HomeMy WebLinkAboutRES 85-308 R E S O L U T I O N
WHEREAS, the City has received requests from various
financial institutions to serve as depositories for investment
purposes for the City of Beaumont for the period October 1 , 1985
until September 30, 1987; and,
WHEREAS, the City Council desires to approve such
financial institutions as depositories for investment purposes
only;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the proposals of the following financial institutions to serve
as depositories for investment purposes only for the City of
Beaumont for the period October 1 , 1985 through September 30, 1987
be, and the same are hereby, approved and the City Manager be, and
he is hereby, authorized to execute an investment depository
agreement with such financial institutions substantially in the
form as that attached hereto as Exhibit "A" . The institutions
hereby approved are as follows:
Parkdale Bank Texas Commerce Bank-Beaumont
InterFirst Bank-Beaumont Allied Bank-Beaumont, N.A.
MBank of Beaumont First Texas Savings Association
First Federal Savings and Home Savings of America
Loan Association San Jacinto Savings and Loan
Jefferson Savings and Loan Association
Association First City National Bank of
Spindletop Savings Beaumont
Association Beaumont Bank
Lamar Bank Fidelity Savings and Loan
Plaza Bank Association
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of 1985.
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THE STATE OF TEXAS §
COUNTY OF JEFFERSON §
INVESTMENT DEPOSITORY AGREEMENT
The City of Beaumont, hereinafter called ( "City" ) , and
, hereinafter called ( "Bank" ) , make
and enter into the following agreement:
1 .
The Bank has been duly selected by the City as a
depository for investment purposes of the funds of the City on the
lst day of October, 1985 through the 30th day of September, 1987.
2 .
The City does hereby agree and consent in accordance with
Article 2560(d) , Vernon' s Annotated Texas Civil Statutes, as
amended, that the Bank , in lieu of giving bond for any investments
made may pledge with the City Council of the City, certain
securities of the kind and character authorized by the said Article
2560(d) , in an amount equal to the amount of funds of the City
invested and on deposit in said Bank . When the securities pledged
by Bank to secure City funds shall be in excess of the amount
required, City shall permit the release of such excess; and when
the City funds deposited with said Bank shall, for any reason,
increase beyond the value of the amount of securities pledged, said
Bank shall immediately pledge additional securities with the
governing body so that the securities pledged shall at no time be
of a value of less than the total amount of City funds invested in
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said Bank . The determination of such value shall be in the
discretion of City and its decision shall be final and binding on
such bank .
3 .
The provisions of Article 2560, Vernon' s Annotated Texas
Civil Statutes, as amended, are incorporated herein by reference as
if copied verbatim herein.
4.
Bank hereby recognizes that it is a depository of the
City for investment purposes only and hereby agrees that City funds
will not be wired or otherwise transferred from Bank to any other
person, firm or corporation other than the City' s primary
depository bank, Texas Commerce Bank - Beaumont, N.A.
5 .
Those banks who are holding collateral pledged hereunder
are authorized to clip the maturing interest coupons on securities
which they hold under this agreement and deliver them or their
proceeds to the Bank provided, however, that if and when notified
by the City in writing to discontinue this practice the holding
bank shall obey suchinstructions, and they shall thereafter hold
such proceeds .
6 .
It is hereby agreed that any suits involving the
construction of this contract or the duties of the Bank arising
from its status as a depository for investment purposes, shall be
tried in Jefferson County, Texas, as provided by Article 2560 of
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Vernon' s Annonated Texas Civil Statutes, as amended.
IN WITNESS WHEREOF, the City of Beaumont and
have caused their signatures and corporate
seals to be affixed hereto on this the day of
1985.
Bank
By:
Title:
CITY OF BEAUMONT
By:
Title:
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