HomeMy WebLinkAboutRES 86-046 R E S O L U T I O N
WHEREAS, the City has contracted with Allied Bank -
Beaumont as a City depository for investment purposes; and,
WHEREAS, Allied Bank - Beaumont wishes to pledge the
following security with Allied Bank - Houston effective February
14, 1986:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Notes, 9.875%; $1, 000, 000.00
due 2/15/86
and,
WHEREAS, Allied Bank - Beaumont wishes to release the
following security being held at Allied Bank - Houston effective
February 15, 1986:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S . Treasury Notes, 9.875°x; $1, 000, 000.00
due 1/31/86
and,
WHEREAS, Texas Commerce Bank - Beaumont, N.A. , wishes to
pledge the following securities with Texas Commerce Bank - Houston,
N.A. .
RECEIPT NO. DESCRIPTION PAR VALUE
U.S. Treasury Notes, 10.375%; $5,000, 000.00
due 2/15/88
and,
WHEREAS, Texas Commerce Bank - Beaumont wishes to release
the following security pledged with Texas Commerce Bank - Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Notes, 11. 75% $5, 000,000.00
due 5/15/89
and,
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce Bank-Beaumont, N.A. , and Allied Bank-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.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of 1986.
Mayor -
2 -