HomeMy WebLinkAboutRES 75 398x --
`I CE b r-) 8 .
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 September 9, 1975,
whereby it was provided that the said American National Bank of Beau-
mont would pledge with the City Council of the City of Beaumont cer-
tain securities in lieu of giving bond as City Depository; and,
WHEREAS, the American National Bank of Beaumont wishes to
pledge the following securities with the Texas Commerce Bank of Hous-
ton:
PAR AMOUNT DESCRIPTION SK #
U. S. GOVERNMENTS:
$ 4,000,000 U. S. Treas.. Bills, due 4-6-76
4,600,000 U. S. Treas. Notes 7.500, due
10-31-77
5,000,000 U. S. Treas. Notes 8.1250, due
12-31-78
1,300;000 U. S. Treas. 4.25% Bond, due
5-15-85 134 572
$14,900,000 = TOTAL
MUNICIPALS:
$ 700,000 Baytown, Texas G/0 5.75%, 50m ea.,
due 2-1-79/92
300,000 Baytown, Texas G/0 5.95%, 100m ea.,
due 2-1-93/94. 100m 6.00%,
due 2-1-95
$ 1,000,000 = TOTAL
The Total above securities being pledged being in the sum of
$15,900,000.00;
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
pledge the above described securities with the Texas Commerce Bank of
Houston, and a certified copy of this resolution shall constitute evi-
dence of the authority of the American National Bank of Beaumont, Texas,
R,-7 3 9 e
to make said pledge.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the
day of , 1975.
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