649 RES COP PURSUANT TO SECTION 15 OF ORD NO 1259 DEPOSITED WITH THE LIBERTY NATIONAL BANK OF PARIS• •
RES OLUTI ON N 0. c!
WfER:EAS, the City of Paris, pursuant to Section 15 of Ordin~ince
No. 1259, has heretofore deposited with The Liberty National Bank in Paris,
Paris, TeXas, the sum of $40, 000.00; and,
WfEREAS, said $40, 000. GO is ncJt earning any interest; and,
Wf-IEREt1S„ Section 1:5 of said Ordinance provides that money in
tle reserve fund may at the option of the City be invested in direct
ohligations of the United States of America having maturities not in
excess of ten years fram the date of the making of such investment;
N(W , THEREFUR.E,
BE IT RESOLVED BY THE CITY COUNCIL OF TH~ CTTY UF PAR.IS, That
the C ity of Paris invest said sum of $40, 000. 00 in dire ct obligatio ns
of the United States of America having maturities not in excess of ten
ye a rs f rom t he date of t he making of suc h inve stme nt. T he C ity Manag er
is hereby authorized and directed to enter into the necessary contract
or agreement with the escraw agent, The First National Bank in Dallas,
Dalla s, Texas, whi ch are ne ce s sary fo r the inve stme nt o f said flind.
Passed and adopted by the City Council of the City of Paris in
special session convened on this the 22nd day of October, A. D., 1956.
A
, , or, City of Paris
ATTEST:
` ~ t~o L`.
City Clerk
APPROVED AS TO FORM:
City Attornry.