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<br />~ RESOLUTION 84-4 4It <br />CONCERNING BANKING INSTITUTIONS <br /> <br />WHEREAS, the governing bodies of municipalities within the <br />4it State of Texas are custodians of the revenues derived from taxing <br />of their citizens and their taxpayers, and <br /> <br />WHEREAS, our recent experience with rampant inflation has <br />reemphasized the need for good money management to combat the <br />devastating effects of such inflation, and <br /> <br />WHEREAS, the need and demand to maximize the return on its <br />. <br />cash deposits is frequently critical to the balancing of the <br />bUdget and maintaining the financial stability of the <br />municipality, and <br /> <br /> WHEREAS, by the use of the vehicle of bank holding <br /> companies branch banking is an accomplished fact in the State of <br />. Texas, thus further reducing the number of independent banks <br /> within any given municipality, and <br /> <br />WHEREAS, the legislature of the State <br />years by its legislative acts determined the <br />limitations upon the kinds and places of <br />municipal funds, and <br /> <br />of Texas has over <br />boundaries, rules <br />depositories of <br /> <br />the <br />and <br /> <br />the <br /> <br />WHEREAS, such statutes have from time to time been amended <br />to meet the ongoing needs of the municipalities and its taxpayers, <br />and <br /> <br />WHEREAS, Article 2559 V.A.C.S. as amended in 1971, now <br />provides that a city that has two or more banking institutions <br />..e doing business within a city shall receive and consider <br />. \ <br />applications to become a depository of said municipality only from <br />such banks within the city, and <br /> <br />WHEREAS, since the legislative adoption of this restrictive <br />proviso in 1971, there has been, and will be in the <br />