HomeMy WebLinkAboutResolution - 012854A - Substitue Securities & Release Of US Treasury Bonds, Citizens National Bank - 01_28_1954 7-
''L REST
WHEREAS, 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; THEREFORE,
I BE IT RESOLVED BY THE CITY COALS IO
S N OF THE CITY OF LUBBOCK:
' � ,{ That the Citizens National Bank of Lubbock, Texas, be, and it is hereby
kq authorized to replace Two Million Six Hundred Thousand and' no/100 Dollars
($2,600,000.00), two and one-half percent (4%)` V. S. Treasury Bonds of 1958,
receipt No. 43513, issued by the Republic National Bank of Dallas, Texas, and
in lieu thereof to replace said securities with Two. Million Six Hundred
Thousand and no/100 Dollars ($2,600,000.00), one and three-eighths percent
(1 - 3/8%) U. S. Treasury Notes due March 15, 1954, and further providing
that bonds of similar kinds shall remain on deposit at all times adequate to
secure the Cityts balance with said depository.
On motion of Commissioner Davis , seconded by
Commissioner Carpenter _;^ 0 this resolution was passed this
the 2,8th „ day of January , 1954, by the City Commission by
unanimous vote.
RIPP r d{,
ATTEST:
Lay nia Lowe, Cit Secretary-Treasurer
WLS:pc
1-27-54