HomeMy WebLinkAboutORD 349 - ORD Provinding Transfer of Funds for Street Paving
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ORDINANCE NO. 349
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AN ORDINANCE PROVIDING FOR THE TRANSFER OF FUNDS AMOONTING TO
$209,496.25 IN THE STREET PAVING AND BRIOOE BOND FUNDS FROM THE
CITY NATIONAL BANK OF HOUSTON,' TEXAS TO THE NATIONAL BAijK ~
COMMERCE OF HOUSTON, TEXAS AND PROVIDING FOR THE INVESTMENT OF
CERTAIN PORTIONS OF SAID SUM IN UNITED STATES GOVERNMENT CERTIFI...
CATES OF INDEBTEDNESS, SUBJECT TO REDEMPTION UPON DEMAND.
WHEREAS, the City Treasurer has duly certified to the City Commission
that there is on deposit in the CITY NATIOlNM. BANK OF HOUSTON, TEXAS in the
Street Paving and Bridge Fund the sum of $209,496~25 and,
WHEREAS, the Commission desires to transfer said amount to THE NATIONAL
BANK OF COMMERCE OF HOUSTON, TEXAS and invest certain portions of said sum in
United states Government Certificates of Indebtedness;
NCPlY THEREFORE, BE IT ORDAINED BY THE CITY COMMj:SSION OF WEST uNIvERSITY
PLACE, TEXAS: I
Section 1. That the sum of $209,496.25 be withdrawn from THE CITY NATIONAL
BANK OF HOUSTON, TEXAS, .and be deposited in THE NATIONAL BANK OF COMMERCE,
HOUSTON, TEXAS, to be withdrawn only by check signed by the Mayor or in his,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.
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Section 2. That certain portions of said sum of $209,496.25 be in-
vested in United States Governmel1t Certificates of Indebte.dness, provided
that any .certificates so purchased may be redeemed immediately by the City
upon demand.
Section 3. The 'fact that the funds above described are 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
o~dinance shall be passed~finally on the date of its introduction this 26th
day of June, 1947, and shall take effect immediately upon its passage and ,
approval of the Mayor. '
PASSED AND APPROVED this 26th day of June, 1947.
ATTEST:
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CITY SEC~ARY ~
APPROVED:
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CI ATTORNEY (J.
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