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withdrawn after five days notice to such Bank by the I?irector of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