Res 175-85 11/5/1985RESOLUTION NO. 175-85
RESOLUTION APPROVING AGREEMENT WITH INTERFIRST
BANK WICHITA FALLS CONCERNING CERTIFICATES OF
DEPOSIT ISSUED UNDER 1983-1985 DEPOSITORY
CONTRACT.
WHEREAS, the City of Wichita Falls and InterFirst Bank
Wichita Falls entered into a depository contract for the period
October 1, 1983 through September 30, 1985; and,
WHEREAS, during this period, the Bank issued certain
certificates of deposit that extended past September 30, 1985,
and the contract is not clear as to the rate of interest that
should be paid on such certificates after September 30, 1985;
and,
WHEREAS, the City and the Bank desire to make an agreement
as to how this matter should be handled.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WICHITA FALLS, TEXAS, THAT:
The City Manager is hereby authorized to execute for the
City an agreement with such Bank whereby the maturity date of all
certificates of deposit issued by the Bank to the City shall
remain unchanged, the interest rate on all certificates of
deposit that had a term of 179 days or less shall be as stated in
the certificates, the interest rate on all certificates of
deposit issued by the Bank that had a term greater than 179 days
shall be 9. 46% through September 30, 1985, and 7 .62% from
October 1, 1985 through the maturity date thereof. At any time
after June 1, 1986, City may cancel any such certificates of
deposit without penalty for early withdrawal, by giving Bank
seven days written notice.
PASSED AND APPROVED this the 5th day of November, 1985 .
M A Y OR
ATTEST:
City Clerk
RECEIVED IN
CITY CLERK'S OFFICE
Date
Time 5 -