RES 1985-06TOWN OF TROPHY CLUB, TEXAS
RESOLUTION NO. R 85
A RESOLUTION OF THE TOWN OF TROPHY CLUB, TEXAS
DESIGNATING NORTHWEST BANK OF ROANOKE, TEXAS AS
THE DEPOSITORY FOR THE FUNDS OF THE TOWN PURSUANT
TO ARTICLE 2561 OF THE TEXAS REVISED CML STATUTES;
PROVIDING A SEVERABILITY CLAUSE AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the Town of Trophy Club, Texas (the "Town") has heretofore
advertised and requested that sealed bids to operate as the Town's Depository
be submitted to the Town in accordance with articles 2559 through 2566a of the
Texas Revised Civil Statutes; and
WHEREAS, pursuant to said advertisement and request the Town Council
has received bids and reviewed the same.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS:
Section 1. That Northwest Bank, a bank located at Hwy. 114
Roanoke, Texas ,is hereby designated to serve as the
Depository for the funds of the Town of Trophy Club, Texas pursuant to article
2561 of the Texas Revised Civil Statutes, as amended, except for funds required
by ordinances or resolutions authorizing the issuance of the Town's Bonds. The
Mayor and Town Council are directed to obtain from said Depository Bank the
most favorable terms available for the Town relative to its various accounts, and
the Mayor is hereby authorized to enter into a contract with Northwest Bank
under the terms and conditions as set forth in the Bank's bid. The terms
obtained from said Depository Bank shall be reduced to writing and placed in a
file in the office of the Town Secretary along with this Resolution. This
Depository designation is subject to and modified to the extent of the
investments authorized by Section 3 of this Resolution.
Section 2. All of the Town's Funds are to be insured by the Federal
Deposit Insurance Corporation or secured in the manner provided by law in
articles 2559 through 2566a of the Texas Revised Civil Statutes, as amended.
The Town Council is authorized to approve any pledged securities or sub-
stitutions of security pursuant to the said articles 2559 through 2566a, as
amended.
Section 3. The Town Council may direct the Town Treasurer to
withdraw any amount of the funds of the Town that are deposited in the Town
Depository and that are not required immediately to pay obligations of the Town
or required to be kept on deposit under the terms of the depository contract, and
invest those funds in direct debt securities of the United States. Said
withdrawal by the Town Treasurer may not be made if it is expressly prohibited
by law or if it is in contravention of the depository contract between the Town
and the Depository of the Town.
Section 4. If any section, article, paragraph, sentence, clause, phrase or
word in this Ordinance, or application thereto any person or circumstance is held
invalid or unconstitutional by a Court of competent jurisdiction, such holding
shall not affect the validity of the remaining portions of the Ordinance; and the
Town Council hereby declares it would have passed such remaining portions of
the Ordinance despite such invalidity, which remaining portions shall remain in
full force and effect.
PASSED AND APPROVED this 8th day of July , 1985.
r
j May Town of T-rODby Club, Texas
ATTEST:
A
`Town � Secretary
[SEAL]
�A