HomeMy WebLinkAboutResolution - 032554B - Substitue Securities & Release Of US Treasury Bonds, Citizens National Bank - 03/25/1954R -E S O ,L U T ION
W HER EAS•, -the Citizens National Bank of Lubbock, Texas, depository
for the City of Lubbock, desires to substitute securities and to release certain
United States Treasury Bonds pledged to secure funds on deposit; NO W,
THEREFORE,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK
T HA T , the Citizens National Bank of Lubbock, Texas, BE, and it is
hereby authorized to replace One Million and No/100 ($1, 000, 000. 00) Dollars
of two and three -eights per cent t2-3/676) interest UnitedStatesTreasury
Bonds of 1958, held -by Republic National Bank of Dallas under Safekeeping
Receipt No. 45926; and in lieu thereof to replace said securities with One
Million and No/100 ($1, 060,'000. 00) ,Dollars of two and one-fourth per cent
(2-1/416) interest United States Treasury Bonds of 1962/59, and One Million
Three Hundred Fifty and No/100 ($;1, 350, 000. 00) Dollars of two and one-half
per cent (2-X1/2%) interest Treasury�Bonds,of 1'961; provided that bonds and A -i
securities of similar kind shall remain on deposit at all times adequate to 4
secure the City's balance with said depository; ;and provided further that the
City of Lubbock shallbe promptly furnished Safekeeping Receipts to cover
these securities.
On motion of Commissioner Davis , seconded by Com-
missioner Carpenter , this Resolution was passed unani-
mously this the '25th day of March , 1954 by the City Commission.
AT TES Qk
Lav is Lowe, ity S cretary-Treasurer
CAMsv
3 .;Z3 -54
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