HomeMy WebLinkAboutRES 87-123 R E S 0 L U T I O N
WHEREAS, the City has contracted with Texas Commerce Bank
Beaumont and Parkdale ;Bank as a depositories for investment
purposes; and,
WHEREAS, Texas Commerce Bank - Beaumont wishes to
substitute the following security which was pledged as collateral
to cover a Certificate of Deposit to be effective June 23, 1907:
RECEIPT NO. DESCRIPTION PAR VALUE
Plano, WW/SS, 5. 10%; 60, 000. 00
due 5/01 /00
and,
WHEREAS, Texas Commerce Bank - Beaumont wishes to release
the following security effective June- 23, 1907:
RECEIPT NO. DESCRIPTION PAR VALUE
U.S. `.Treasury dotes, 6.75°x; $ 50,000.00
due 9/30/90
and,
WHEREAS, Parkdale Bank wishes to substitute tkie
:Following security which was pledged as collateral with First
City Bank - Houston, effective June 23, 1907:
RECEIPT NO. DESCRIPTION PAR VALUE.
Fed. National Mort. Assoc. , $ 200,000.00
7.5%; due 10/13/8-/
and,
d'7 -,Z3-8F'7
WHEREAS, Parkdale Bank wishes to release the following
security being held at First City Bank - Houston which was
pleda
,eO as collateral, effective June 23, 1987:
RECEIPT NO. DESCRIPTION PAR VALUE
Fed. Loan Bank, 8. 45%; $ 500,000.00
due 0'/25/37
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce Bank - Beaumont and Parkdale 73anK 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 as evidence of the
authority of said banks to make said pledges and releases.
PASSED BY THE CITY COUNCIL of the City of Beaunioy t -this
the jjU day of aw-e- 1987.
Mayor
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