HomeMy WebLinkAboutRES 88-052 10", Z4
R E S 0 L U T 1 0 N
WHEREAS, the City has contracted with M-Bank of
Beaumont as a depository for investment purposes; and,
WHEREAS, M Bank of Beaumont wishes to pledge the
following securities as substitution for securities which are
being held at First Republic Bank of Dallas, effective March 29 ,
1988 ;
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Note @ 6.625% $600,000.00
due 2/15/92
and,
WHEREAS, M Bank of Beaumont wishes to release the
following securities being held at the M Bank of Beaumont,
effective
March 29 , 1988:
RECEIPT NO. DESCRIPTION PAR VALUE
255403 U. S. Treasury Note @ 6.375%; $500,000.00
due 10/31 /88
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT M Bank of Beaumont be permitted to pledge and release the
above-described securities and a certified copy of this
resolution shall constitute the approval of such pledge and
release as evidence of the authority of said bank to make said
pledge and release.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day ofPZs , 1988.
Mayor -
2 -