HomeMy WebLinkAboutRES 85-116 R E S O L U T I O N
WHEREAS, the City has contracted with First City National
Bank of Beaumont as the City' s depository bank and with Allied Bank
of Texas, InterFirst Bank of Beaumont and Parkdale Bank as
depositories for investment purposes; and,
WHEREAS, First City National Bank of Beaumont wishes to
pledge the following securities with the Houston Branch of the
Dallas Federal Reserve Bank:
RECEIPT NO. DESCRIPTION PAR VALUE
567232 U.S . Treasury Note, 9 .875%; due $5,000,000.00
5/31/85
750559 U.S . Treasury Note, 13% ; due 1 ,000 ,000 .00
6/30/86
500767 U.S . Treasury Note, 9 .750; due 1 ,500,000 .00
11/15/85
763803 U.S . Treasury Note, 10 .75%; due 3 ,000,000.00
3/31/87
and,
WHEREAS, Allied Bank of Texas wishes to pledge the
following security with Allied Bank of Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
139414 U.S . Treasury Note, 9 .875%; due $1 ,000,000 .00
2/15/86
and,
WHEREAS, InterFirst Bank of Beaumont wishes to pledge the
following securities with InterFirst Bank , Dallas:
RECEIPT NO. DESCRIPTION PAR VALUE
586660 U.S . Treasury Note, Series L-88, $ 500,000 .00
12%; due 3/31/88
553026-6 U.S . Treasury Note, Series Y-85, 400,000.00
10 .875%; due 9/30/85
and,
WHEREAS, Parkdale Bank wishes to pledge the following
security with the First City National Bank of Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
676328 500 M . Par Federal Home Bank $ 500,000.00
Series rate 11 .70 , Issue Date
9/15/84 ; Due 9/15/85
and,
WHEREAS, after this pledge, First City National Bank of
Beaumont will have $10,500,000 pledged to protect the deposits of
the City of Beaumont, Allied Bank of Texas will have $1 ,000,000
pledged to protect the investments of the City of Beaumont,
InterFirst Bank , Beaumont will have $900,000 pledged to protect the
investments of the City of Beaumont and Parkdale Bank will have
$ 500,000 pledged to protect the investments of the City of Beaumont
and these amounts are adequate;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the pledges of First City National Bank of Beaumont, Allied
Bank of Texas, InterFirst Bank of Beaumont and Parkdale Bank
be, and the same are hereby , approved.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the .2j& day of Q-,"l , 1985.
Mayor -
2 -