HomeMy WebLinkAboutRES 86-040 R E S O L U T I O N
WHEREAS, the City has contracted with Texas Commerce
Bank - Beaumont, N.A. , Allied Bank - Beaumont and Fidelity Savings
as City depositories for investment purposes; and,
WHEREAS, Allied Bank - Beaumont wishes to pledge the
following security with Allied Bank - Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
254135 U.S . Treasury Notes, 7.875%; $1,000,000.00
due 12/31/87
and,
WHEREAS, Allied Bank - Beaumont wishes to release the
following security being held at Allied Bank - Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
178836 U.S . Treasury Notes, 10.625%; $1, 000, 000.00
due 1/31/86
and,
WHEREAS, Texas Commerce Bank - Beaumont, N.A. , wishes to
pledge the following securities effective February 3, 1986, with
Texas Commerce Bank-Houston, N.A. :
RECEIPT NO. DESCRIPTION PAR VALUE
U.S. Treasury Notes, 10. 375%; $1, 500,000.00
due 2/15/88
and,
WHEREAS, Fidelity Savings wishes to pledge the following
security with Texas Commerce Bank - Beaumont:
RECEIPT NO. DESCRIPTION PAR VALUE
GNMA #35972, 9. 5%; due $943,473. 36
10/15/2009
and,
WHEREAS, Fidelity Savings wishes to release the following
security with Texas Commerce Bank-Beaumont, N.A. :
RECEIPT NO. DESCRIPTION PAR VALUE
14670 GNMA #38741, 10.00%; $1 ,022,956.04
due 12/15/2009
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce Bank-Beaumont, N.A. , Allied Bank -Beaumont, and
Fidelity Savings 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 1986.
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Mayor -