Res 49 2/27/1950 RESOLUTION No.
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA
FALLS, TEXAS:
That the City National Bank in Wichita Falls be, and it is hereby,
directed to transfer from our checking open account to an account to be
known and designated as `Time .Deposit-Open Account" as permitted by state
law and Banking Regulation D-Section 1-No.5405.1 (d)-interest to be paid
monthly at the end of each month at the rate of 3/4 of 1% per annum,
starting at the time the bank accepts same under the terms hereof, the
following funds, to-wit:
Street Account 700,000.00
Parks 1802000.00
Fire Account 802000.00
Sewer Account 870,000.00
Water Account 9203000.00. .,
Total $2,7501600000
Said funds being parts of the money received from. the sale of bonds voted
by the citizens of Wichita Falls December 6, 1949, at an election called
for that Ipurpose and being funds not presently needed for purposes for
which each is designated. It being expressly provided that each fund shall
be kept by said bank so that it shall be distinguishable from any other
fund and shall be subject to' withdrawal by the city only upon the city
giving the bank thirty (30) days notice of intention of withdrawal; any
part or all of same being subject to such conditions. Said deposits shall
be secured by United States Government Bonds in ,an amount equal to the
amount of deposit, the bonds being subject to withdrawal'by the bank
simultaneously in proportion to the amounts withdrawn by the city.
Lotion by Alderman Abbott Second by Alderman Hunter
the vote being 6 yeas and None nays.
Declared passed and approved on this 2 th ay of Feb , 1950.
ZS M orlerk
ACCEPTED on this day of _ Rebruary , 1950.
CITY NATIONAL BANK IN WICHITA FALLS
BY:
"ce President
Wichita Falls, Texas
- Hemorial Auditorium Building
February 27, 1950
The Board of Aldermen of the City of Washita Falls, Texas, met in
regular session on the above date at 7-30 ofelock P. M. in the Council Room
in the Memorial Auditorium Building,, with the follov-ang members present:
Harold Jones Mayor
L. €, Abbott �
Lloyd C. Thomas
Roy We Parish, Aldermen
J. R. play 0
Berry Brown
Be C, Hunter
J. Be Hi.ckerson City Clerk
Frank Wood City Manager
Guy H. McNeely City Attorney
.Among other proceedings the following was had;
RESOLUTION NO. 49
BI IT RESOLVED BY THE BOARD OF ALD&U%a OF THE CITY OF Y3ICHITA FALLS,
TEXAS:
That the City National Lank in Wichita Falls be, and it is hereby,
directed to transfer from our checking open account to an account to be known
and designated 'as "Time Deposit-Open Aecountif as permitted by state law and
Banking Regulation Dw,Section l-No.' 5405.1 (d)=interest' to be paid monthly
at the end of each month at the rate of 3/4 of 1%, per arnum,, starting at the
time the bank accepts same under the terms hereof,,,. the following Bands, to-wit:
Street Account $7002000.00
Parks it 180,000.00
Fire Account 80,000.00
Sewer Account 8700000.00
Water Account 920 000.00
Total :;,750,000.00
Said Funds being parts of the money received from the sale of bonds voted by
the .-citizens of Wichita Falls December 6, 19493 at an election called for
that purpose and being .funds not presently needed :for purposes for which each
is designated. it being expressly provided that each .fund shall beykept by
said bank so that it shall be distinguishable .from any other fund and shall
be subject to withdrawal. by the- city only upon the .city giving the bark thirty
(30) days notice of intention of withdrawal; any part or .all, of same being.
subject to. such, conditions. ,Said deposits shall be secured by United States
Government Bonds in an amount equal to the amount of deposit, the bonds being
subject to,'w-ithdrawal by the bank simultaneously in proportion to the amounts
withdrawn by the City.
Moved by Alderman Abbott that the above and foregoing Resolution
No. 49 be adopted and passed as read.
Motion seconded by Alderman Hunter and curried by the following
vote;
Yeas Aldermen Abbott, Thomas, Parish, Ray, Brown and Haunter.
Nays: done.
STATE OF TEXAS �
�Fe COUNTI OF WICHITA �
I, J. B. Hickeraon� City Clerk of the City of Wi chi to Falls.,
Texas, hereby certify that the above and foregoing is a true and correct
copy of Excerpt from Minutes of the meeting of the City Council held on
February 27, 1950, as of record in Minute Book No. 14 of the City of
Wichita Falls, Texas.
Witness my hand and seal of the City of Wichita Faliss Texas,
this the 28th day of February, A. D. 1950.
City Clerk, City of Wichita Fal s, Texas