HomeMy WebLinkAboutRES 85-295 R E S O L U T I O N
WHEREAS, the City has contracted with InterFirst Bank -
Beaumont, Texas Commerce Bank - Beaumont, Allied Bank of Beaumont,
First City Bank of Beaumont, and Parkdale Bank as City depositories
for investment purposes; and,
WHEREAS, InterFirst Bank - Beaumont wishes to pledge the
following security with InterFirst Bank - Dallas:
RECEIPT NO. DESCRIPTION PAR VALUE
U.S . Treasury Notes, 8 .875%; $ 2,000,000.00
due 8/31/87
U. S . Treasury Notes, 8 .875%; 500,000.00
due 7/31/87
and,
WHEREAS, Texas Commerce Bank - Beaumont wishes to pledge
the following security with Texas Commerce Bank - Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S . Treasury Notes, 11.25% $ 2,000,000.00
due 12/31/87
and,
WHEREAS, Allied Bank of Beaumont wishes to pledge the
following security with Allied Bank of Texas - Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S . Treasury Notes, 9 .875%; $ 1,000,000.00
due 2/15/86
U. S . Treasury Notes, 10.62%; 1, 000, 000.00
due 1/31/86
Fort Bend County Water Sewage 300,000. 00
Bond, 9 .55; due 9/1/96
Harris County Road Bond, 10%; 200,000.00
12/1/86
and,
WHEREAS, First City Bank of Beaumont wishes to pledge the
following security with the Federal Reserve Bank of Dallas - Houston
Branch:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S . Treasury Notes, 9 .875%; $ 2,000,000.00
due 12/31/86
U.S . Treasury Notes, 8 .5%; 2,000,000.00
due 6/30/87
and,
WHEREAS, Parkdale Bank wishes to pledge the following
security with First City National Bank of Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
Federal Home Loan Bank , 8 .45%; $ 500,000.00
due 6/25/87
and,
WHEREAS, Parkdale Bank wishes to have the following
security released being held at the First City National Bank of
Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
Federal Home Loan Bank , 11.7%; $ 500,000.00
due 9/25/85
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT InterFirst Bank - Beaumont, Texas Commerce Bank - Beaumont,
Allied Bank of Beaumont, First City Bank of Beaumont, and Parkdale
Bank be permitted to pledge and release the above-described
securities and a certified copy of this resolution shall constitute
the approval of such pledge and evidence of the authority of said
banks to make said release.
2 -
a
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of 1985.
- Mayor
3 -