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HomeMy WebLinkAboutRES 44 YYC• i i �"7 yy A RE SOLUTION 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: $684,000.00, 5 5/8% U. S. Treasury Notes Ser -B due 8-15-74, held under receipt No. H 48457; 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 Federal Reserve Bank of Dallas 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 10th day of February, 1970. - Mayor - 176 APPLICATION TO FEDERAL RESERVE BANK OF DALLAS REQUESTING THAT IT ACCEPT CERTAIN SECURITIES FOR SAFEKEEPING'. Whereas, the undersigned Depository has been duly and legally designated, and has done all things and performed all acts necessary to qualify as the public depository of the funds of the undersigned Depositor; and Whereas, to secure the funds deposited with it, the Depository has in accordance with law pledged with the Depositor the following securities: Receipt # DESCRIPTION Rate due PAR VALUE H 48457 U. S. Treasury Notes SersB 5 5/8 8-15-74 684,000.00 i (In the above space give complete description of securities 'offered for safekeeping. If above space is not sufficient, continue description on reverse side hereof.) And whereas, other and additional securities may be pledged by the Depository with the Depositor at some future time; and Whereas, both the Depositor and Depository desire and hereby request that the Federal Reserve Bank*of Dallas accept the securities above described, or any hereafter tendered, to be held by it for the joint account of the Depositor and Depository under such joint safekeeping receipts as it may desire to issue: Now, therefore, in consideration of the premises, and as an inducement to the Federal Reserve Bank of Dallas gratuitously to hold for safekeeping the above described securities or any other additional or substituted securities which may hereafter be tendered to it, it is agreed by and between the Depositor and Depository for the benefit of themselves and of the Federal Reserve Bank of Dallas should it agree to act in the capacity requested, as follows. 1. The agreement of the Federal Reserve Bank of Dallas to act under this application in the capacity requested shall be evidenced by the issuance of its Joint Safekeeping Receipt, and it is understood and agreed that such receipt, if issued, shall be subject to the terms and conditions hereinafter set out. 2. The Federal Reserve Bank of Dallas shall act only as a gratuitous bailee. It shall give the securities hereinabove described, or any taken in substi- tution therefor or in addition thereto, the same care that it gives to its own property of like kind, but otherwise it shall be liable only for its own negligence or for failure to comply with the terms of this agreement. 3. The Federal Reserve Bank of Dallas need not maintain any form of insurance for the account of the Depositor and/or Depository on the securities placed with it under this agreement. The Depositor and Depository shall carry for their own account such insurance as they think necessary or desirable. 4. Subsitutions may be made—for any of the above described securities, or any additional securities which may be tendered and accepted, or for securities which have been previously substituted under the'terms of this paragraph, upon joint request of the Depositor and Depository when accompanied by authority, given under proper resolution of the Governing Body hereinafter referred to. Such substituted or additional securities shall be held subject to the terms and conditions of this agreement. 6. The securities above described, or any additional securities which may be tendered and accepted, or any taken in substitution therefor, shall be sur- rendered only upon the joint request of the Depositor and Depository, and then only when accompanied by authority, given under proper resolution of the Governing Body hereinafter referred to. 6. The Federal Reserve Bank of Dallas shall in no manner be responsible for the genuineness,' negotiability, acceptability, or eligibility of the securi- ties delivered to it under this application. Its only responsibility is to hold such securities as may be delivered to it, in accordance with this agreement. 7. The Federal Reserve Bank of Dallas is authorized to clip the maturing interest coupons on the securities ,which it holds under this agreement and deliver them or their proceeds to the Depository; provided, however, that if and whenever notified- by the Depositor in- writing to discontinue this practice the said Federal Reserve Bank shall obey such instructions, and it shall thereafter hold such maturing interest coupons without collection. 8. The Federal Reserve Bank of Dallas is authorized to act upon instruction given over the signature of any officer of the Depository on file with it. The signature of the Depositor is that appended to this agreement, and the said Federal Reserve Bank is -authorized to act upon instructions given over this signature. If there should be a successor to anyone authorized to sign for the Depositor named herein before the full'delivery of all securities covered by any Joint Safekeeping Receipt issued upon this application, including substitutions, it shall be the duty of the Governing Body hereinafter named to certify the name and signature of such successor or successors to the Federal Reserve Bank of Dallas, and thereafter said bank shall be authorized to act upon this signature to the same extent as under the signature of the Depositor named herein. 9. The Governing Body referred to in this instrument is The City of Beaumont and said body, by proper resolution spread upon its minutes, fully authorized the execution of this agreement by the Depositor. In witness whereof, this agreement is executed in triplicate, a copy being intended for each the Depositor, the Depository and the Federal Reserve Bank of Dallas, on this the day of FEBRUARY 19_.T0__ ,TY OF BEAUMONT a AMERICAN NATIONAL BANK OF BEAUMONT B \ \ Depositor'. , Depository. This is to certify that the above and foregoing application was duly"corisideiled by the Governing Body named in the application at a meeting properly i�� FEBRUARY' held on the day of � � \ ' ,' ;. 19 70 , a quorum being present, and that said Governing Body duly authorized and ordered the application to be executed snd compiled with, all of which, )together with a copy of this application, f ly appears in the minutes of said meeting. (SEAL) SEC -20 Rev. 10-66 CITY CLERK Seeuskm�k.