Loading...
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