Minutes - 19420202 - Laserfiche WebLink

Browse Search

( w>dTINUED ) Re soiution ~.:-~5' The following resolution eras duly offered by Commi es inner Wilson and eeconded by Commissioner Cob'o and unanimously adopted, with all mama hers being present and voting i.n the affirmative; W.'H:REAS, Section 1334(70) of the North Carolina Consolidated Statutes authors 2e s, empowers and di re ots the Hoard oY County Commissioners to s=lect snd de si gnats annually 'oy recorded resolution some bank or trust company in this State ae an of ficiel depo sl tary of the funds of the County: Now, THEREFORE, IT IS ACCORDINGLY ORDERS that the Durham Bank & Trust Company, (Hill shorn Hranch), be, and the said Bank is hereby, ape ci Tic ally de sl gneted as the off lc sal. depository of the funds of Orange County for the period beginning the 1st day of December, 1941, and ending on the 1st day of December, 1942. IS Se further ordered that said designation ie conditioned upon the execution and delivery of a depository agreement by the Durham Bank & Trust Company with Orange County, under the terms and provisions of wh Sch said Durham Bank & Trust Company will place with The Fidelity Bonk of Durham, North Carolina, as Trustee, North Carolina State Bonds snd/or United States Government Honds Sn the amount of not lees than 83j, ooo.oo par value. It is further ordered that the Chairman of this Hoard, together with the Clerk to this Board, be, and thay hereby are, authorized to exeoute said depository agreement Sn the name of Orange County end to affix the seal of said County to the agreement, After said agreement is duly axe cu tad in triplicate, copy thereof eh all be recorded as a part of the minutes of this Board, after which said copy shall 'oe carelLlly preserved by County Account It further appearing to the Board that Orange County now ha=_ on de- posit with Durham Bank & Trust Co., an amount Sn exce es of 550, OOO.DO, which deposit will be materially reduced by April 1, 1942, It is ordered that Durham Hank & Trust Co., be requested to place Bonds of the par value of not less than 525,000.00 in escrow with the Home Savin ge Bank of Durham, N. C. and that appropriate written agraemente be eze toted by the Chairman and Secretary of this Board, carrying out the ebo vo depository agreement. It is further ordered that G. G. Hl vin s, Treasurer of Orange County, ' Se hereby directed to deposit daily in the aforesaid Durham Bank & Trust Company (Hillsboro Bran ch9 an9 and ell sonde or money belonging to the County of Orange, or any su1x11vi ei on there oS, received or collected by him as required under the pro vl s Lo ns of Sec tl on 133k(70) of the Consolidated Statutes of North Caroline. On motion it is 'r.er eby ordered t:^.at the Clerk to this Board shall art er vnon the auccea dl sg ns ge the agreement between thsxvamkz.:: Board of Coc~'i sei oners of orange County and Durham Hank and .rsut Co Hillsboro 3ranch as soon ae raves ved from the said bank and the same to be a part of the s.i nvtee of this meeting :iv er~~_ei ng no further business on motion afij mr.:ed, 7 ~:d la^:e Chsd rman -~ ~'ol!i=_r Cobb- Sr A tc set /I~y~A~. f Ben L' C+il stn Clerk ss:c;:er Commissioner