71-015107
RESOLUTION NO. 71--
WHEREAS, the City of Southlake, Texas, is
obligated to make payments annually to
Farmers Home Administration in order to
retire outstanding Revenue Bonds; And
WHEREAS, a Time Deposit-Open Account is
established annually in order to make
monthly deposits from the Water System
account to provide for payment of the
above-mentioned bonds; Now
TH~REFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SOUTHLAKE, TEXAS, THAT:
The Mayor is hereby authorized to execute a contract with
the Exchange Bank & Trust Company of Dallas, Texas, for
the purpose of depositing funds collected by the Water
System with which' to meet its obligations.
Said contract sets out interest to be paid on tho initial
amount of Forty-five Thousand Six Hundred Thirty-one Dollars
and 7'8/100 ($45,631.78), subject to the terms contained
therein and to mature July 15, 1972. (Copy attached and
made a part hereof.)
PASSED AND APPROVED THIS 20th day of July, A. D. 1971.
Mayor
ATTEST:
City Secretary
July 15 , lg71
CITY OF SOUTHLAKE, WATER SYSTEM, P.O. Box 868, Southlake, Texas, (Hereinafter
called Depositor) hereby establishes a Time Deposit - Open Account in the
amount of fortY-five thousand six hundred thirty-one dollars and ~8/100 with
EXCHANGE BANK & TRUST COMPANY in Dallas, (hereinafter called Bank), which
account is designated by the name of the depositor. It is agreed that such
account shall be subject to the following terms and conditions:
The maturity date of such account shall be July 15, 1972
however, withdrawals in part or full may be made on 30 days
notice subject to paragraph 2 below, except no totice is re-
quired at maturity.
The bank agrees to allow interest on funds in such account
at the following rate:
(a) 5% per annum for amounts left on deposit at least go
days before withdrawal or maturity.
(b) 4% per annum for amounts left on deposit, from 30 to go
days before withdrawal or maturity.
(c) No interest on amounts left on deposit under 30 days
before withdrawal or maturity.
e
This agreement is not negotiable and at the maturity of said
account the funds therein, together with interest due shall
be paid to the depositor by Cashiers and payment shall fully
discharge the liability of the Bank in respect to the funds
in such account regardless of the fact that this agreement
is not surrendered to the Bank for Cancellation.
4. This account bears no interest after maturity and is subject
to applicable present and future Federal Laws and Regulations..
EXECUTED THIS 15th DAY OF July , 1971.
CITY OF SOUTHLAKE, WATER SYSTEM EXCHANGE BAI~K & TRLIST//COMPANY