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15 <br />RESOLUTION NO. 1981-57R <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF SAN MARCOS, TEXAS, <br />APPROVING A DEPOSITORY CONTRACT <br />BETWEEN THE CITY OF SAN MARCOS, <br />TEXAS, AND HAYS COUNTY NATIONAL BANK <br />WHEREAS, Article 2559, Texas Revised Civil Statutes authorized the <br />governing body of a city incorporated under the "Home Rule" provisions of the <br />Texas Constitution to receive applications for the custody of city funds from <br />any banking corporation, association or individual banker that may desire to <br />be selected as a depository of that city; and, <br />WHEREAS, the City Council of the City of San Marcos, Texas, desires to <br />select such a depository; and, <br />WHEREAS, the City Secretary of said City published notice that such <br />applications would be received not less than one (1) nor more than four (4) <br />weeks before the meeting at which said depository was selected; and, <br />WHEREAS, after considering the applications submitted, the City Council <br />found and determined at its meeting of September 17, 1981 that Hays County <br />National Bank offered the most favorable terms and conditions for the handling <br />of City Funds; and, <br />WHEREAS, said City has elected to require a deposit of approved securities <br />rather than a bond to secure City funds; and, <br />WHEREAS, the attached contract includes the terms of the application <br />submitted by Hays County National Bank and the requirements pertaining to the <br />deposit of approved securities; now, therefore, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br />Part 1. That Hays County National Bank be, and is, hereby selected as <br />depository for the City of San Marcos, Texas, for the period <br />beginning October 1, 1981 and ending September 30, 1983. <br />Part 2. That the Depository Contract to Secure Funds of City of San Marcos, <br />a copy of which is attached hereto as Exhibit A, be and is, here- <br />by approved. <br />Part 3. That the Mayor, Emmie Craddock or her successor, be, and is hereby <br />authorized to execute said contract on behalf of said City. <br />Part 4. That this Resolution shall take effect immediately from and after <br />it passage. <br />ADOPTED this 8th day of S e er, 1981. <br />Emmie Craddock <br />Mayor <br />ATT ST: <br />Janis K. Womack <br />City Secretary