HomeMy WebLinkAboutRES 81-493 2- Xl- 4193
R E S O L U T I O N
WHEREAS, the City of Beaumont and Texas Commerce Bank of
Beaumont, Texas, entered into a contract October 1 , 1981, whereby
it was provided that Texas Commerce 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, Texas Commerce Bank of Beaumont, Texas, wishes
to withdraw the following securities from the Texas Commerce Bank,
N. A. Houston, Texas:
Receipt No. Description Par Value
17624 Livingston ISD Sch. Bldg. $ 15,000.00
U/T, 5 .50%; due 12/15/81
and,
WHEREAS, Texas Commerce 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. Teeas Notes, 13.750% $2,000,000.00
due 5/15/86
and,
WHEREAS, after this withdrawal and pledge, Texas
Commerce Bank of Beaumont, Texas, will have $42,670,000.00 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 Texas Commerce 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 Texas Commerce Bank of Beaumont, Texas to make
said withdrawal and pledge.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the _&C day of 19 e/
Mayor -