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RESOLUTION NO. 952 . <br />WHEREAS, the City of Paris duly advertised for application for <br />City Depository in accordance with the provisions of Article 2559, <br />Revised Civil Statutes of Texas; and, <br />WHEREpiS, the application of The Liberty National Bank in Paris <br />was duly filed within the time prescribed, and contained the most fa- <br />vorable terms and conditior_s for the handling of city funds; now, there- <br />fore; <br />BE IT RESOLVEI? BY THE GITY COUNCIL OF THE CITY OF <br />PARIS: <br />1. That the application of The Liberty National Bank in Paris for <br />City Depository be approved and that said Bank be, and it is hereby <br />designated as City Depository for the City of Paris for the ensuing two <br />years, beginning March 1, 1961, and ending February 28, 1963. <br />2. That William C. Ragan, Mayor of the City of Paris, be, and <br />he is hereby authorized to execute a contract in behalf of said City <br />with said Bank providing for the payment to the City of Paris of in- <br />terest at the rate of 1 1/2% per annum on time deposits which may be <br />withdrawn after five days notice to such Bank by the I?irector of <br />Finance of the City of Paris, <br />3. That said Bank shall qualify a's City Depository by pledging <br />securities with the City of Paris in accordance with Section D of <br />Article 2560, Revised Civil Statutes of Texas, which securities shall be <br />deposited with the 1?irector of Finance of the City of Paris, and by him <br />safely kept. All securities pledged to the City of Paris shall be approved <br />by the City Council as required by law. <br />PASSED in regular xneeting of the City Council of the City of <br />Paris, this the 13th day of February, 19610 <br />s <br />, , <br />" 1 3 <br /> <br />~ <br />F''~~ <br />~ yo r <br />ATTE$T% <br />City Clerk <br />APPROVEI? AS TO FORM: <br />City Attorney,, <br />