HomeMy WebLinkAboutRES 85-225 R E S O L U T I O N
WHEREAS, the City has contracted with Texas Commerce Bank ,
Beaumont, as a depository for investment purposes; and,
WHEREAS, Texas Commerce Bank - Beaumont, N.A. wishes to
pledge the following securities with Texas Commerce Bank - Houston,
N.A. .
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasure ; 11.875%; due $1 ,500,000.00
10/15/89
and,
WHEREAS, Texas Commerce Bank -Beaumont, N.A. wishes to
have released the following security pledged with Texas Commerce
Bank - Houston, N.A. :
RECEIPT NO. DESCRIPTION PAR VALUE
457651 U. S. Treasury Note E85, 9 .6250; $1 ,500,000.00
due 8/15/85
and,
WHEREAS, Allied Bank of Beaumont, Texas wishes to have
released the following security pledged with Allied Bank of Houston,
Texas:
RECEIPT NO. DESCRIPTION PAR VALUE
139414 U. S. Treasury Note; 9 .875% due $1 ,000,000 .00
8/1/85
and,
WHEREAS, MBank of Beaumont wishes to have released the
following securities pledged with the Federal Reserve Bank -Dallas,
Houston Branch:
tl m S
RECEIPT NO. DESCRIPTION PAR VALUE
633675 U. S. Treasury Note, 10.75%; due $ 250,000 .00
8/1/85
633679 Federal Land Bank Bond; 8 .80%; due $ 150,000.00
8/1/85
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce Bank -Beaumont, N.A. , Allied Bank of Beaumont
and MBank of Beaumont be permitted to release the above-described
securities and a certified copy of this resolution shall constitute
evidence of the authority of such banks to make said release.
BE IT FURTHER RESOLVED THAT the pledge of the above -
described securities by Texas Commerce Bank - Beaumont, N.A. are
hereby approved.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the ,J0,Zk day of , 1985.
j�7
Mayor -
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