§ 2-518. Qualification of depository, opening account as demand deposit, title of account and future time deposit.

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When the depository has qualified as provided in V.T.C.A., Local Government Code § 105.031, by pledging any of the securities named in the article in an amount equal to the amount of funds on deposit in the depository, the mayor or mayor pro tem, and treasurer of the village shall be and they are hereby authorized and directed to make a demand deposit in such depository and to open a checking account at such depository, the title of such account to be "Village of Surfside Beach, Texas General Fund, Hotel/Motel Tax Fund, Beach Facilities Fund, Fort Velasco Fund, and Reserve Fund." Upon authorization given by a majority of the members of the city council present and voting at any regular or special meeting of the city council, the mayor and mayor pro tem and treasurer of the village shall be authorized to make one or more time deposits in the depository in accordance with the provisions of exhibit "B," on file in the office of the city secretary, and the directions shall be "Village of Surfside Beach, Texas Special Fund Number 1," with the number being inserted in consecutive order for each time a deposit is authorized by the board.

(Ord. No. 95-22, § III, 9-19-1995)

                    
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