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HomeMy WebLinkAbout1926-06-29 city council minutes1 7 7 comiCIL CHAMBERS, SUNS 89th; 1926- , W 11 I 5 �i THE COUNCIL MET in regular session, pursuant to ad,eurnment June 29th, 1926 at 2 P.M- with Mayor'Salay, presiding, Councilmen, Dutton, Kimbrough, Mumford, and Wheeler; present, and Conley and NoO onnel, absent. RESOLUTION N0. 29, BY MUMFORD, "ENTITLED A RESOLUTION RELATING TO DEPOSITS OF THE CITY OF CALDWELL IN THE CLOSED WESTERN COMMERCIAL BANK AND AUTHORIZING THE RMOUTION BY THE MAYOR AND CITY CLERK OF A SUBROGATION AGREEMENT WITH THE FIDELITY AND DEPOSIT OOMPARy OF MARYLA10" was presented as follows: WHEREAS, heretofore and on and before December 23rd, 1925, Western Commercial Bank of Caldwell, Idaho, was one of the depositories of the public funds of the City of Oaldwell, a portion of which deposits were seorued by a bond in the sum of Fifteen Thousand Doilars(015,000.00), executed by Fidelity and Deposit Company of Maryland: and, WHEREAS, on ,December 23rd, 1925, the Gommissioner of Finance of the state of Idaho took over the assets of said nl estern Commercial Bank, and that adid bank thereupon suapended payment of its deposits, by reason whereof the said Fidelity and Deposit Company of Maryalnd is to the Ohs City of Caldwell in the am of Fiftedn Thousand Dollars ($15.000.00) by reason of said depository bond, and has indicated its willingness to pay such liability upon the execution by the City of Caldwell of s proper eabrogation agreement assigning to said Fidelity and Deposit Company of Mary- land the rights of said City in and to the sum oe deposit in said bank secured by said bond; now therefore Be it resolved by the Mayor and Council of the City of Caldwell% Section 1. That upon the payment to the City Treasurer of the City of Caldwell, Idaho of the sum of $15,000.00 by Fidelity and "eposit Company of Mary3And, a corporation, organized and existing under and by virtue of the laws of the Otate of Maryland, and authorized to do business in the -tat* of Idaho, on account of that certain depository bond executed by said Fidelity and Deposit company of Maryland, as surety for the payment to said City of certain deposits secured thereby, the said Videlity and Deposit Company of Maryllnd, shall be subrogated in and to all the right, claim and demand of said City of Caldwell against said Webbeen Commercial Bank, in and to the of of 015,000.00 of deposits of the funds in said City in said bank. Section 2. That the Mayor and City Clerk of the City of Caldwell, Idaho, are hereby authorized and diteoted, for and on behalf of the Bity of Caldwell to execute a albroagtion agreement with said Fidelity and Depoeit Company Of Maryland to carry out the purpose and intent of this resolution, and that the same be delivered to the said Fidelity and Deposit Company of Maryland upon payment by said m ompany to the City `ressurer of the City of Caldwell, Idaho, of the said eum of 018,000.00. It was moved by Kimbrough, seconded by wheeler,that Resolution No. E9 be adopted. The Mayor caused the Clerk to call the roll on the motion with the following result: AYES: DUTTON, KIMBROU.GH, MUMFORD, ADD WHEELER. NAYES: NONE. ABSENT: CORLEY AND MCOONNEL. It was v oted on motion of gimbrough, sec ended by Dutton, that a vote of Thanks be extended M.H.Eustace, City Attorney, for his having handled so well this matter. It was voted on motion of Wheeler, seconded by Dutton, that the Council a8Jonrn to July 7th, 1928 at 8 P.M. % APPRO CITY CLERK. MAYOR.