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HomeMy WebLinkAboutRES 74 43yl_ �7 R 'E' S '0 L U T' I 0' N WHEREAS, the City of Beaumont and the American National Bank of Beaumont,Texas, entered into a contract dated July 1, 1973, 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 of Beaumont wishes to withdraw the following securities from the Federal Reserve Bank of Dallas: SK RECEIPT # _DESCRIPTION OF SECURITIES PAR VALUE 127 834 San Carlos, Arizona Proj. Notes 5.16% due: 2-8-74. $ 1,600,000 WHEREAS, the American National Bank of Beaumont wishes to pledge the following securities with the Federal Reserve Bank of Dallas: Description Par Value U. S. Treasury 5.875% Notes, due 2-15-76 $ 1,600,000 The total above securities being pledged being in the sum of $1,500,000; and, WHEREAS, after this withdrawal, the American National Bank of Beaumont will have sufficient securities 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 above described securities from the Federal Reserve Bank of Dallas, and a certified copy of this Resolution shall con- stitute evidence of the authority of the American National Bank of Beaumont, Texas, to make said withdrawal. PASSED BY THE CITY COUNCIL this' day of ,, 1974.