HomeMy WebLinkAboutR84-689RESOLUTION NO. R84-689
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLAINVIEW,
TEX~ A33THORIZING CITY NATIONALBANKOF PLAINVIEW, TEXAS
TO~F/RASE SECURITIES IN THEA~DUNTOF $1,000,000.
WHEREAS, the City National Bank has been designated as a depository
of the City of Plainview and is required to pledge certain securities
against these deposits to be held in safe keeping;
WHEREAS, both the depositor and depository now desire the Federal
Reserve Bank of Dallas to hold certain securities in joint safe keeping;
and
WHEREAS, the depository shows total securities pledged to the City
in the amount of 1,770,000 par value with the total average of City
funds on deposit of $601,311.30 creating an overpledge of approximately
$1,000,000:
WHEREAS, the depository is requesting that the City allow the
release of $1,000,000 in securities which will still give adequate
protection to the City's deposits:
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the
City of Plainview, Texas to authorize the release of $1,000,000 in
securities which have been pledged as protection to the City's deposits,
still allowing protection to deposits to $870,000 of the City National
Bank of Plainview.
PASSED AND APPROVED this the 13th day of March, 1984.
E.V. RIDLEHUBER, Mayor
ATTEST:
WALTER S.' DODSON, City Clerk
~ ...... TS .................
NATIONAL BANK
of Plainview, Texas
SUSAN HtNTON
ASSISTANT TRUST OFFICER
February 29, 1984
Mr. Norman Huggins
Director of Finance
City of Plainview
P. O. Box 1870
Plainview, Texas 79072
Dear Mr. Huggins:
In accordance with our telephone conversation today,-you will find
enclosed a copy of the pledge report for the City of Ptainview dated
January 31, 1984.. This report shows total securities pledged to the
City of $1,770,000 par value.
After releasing from pledge $1,000,000 in securities, the bank shows
$770,000 pledged to the City of Plainview. With the inclusion of the
$100,000 FDIC limitation, the City has protected deposits up to $870,000.
For the past twelve months, the balances in the City's demand deposit
accounts averaged $45,128.49 and Certificates of Deposit averaged
$556,182.81. This gives a total average of funds of. $601,311.30. This
allows the City and the bank a cushion of approximately $270,000 for
additional deposits. If deposits should exceed that level, the bank
would want to increase the pledge total immediately- The securities
pledged to the City can be increased by a phone call to the Federal
Reserve Bank, therefore, if you feel at some point they should be
increased, please call on me.
Sincerely,
SUSAN HINTON
Assistant Trust Officer
SH:lah
enc.
Telephone (806) 293-1311 * 7th and Baltimore ;-' P.O. Box I180 ;~ Plainview, Texas 79072
REQUEST FOR SUBSTITUTION OF NON-U.S: GOVERNMENT OR AGENCY SECURITIES AND/OR IMMEDIATE WITH-
DRAWAL OP'-ANY SECURITIES HELD BY THE FEDERAl- RESERYE BANK-O~-DALLAS' IN JOINT SAFEKEEP~G ........
The ~mde~{gned De~itor ami Deoositm'y joinlly roquest the Federal R~erve Bm~k of Dallm~ ~o substitute or permi& ~ withdrawal of the securiti~ which
i~ holds under Joint Safekeepin~ Receipt or Advice .f Deposit issued by it ~ the undeJ~i~ned, in accordance wiLh the ~erms of the r~olution herea[ter quoted.
and to detiveC the s~urities substitut~ for or withdrawn ~o the party na~d in such r~olution.
_The Cit_t3 NatiQn. al_Bank:Df_Plainview ........
l)eoository Bank
P.O. Box 1180:~!ain~~X_~0.7_2 .....
_~ Address
---
SUSAN HINTON, Asst. Trust Officer
RESOLUTION
"Whe,.e=. herotofo .... der da~ of F~b~mry 29
City_ of P]m~nvi~w
The__C~Pml R~nlc of
its Juint Safekeeping Receipt or Advice of Deposit> or re~eipt~ coverin~ 'e~r~a~ securities; and
.... Cit!z_.of Plai-~vic=~cB~m,.,i~r - ...............
...... p1 ~ va/jj~=~i]X-?-~ ..........................
Addres
NORMAN HUDGINS, Director of Finance
· 19---84~ ~he Federal Reserve Bank of Dallas issued to
· Depositor, and
Depository,
"Whereas, b~h the Depositor and Depository now desire the Federal Reserve Bank of Dallas to permit a substitution of certain securities, or a with-
di-a%val of securities, which it now holds, as hereinafter more fully set forth: and
"Vqhereas, the securities, if any, hereinafter mentioned, which the above named parties desire to substitute in lleu of those heretofore placed in safe-
keeping with the Federal Reserve Rank of Dallas, meet with the re~qulrements of lax:, ~nd have been and are hereby approved; and
"Where~,~% the securitle~, if any, hereina£ter mentioned, which the above named parties wish to withdraw, are entitled under the law
"Now. therefore, be it resolved: That the Federal Reserve Bank of D~dlas be and it is hereby requested ,~nd authorized to surrender the following
securities heretofore placed with it for safekeeping by the above named parties,
RECEIPT NO,
PAR VALUE
DESCRIPTION
U. 'S. Treasury Notes due 8/15/87 at 13.75% 500,000
D263349 Dallas County, TX GO L/T bonds due 1/10/89 at 6.6% 100,000
D263350 E1 Paso County, TX Perm bonds due 7/1/88 at 7,5% 100,000
D309932 Kermit TX ISD U/T GO bondS due 2/1/86 at 9.0% 100,000
D309924 Sabine, TX ISD bonds due 4/1/89 at 8.4% 100,000
327718 Victoria, TX Perm Inp bonds due 5/1/88 at 12.75% 100,000
(Here describe securities to be subStituted for or withdrawn. If above space m not sufficient, continue description on reverse side hereof.)
and to receive in lieu thereof the following sesurities, which are herel~y in all respects approved:
DESCRIPTION PAR VALUE
NONE
(Here describe securities to be taken in substithtion or in the event this is a withdrawal without substitution write in the word "None." If above space
is not sufficient, continue description on reverse side hereof.)
"Re it further resolved: That the Federal Reserve Bank of Dalbes be aud it is bcre)v authori~d t,, deliver the s~uritiea described hereiu to the substi-
tut6d for or withdrawu to~ty N~On~- ~~Dq~xxv= 4_~x~v ....... it~ order."
- -"~? "z~{t :t mceti~{~--prop~rt¥ held on t.he_: ..... - = ~._day of -- .,.19: ~ a qnorum being present, all of which fully -
appears in the minutes of said meeting.
(SEAL)
SEC-igA Rev. 8-77
Secretary or Clerk.
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