688 RES COP ADVERTISED FOR APPLICATION FOR CITY DEPOSITORY•
•
@ESOLUTION N0. 68,8
WHFBEAS, the City of Paris duly advertised for application for
City Depository in accordance with the provisions of Article 2559t
Kevised Civil Statutes of Texas; and,
WHEBEAS, the application of The Liberty National Bank in Paris
was dnly ffled xithin the time prescribed and contained the most
favorable terms and conditions for the handling of citq funds; now,
therefore,
gE IT gESOLVED BY THF: C ITY COIINC IL OE' THE C ITY OF PARIS :
1. That the applicatien of The Liberty National Bank in
Paris for City Depository be approved and that said
bank be, and it is herebp designated as Gity Depository
for the City of Paris for the ensaing tNO years beqinp-
ing March 1. 1957* and ending Febraary 28. 1959.
2. That James B. Gill, btayor of the City of Paris, be, and
he is hereby authorized to execute a contract fn behalf
of said City with said Bank providing for the paywnt to
the City of Paris of interest at the rate of one per
cent (1%) per annum on time deposits which etaay be with-
drawn after five (5) days qotice to snch Bank by the
Director of Finance of the City of Paris.
3. That said banY shall qualify as City Depository by
pledging secnrities with tbe City of Paris in accordance
with Section D of Article 2560. Bevised Civil Statutes
of Texas. which securities shall be deposited with the
Director of Finance of the City uf Paris and by him safe-
ly kept. All securities pledged to the City of Paris
shall be appxoved bp the City Coancil as required by
laM.
Passed in reqalar neetiny of the City Council of the City af
Paris, this the ~day of March. A.D. 1957.
,
m8yOr
City Clerk,