HomeMy WebLinkAbout06642 RES - 09/19/1962.if IMS:JKH:9.17 -62 •
A RESOLUTION
AUTHORIZING AND DIRECTING THE DIRECTOR OF
FINANCE, WITH THE APPROVAL OF THE CITY MANAGER, a
TO CONVERT INTO CASH U. S.' TREASURY BONDS HAV-
ING A MATURITY VALUE OF $85,000.00 IN WHICH
A PORTION OF THE RESERVE ACCOUNT OF THE WATER-
' WORKS REVENUE BOND INTEREST AND SINKING FUND
WAS HERETOFORE INVESTED; AND DECLARING AN
EMERGENCY.
WHEREAS, FUNDS OF THE RESERVE AGCOUNT OF THE WATERWORKS
REVENUE BOND INTEREST AND SINKING FUND IS IN EXCESS OF THE AMOUNT
REQUIRED BY THE DEED OF TRUST PERTAINING TO SUCH FUND AND THE SAME
IS INVESTED IN U. S. TREASURY BONDS AS AUTHORIZED BY RESOLUTION NOS.
4453, 1+757 AND 5819 HERETOFORE PASSED AND APPROVED BY THE CITY COUNCIL;
AND
WHEREAS, THERE 15 AN OPPORTUNITY TO REDEEM BONDS IN ADVANCE
OF MATURITY BY CALLING FOR TENDERS, AS PROVIDED BY SECTION 5.06 (B)
OF THE DEED OF TRUST, AND IT WOULD BE ADVANTAGEOUS TO THE CITY OF
CORPUS CHRISTI TOiCONVERT INTO CASH OUT OF SAID EXCESS FUNDS SO
INVESTED AN AMOUNT OF SAID U. S. TREASURY BONDS HAVING THE MATURITY
VALUE OF $85,000.00:
NOd, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI, TEXAS:
SECTION 1. THE DIRECTOR OF FINANCE, WITH THE APPROVAL OF
THE CITY MANAGER, IS HEREBY AUTHORIZED AND DIRECTED TO CONVERT INTO
CASH U. S. TREASURY BONDS HAVING A MATURITY VALUE OF $85,000.00 IN
WHICH A PORTION OF THE RESERVE ACCOUNT OF THE WATERWORKS REVENUE
BOND INTEREST AND SINKING FUND WAS HERETOFORE INVESTED; PROVIDED, HOW-
EVER, THAT SAID BONDS SHALL NOT BE CONVERTED FOR LESS THAN THE AMOUNT
INVESTED THEREIN NOR FOR LESS THAN THE CURRENT MARKET VALUE THEREOF,
INCLUDING ACCRUED INTEREST.
SECTION 2. THE NECESSITY FOR IMMEDIATELY COMPLETING THE
TRANSACTION HEREINABOVE SET OUT CREATES A PUBLIC EMERGENCY AND AN
IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER
6642
RULE THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE
DATE OF ITS INTRODUCTION AND THAT SUCH ORDINANCE OR RESOLUTION SHALL
BE READ AT THREE SEVERAL MEETINGS OF THE CITY COUNCIL, AND THE MAYOR
HAVING DECLARED SUCH EMERGENCY AND NECESSITY TO EXIST, HAVING REQUESTED
THE SUSPENSION OF THE CHARTER RULE AND THAT THIS RESOLUTION TAKE EFFECT
AND BE IN FULL FORCE AND EFFECT FROM AND AFTER dITTSS PASSAGE, IT IS
ACCORDINGLY SO PASSED AND APPROVED THIS THE ,/ / DAY OF SEPTEMBER,
1962. _
ATTEST:
M
THE CITY OF CORPUS CHRISTI, TEW
I al
CITY ECRE.A Y
APPROVED AS TO LEGAL FORM THi
_DAY OF SEPTEMBER, 1962:
CITY ATTORN ,
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J CORPUS CHRISTI, T AS
LDAY OF s 19
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TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FORE-
GOING ORDINANCE, A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR
THE SUSPENSION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR
RESOLUTION SHALL BE PASSED FINALLY ON THE DATE IT IS INTRODUCED, AND THAT
SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY
COUNCIL; I, THEREFORE,
,
HEREBY REQUEST THAT YOU SUSPEND SAID CHARTER RULE
OR REQUIREMENT AND PASS THIS ORDINANCE FINALLY ON THE DATE IT IS INTRODUCED,
OR AT THE PRESENT MEETING OF THE CITY COUNCIL.
RESPECTFULLY,
.. a�
A
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
•�' BEN F. MCDONALD
TOM R. SWANTNER
`
DR. JAMES L. BARNARD - - - - -�
JOSE R. DELEON
M- P- MALDONADO
W. J. ROBERTS
JAMES H. YOUNG
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE:
,.
BEN F. MCDONALD
TOM R. SWANTNER
DR. JAMES L. BARNARD -- - - -f��
JOSE R. DELEON
_ -____
M. P. MALDONAD
LDONADO f�L-
•.
W. J. ROBERTS _t
JAMES H. YOUNG
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