HomeMy WebLinkAboutRES 81-352 R E S O L U T I O N
WHEREAS, the City of Beaumont and the American National
Bank of Beaumont, Texas, entered into a contract September 25 ,
1979 , whereby it was provided that the American National Bank of
Beaumont, Texas would pledge with the City Council of the City of
Beaumont certain securities in lieu of giving bond as City
Depository; and,
WHEREAS, the American National Bank of Beaumont, Texas,
wishes to withdraw the following securities from the Texas
Commerce Bank , N. A. Houston, Texas:
Receipt No. Description Par Value
320143 U. S. Treas Notes, 7 .875% $2 ,000 ,000.00
due 11/15/82
and,
WHEREAS, the American National Bank of Beaumont, Texas
wishes to substitute the following securities with the Texas
Commerce Bank , N. A. Houston, Texas:
Receipt No. Description Par Value
U. S. Treas Notes, 8 .00%% $1 ,000,000.00
due 2/15/85
U. S. Treas. Notes, 9 .625%
due 8/15/85 $1 ,000 ,000 .00
TOTAL $2 ,000,000.00
and,
WHEREAS, after this withdrawal and pledge, the American
National Bank of Beaumont, Texas, will have $42, 165 ,000.00 pledged
to protect the deposits of the said City of Beaumont, Texas.
NOW , THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the American National Bank of Beaumont, Texas, be permitted
to withdraw and pledge the above-described securities, and a
certified copy of this resolution shall constitute evidence of
authority of the American National Bank of Beaumont, Texas to make
said withdrawal and pledge.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the L LB day of 19 P/ .
Mayor -
2 -
c