HomeMy WebLinkAboutCC RES 272RESOLUTION NO. 272
A RESOLUTION AUTHORIZING REDUCTION OF SECURITY
REQUIRED TO BE POSTED BY BANK AS DEPOSITORY FOR
CITY FUNDS
On motion of Councilman Miller, duly seconded and car-
ried, the following Resolution was adopted:
WHEREAS, all deposits in the First National Bank of
Tustin have been guaranteed to the extent of $10,000.00 by the
Federal Government of the United States; and
WHERAS, this is an increased insurance in the amount
of $5,000.00 to all depositors in said bank; and
WHEREAS, O. Arthur Nisson, Jr., City Attorney, has re-
commended that the security required to be posted by the First
National Bank of Tustin, by reason of the deposit of City funds
therein, be reduced from the sum of $15,000.00 to $10,000.00.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
TUSTIN DOES RESOLVE:
That the amount of Bond required to be posted by the
First National Bank of Tustin be reduced from the sum of $15,000..00
to the sum of $10,000,00. This Bond to be over and above that
amount federally insured.
PASSED AND ADOPTED by the City Council of the City of
Tustin this 18th day of December, 1950
ATTEST.
City~ie~k
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RESOLUTION N0. 272
A RESOLUTION AUTHORIZING REDUCTION OF SECURITY
REQUIRED TO ~ POSTED BY BANK AS DEPOSITORY FOR
CITY FUNDS.
On motion of Councilman Miller, duly seconded and
carried, the following Resolution was adopted:
WHEREAS, all deposits in the First National Bank of
Tustin have been guaranteed to the extent of X10,000.00 by the
',Federal Government of the United States; and
WHEREAS, this is an increased insurance in the amount
of X5,000.00 to all depositors in said bank; and
WHEREAS, C~ Arthur Nis son, Jr., City Attorney, has re-
commended that the security required to be posted by the First
National Bank of Tustin, by reason of the deposit of City funds
therein, be reduced from the sum of ,15,000.00 to X10,000.00.
NOW, THEREFORE, TIC CITY COUNCIL OF THE CITY OF TUSTIN
DOES RESOLVE;
That the amount of Qom" required to be i~eerr~ b
y
the First National Bank of Tustin be reduced Prom the sum of
X15,000,00 to the sum of X10,000.00. This to be over
and above that amount federally insured.
PASSED AND ADOPTED by the City Council oP the City of
Tustin this 18th day of December, 1950.
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2 9 ~~ilA~l~fs~~
City~llerk
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Mayor ~