require at all times such security to equal in market
value the funds with said bank; and the further right of the
City 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 December 31, 1940.
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 former contract
renewed and the desire of the City to be protected by collateral,
creates an emergency and public necessity that this resolution be finally
passed and enacted at the meeting of its introduction, and it is so
ordered.
Passed by unanimous vote of the City Commission and approv .. by the
Mayor, this 13th day of February 19319.
lla o
Att
ity* Secretary.