HomeMy WebLinkAboutRES 47 FFFKEWJr/im/4/26/7:
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, 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 of Beaumont
wishes to withdraw from the Texas Commerce Bank
of Houston, Texas, $800,000 U. S. Treas. 7.00%
Notes, due 11-15-75, held under Receipt No.
119440 (balance of) and $600,000 U. S. Treas.
6.75% Bonds, due 2-15-93, held under Receipt No.
119247 (part of); and,
WHEREAS, the American National Bank of Beaumont
wishes to pledge with the Federal Reserve Bank
of Dallas $300,000 Bryan, Tex. Util. Sys. Rev.
5.00% Bonds, due 7-1-88/86; $200,000 Bryan, Tex.
Util. Sys. Rev. 5.10% Bonds, due 7-1-90/86; and
$100,000 Dallas, Tex. WW/SS Rev. 5.00% Bonds,
due 4-1-86; and,
WHEREAS, after this withdrawal and pledge of
additional securities, the American National
Bank of Beaumont will have sufficient securities -
still remaining.pledged-to protect the deposits
of the 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 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 withdrawal and pledge.
PASSED by the City Council this day of 1973.
Mayor -