HomeMy WebLinkAboutRES 2 YYWHEREAS, The City of Beaumont and the American National Bank
of Beaumont, Texas, entered into::a contract dated July 1, 1969, whereby
it was provided that the said American National Bank of Beaumont would
pledge with the City Council of The City'of Beaumont certain securities
in liew of giving bond as City Depository; and,
WHEREAS, the American National Bank.of Beaumont wishes to
pledge the following additional securities:
Description
Rate
Maturity
Amount-
Receipt #
Corpus
Christi
Gen. Impr..
5%
10-1-70
$50,000.00
y
Alvin
ISD Sch.
Bldg.
5%
A
R
E S
0
L U
T
I
0
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WHEREAS, The City of Beaumont and the American National Bank
of Beaumont, Texas, entered into::a contract dated July 1, 1969, whereby
it was provided that the said American National Bank of Beaumont would
pledge with the City Council of The City'of Beaumont certain securities
in liew of giving bond as City Depository; and,
WHEREAS, the American National Bank.of Beaumont wishes to
pledge the following additional securities:
Description
Rate
Maturity
Amount-
Receipt #
Corpus
Christi
Gen. Impr..
5%
10-1-70
$50,000.00
75538
Alvin
ISD Sch.
Bldg.
5%
4-10-71,
505000.00
76262
Texas
City ISD
Schlse
5%
1-1-73
505000.00
77351
Alief
ISD Schlse.
4.10%
3-1-81
501000.00
74812
Richardson
ISD
Sch. Bldg.
5%
5-15-81
50;000.00
75074
Eagle
Pass ISD
Schlse,
5.90%
7-1-84/85
50,000.00
81642
Pecos
ISD Sch.
Bldg.
4.90%
8-1-85
504000.00
71791
Sherman
WW&SS
;
4.40%
10-1-83
55,000.00
72153
The total above securities being pledged being in the sum of $405,000.00;
and;
WHEREAS, after this additional pledge, the American National
Bank of Beaumont will have sufficient securities pledged to protect
the deposits of the said City of Beaumont, Texas;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF BEAUMONT:
That the American National Bank of Beaumont be permitted to pledge .the
additional above described securities with the Texas National Bank of
Commerce and a certified.copy of this resolution shall constitute
evidence of the authority of the American National Bank of Beaumont,
Texas, to make said additional pledge.
PASSED by the City Council this 14th day of October, 1969.
A
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