HomeMy WebLinkAboutResolution - 042248D - Citizens National Bank To Continue As Depository For The COL - 04_22_1948 RESOLUTION
RESOLUTION PASSED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK ON THE 22ND
DAY OF APRIL, 1948.
101EREAS, the Citizens National Bank of Lubbockp Texas, has agreed to continue
as depository and to receipt properly, properly keep and account for City funds
and to secure the same with collateral as made and provided under the laws of the
State of Texas, and permit the City to dispose of the collateral on default; pro-
viding for contingency of there being enacted a state law requiring a depository
to pay interest;declaring an emergency on account of inability to secure a bid to
properly secure. the funds;
THEREFORE , BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK,
TE%ASt
THAT, the offer of the Citizens National Bank of Lubbock, Texas, to receive
and account for all funds of the City, said Bank to accept nogotiable items sub-
ject to collection through the regular channels; to pay all lawfully issued do-
mands 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 security admissable under the laws of the State of Texas
with the right of the City to require at all times such security to be equal in
market value to the funds on deposit with said Bank; and the further right of the
City to dispose of said collateral security to recover itself for any unpaid and
unearned demands on it, be and the same are hereby accepted*
That the foregoing agreement of a deposit and security shall be effective from
this date for a period and ending the 27th day of Aprilp 1950.
iProvided 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.
Passed and approved this the 22nd day of April, 1948•
. MayorATTEST&
City Secretary