HomeMy WebLinkAboutRES 69 CCCKEWJr/im/4/13/72
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A RES OLUTION
WHEREAS, the City of Beaumont and the American National
Bank of Beaumont, Texas, entered into a contract dated July 1,
1971, whereby it was provided that -the said American National
Bank of Beaumont would pledge with the City Council of the
City of Beaumont certain securities in lieu of giving bond as
City Depository; and,
WHEREAS, the American National Bank wishes to with-
draw the following securities from the Texas Commerce Bank of
Houston, Texas;
$ 100,000 Tex. Vet. Land 1.75%, due 6-1-74, held under Receipt
#61710
$ 75,000 White Oak ISD 3040%, due 3-15-76, held under Receipt
#60282
$ 80,000 White Oak ISD 3.40%., due 3-15-77, held under Receipt
#60282.
$ 50,000 Richardson ISD 5.00%, due 3-1-77, held under Receipt
#68404
$ 100,000 Tex. Water Dev. 3.60%, due 8-1-77, held under Receipt
#67850 C-;
$ 100,000 Tex. Vet Land 2.60%, due 12-1-77, held under Receipt
#61255
$ 45,000 Tex. Vet Land 2.60%, due 12-1-77, held under Receipt
#61525
$ 75,000 Tex. Water Dev. 3.70%, due 8-1-78, held under
Receipt #67598
$ 55,000 N. E. Houston Water 9.50%, due 12-1-85, held under
Receipt #91622
$ 110,000 N. E. Houston Water 8.125%, due 12-1-86, held under
Receipt #91623
$ 130,000 N. E. Houston Water 7.00%, due 12-1-88, held under
Receipt #91624
The total above securities being withdrawn being in the sum of
$ 920,000; and,
WHEREAS, the American National Bank of Beaumont wishes
to pledge the following securities with the Texas Commerce Bank.of
$ 120,000 Harris County WC&ID 4.50%, due 8-1-85/75, held
under Receipt #100663
$ 200,000 TRA - Dallas Ft. Worth Airport 5.00% Rev., due
8-1-2000/73, held under Receipt #109153
The total above securities being pledged being in the sum of
$320,000; and,
WHEREAS, after this withdrawal and pledge of additional
securities, the American National Bank of Beaumont will have
sufficient securities still remaining pledged to protect the
deposits of the, said City of Beaumont, Texas;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
COUNCIL OF THE CITY OF BEAUMONT:
That the American National Bank of Beaumont, Texas,,,be permitted
to withdraw the securities above described from the Texas
Commerce Bank of Houston, Texas, and to pledge the above described
securities.with the Texas Commerce Bank of Houston, Texas, and
a certified copy of this Resolution shall constitute evidence
of the authority of the American National Bank of Beaumont,
Texas, to make said withdrawal and pledge.
PASSED by the City Council this the 1,?A1, day of
A V r b I 1972.
- May r . -