HomeMy WebLinkAboutRES 87-168 )oe-
R E S 0 L U T 1 0 N
WHEREAS, the City has contracted with Texas Commerce
Bank Beaurtiont as a depository. for investment purposes; and,
WHEREAS, Texas Commerce Bank - Beaumont wishes to
substitute the following security which was pledged as collateral
to cover city deposits:
RECEIPT NO. DESCRIPTION PAP, VALUE
U. S. Treasury Note, 7.250; $1 ,500,000
due 6/30/90
and,
WHEREAS, Texas Commerce Bank - Beaumont wishes to
release the following security being held at Texas Commerce Bank
- Houston:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Note, 7.625%; $1 ,500,000
due 11 /15/87
and,
WHEREAS, Texas Commerce Bank - Beaumont also wishes to
pledge the following securities effective August 11 , 1987 to
cover increased deposits:
RECEIPT NO. DESCRIPTION PAR VALUE
Angleton WIS, 4.75%; due 3/10/88 $ 35,000
Austin Tex Hsng. , 9. 40%; due 4/01 /96 85,000
Belton !SD, 5.20% ; due 1 /15/92 135,000
College St. GO. , 5.70%; due 2/01 /89 25,000
Cypress Fairbanks, 5.00%; due 2/01 /92 50,000
Cypress Fairbanks, 5.00% ; due 2/01 /103 50,000
Dallas Tex SIS, 9.2510; due 4/01 /92 100,000
Denison WIS, 6 .80% ; due 1 0/01 /90 25,000
Grand Prairie W/S, 4.90%; due 3/01 /88 50,000
Grand Prairie IS, 5. 55% ; due 3/01 /94 155,000
Harris Co. Hosp. , 6.150; due 12/15/87 100,000
Harris Co. Hosp. 6.45%; due 12/15/89 190,000
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT Texas Commerce 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 as evidence of the authority of said bank to make said
pledges and releases.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the /00.6r,, day of 1987.
Mayor
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