Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-07-06
STATE NATIONAL IS
SOLE DEPOSITORY
OF CITY FUNDS
OTHER BANKS FAIL TO
COMPLY WITH ORDINANCE
Council Adopts Resolution Put
ting Into Effect Reidys By
Law Designed to Take Banks
Out of Politics.

-
The STATE National bank Of Albu-
querque was designated the official
depository for city funds at the meet
ing of the city council last night, 4
resolution being adopted by a vote Of
four to three, to the effect that the
State National is the only bank in the
city which has complied with the ord
nance passed on June 16 which re-
CURED that the. state National. the
First National and the Bank Of Com
merce file with the city treasurer a
sufficient bond within ten days after
the passage Of the ordinance to cover
any deposits hat might be made by
that officials.
The resolution adopted by the
council last night is sweeping in its
effect and alleges that the First Ma
tional Bank and the Bank Of COM
merce failed to comply with the terms
of the ordinance regarding the dispo-
siticn Of city moneys which was pre-
scented for passage by Alderman
Reidy on Nav rs and subsequently
became a part Of the city ordinance
on June IS.
Alderman Reidy also presented the
resolution last night, designating the
state National as the official depos-
itory. Aldermen Reidy, Auge. Con-
roy and Coen voted to adopt the reso-
luton, whsle Aldermen Wroth, Ish-
erwood and Clarke voted against its
adoption. Mayor f. II. Lester being
absent.
The state National bank last night
flied 8 bond for $4,000 to guaran-
tee city deposits, withdrawing a bond
of $350,000 previously filed.
rho new bond was approved by the
council and the State National, un-
der the terms Of the resolution. was
declared to he the duly qualified and
sole depository u place of deposit
of the city runds ia the hands Of the
city treasurer. The treasurer, ac-
cording 10 the resolution, is instruct
ed 10 Immediately comply with the
terms OF tho CITY ordinance regard
ing the dcpositing Of city funds and :
directed 70 deposit ali OF the city mon
les now in. his hands in the state Ma
ticnnl issnh.
The resolutipn also coptains a pro-
vision empowering the city attorney I
to institute any and All such legal \
PROCEEDINGS as in his Judgment may
be necessary for the enforcement of
the provisions of the ordinance aud
The resolution adopted last night
follows.
whereas. The State National bank
designated by Ordinance No. 46l pass
cd by this council on June -, 1910
as one o" the places OF deposit q the
CITY funds in the hands Of the city
did, Within five days from !,
he date Of the pa 'gc OF the SAID
ordinance. notify the Ity treasurer OF {
its intention 70 qualify as such city
ana if the said city treas :
lrer failed and refused to notify II j.
M the amount Of the penalty Of the
bora to be executed by it, as required J
hy said ordinance. az will more fully J
appear by the affidavit Of j. y $
IIerndon. duly filed with the city 4
.'erk: ana that the state National o
bank did, within ten days after such $
notification of the city TREASURER, eX- J
acute and deliver to the city Of Al t
q bond and the penalty of y
s35O.O0O with j. b.. Herndon, Ed $
0arr. Jacob Korber. W. w. strong. O.
Marion. John S. Beaver, franchise =
=. he Baca, +. II. strong and \. +. =
Mcdonald as it's sureties n condl- ,
Toned as provided by such o~rdiTance'
tnsl has in all respects complied with p
he provisions of said ordinance by
t to be complied with. Therefore, be /,
o.
Resolved, By thu city council of the v
.ity Of Albuquerque that the said +,
,nnd both as to form and sufficiency u
" the same hereby is approved, ana a.
hat the same he spread upon the d.
minutes OF the council o.
lie It further resolved. that SAID
National bank has duly quail 81
led as a place of deposit OF the city fc
unds under the provision OF salu &C
ordnance. And whereas. the other
anks designated as city repositories q
~ said ordinance No, 4s2 have failed 81
% qualify as such repositories by eN- Il
and delivering to the city OIL 70