HomeMy WebLinkAboutRES 88-074 R E S O L U T I O N
WHEREAS, the City has contracted with First City Bank -
Beaumont as a depository for investment purposes, and,
WHEREAS, First City Bank - Beaumont wishes to pledge
the following securities as substitution for securities which are
being held at the Federal Reserve Bank - Dallas, effective April
12 , 1988 ;
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Note @ 6.625% $200,000 .00
due 2/28/89
U. S. Treasury Note @ 7. 625%; 300 ,000 .00
due 7/31 /89
and,
WHEREAS, First City Bank - Beaumont wishes to release
the following securities being held at the Federal Reserve Bank -
Dallas/Houston Branch effective April 12, 1988 :
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Note @ 10.00%; $500 , 000 . 00
due 5/15/88
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT First City 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
release as evidence of the authority of said bank to make said
pledges and release.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the �. ` day of 1988.
F
Mayor -
2 -