HomeMy WebLinkAboutORD 348 - ORD Providing Transfer of Funds
39
lTI
ORDINANCE NO . 348
AN ORDINANCE PROVIDING FOR THE TRANSFER OF FUNDS AMOUN'l;'ING. TO
$47,727.96 IN THE PUBLIC PARK BOND FUNDS FROM THE UNIVERSITY
STATE BANK OF HOUSTON, TEXAS TO THE NATIONAL BANK OF COMMERCE
OF HOUSTON, TEXAS AND PROVIDING FOR THE INVESTMENT OF CERTAIN
POR'J,'IONS OF SAID SUM IN UNITED. STATES GOVERNMENT CERTIFICATES
OF'INDEBTEDNESS, SUBJECT, TO REDEMPl'ION UPON DEMAND.
WHEREAS, the City Treasurer has duly certified to the City Commission
that there is on deposit in. the UNIVERsITY STATE BANK OF HOUSIDON, TEXAS in
the Public Park Bond Fund the sum of $47,727.96, and,
WI-IEREAS, the Commission desires to transfer said amount to THE NATIONAL
BA11K OF COMMERCE OF HOUSTON, TEXAS and invest certain portions of said sum
in United States Government Certificates of Indebtedness;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF WEST UNIVERSITY
PLACE TEXAS:
Section 1. That the sum of $4],727.96 be vrl.thdraYffi f~om the UNIVERSITY
STATE BANK OF HOUSTON, TEXAS, and be deposited in THE NATIONAL BANK OF COM...
MERCE, HOUSTON, TEXAS, to be withdrawn only by check signed by the Mayor or
in his absence the Mayor Pro Tem and City Secretary and countersigned by the
City Treasurer. '
Section 2. That certain portions of said sum of $47;727.96 be invested
in United States Government Certificates of Indebtedness, provided that any
certificates so purchased may be redeemed inunediately by the ,city upon demand.
Section 3. The fact that the funds above described ~e not bearing any
interest at this time, that it is to the best interest of the City to secure
any additional revenue possible creates an emergency and therefore, this or-
dinance shall be passed finally on the date of its introduction this 26th day
of June, 1941, and shall take effect immediately upon its passage and approval
of the mayor.
PASSED AND APPROVED this 26th day of June, 1947.
.4Js. ~
ATTEST:
APPROVED:
['
- ~ .
CITY SEC~~&-+
C~' /~
I" .,
..'....["1
I" T'"
:r