HomeMy WebLinkAboutRES 42 YYi
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A R E S 0 L U T I 0 N
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
lieu of giving bond as City Depository; and,
WHEREAS, the American National Bank of Beaumont
wishes to pledge the following additional secu-
rities: $100,000.00, 8.35% Federal Land Banks
due 9=15-72, held under receipt #117998 and
$300,000.00, 5.0% U. S. Treasury Notes Series
A-1970, held under receipt #121053; 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
Bank of the Southwest National Association of Houston, Texas,
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 the #2�.o day of
January, 1970.
- Mayor -