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HomeMy WebLinkAboutRES 75 ZZ%Y Z 2� , A R E S O L U T I O 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 wishes to withdraw $25,000.00 Texas City, Tex. 3.10% Water & Sewer Rev. Bonds due 9-1-72 held under Receipt No. 86909; and $100,000.00 Fed. Land Banks 6.80% due 2-23-71 held under Receipt No. 111499; and wishes to pledge in lieu of same $410,000.00 Jefferson County, Texas 4.50% Bridge Bonds due 4-15-83/85 held under Receipt No. 133317; and, WHEREAS, after this withdrawal and pledge of additional Notes, the American National Bank of Beaumont will have sufficient securities still remaining pledged to protect the deposits of the said City of Beaumont, Texas: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: That the American National Bank of Beaumont, Texas, be permitted to withdraw the securities above described from the Bank of the Southwest, N.A. Houston, Texas, and to pledge the above described securities with the Barikrof the Southwest N.A. Houston, Texas, and a certified copy of this Resolution shall constitute evidence of the authority of the American National Bank of Beaumont; Texas, to.make said withdrawal and pledge. 1970. PASSED by the City Council this the 15th day of December, YOR °r.. INTER-OFFICE MEMORANDUM, 1 �; S CITY.' OF • BEAUMONT, TEXAS F Date IJECEA'ER. iba '197. To: 1 ANSam CITY CONTRbLTZR ,a From:. CITY CI RK .' Subject: QUEST FOR SUb8TITUTXON ,0/01Z:.WITI-PW1A.L OF SECURIM,8 'COMMENT: Attached are three {3i Re, ie i 'dor Substitution and-'gr ` ithdra a o Seawr3.ties held b ' the Tem C i ne 'Bad © Houston„,_ Ii`eds ° Rs a ve Bank of Dallas and e B ot;the :South lest N.; A. Housto�a�, Tess Under Jol4it Safekeeping Receipt, fors• �bich have besltt ''properly +axsct ted, .l r City Council, in regular' dossJ6r held Twc�d, y,2 1)ecem`# pr X$s 1970, ijuih©rised withdrawal and gled$e ,..09"(00 OuritiNs Youre vex7'' City 01.erk„ i:equest for Substitution d/or withdrawal of �s�curities.t�,ld by BANK OFhT,I!-1i-'175-33 SO>TTHWES'T, T TEXAS under joint Safe aping receipt. 1. A . IIO ON, TEt _ , lam_ SL`l2� The undersigned Depositor and Depository Jointly request the _BANK OF TI -E SOUTHWEST _N_.A. HOUSTON, TEXAS to substitute or permit a withdrawal of the securities which it holds under Joint Safekeeping Receipt'issued by it to the undersigned in accordance with the terms of the resolution hereunder quoted and to deliver the securities substituted for or withdrawn to the party named in such resolution. City of Beaumont Beaumont Texas BY: rcz�Lz�—v /-Depositor American National Bank of Beaumont,Tex, BY: , Depository W. G. Johnson, Vice President & RESOLD TIO Cashier "Whereas, heretofore, under date of �p52o9,�05 64,e BANK OF THE SOUTHWEST, N.A. HOUSTON, TEXAS issued to qm riean Natinnnl $sank Depository, in Joint Safekeeping Receipt o.r receipts covering certain securities; and Whereas, both the Depositor and Depository now desire the BANK OF THE SOUTHWEST, N.A., ?HOUSTON, TEXAS to permit a substitution of certain securities, or a withdrawal securities, which it now holds as hereafter more fully set forth; and "Whereas, the securities, if any, hereinafter mentioned, which the above named parties desire to substitute in lieu of those,' heretofore placed in safekeeping with the BANK OF TH SOUTHWE7ST, N.A. HOUSTON, TEXAS , meet with the requirements of law and have been and are hereby approved; and "Whereas, the securities, if any, hereinafter mentioned, w;.iich the above named parties wish to withdraw, are entitled under the law to be withdrawn: "now, therefore, be it resolved: That the BANK OF THE SOUTHWEST, N.A. HOUSTON, TEXAS be and it is hereby requested and authorized to surrender the following securities heretofore placed with it for safekeeping by the above named parties, to -wit: RECEIPT NO. DESCRIPTION PAR VALUE 869o9 Texas City, Tex. 3.10% Water & Sewer Rev. $ 25,000.00 Bonds due 9-1-72 111499 Fed. Land Banks � 80f due 2-23-71 100 OOP 00 and o receive in lieu thereof the of owing securities, which are her by 1A a r respects approved: DE SCRIPTION PAR VALUE 133317 Jefferson County, Texas 4.50 Bridge Bonds $ 410,000.00 due 4-15-83/85 "Be it further resolved: That the BANK OF IKOUTHWEST, N.A. HOUSTON, TEXAS be and it is hereby authorized to deliver the securities described herein to be substituted for or withdrawn to American National Bank, Beaumont, Texas or its order. This is to certify that the above and foregoing resolution was duly passed by City of Beaumont of Beaumont, Texas , at a meeting properly held on the day of December , 19 70 , the undersigned Members, who constitute a quorum, being present, all of which fully appears in the Minutes of said meeting. SEAL <. Clerk i,ITr' i_EF IK The members of the Governing Body whose signatures appear below were present at the meeting referred to in the above certificate. -:)3 THE AMERICAN NATIONAL BANK OF BEAUMONT THE AMERICAN CENTER BEAUMONT, TEXAS December 9, 1970 W. G. JOHNSON VICE PRESIDENT AND CASHIER Mr. Dean Ransom, Comptroller CITY OF BEAUMONT P. 0. Box_ 3827 Beaumont, Texas 77704 Dear Mr. Ransom: We attach the properly executed forms to release certain securities, pre- sently pledged to the City of Beaumont, which mature within the next two (2) years. Also enclosed are the necessary forms to re -pledge certain other longer term securities. The above will have the net effect of reducing the total amount of sec- urities pledged to the City of Beaumont by $ 3,000.00, for a new total of $ 5,1+98,000.00. As we discussed on Friday, December 4, 1970, the de- mand deposit and time deposits of the City will increase after the first of the year and we have selected certain securities to be used to increase the total amount of securities pledged to the City of Beaumont at that time If it is at all possible, it would be a great deal of assistance to us if the present releasing and re -pledging could be accomplished before the end of the year. Please let us know if we can be of any assistance to you. We wish to take this opportunity to thank you for your assistance in this matter. Very trul ours W. G. Joh s n Vice President and Cashier nks Encl: 1 ri r