HomeMy WebLinkAboutRES 85-318 R E S O L U T I O N
WHEREAS, the City has contracted with Texas Commerce Bank-
Beaumont and InterFirst Bank of Beaumont as City depositories for
investment purposes; and,
WHEREAS, Texas Commerce Bank-Beaumont wishes to pledge the
following security being held at Texas Commerce Bank-Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
U.S . Treasury Notes, 10. 375%; $ 500,000.00
due 2/15/88
and,
WHEREAS, InterFirst Bank Beaumont wishes to release the
following securities being held at InterFirst Bank Dallas, N.A. :
RECEIPT NO. DESCRIPTION PAR VALUE
553026 U.S . Treasury Note, Ser. Y-85 $ 400,000.00
due 9/30/85 ; 10.875%
586660 U.S . Treasury Note, Ser. L-88 500,000.00
due 3/31/88; 12.00%
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce Bank-Beaumont and InterFirst Bank of Beaumont 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 release and evidence of the authority of said banks
to make said pledge and release.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the _/�Q,Z` day of 1985.
Mayor -