CC Resolution No. 32 No, 32 (11-26-63)
R E S O L U T I O N
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAYTO17N, TEXAS, AUTHORIZING INVESTMENT OF THE
CITY'S BOND RESERVE ACCOUNT ':iITH THE FIRST CITY
NATIONAL BANK OF HOUSTON, TEXAS, BY PURCHASE OF
UNITED STATES GOVERNMENT BONDS.
Pâś“HERLAS, THE. City of Baytown has certain outstanding Revenue Bonds;
and
WHEREAS, a Bond Reserve Account, for the purpose of guaranteeing that
funds will be available for retiring such Bonds, has been established with
The First City National Bank of Houston, Texas; and
;','HER.AS, such fund has grown to the present amount of $32,125.00 and
will continue to grow each month; and
u1HZREAS, such money is not drawing interest on behalf of the City of
Baytown; and
WHEREAS, the City Council of the City of Baytown may have such sum
invested in Government Bonds of the United States of America; NO", THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN:
That the Mayor, City Manager and City Clerk are hereby authorized and
directed to take the funds now on deposit in such Bond Reserve Account and such
funds that may hereafter be deposited in such account with The First City
National Bank of Houston, Texas, and invest same in Government Bonds of the
United States of America, and the City Council hereby ratifies all actions
necessary in the premises.
INTRODUCED, READ and PASSED unanimously by the affirmative vote of
the City Council, this 26th day of November, 1963.
Mayer, City of Baytown-
ATTEST:.
Edna Oliver, City Clerk