HomeMy WebLinkAboutResolution - 020967E - Invest Funds In US Goverment Securities - 02_09_1967GAS/sac0,W1Q to q E
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r RESOLUTION
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�fy WHEREAS„ the City of Lubbock by various ordinances has authorized
issuance of various bonds) in various amounts and the ordinances all provide
y• interest and sinking funds'; as required by law, including reserve funds to pay
the obligations therein created, and special funds were created in the Citizens
National Bank of Lubbock; Lubbock County, Texas, which are designated as
special funds for each of said bond funds and said bank was designated custodian
of various funds and !paying agenttof the bond provided for in said ordinances; an
WHEREAS, the City of Lubbock now has on deposit in said funds and
in various other funds in said bank substantial sums of money, and the governing
body of the City of Lubbock desires:to invest a part of said funds in United States
Government Securities as provided in Art. 836, Revised Civil Statutes of Texas
and in other legal investments, NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. The Director of Finance of the City of Lubbock is
hereby authorized to select securities allowed by law for legal
investment by cities, which securities are to be purchased by
and held for the benefit of those funds as may be indicated by the
said Director of Finance; provided however that when securities
are to be paid for out of bond retirement funds, the only securities
which may be purchased are bonds of the United States and such
other securities; as the Ordinance creating said bond retirement fund
may specifically provide for.
SECTION 2. The Citizens National Bank of Lubbock, Lubbock County
Texas, designated as custodian and depository of City funds, is hereb
authorized and directed upon request of the Director of Finance of
the City of Lubbock to invest any and all funds in such previously
specified securities as may be selected by said Director of Finance
which securities shall be paid for out of such funds as he. may direct,
and upon delivery of such securities they shall becomea part of
such fund.
SECTION 3. The Citizens National Bank of Lubbock, Lubbock County
Texas, as custodian and depository of City funds, is authorized and
directed to convert said securities into cash on direction of the Direci
of Finance for benefit of the accounts from which said securities were
purchased, PROVIDED that said bank shall not be liable for loss, if
any sustained due to any decrease in value of the securities purchases
under this authority, but FURTHER PROVIDED, said bank shall other
wise be liable as the custodian and depository of said funds, including
bonds and/or cerkificates, and interest accruing from any such invest
ments.
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SECTION 4. The Director of Finance of the City of Lubbock is
hereby authorized to transfer such monies, as he in the exercise
of his discretion may choose, from checking accounts into time-
depo5it open accounts and vice -versa as contemplated by the depository
contract with Citizens National Bank of Lubbock, Lubbock County,
Texas,;
SECTION 5. The investments herein authorized are subject to the
terms of the depository contract heretofore made or as may be herein-
after mutually agreed upon, and nothing herein shall be construed to
authorize any breach of said contract.
Passed by the City Council this 9th day of February V 196
ZAPP OVED:
.i
red O. Senter, Jr., , C' orney