HomeMy Public PortalAboutResolution No. 001-59 01-02-1959P
RESOLUTION #/'' 9
410
A RESOLUTION AUTHORIZING AND DIRECTING THE MAYOR
AND TREASURER OF THE TOWN OF RICHLAND HILLS, TEXAS
TO EXECUTE THE NECESSARY CONTRACTS AUTHORIZING THE
FIRST NATIONAL BANK OF FT. WORTH, TEXAS TO KEEP ON
DEPOSIT SUFFICIENT U. S. GOVERNMENT SECURITIES WITH
THE FEDERAL RESERVE BANK LOCATED AT DALLAS, TEXAS
GUARANTEEING THE TOWN OF RICHLAND HILLS DEPOSITS IN
THE FIRST NATIONAL BANK OF FORT WORTH, TEXAS.
WHEREAS . the Town of Richland Hills has an account with the First National
Bank of Fort Worth, Texas; and
WHEREAS, it is re.1uired that said account be guaranteed by U. S. Govern-
ment Securities; and
WHEREAS, the said First National Bank of Fort Worth, Texas desires that
said U. S. Government Securities be held for safekeeping by the Federal Reserve
Bank at Dallas, Texas.
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE TOWN OF RICHLAND
HILLS, TEXAS, THAT:
Section 1. That the Mayor and a majority of the Board of Aldermen be and they
are hereby authorized to execute a Safekeeping Agreement with the Federal Res-
erve Bank at Dallas, Texas and the First National Bank of Fort Worth, Texas
providing that the said First National Bank of Fort Worth, Texas shall deposit
with the Federal Reserve Bank at Dallas, Texas sufficient U. S. Government
Securities guaranteeing the Town's account or accounts as provided by the laws
of the State of Texas.
Section 2. That upon receipt by the Town of the Agreement properly executed by
the First National Bank of Fort Worth, Texas and the Federal Reserve Bank of
Dallas, Texas and upon the further receipt by the Town of the necessary instru-
ments showing that the said Federal Reserve Bank of Dallas, Texas has on deposit
for safekeeping sufficient U. S. Government Securities guaranteeing the said
account or accounts with the First National Bank of Fort Worth, Texas, the
Town Treasurer is authorized and directed to release to the First National
Bank of Fort Worth, Texas the securities now on deposit in the safekeeping box
with the First National Bank of Fort Worth, Texas.
PASSED AND APPROVED this 2nd day of January, 1959.
APPROVED:
ATTEST: Paul C. Daniels, Mayor
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Virgin' 'Howard, Secretary