HomeMy WebLinkAboutRES 85-277 ; ? 77
R E S O L U T I O N
WHEREAS, the City will receive approximately Twenty
Million Four Hundred Fifty Thousand Dollars ($20,450,000) in bond
proceeds during the month of September, 1985; and,
WHEREAS, these funds must be invested immediately in
order that the city' s depository will not have to collateralize
this amount; and,
WHEREAS, approximately Nine Million Dollars ($9,000,000)
will be placed with local depositories by competitive bid in
collateralized certificates of deposit; and,
WHEREAS, the remaining funds will be used to purchase
short-term U. S. Government Securities through First City National
Bank - Beaumont; and,
WHEREAS, the investment guidelines of the City of
Beaumont requires Council approval to purchase U. S. Government
Securities;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the City Manager be, and he is hereby, authorized to purchase
U. S . Government Securities in the amount of approximately Eleven
Million Four Hundred Fifty Thousand Dollars ($11,450,000) .
PASSED BY T CITY COUNCIL of the City of Beaumont this
the _ r� day of 1985.
Mayor -