Res Water improvement bonds 7/3/1944EXCERPT FROM MINUTES OF COUNCIL MEETING HELD July 3, 1944:
RESOLUTION
THAT the First National Bank in Wichita Falls, Wichita Fails, Texas,
be and is hereby directed to transfer One Million Two Hundred Thousand
($1,200,000.00) Dollars from our checking account with them to the "City of
Wichita Falls,-First Mortgage Water. Works System Revenue Fund (Water Improvement
No. 5)" to an interest bearing account.,'to be known as "Time Deposit Open Account,
City of Wichita Falls, First Mortgage Water Works System Revenue Bond Fund
(Water Improvement.No. 5)" -- as per&itted by Regulation D - Section l - No,
1:405e1 (d) - interest to be at the rate of one (1 %) percent per annum, payable
at the end of each quarter. The interest to start.on the deposit when the same
is accepted by said Bank.
All amounts left on deposit with the First National Bank in Wichita
Falls, Wichita Falls, Texas, is to be secured by United States Government Bonds
for equal the amount of the deposit, the bonds to be withdrawn. simultaneously
in proportion to the amounts of withdrawals from the Time Deposit Account., the
amounts of the withdrawals to be agreed upon later* Howdver, a Thirty (30)
days written notice (being a legal requirement) is agreed upon between the.
First National Bank in Wichita Fallst Wichita Falls, Texas, and the City of
Wichita Falls*
Moved by Alderman Stephens that the above and foregoing resolution be
approved and passed as read.
vote:
Motion seconded by j1derman Hyer and carried by the following
yeas: Mayor Hamilton, Aldermen Spragins, Hyer and Stephens.
Nays: Nones