HomeMy WebLinkAbout4505wfi�
ORDINANCE N0. 4505 .
AN ORDINANCE DIRECTINGi THE CITY TREASURER TO
DEPOSIT CERTAIN FUNDS .IN LOCAL BANKS, AND FOR OTHER PURPOSE4.
SAS, The Little Rock Clearing House has
proposed to pay 3 per cent on daily balance of funds received
from sale.of Airport, Hospital Annex, and Fire Equipment.Bonds
and furnish surety bonds for proper handling of same: Therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK:
Section 1. That the City Treasurer be and he
is hereby authorized and instructed to deposit the $566,152
received from sale of Airport, Hospital Annex, and Fire Equipment
bonds with the local Little Rock banks,as the Clearing House
Association may direct.
Section 2. That this ordinanoe shall take
effect and be in force from and after its passage.
Passed: November 4, 1929.
Attests roved;
City Clerk. Mayor.
d(
0
- R E S 0 L U T I 0 N -
/ Whereas, the City Council of Little Rock, by Ordin-
ance No. 45059 passed and approved November 4, 1929, authorized
and instructed the City Treasurer of Little Rock to deposit the
sum of Five Hundred Sixty -six Thousand One Hundred and Fifty -two
LV11i11 "$ t#a00,1DZ *U0) received from the sale of ,Airport, Hospital
t Annex, and Fire Equipment ponds, with the local Little Rock banks,
as the Little Rock Clearing House Association might direct, said
banks to pay three percent (3 %) on daily balances, and to furnish
surety bonds for the proper handling of said moneys;
And whereas, the Little Rock Clearing House has
designated the banks and the amount of money to be deposited in
each of them;
And whereas, the City Treasurer of Little Hock, in
compliance with said ordinance and with the direction of said
Little Rock Clearing House, has deposited said Rinds in the banks
and in the amounts, and has taken surety bonds as follows, to -wit:
Bank
Amount
Surety
;American Southern Tr. Co,
$1509000.00
Home Accident Ins.
Oo.
Exchange National Bank
539000.00
Southern Surety Co.
of
N. Y.
W. B. Worthen Company
419000.00
Standard Ace. Ins.
Co.
Union Trust Company
1009000.00
Southern Surety Co.
of
N. Y.
Central Bank
15,000.00
Southern Surety Co.
of
N. y,
Bankers Trust Company
100,000.00
Southern Surety Co,
of
N. Y.
Federal Bank & Trust Co.
25,000.00
Home Accident ins.
Co.
Twin City Bank
159000.00
Aetna Cas. & Surety
Co.
Peoples Trust Company
30,000.00
southern Surety Co.
of
N. Y.
Peoples Trust Company 30,000.00 New Amsterdam Cas. Co. of
Baltimore.
New, therefore, be it resolved by the lity Council of
the City of Little Rock, that the actions of the City Treasurer in
making deposits and accepting the bonds, as above set out, be and
the same are hereby ratified, approved and confirmed.
2 _
6
Be it further resolved, that the City Treasurer and
the surety on his official bond to the City of Little Rock shall
not be liable for the failure of any of the above named banks or
of the sureties on their depository bonds, faithfully and properly
to account for said moneys above mentioned, or to pay the interest
thereon, but the liability and responsibility of said City Treas.
urer and the surety on his bond shall not be- affeeted by this
resolution as to any other matters, save those specifically set
out herein.