HomeMy WebLinkAboutRES 65 FFFKEWJr/gh/5/14/7
( S F)or
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, 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 Federal Reserve Bank
of Dallas $200,.000 U.S. Treasury 7.75% Notes, due
5-15-73, held under Receipt No. 60022 and $500,000
U.S. Treasury'7.75% Notes, due 5-15-73, held under
Receipt No. 9885; and,
WHEREAS, the American National Bank of Beaumont
wishes to pledge with the Texas Commerce .Bank of
Houston $700,000 U.S..Treasury 7.00% Notes, due
11-15-7.5; 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 Federal
Reserve Bank of Dallas, and to pledge the above described secu-
rities with the Texas Commerce Bank of Houston, 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.
1973.
PASSED by the City Council this day of.May,