1117 RES COP ADVERTISED FOR APPLICATIONRESOLUTION NO. 1117.
WHEREAS, the City of Paris, Texas, duly advertised for appli-
cation for City Depository in accordance with the provisions of
Article 2559, Revised Civil Statutes of Texgs; and,
WHEREAS, the application of The Liberty National Bank in
Paris was duly filed within the time prescribed and contained the
most favorable terms and conditions for the handling of city funds,
and the copy of the terms and conditions for the handling o.f the
city funds is fully stated in detail in the bid of The Liberty
National Bank in Paris, reference to which is made for terms an d
conditions other than those noted herein; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS:
l. That the application of The Liberty National Bank in
Paris, at Paris, Texas, for the City Depository be approved and
that said Bank be, and it is hereby designated as City Depository
for the City of Paris, Texas, for the ensuing two years, beginning
March 1, 1965 and ending February 28, 1967.
2. That V.E. Stewart, Mayor of the City of Paris., be, and
he is hereby authorized to execute a contract in behalf of said
City of Paris with said Bank, providing for the payment to the
City of Paris of interest at the rate of 31-27o per annum, to be
credited semi-annually, upon all time deposits of the City of
Paris, which time deposits have been designated by the City Council
as being funds of the City of Paris deposited in such Bank for the
purposes of retiring bonded indebtedness and sinking funds for the
payment of bond interest, or such other funds as may from time to
time be agreed upon. That said funds on time deposit may be with-
drawn after five (5) days notice to such Bank by the Director of
Finance of the City of Paris.
3. That said Bank shall qualify as City Depository by
pledging securities with the City of Paris in accordance with
Section D of Article 2560, Revised Civil Statutes of Texas,which
securities shall be deposited with the Director of Finance of the
City of Paris, and by him safely kept. All securities pledged to
the City of Paris shall be approved by the City Council as re-
quired by law.
Passed in regular meeting of the i Council of the City
of Paris, this the 8th day of Februa ,.D., 1965.
Mayor
ATTEST :
City Clerk
APPROVED AS TO FORM: City-Attorney.