HomeMy WebLinkAboutRES 85-405 R E S O L U T I O N
WHEREAS, the City has contracted with Texas Commerce
Bank-Beaumont, N.A. , and MBank-Beaumont as City depositories for
investment purposes; and,
WHEREAS, Texas Commerce Bank-Beaumont, N.A. wishes to
pledge the following security with Texas Commerce Bank - Houston,
N.A. .
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Notes, 11.75%; $ 5,000,000.00
due 5/15/89
and,
WHEREAS, Texas Commerce Bank - Beaumont, N.A. wishes to
release the following security being held at Texas Commerce Bank-
Houston, N.A. :
RECEIPT NO. DESCRIPTION PAR VALUE
473861 U.S . Treasury Notes, 10. 375%; $5,000,000.00
due 2/15/88
and,
WHEREAS, Texas Commerce Bank - Beaumont, N.A. wishes to
pledge the following securities effective November 25, 1986 with
Texas Commerce Bank-Houston, N.A. :
RECEIPT NO. DESCRIPTION PAR VALUE
U.S. Treasury Notes, 11. 75%; 3, 000,000.00
due 5/15/89
U. S . Treasury Notes, 8.75%; 1, 500,000.00
due 11/15/88
and,
WHEREAS, Texas Commerce Bank - Beaumont, N.A. wishes to
release the following security effective November 26, 1986 with
Texas Commerce Bank-Houston, N.A. :
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Notes, 11 .75%; 3,000,000.00
due 5/15/89
U. S. Treasury Notes; 8.75%; 1,500,000.00
due 11/15/88
and,
WHEREAS, MBank-Beaumont wishes to pledge the following
security with MBank-Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
San Antonio, Texas Electric and $ 25,000.00
Gas System Revenue Bonds,
8 .70%; due 2/1/2000
and,
WHEREAS, on November 12, 1985, collateral accepted for
pledge by MBank-Beaumont at MBank-Houston was incorrectly accepted
as City of Austin municipal bonds at 9 .0%, maturing 9/1/2002 for
$100,000; and,
WHEREAS, these bonds should have been pledged as 8. 7%,
maturing 7/1/2004 for $100,000;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce Bank-Beaumont, N.A. and MBank-Beaumont be
permitted to pledge and release the above-described securities and
a certified copy of this resolution shall constitute the approval
of such pledges and releases and evidence of the authority of said
banks to make said pledges and releases.
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BE IT FURTHER RESOLVED that the securities accepted for
pledge for MBank-Beaumont at MBank-Houston as City of Austin
municipal bonds at 9.0%, maturing 9/1/2002 for $100,000 be replaced
with securities pledged as 8.7%, maturing 7/1/2004 for $100,000.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the ���/lT/AU day of 1985.
- Mayor -
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