HomeMy WebLinkAboutRES 83-387 93 7
R E S O L U T I O N
WHEREAS, the City of Beaumont entered into a contract on
October 1 , 1983 with First City National Bank of Beaumont and
Jefferson Savings and Loan Association whereby it was provided that
they would pledge with the City Council of the City of Beaumont
certain securities in lieu of giving bond as city depository; and,
WHEREAS, First City National Bank of Beaumont wishes to
pledge the following securities with First City National Bank of
Houston:
Receipt No. Description Par Value
407417 177 12.25 Note J 86 U S Treas; $2 ,000,000.00
due 9/30/86
500767 176 9.75 Note p 85 U S Treas; 3 ,000,000.00
due 11/15/85
501856 199 14.0 Note G 86 U S Treas; 2,000,000 .00
due 3/31/86
and,
WHEREAS, Jefferson Savings and Loan Association wishes to
pledge the following security with First City National Bank of
Beaumont:
Receipt No. Description Par Value
18237 Farmers Home Administration
Certificates of Beneficial Ownership; $ 500,000.00
due 4/23/89
and,
WHEREAS, after this pledge First City National Bank of
Beaumont will have $7 ,000,000.00 pledged to protect the deposits of
the City of Beaumont and Jefferson Savings and Loan Association will
Y°- P: _ App in - IC-_ p :?
have $500,000.00 pledged to protect the deposits of the City of
Beaumont and these amounts are adequate;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
That the pledge of First City National Bank of Beaumont and Jeffeson
Savings and Loan Association of the above-described securities be,
and the same are hereby , approved.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the
c. . ►,- day of CS�c�%��.t�t,� 19 ff 3 .
- Mayor -