Loading...
HomeMy WebLinkAboutRES 85-308 R E S O L U T I O N WHEREAS, the City has received requests from various financial institutions to serve as depositories for investment purposes for the City of Beaumont for the period October 1 , 1985 until September 30, 1987; and, WHEREAS, the City Council desires to approve such financial institutions as depositories for investment purposes only; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the proposals of the following financial institutions to serve as depositories for investment purposes only for the City of Beaumont for the period October 1 , 1985 through September 30, 1987 be, and the same are hereby, approved and the City Manager be, and he is hereby, authorized to execute an investment depository agreement with such financial institutions substantially in the form as that attached hereto as Exhibit "A" . The institutions hereby approved are as follows: Parkdale Bank Texas Commerce Bank-Beaumont InterFirst Bank-Beaumont Allied Bank-Beaumont, N.A. MBank of Beaumont First Texas Savings Association First Federal Savings and Home Savings of America Loan Association San Jacinto Savings and Loan Jefferson Savings and Loan Association Association First City National Bank of Spindletop Savings Beaumont Association Beaumont Bank Lamar Bank Fidelity Savings and Loan Plaza Bank Association PASSED BY THE CITY COUNCIL of the City of Beaumont this the day of 1985. Mayo r - 2 - THE STATE OF TEXAS § COUNTY OF JEFFERSON § INVESTMENT DEPOSITORY AGREEMENT The City of Beaumont, hereinafter called ( "City" ) , and , hereinafter called ( "Bank" ) , make and enter into the following agreement: 1 . The Bank has been duly selected by the City as a depository for investment purposes of the funds of the City on the lst day of October, 1985 through the 30th day of September, 1987. 2 . The City does hereby agree and consent in accordance with Article 2560(d) , Vernon' s Annotated Texas Civil Statutes, as amended, that the Bank , in lieu of giving bond for any investments made may pledge with the City Council of the City, certain securities of the kind and character authorized by the said Article 2560(d) , in an amount equal to the amount of funds of the City invested and on deposit in said Bank . When the securities pledged by Bank to secure City funds shall be in excess of the amount required, City shall permit the release of such excess; and when the City funds deposited with said Bank shall, for any reason, increase beyond the value of the amount of securities pledged, said Bank shall immediately pledge additional securities with the governing body so that the securities pledged shall at no time be of a value of less than the total amount of City funds invested in LVVTTTm IIT 11 said Bank . The determination of such value shall be in the discretion of City and its decision shall be final and binding on such bank . 3 . The provisions of Article 2560, Vernon' s Annotated Texas Civil Statutes, as amended, are incorporated herein by reference as if copied verbatim herein. 4. Bank hereby recognizes that it is a depository of the City for investment purposes only and hereby agrees that City funds will not be wired or otherwise transferred from Bank to any other person, firm or corporation other than the City' s primary depository bank, Texas Commerce Bank - Beaumont, N.A. 5 . Those banks who are holding collateral pledged hereunder are authorized to clip the maturing interest coupons on securities which they hold under this agreement and deliver them or their proceeds to the Bank provided, however, that if and when notified by the City in writing to discontinue this practice the holding bank shall obey suchinstructions, and they shall thereafter hold such proceeds . 6 . It is hereby agreed that any suits involving the construction of this contract or the duties of the Bank arising from its status as a depository for investment purposes, shall be tried in Jefferson County, Texas, as provided by Article 2560 of 2 - Vernon' s Annonated Texas Civil Statutes, as amended. IN WITNESS WHEREOF, the City of Beaumont and have caused their signatures and corporate seals to be affixed hereto on this the day of 1985. Bank By: Title: CITY OF BEAUMONT By: Title: - 3 -