HomeMy WebLinkAboutResolution - 042254C - Substitue Securities & Release Of US Treasury Bonds, Citizens National Bank - 04_22_1954 It
E S O.L U T-I O'N
h �y 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
United States' Treasury Bonds pledged to secure funds on deposit; N 0 W,
THEREFORE,
BE IT RESOLVED BY THE CITY CONMSSION OF THE CITY OF L U B B 0 C Rs
T H A T, the Citizens National Bank of Lubbock, Texas, BE, and it is
hereby, authorized to replace One Million and No/100 (S1,000,000.00) Dollars of
two and one-fourth per cent (2-1/4 %) interest, United,.States Treasury Bonds of
December, 1962/59 held 'by Republic National Bank of Dallas under Safekeeping
Receipt No. 46902; and in lieu thereof, to replace said securities with One
Million and No/100 ($1,000,000.00) Dollars of two and three-eights (2-3/8 %)per.--ceni i
terest, United States Treasury Bonds of 1958; provided that bonds and securities
of similar kind shall remain on deposit at all times adequate to secure the
Cityts balance with said depository; and provided further that the City of Lubbock
shall be promptly furnished Safekeeping Receipts to cover these securities..
On motion of Commissioner Carpenter , seconded by Commissioner
f
B aker , this Resolution was passed unanimously this the 22 day
of April, , 1954, by the City Commission.
M�TRftH�,L
ATTESTS
nia Lowe, ty Sec etary-Treasurer
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- 4-19-54 $.
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04225L
OF LUBBOCK
N.HAROLD MUh1N
April 17, 1954
Hon. City Commission
City of Lubbock
F
Gentlemen.
At the present time, you hold Safekeeping Receipt #46902
issued by the Republic National Bank of Dallas for One
Million ($1,000,000.00) Dollars 2 1/4% U. S. Treasury
Bonds of December 1962/59.
If agreeable, we would like to withdraw these bonds from
this pledge and pledge in lieu of them a like amount of
2 3/8% U. S. Treasury Bonds of 1958.
We will appreciate having a copy of the Resolution of the
minutes authorizing this substitution.
Yours very truly,
L
xer
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