HomeMy WebLinkAboutRES 85-387 R E S O L U T I O N
WHEREAS, the City has contracted with Fidelity Savings ,
Spindletop Savings and MBank - Beaumont as City depositories for
investment purposes; and,
WHEREAS, Fidelity Savings wishes to pledge the following
security with Texas Commerce Bank - Beaumont:
RECEIPT NO. DESCRIPTION PAR VALUE
GNMA Certificate #38741, 10.0%; $ 885,715.00
due 12/15/2009
and,
WHEREAS, Spindletop Savings wishes to pledge the
following security with the Federal Reserve Bank Dallas-Houston
Branch:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S . Treasury Bond, 10.625%; 700,000.00
due 8/15/2015
and,
WHEREAS, MBank - Beaumont wishes to pledge the following
securities with MBank - Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
City of Austin-municipal bonds 100,000.00
9 .0%; due 9/1/2002
Farmer ' s Branch, Carrollton, 100,000.00
Texas mun. bonds, 9 . 10%;
due 4/1/2000
City of Grapevine, TX mun . bonds 100,000.00
9. 30%; due 2/1/2001
Northside, Texas Ind. School Dist. 100,000.00
8.9%; due 8/1/1999
and,
WHEREAS, Spindletop Savings wishes to release the
following security being held at First City Bank of Beaumont:
RECEIPT NO. DESCRIPTION PAR VALUE
18968 GNMA, Mortgage Pool #58345, $ 904,917 .51
12.00%; due 1/15/2013
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Fidelity Savings, Spindletop Savings and MBank-Beaumont be
permitted to pledge and release the above-described securities and
a certified copy of this resolution shall constitute the approval
of such pledges and releases and evidence of the authority of said
banks to make said pledges and releases.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of ,��;r���,,,/� � 1985.
Mayor -
2 -