HomeMy WebLinkAboutRES 10 FFFKEWJr/im/3/26/73
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, 1971, 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 $1,100,000 U. S. Treas. 7.00% Notes,
due 11-15-75, held under Receipt No. 118362;
$700,000 U. S. Treas. 7.00% Notes, due 11-15-75,
held under Receipt No. 118947; and $1,000,000
U. S. Treas. 7.00% Notes, due 11-15-75, held
under Receipt No. 119073 and wishes to pledge
in lieu of same $2,800,000 U. S. Treas® 6.75%
Bonds, due 2-15-93; and,
i
WHEREAS, after this withdrawal and pledge of
additional Bonds, 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
Texas Commerce Bank of Houston, Texas, and to pledge the above
described securities with the'said Texas Commerce Bank 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 withdrawal and pledge.
PASSED by the City Council this the cQ % day of mp&c .
1973.
- Mayor