HomeMy WebLinkAboutRES 81-432 '-- (-/- /-/ �,
R E S O L U T I O N
WHEREAS, the City of Beaumont and Texas Commerce Bank of
Beaumont, Texas entered into a contract dated October 1 1981,
whereby it was provided that Texas Commerce Bank of Beaumont,
Texas, would pledge with the City Council of the City of Beaumont
certain securities in lieu of giving bond as City Depository; and,
WHEREAS, Texas Commerce Bank of Beaumont, Texas wishes to
pledge the following securities with Texas Commerce Bank of
Houston, Texas:
Receipt No. Description Par Value
175862 U.S . Treas Notes, 7 .75% $1 ,000 ,000.00
due 11/15/81
175863 U.S . Treas Notes, 7 .75% $1 ,000,000 .00
due 11/15/81
168376 U.S . Treas Notes, 7 .75% 600,000 .00
due 11/15/81
$2,600,000.00
The total securities being pledged with the Texas Commerce Bank of
Houston, Texas are in the amount of $2,600,000 .00 ; and,
WHEREAS, after this pledge, Texas Commerce Bank of
Beaumont, Texas, will have $38,290,000.00 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 Texas Commerce Bank of Beaumont, Texas, be permitted to pledge
the above described securities, and a certified copy of this
resolution shall constitute evidence of the authority of Texas
Commerce Bank of Beaumont, Texas, to make said pledge.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of J�f ° s , 19 � .
Mayor -