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HomeMy WebLinkAboutResolution - 012750A - Release Of U.S. Treasury Bonds - Citizens National Bank (COL Depository) - 01_27_1950 RESOLUTION 27SO WHEREAS, the Citizens National Bank of Lubbock Texas Depository for the i f s p rY City of Lubbock, has requested the releas© of certain bonds pledged to secure funds of the City of Lubbock deposited with said Bank and the Governing Body of the City of Lubbock f'indsl_that�.thb release of said bonds as hereinafter described will leave remaining pledged bonds of a total Value of approximately $3,000,000.00 which is adequate for such substitution, THEREFORE, BE IT RESOLVED BY THE CITY COMISSION OF THE CITY OF LUBBOCKs That the Citizens National Bank of Lubbock, Texas be and it is hereby auth- orized to withdraw and replace $2,000,000.00 United States one and one-eight4 per- cent (1-1/8%) Certificates of Indebtedness Series H, 1950 covered by Safe Keeping Receipt No. 26667 and C:1,000,000.00 Certificates of Indebtedness Series A, 1950, one and one-eight# percent (1-1/8%), covered by Safe Keeping Receipt No. 26136, as shown by letter request dated January 18, 1950 of said Depository, and to sub- stitute therefor 63,000,000.00 of two percent (2%) Treasury Bonds of 1951-1953 issued jointly to the Citizens National Bank -of Lubbock, Texas and the City of Lubbock and covered by Safe Keeping Receipts No. 27260 and 27259 of Dallas National Bank, PROVIDED HOWEVERp that bonds of similar kind shall remain on deposit at all times adequate to secure the City's balance with said Depository. i On motion of Commissioner `'Ihiteside , seconded by Commissioner Price , �-. the foregoing Resolution was passed unanimously by the City Commission this 27th day of January, 1950. Mayor , I� ATT (� I) City.Secretary r II f J i