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HomeMy WebLinkAbout03/14/1923 RESOZUTION NO. 7 0. a WHEREAS, The City Commission of the City of Bremerton have received bids for the City deposits in pursuance of a call, duly~ and regularly made, by and from the Citizens Bank of Bremerton, Bremerton Trust & Savings bank, and the First National Bank of Bremerton, combined, providing for a deposit of one -third (1/3) of the funds in the City Treasury with each of said banks, and, each of said Banks agree to pay therefor interest on average daily balances of two (r') per cent., per annum, payable monthly, together with furnishing the City a safe deposit box free of charge, and, to furnish security for collateral therefor, as provided by law; and, M31E:REAS, said combined bid is the only bid received, and is considered by the Commission of said City as reasonable and advan- tageous to the said City of .Bremerton; therefore, BE IT RESOLVED BY TEE COMMISSIONERS OF `M CITY OF BREMERTON, IN REGULAR SESSION ASSEMBLED: THAT the Mayor and City Clerk be, and they are, hereby author- ized and directed to execute a contract in the name of the City of Bremerton with each of said Banks providing that the said City will deposit one -third (1/3) of the funds in the City Treasury, as near as may be and as closely as may be consistent, with each of said Banks, and, in consideration therefor, that each of said Banks pay the said City of BremertonAnterest at two (*) per cent., per annum on average daily balances, payable monthly, and furnish the City Treasurer a safe deposit box, and deposit with the City Treasurer of the City of Bremerton security as collateral therefor of such character and in such amount as is provided by law. PASSED, by the City Commission, signed by the Mayor and attest- ed by the City Clerk in authentication of such passage, this 14th day of March, A. D. 1923. ATTEST: — — — — — - - MAYOR - - - — — — — — — -- - - nTY— CLERK — — — — — — DEPOSITARY AGRMIW14T THIS AGREEMENT made and entered into this day of March, A. D. 1923, by and between the City of Bremerton, a municipal corporation of the State of Washington, party of the first part, AND, the Citizens Bank of Bremerton, Washington, a Banking corpora- tion, duly organized and existing under and by virtue of the laws of the State of Washington, party of the second part; WITNESSETH: For and in consideration, that the said party of the first part, through its duly appointed Agent, deposit with the said party of the second part one -third (1/3) of the gross funds received in the Treasury of said party of the first part and deposited with any Banking institution, as near as may be and as closely as consistent, the said party of the second part agrees to pay said party of the first part interest on all said deposits at the rate of two (2%) per cent., per annum on average daily balances, payable monthly; and, further agrees, in consideration of the covenants hereinbefore enumerated, to allow the City Treasurer of the said party of the first part, the use of one safe deposit box, free of charge, for the time that said party of the second part remains a depositary for said party of the first part; and, in further consideration of the covenants hereinbefore enumerated, the said party of the second part agrees to furnish said party of the first part such securities as collateral for said deposits as is required by the laws of the State of Vvashington. IN WIMSS WHEREOF, the party of the first part has caused these presents signed by the Mayor and Clerk of said party of the first part in pursuance of a Resolution, duly adopted by the Commissioners of the City of Bremerton, and the said party of the second part has caused these presents to be signed by its duly authorized officer in pursuance to an action of its Board of Directors, this day of March, A. D. 1923. CITIZENS BANS OF BRE14ERTON THE CITY OF BREMEMN BY BY Cashier Mayor City glerk. remerton, : a:llin ton =3 Lilflbru�a.ry 16, 1923 ' 11 NC1,1 GC "ST()IT _,�S, C?_ty of Bremerton, pursuant with your ca.'11 , for bicls for the city deposits, we the unlersiri-ned bed; to submit the following bid: In consideration of the City, of t3remerton depositing, as closely as eonsista.nt, one third of said funds .vith each of ' 'the three banks of Bremerton,namely, The Citizens !3arn1c, The .rarerner'con Trust g Savings Bank, and the First 14ational Bank, the said_ banks 'agree to T)a,y interest on-the said de- posits at .he. rate of 2 ;; per annum on-average daily balances, sayable monthly, and also a ree to alloti the City Treasurer the use of one safe depos -it box free o:f' charge for the time tha6 --aid banks or bang remain depositaries or depositary for said city funds, -and as securit, for said funds we will furnish t1 he same as has been customary heretofore. Respectfully submitted, Cash 3 ?� +, �. _�. " #SUS ' k ;J.�TI c C : AKK �I?reel en ice -Tres en . ,r -.