HomeMy WebLinkAboutRES 98-257 RESOLUTION NO.
WHEREAS, the City has contracted with Chase Bank of Texas as a depository for
investment purposes; and,
WHEREAS, Chase Bank of Texas wishes to release the following securities being
held at Bank One, Dallas, effective September 22, 1998:
Receipt# Description Current Value Market Value
3128DBAK3 FHLMC G40010,6.5% due 9/1/00 $2,787,116.40 $2,818,889.53
3128DBEN3 FHLMC G40141, 7%due 6/1/02 $1,373,335.20 $1,397,643.23
3621622P3 GNMA 181782, 9% due 10/15/16 $80,950.44 $85,961.27
$4.241.402.04 $4,302.494.03
and
WHEREAS, Chase Bank would like to pledge a Surety Bond as evidenced by a
Certificate of Insurance issued by MBIA Insurance Corporation in the following amount,
effective September 22, 1998:
Receipt# Description Current Value Market Value
1066 MBIA Certificate of Insurance $5,500,000.00 $5,500,000.00
(Surety Bond)
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Chase Bank of Texas be permitted to release the above securities and a certified copy
of this resolution shall constitute the approval of such release as evidence of the authority
of said bank to make said release.
BE IT FURTHER RESOLVED that Chase Bank of Texas pledge a Surety Bond as
evidenced by a Certificate of Insurance issued by MBIA Insurance and a certified copy of this
resolution shall constitute the approval of such pledge as evidence of the authority of said
bank to make said pledge.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the--2Adday of _
1998.
- Mayor -