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• <br />RE30LUTION N0. 4$0 <br />VVHEREA3, the City of Paris duly advertised for applica- <br />tions for City Depository in accordgnce with the provisions of <br />Article 2559, Revised Civil 3tatutes of Teaas, and <br />WHEREA3, the application of The Libertg National Bank in <br />Paris was duly filed v►ithin the time prescribed and contained <br />the most favorable terms and conditions for the handling of <br />city funds; now, therefore <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS: <br />1. That the application of The Liberty National Bank in <br />Paris Por City Depository be approved and that said bank be <br />and it is hereby designated as City Depository for the City of <br />Paris Por the ansuing two years beginning May 8, 1950, and <br />ending May 7, 1452. <br />2. That H. W. Parchman, ARayor of the City of Paris, be <br />and he is hereby authorized to executeka contract in behalf <br />of aaid City With said bank providing for the payment to the <br />City oP Paris of interest at the rate of one per cent (1%) <br />per annum on time deposits which may be withdrawn after five <br />days notice to such bank by the Director of Finance of the <br />City of Paris. <br />3. That said bank shall qualify as City Depository by <br />pledging securities with the City of Paris in accordance with <br />3ection D of Article 2560, Revised Civil atatutes of Teaas, <br />which securities shall lle dpposited with the Director of Fiinance <br />of the City of Paris and by him saPely kept. All securitiea <br />pledged to the City oP Paris shall be approved by the City <br />Council as required by law. <br />Passed in regular meeting of the Citv council of the 1-:ity <br />of Paris this the 26th dayyoP June, 1950. <br />ATTEaT: <br />~ <br />ayor <br />ity cler <br />