HomeMy WebLinkAboutRES 90-104 R E S O L U T I O N
WHEREAS, the City has contracted with Texas Commerce
Bank, Beaumont as a depository for investment purposes; and,
WHEREAS, Texas Commerce Bank, Beaumont wishes to
release the following securities being held at the Federal
Reserve Bank of Dallas/Houston Branch, effective June 5, 1990:
RECEIPT NO. DESCRIPTION PAR VALUE
U.S. Treasury Notes @
7.25; due 06/30/90 $1, 000, 000. 00
and,
WHEREAS, Texas Commerce Bank, Beaumont wishes to
replace the above-described securities being held at Federal
Reserve Bank of Dallas/Houston Branch effective June 5, 1990 with
the following:
RECEIPT NO. DESCRIPTION PAR VALUE
GNMA, Pool No. 248349 @ 9%; $1, 020, 000. 00
due 06/15/2018
GNMA, Pool No. 248614 @ 9.50% $ 30, 000.00
due 05/15/2018
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce Bank, Beaumont be permitted to release and
pledge the above-described securities and a certified copy of
this resolution shall constitute the approval of such release and
pledge as evidence of the authority of said bank to make said
release and pledge.
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PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of , 1990.
- Mayor -