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HomeMy Public PortalAbout1961_12_14SPEC . Minutes of the December 14, 1961 , Special Meeting of the Leesburg Town*Council At a special meeting of the, Leesburg Town Council , held on December 14 , 1961 there were present the Mayor , Frank Raflo; Councilmen George J. Babson ,' Stan- ley F. Caulkins, George P. Hammerly, Maurice R. Lowenbach and John W. Pumphrey; absent from the meeting was Hunter M. Leach. The purpose of the meeting was to consider the establishment of a Time Deposit, Open Account with the Peoples National Bank of Leesburg. Upon motion- of Councilman Hammerly; seconded by Councilman Hammerly; and there being no objection to a roll call vote ; the following resolution and agreement • was passed. Voting yeas; Mr. Caulkins, Mr. Hammerly, - Mr.. Lowenbach, Mr. • Pumphrey, and Mayor Raflo ; Mr. Babson abstained. RESOLUTIONS OF THE TOWN OF LEESBURG, IN VIRGINIA, • FOR THE ESTABLISHMENT OF A TIME DEPOSIT, OPEN ACCOUNT, WITH THE PEOPLES NATIONAL BANK OF LEESBURG, LEESBURG, VIRGINIA • I-, the undersigned, hereby certify to the Peoples National Bank of Leesburg, Leesburg, Virginia, that I am the regularly elected and duly qual- ified Recorder of the Town of Leesburg, in Virginia, a municipal corporation; that- the following is a true copy 'of resolutions duly adopted by the Council of said Town at a special called meeting regularly called and held in Council Chambers on the 14th day of December , 1961 , there being a quorum of the Coun- cil present and voting, and that said resolutions have not been rescinded or modified. Be It Resolved , that the Town of Leesburg, in Virginia, shall estab- • ' ' ' lish in the Peoples National Bank of Leesburg, Leesburg, Virginia, a time deposit , open account, in the amount of Twenty Thousand Dollars ($20,000.00) , the agreement for the establishment of the account being as follows: Leesburg, Virginia December 15, 1961 For good and valuable consideration, the receipt of which is hereby severally acknowledged at and before the signing and delivery of this agreement , and in further consideration of the benefits to be derived therefrom, it is hereoy mutually agreed between the Town of Leesburg, in Virginia, a municipal corporation, herein known as the Depositor , and The Peoples National Bank of Leesburg, Leesburg, Vir- ginia, herein known as the Bank, as follows : That the Depositor shall , on the 15th day of December, 1961, establish in the Bank a time deposit, open account , in the amount of Twenty Thousand Dollars ($20,000.00) , upon the following conditions and terms , viz : The Depositor shall give to the Bank six months ' notice in . writing in advance of any withdrawal to be made from said account. The Bank shall pay interest on the amount on deposit in said account from December 15 , 1961 , at the rate of 3% per annum, payable semi- annually, on the 15th day of Jurie and December of every year here- after , except that the final payment of interest shall be made on the date of the closing of said account. No interest , however, shall be paid on amounts specified in a withdrawal notice after the expir- ation of such notice period. The Bank shall have the right to terminate this agreement at any time upon giving six month 's notice, in writing, to the Depos- itor. This agreement is subject to the regulations of the Federal Reserve Board now in effect and to any regulations which may here- after be promulgated by said Board. This agreement is executed in duplicate , one copy being held by the Depositor and the other copy by the Bank. Upon the clos- ing of said account the Depositor shall deliver its executed copy of this agreement to the Bank. f 29 IN WITNESS WHEREOF , the Town of Leesburg, in Virginia, a municipal corporation, has caused this agreement to be signed it its corporate name by Frank Raflo , its Mayor , and its corp- orate seal to be hereto affixed and attested by H. Frederick Mang, its Recorder , and the Peoples National Bank of Leesburg, Leesburg, Virginia, has caused said agreement to be signed in its corporate name by T. Frank Osburg, its Vice-President , and its corporate seal to be hereto affixed and attested by Arthur S. Jenkins, its Cashier , the aforesaid officers being duly auth- orized so to act , all as of the 15th day of December , 1961. Town. of Leesburg, in Virginia, S a municipal corporation By s/ Frank Raflo , Mayor (Seal) Frank Raflo Affixed and Attested : By s/H. Frederick Mang , Recorder' H. Frederick Mang The Peoples National Bank of Leesburg, 00 Leesburg, Virginia (Seal) By , Vice-President r_, • T. Frank Osborn C: Affixed and Attested,: By Cashier Arthur S. Jenkins • Be It Further Resolved, that Frank Raflo, Mayor , be and he is here- by authorized and directed , on behalf of and in the corporate name of said S Town, to sign the aforesaid agreement , and that H. Frederick Mang, Recorder , be and he is hereby authorized and directed to affix and attest the seal of the Town to said agreement. Be It Further Resolved, that all checks for withdrawals of funds from said account shall be signed in the corporate name of the Town by its Ma'yor and co-signed by the Treasurer of said Town, and said Bank is author- ized to honor and pay all checks bearing signatures as aforesaid, even though drawn or endorsed to the order of any officer signing the same or tendered for cashing, or in payment of the individual obligation of any such officer, or for deposit to his personal account, and said Bank shall not be required or be under any obligation to inquire as to the circumstances of the issuance, or use of any check signed in accordance with these resolu- tions, or the application of any such checks, or the proceeds thereof. 111 Be It Further Resolved, that the Recorder of this Town -shall certify to said Bank, the names of the presently duly elected and qualified Mayor and Recorder, and the presently duly appointed and qualified Treasurer, of the Town of Leesburg, in Virginia, and that the Recorder shall, from time to time hereafter as changes in the personnel of said officers,occur, im- 30 mediately certify such changes to said bank, and the Bank shall be be fully protected in relying on the certifications of the Recorder and shall be indemnified and saved harmless from any claims, demands, expenses, loss or damages resulting fr.om.:or growing out of honoring the signatures of any officer so certified, or refusing to honor any c 4 signature not so certified, or in refusing to honor any signature which may be replaced through changes made by such certifications. Be It Further Resolved, that the within resolutions shall not in any manner affect or invalidate existing resolutions for depositories for other accounts of this Town. Be It Further Resolved, that said Bank shall continue to honor the signatures of the officers herein authorized to sign checks for the withdrawal of funds from said time deposit , open account, until the said Bank shall have received and acknowledged certifications of changes in the personnel in said officers from the Recorder of this Town. Be It Further Resolved , that the Recorder of this Town be, and he is hereby authorized and directed to certify to the Peoples National Bank of Leesburg, Leesburg, Virginia, the foregoing resolutions, and to further certify that the same are in conformity with the Charter and Ordinances of this Town and the Laws of the State of Virginia. I, the undersigned, further certify that the Mayor and Council of the Town of Leesburg, in Virginia, 'are authorized and empowered to adopt the foregoing resolutions pursuant to the Charter and Ordinances of said Town, and the laws of the State of Virginia. I further certify that the names and official signatures of the present Mayor , Treasurer and Recorder of said Town are as follow: OFFICE NAME OFF CIAL SIGNATURE Mayor Frank Raflo - ,ems /ice Treasurer George E. Ward Recorder H. Frederick Mang IN WITNESS WHEREOF , I have hereunto subscribed my name and affixed the seal of the Town of Leesburg, in Virginia, by direction of the Mayor and Council of said Town, this day of December , 1961. , Recorder H. Frederick Mang ( (Seal ) ) 3. There being no further business, upon motion of Mr. Hammerly, seconded by Mr. : Caulkins, the meeting adjourned at 8 p.m. • He Frederick Mang, Recorder . • • F-1—rank , Mayor 1 • • xc • r 1 • • • • •