The Birmingham age-herald., 1911-05-07
LANE PROPOSES ID REMOVE FUNDS Wants to Put City Money With Banks Carrying
 City's Loan

A resolution was introduced at the meeting of the commissioners yesterday by Commissioner Lane, seeking to take the city money away from the Peoples Savings Bank and Trust company and redeposit the funds with the associated banks which a short time ago loaned SSOO GOO to the commissioners. Under the plan proposed the city will secure 3 per cent interest on the deposits which are now, as generally understood, bearing no interest. The resolution carried an ap- portionment of the amounts to be deposit ed with the individual associated banks.
 The resolution was passed over until Tuesday because President Exum, in charge of the finances was not ready at that time to take final action upon the matter coming under his department
 Judge Lane said lie did not mean any discourtesy to Commissioner Exum in der the impression that the arrangement had been thoroughly understood.
 The resolution is as follows;
 "Be it resolved by the Board of Com missioners of Birmingham that,
 .'Whereas, there are certain funds of said city, which are bearing no interest, and
 Whereas, it is the sense of this board that said funds should bear interest at the rate of per cent per annum, and
 ''Whereas, certain associated banks of the city recently loaned the city $SOo,0Oo at a reduced rate of interest 0 per cent per annum), thereby saving the city S750 for the term of the loan dhree months), and 1t is the sense of this board that said associated banks should have de- posits of the city hereinbelow named now bearing no interest, and
 "Whereas, it is the sense of this board that other banks hereinbelow named hay ing deposits of the city funds (bearing at the rate of per cent per annum. therefore, be 1t
 Resolved, That the following funds now on deposit in the Peoples Savings Bank and Trust company, to-wit: North Birmingham meter deposit fund, $S27 .50; sewer bond fund, $74,465.7 North Haven improvement fund, $232 S3; West End fire bond fund, S563 .03; West End bridge bond fund, $1, ,393. A; Elyton sewer bond fund, S2, ,509 51; Pratt City sewer bond fund, $67.S6, aggregating sS0,059. .S7, shall be deposited with said associated banks as follows:
 American Trust and savings bank, s26,0OO. Jefferson County Savings bank. s26- GOO.
 Traders National bank, $11,3o0. Merchants and Mechanics Trust and Savings bank, s11,300.
 Commercial State bank, S5,459.S7.
 Be it further resolved, That said deposits shall respectively bear interest at the ate of 3 per cent per annum Be 1t further resolved, That the general fund, now about $45,OO0. shall be deposited with the Birmingham Trust and Savings company Cby far | the largest contributor to said loan of $300O0O), and that the active ac- count of said city shall, until other wise ordered be kept with said Bir- min gham Trust and Savings company the money so deposited to bear inter l est at the rate of per cent per an mum.
 Be it further resolved, That tht president of this board be and he i: hereby authorized and empowered ant directed to negotiate with First Ma tional bank for the payment of thre, | per cent per annum on the citys de posit of $5O,000 with said bank, nov | bearing no interest; also with Steine | Brothers for the payment of three pei | cent per annum on the clty's deposi of $9.767.23 with said Steiner Brothers now bearing no interest; also with tn, Bank of Ensley for the payment 0 three per cent per annum on the city deposit of $1,3S3.73 with said Bank O Ensley (now bearing no interest), an, also for three per cent per annum ol all future deposits with said Bank o | Ensley."