HomeMy WebLinkAboutResolution - 022554B - Substitue Securities & Release Of US Treasury Bonds, Citizens National Bank - 02_25_1954 "Op
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W H E R E A S; the -Citizens National Bank of Lubbock; Texas, depository
for the City of Lubbock, desires_ to'substitute securities and to .release certain
r United States Treasury Notes pledged to secure funds on deposit;T H ER E F 0 R E,
BE IT RESOLVED BY THE CITY COMMSSION'OF THE CITY OF LUBBOCKs
T H A T the Citizens Natio, sal Bank of Lubbock,' Texas,'be, and it is
ereby authorized to -replace One Million and.No/100 ($1,000,000400) Dollars of
* one and three=eighths percent (1-3/8 Q interest, United States`Treasury Vote
eries of A-1954 held under Republic' National'-Bank of°.Dallas safekeeping receipt
umber 46007 and'Tvo Million Siz: Hubdred Thousand and*'Ro/100 ($2,,6000000.00) Dollars
ne 'and three-ei hths'g per cent %) United States Treasury-Notes of Series
1954 hold umder'Republic- National Bank of Dallas, :Texas safekeeping receipt
umber 46048, and in lieu thereof to replace said securities with Three Million
ii Hundred Thous4Lnd'and-No/300 '($3,9600,000.00) Dollars of two and one-half per
ent'(2-1/2- %),'`Uanited"States Treasury Bonds;' Series of 1961, provided that bonds
nd securities of similar kind shall remain on deposit at all times adequate to
ecure the Cityle balance with said depository, and provided further that the City
f Lubbock shall be promptly advised of the safekeeping receipt number under which
said bonds are pledged.
On motion of Commissioner Davis seconded by
ammi.ssioner Carpenter , this Resolution was passed unanimously
his theyijth day of February , 1954, by the City Commission.
MURREIL P,
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ATTEST:
Lav nia Lowe, CiVy Secret . -Treasurer
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22-54