ORDINANCE NO. 283
::# '73-/11-.;2.
AN ORDINANCE #:J'8'3
SELECTING AND DESIGNATING THE OFFICIAL
CITY DEPOSITORY FOR THE FUNDS OF THE
CITY OF SCHERTZ, TEXAS, AND ENACTING
OTHER PROVISIONS INCIDENT THERETO.
WHEREAS, applications for the custody of funds of
the City of Schertz, Texas, have been received from banking
corporations in accordance with the provisions of Article
2559, et seg, Revised Civil Statutes of Texas, and the
City Council of the City of Schertz, Texas, now desires to
select and designate the official depository for the funds
of said City; NOW, THEREFORE,
BE IT ORDAI1~D BY THE CITY COUNCIL OF THE CITY OF SCHERTZ,
TEXAS:
I
That SCHERTZ STATE BANK, SCHERTZ, TEXAS, be, and
it is hereby selected and designated as the official depository
for the funds of the City of Schertz, Texas.
II
The City Manager shall be, and he is hereby, author- .
ized to designate, subject to the approval of the City Council,
the chal'acter and amount of City Funds that shall be deposited
in said City Depository that shall be deemed "demand deposits,"
and the character and amount of funds that shall be deemed
., tiIne deposits," and to negotiate \~i th said depository vJi th
regard to payment of interest on "time deposits" at such rate
or rates as may be lawful under any act of Congress of the
United States and any rule or regulation that may be pro-
mulgated by the Coart of Governors of the Federal Reserve
System and the Board of Directors of the Federal Deposit
Insurance Corporation. Any contracts so negotiated shall be
approved by the City Council and shall be executed by the
~
.
Mac'or and attested by the City Secretary under the direction
of the City Council.
III
Within five (5) days after the passage of this
ordinance designating the depository for the City, it shall
be the duty of the depository so designated and selected to
qualify as said City Depository by executing a bond or making
a pledge of securities in one or more of the methods specified
by Article 2560, Texas Revised Civil Statutes.
PASSED, ADOPTED AND APPROVED this, the 6th day of
February, 1973.
Texas
ATTEST:
, City of Schertz,
(SEAL OF CITY)