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RESOLUTION DESIGNATING BANKS FOR DEPOSITORIES OF SPECIAL FUNDS
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BE IT RESOLVED that the Mercantile Bank, Citizen’s Bank, Peoples National Bank and the Farmers State Bank all of Jonesboro, Arkansas, be and are hereby named and designated as the depositories of the special funds of the City of Jonesboro designated specifically as the “City Hall Construction Fund” in the amount of $150,000.00; each of such banks being depository for the sum of $37,500.00 upon certificate of time deposit at three (3%) interest; such depository designation to be for a term ending upon withdrawal of such funds for construction purposes, or until other depositories are designated by the council.
PASSED and ADOPTED this 2nd day of June, 1958.