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per annum on time deposits which may be withdrawn after five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