HomeMy WebLinkAboutResolution - 091263O - Notice To Banking Institutions - Applications For The Custody Of The City Funds - 09_12_1963 „ NOTICE
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TO
Ll 7 BANKING INSTITUTIONS IN THE CITY OF LUBBOCK
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Notice is hereby given that the Governing Body of the City of Lubbock, sub-
ject to the provisions of Articles 2559 to 2566A, Revised Civil Statutes of
Texas, as amended, will receive applications for the custody of the City funds
covering a period of one and two years from any banking corporation, associa-
tion or individual banker doing business within the City of Lubbock, as a
depository, until 9:30 o°clock A. M. , September 25, 1963. Any such applica-
tions and bids shall be deposited with the City Secretary-Treasurer in the City
Hall prior to such time.
The monthly average demand deposit is estimated at $3,000,000.00. The
monthly average time deposit is estimated at $4,000,000.00. It is requested
that each Bank bid on the rate of interest to be paid the City of Lubbock on
money placed on time deposit and subject to 30, 60, 90, 180, and 365 days notice,
prior to withdrawal of these funds.
It is also requested that the interest rate be stated on advances to the
City of Lubbock within the limits prescribed by law and within the legal loan
limit of the Bank for twelve (12) months duration. It is hereby understood that
these advances will be made solely for the purpose of aiding the City in its
ordinary operations and shall not be made for the purpose of preventing the
withdrawal of time deposits before their due date. Advances required by the
City to prevent its having to draw on its time deposit open account before its
due date 'shall bear the same rate as that paid by the Bank on such time deposits.
Advances, in this case, shall mean loans or overdrafts.
Since the City of Lubbock can legally issue warrants up to a maximum sum
of $50,000.00 in any fiscal year, you are requested to state in your application
whether or not you agree to purchase such warrants, in the event they are
issued, and at what rate of interest.
Bidders are requested to submit any further concessions or services which
they may want to offer the City of Lubbock as further consideration in.telecting
the City's depository.
Selection of such -depository is contemplated for the period beginning
October 1, 1963, and ending September 30, 1964, or for the period beginning
October 1, 1963, and ending September 30, 1965. Each prospective depository
is requested to submit a proposal for both years as the determination for a
one or two year period will be at the option of the City Commission, and the
right to reject any and all bids is reserved. The City also reserves the right
to place or invest part or all of any of its surplus or excess funds outside
the designated depository, in Bonds, Securities or Obligations of the United
States Government, or in any lawful manner as may be determined by the City
Commission from time to time throughout the year.
DATED this ¢�i day of September, A.D. , 1963.
Lavenia.Lowe, City Se etary- reasurer
City of Lubbock, Texas
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NOTICE TO BANKING INSTITUTIONS IN THE CITY OF LUBBOCK
Notice is hereby given that the Governing Body of the City of Lubbock,
subject to the provisions of Articles 2559 to Article 2566A, Revised Civil
Statutes of Texas, as amended, will receive applications for the custody of
the funds of the City of Lubbock covering a period of one year from any
banking corporation, association, or individual banker doing business within
the City of Lubbock, as a depository, until 10;00 o'clock a.m. , 'September
30, 1965. Any such applications and bids shall be delivered to the Office
of the City Secretary in the City Hall prior to such time.
It is requested that each bank bid on the rate of interest to be
paid the City of Lubbock on money placed on time deposit or time certificates
of deposit and subject to 30, 60, 90, 180, and 360 days' notice, prior to
withdrawal of these funds.
All monies which are deposited into the depository under the provisions
of this proposal shall be continuously secured, in accordance with the laws
of the State of Texas applicable thereto, by a valid pledge of direct
obligations having a par value or market value when less than par, exclusive
of accrued interest, at all times at least equal to the total amount of
money on deposit in said several funds on deposit in the depository.
All time deposits or time certificates of deposit which have not
elapsed on the termination date of the finally approved depository contract,
shall remain on deposit with the same depository under the same terms and
conditions in effect during said contract until the date such time deposits
have elapsed.
Each bidder shall include_ in the proposal the terms and conditions
upon which the bidder proposes to lend the City of Lubbock, from time to
time, as needed, such sum or .sums of money as the City Council of the
City of Lubbock may desire to borrow for the use of the City within the
limits prescribed by law and within the legal loan limit of the Bank.
Bidders are requested -to submit any further concessions or services
which they may want to/offer the City of Lubbock as further consideration
in selecting the City"s depository.
Selection of such depository is contemplated for the period beginning
October 1 , 1965, and ending September 30, 1966. The right to reject any and
all bids is reserved. The City also reserves the right to place or invest
part or all of any of its surplus or excess funds outside the designated
depository, in any lawful manner as may be determined by the City Council ,
from time to time throughout the term of the contract.
Dated this 22nd day of September, A. D. 1965.
ILavenia Lowe
City Secretary-Treasurer
City of Lubbock, Texas