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1965 09 16 CC Minutes, Special4007 MINUTES OF THE SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF BAYTOWN September 16, 1965 The City Council of the City of Baytown, Texas met in special session on Thurs- day, September 16, 1965 at 5:00 p.m. in the Council Room of the Baytown City Hall with the following members in attendance: J.- Robert Barnes Councilman C. M. Massey Councilman Don M. Hullum Councilman A. M. Braswell Councilman J. C. Huron Councilman Raymond T. Donnelly Councilman Seaborn Cravey Mayor Fritz Lanham City Manager J. B. LeFevre Director of Finance The Mayor called the meeting to order for the purpose of opening the depos -. itory bids on the funds of the City of Baytown. The Mayor stated that the bids would be opened and read at this meeting and would then be studied and a deci- sion made at a later date. Mr. LeFevre, Director of Finance, was asked to open the bids, The proposals follow: October 1, 1965 through September 30, 1%7 FIRST NATIONAL BANK I. RATE OF Interest on Time Deposits., 4!2 % A. Interest per annum compounded quarterly on time deposits having a maturity date twelve months or more after the date of deposit or payable upon written notice of twelve nonths or more. B. Interest per annum compounded quarterly on time depo- sits having a maturity date six months or more after the date of deposits or payable upon written notice of six months or more. 416 % C. Interest per annum compounded quarterly on time deposits having a maturity date less than six months and not less than ninety days after the date of deposit or payable upon written notice of less than six months and not less than ninety days. 4$ D. Interest per annum compounded quarterly on time deposits having a maturity date less than ninety . days after the date of deposits and not less than thirty days after date of deposits or payable upon written notice of less than ninety days and not less than thirty days. 9 % II. Rate of Interest on Warrants Purchased: 0 % �. III. Rate of Interest on Advances: O__% IV. Rate of Interest on $300.000 par value City of Baytown General Obligation Bonds voted on March 6. 1965 and due within 6 months: 0 % V. Other Considerations: 18 Items 4008 PEOPLES STATE BANK I. Rate of Interest on Time Deposits: A. Interest per annum compounded quarterly on time deposits having a maturity date twelve months or more after the date of deposit or payable upon written notice of twelve months or more. 4Y2___% B. Interest per annum compounded quarterly on time de -. posits having a maturity date six months or more.after the date of deposits or payable upon written notice of six months or more. 4!6 % C. Interest per annum compounded quarterly on time deposits having a maturity date less than six months and not less than ninety days after the date of deposit or payable upon written notice of less than six months and not less than ninety days. 02 % D. Interest per annum compounded quarterly on time deposits having a maturity date.less than ninety days after the date of deposits and not less than thirty days after date of deposits or payable . upon written notice of less than ninety days and not less than thirty days. 4 �6 II. Rate of Interest on Warrants Purchased: 0 % III. Rate of Interest on Advances: 0 % IV. V. Other Considerations: 10 Items CITIZENS NATIONAL BANK & TRUST COMPANY I. Rate of Interest on Time Deposits: A. Interest per annum compounded quarterly on time deposits having a maturity date twelve months or more after the date of deposit or payable upon written notice of twelve months or more. B. Interest per annum compounded quarterly on time de- posits having a maturity date six months or more after the date of deposits or payable upon written notice of six months or more. 4Y2 % C. Interest per annum compounded quarterly on time deposits having a maturity date less than six months and not less than ninety days after-the date of deposit or payable upon written notice of less than six months and not less than ninety days. 4Y2 % D. Interest per annum compounded quarterly on time deposits having a maturity date less than ninety days after the date of deposits and not less than thirty days after date of deposit or payable up- on written notice of less than ninety days and not less than thirty days. 4 % 4009 CITIZENS NATIONAL BANK & TRUST COMPANY (cant) II. Rate of Interest on Warrants Purchased: zero % III. Rate of Interest on Advances: zero % IV. Rate of Interest on $300.000 oar value City of Baytown General Obligation Bonds voted on March 6. 1965 and due within 6 months: zero % V. Other Considerations: 21 Items Civil Defense - Purchase Truck Councilman Barnes moved to grant permission to the Civil Defense Organiza- tion to purchase a six wheel heavy duty maintenance truck for use by the Civil Defense, the cost being $ 300.00 Dollars. Councilman Donnelly seconded the mo- tion. The vote follows: Ayes: Councilmen Barnes, Massey, Hullum, Braswell, Huron and Donnelly. Mayor Cravey Nays: None Budget Hearino Hearing on. the 1965 -66 budget was set for Tuesday, September 21, 1%5. There being no further business to come before the Council, the Mayor declared the meeting adjourned. Edna Oliver, City Clerk Jaun' a Rawlinson, Acint City Clerk r r