HomeMy WebLinkAbout1926, Apr 9 Granted Application to Rexburg State Bank of RexburgJ~0 .
Rexburg, Idaho April 9,1926.
Ali adjourned regular meeting of the N~,yor and City Council of the City of Rex-
burg. Iiadison County, Idaho, eras held at the City Hall in said City on Friday April 9th
at 8 0' cloelc P. T:i;
The meeting teas called to order by the Liayor and the Clerk eras instlvcted to
call the roll. Upon roll call the follovrillg were found to be present:
I~layor: L. Y. Rigby.
Councilmen: Iiugh 1'i. ?+vright; Charles Zollinger; H. E, Poole;
y. 'Tr. Nelson; =°eter Ta;~lor and Oswald Christensen.
Clerk:. Geo. r. Liljenquist.
The following vrritten application of the Rexburg State Sank vvas presented and
read: "Rexburg, Idaho, April 7,1926.
"To The TTonorable I,tayor and Council of the City of Rexburg,
Gentlemen:
Application is hereby made by the undersigned bank,
to be designated as a depository for the fulids of the City of
Rexburg, pursuant to the public depository lave of the State of
Idaho, Cha_uter 256 of the 1921 Session Lavrs, as amended by
Chanter ~_5 of the 192b Session Laws.
If designated as such depository, this bank agrees to
do all things required by said law as said depository in the
safe keeping of the intnds of the said City of Rexburg.
RE:~URG STfiTE BAPIIC,
By
Jas. R. ';..!right,
Cashier."
Councilman Oswald Christensen read and moved the adoption of the following
resolution:
R)'SOLUT IOTA .
~~1'nereas, the Rexburg State Bank of Rexburg, Idaho, has made
v^rritten apllication to the i_ayor and Council of tTle City of Rex -
burg, to be designated as a depository i'or the funds of the City,
_oursuant to tT1e -provisions of Chapter 256, 1921 Session Laws, as
amended by Chapter 45, 1925 Session Lavrs of the Mate of Idaho,
and in such application agrees to do all things required by said
lavr as such depository, and
'irnereas, the City of Re:.burg is, at the present time, vaithout
a suitable qualified depository located vrithin the boundaries of
the depository unit, Hoyt therefore,
Bs; IT 1.B50L`~L, by the :ayor and Council of the Citlr of Rex-
bu1~, illat Salo a_,pliCati011 be ,,tea??~eCl; a11d the -ieXUUr~ .aatG- .._;.llk
Of 'e.. uti!r_,, ~~a1i0 1'S iLt,~C'b jr ! v 1 _=. red ~tS a i~ll~lic Qey~05] ~.1~- '"O I'
t'1c uc')osi t and sw_e kee~,i?ig of all ~d any of ti_le various funds
of the City of _te,tburg i~l the care and custody of its Treasurer,
and the swirl Treasurer is i?ereby directed to deposit the funds of
the City in said De~oositorjT upon the furnishing of satisfactory
security and bond by said depository to be approved by the 1ETayor
and Council, and to kee'o said funds on deposit in conformity with
the requirements of lavr."
Cou.lleilman Charles Zollinrer moved that the esolution be adopted and follovred
as far as the Re:tbur,~ State Bank qualify under the lave. The .motion vras seconded by Peter
Taylor and carried.
In the matter of issue of Ta:~, anticipation 1°;otes, to retire outstanding "azrants
it eras seen that a saving of ljo could be effected, by accepting ar_ offer of the Rexburg
State Bank to buy such Tax Anticipation Votes bearing an interest rate of 6jo.
Oswald Christensen introduced, read and moved the adoption of A Resolution which
authorizes the sale to the Rexburg State Bank of fax Anticipation Tvotes in the amount of
w8, 000.00 dravring six per cent interest, maturing July 1,1926.
?e ter Taylor seconded said motion of Oswald Christensen on the adoption of the
foregoing named resolution and the motion carried unanimously.