v was to provide authority on the part of the District to give to the Continental

Transcription

1 MINUTES OF A CALLED MEETING OF THE BOARD OF DIRECTORS OF TARRANT COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT NUMBER ONE HELD IN THE DISTRICT OFFICE, IN FORT WORTH, TEXAS, ON JUNE 29, 1933, AT 5:30 P. M. The call of the roll disclosed the presence of a l l Directors as follows, viz; W. R. Bennett E. E. Bewley W. K. Stripling Joe B. Eogsett C. A. Hickman W. R. Bennett as President presided and W. K. Stripling acted in his capacity as Secretary. At this time and place the proceedings were had and done as follows, vie: 1. President Bennett stated that the object of the called meeting v was to provide authority on the part of the District to give to the Continental National Bank of Fort Worth, Texas, as the qualified statutory depository for this District, an indemnity agreement, to protect i t against liability by reason of its undertaking to conform to certain requirements of Reconstruction Finance Corporation in the matter of keeping certain Special Funds. 2 0 Attached to these Minutes as "Exhibit A" is a true copy of a proposed Indemnity Agreement, to be executed by this District and delivered to said Continental National Bank. 3. There was full consideration of this matter and i t was the opinion of the Directors, on advice of Counsel, that the duties imposed by said requirements of said Corporation were not duties of said Continental National Bank under the law to control i t as the qualified statutory depository for this District. Thereupon Director Bewley made a motion that said proposed agreement for indemnity do be executed and delivered to said Bank as the binding act and deed of this District, its successors and assigns. Adoption of this motion was

2 was seconded by Director Hogsett. Upon a vote being taken the motion was carried and i t was so ordered. If No further business was presented and the meeting was adjourned. dr-rk, As Seoretary APPROVED: Ss I HEREBY CERTIFY that the above and foregoing instrument of writing is a true copy of the Minutes of the Meeting of the Board of Directors therein related, and further that the acts therein stated were done, had and taken, at the time and in the manner related in said Minutes, WITNESS MY HAND and the seal of Tarrant County Water Control and Improvement District Number One, on this the 3rd day of July, A, D C rvr^ A AV^rvvnNpvVcT^ IRELAND HAMPTON, AS ACTING SECRETARY.

3 BOARD OF DIRECTORS W. R. BENNETT, PRES. E. E. B EW LEY. VlCE-PRES. W. K. STRIPLING. SEC Y JOE B. HOGSETT C. A. HICKMAN TARRANT COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT NUMBER ONE OFFICE CAPPS BUILDING PHONE SIDNEY L. SAMUELS I IRELAND HAMPTON I ATTORNEYS HAWLEY AND FREESE ENGINEERS ED. B. CHEATHAM. OFFICE FORT WORTH. TEXAS. June 29, Continental lational Bank of Fort fort Worth, Texas. orth, + Gentlemeni we hand yon herewith a certified copy of a resolution of the Board of Directors of Tarrant County Water Control and Improvement District Number One, adopted on June 29, 1933* pursuant to section 2 (f) of the resolution* adopted by tho Executive Committee of the Reconstruction Finance Corporation on April 25* 1933# ** amended on May 23, 1933 # * certified copy of which resolution also is handed you herewith. As the Depository of the undersigned, you hereby are author** ised end directed to keep tho net Operating Revenues (as defined in Subdivisions (a) and (b) of Section 5 of tho aforesaid resolution of the Board of Directors of the undersigned), in a separate account, apart from all other moneys of the undersigned, and to apply such net operating revenues as directed from time to time by the undersigned, but to no other purpose than as provided in Subdivision (0) of section 5 of tho aforesaid resolution of tho Board of Directors of tho undersigned. Will you kindly acknowledge receipt of this letter and tho enclosures, confirming that you will set in accordance with the provisions thereof, and send a signed copy of sueh acknowledgment and confirmation to Reconstruction Finance Corporation, 1823 H Street, V. Washington, D. C. mm Attention Mr, H. A, Mulligan, Treasurer. Tours very truly, TARRANT COUNTY WATEB CONTROL AMD IMPROVEMENT DISTRICT NUMBER ONE, ATTESTi s pve'sident. eretary

4 ' E X H I B I T A" p :3. M. Port Worth, Texas, J u l y 3, Continental National Bank, FortWorth, Texas, "HET OPERATING REVENUE" ACCOUNT, THIS DISTRICT AID RECONSTRUCTION FINANCE CORPORATION. Gentlemen» Herewith f i n d certain documents which here are referred to as part hereof, as follows: 1 C e r t i f i e d copy of the Minutes of the Board of Directors of t h i s D i s t r i c t authorising the w r i t i n g of t h i s l e t t e r, and binding the D i s t r i c t t o the observance and keeping of the obligations herein set forth 3 2 * * C e r t i f i e d copy of c e r t a i n resolution of t h i s Board of D i r ectors constituting a contract between t h i s D i s t r i c t and Reconstruction Finance Corporation, dated June 29, 1933* P a r t i c u l a r reference here i s made to subdivision (d) of Section 5 of said contract, which relates to a requirement f o r cooperation by your Bank i n the application of such money as may accumulate i n the account designated as "Net Operating Revenue" account* 3 Form of l a t t e r to be written by you to the Board of D i r e c t ors of t h i s D i s t r i c t, whereby i t i s proposed you w i l l become obligated for performance of the duties t h e r e i n s p e c i f i e d. > This D i s t r i c t at the present time faces an emergency, which requires the prompt procurement of money, wherewith to complete the D i s t r i c t ' s works; the Directors know of no source from which the needed money may be procured save from Reconstruction Finance Corporation. The needed money cannot be procured from said Corporation except upon cond i t i o n that your Bank, as depositary f o r t h i s D i s t r i c t w i l l render cooperation i n the manner provided f o r i n said Section 5 of the contract hereinbefore designated. The Directors of the D i s t r i c t r e a l i s e that giving of such cooperation on your part w i l l put upon you duties of a nature not usually contemplated as duties to be performed by a Bank which i s acting as depositary f o r a water control and improvement d i s t r i c t. For the s t a t ed reason i t has been deemed proper by the Board of Directors of t h i s Dist r i c t to wholly indemnify, save and hold you harmless, against any lawful loss or l i a b i l i t y by reason of the rendering of cooperation, as now r e quested from you by t h i s D i s t r i c t, In Consideration of the Premises and that you w i l l cause to be executed i n your name, and as an obligation on your part, the proposed l e t t e r hereinbefore referred t o, i t i s agreed by t h i s D i s t r i c t, to be binding on i t, a l l future D i r e c t o r s, o f f i c e r s, agents, successors and assigns of t h i s D i s t r i c t, as follows, vigj (a) A l l checks drawn by the D i s t r i c t on the separate account to be known as "Net Operating Revenue" account (referred to i n said proposed l e t t e r ), s h a l l be drawn on a check form whereon s h a l l be printed: "NET OPERATING REVENUE ACCOUNT* j and "TO BE DELIVERED TO THE PAYEE AND PAID ONLY AFTER ISSUANCE HEREOF HAS BEEN APPROVED BY A RESPONSIBLE OFFICER OF THIS BANK" j and "ISSUANCE APPROVED, BY, AS The responsible o f f i c e r s hereinbefore referred to s h a l l be held to mean

5 the Chairman of your Beard, your President, your Vice-President o r your Cashier* (b) As further consideration f o r your having assumed the o b l i g a t i o n * hereby contemplated (and i n your proposed l a t t e r t o bo provided), i t expressly and irrevocably I s agreed that t h i * D i s t r i c t w i l l and s h a l l hold and save you, your successors and assigns, wholly harmless against any claim or demand of whatever nature which may grow out of your having assumed the o b l i g a t i o n a f o r e s a i d, and whether with o r without f a u l t en the part of any agent or employee of yoursi Thia condition, however, s h a l l not operate t o r e l i e v e you of your duty t o safely keep and lawfully pay out money deposited by t h i a D i s t r i c t i n said " l e t Operating Revenue Account, i n the same manner as would apply to any deposit made by t h i s D i s t r i c t with you as the Depository f o r t h i s D i s t r i c t j subject only t o the previsions of Subdivision (e) Section 5 of our agreement with Reconstruction Finance Corporation and the terms of your l e t t e r t o us t h i a date, undertaking the duty and r e s p o n s i b i l i t y t o see that moneys deposited by us with you i n a separate account designated "Vet Operating Revenues" are disbursed i n accordance with the provisions of.subdivision (e) of said Section 5 i f the agreement mentioned. I t f u r t h e r l a agreed that the i n demnity herein provided f o r s h a l l include the duty t o save and hold you harmless against any reasonable and proper expense, t o include reasonable attorney's fees, which may a r i a * a* an incident of your having assumed the o b l i g a t i o n t o be ereated by the signing and d e l i v e r y of the proposed l e t t e r hereinbefore r e f e r r e d t o. Respeotfully, TARRANT CCOTTT WATER CONTROL ABB IMPROVEMENT, DISTRICT NUMBER ONE, ATTEST: As Secretary seal S " A* President