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HomeMy WebLinkAbout06967 RES - 07/24/1963i� A RESOLUTION AUTHORIZING AND DIRECTING THE DIRECTOR OF FINANCE , WITH THE APPROVAL OF THE CITY MANAGER, TO CONVERT INTO CASH U. S. TREASURY BONDS HAVING A MATURITY VALUE' OF $22,000.00 OWNED BY THE RESERVE ACCOUNT OF THE WATERgCM REVENUE BOND INTEREST AND SINKING FUND; AND DECLARING AN EMERGENCY. WHEREAS, Rinds of the Reserve Account 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, 4757 and 5819 heretofore passed and approved by the City Council; and WHEREAS, there is an opportunity to redeem bonds in advance of maturity by calling for tenders, as provided by Section 5.06(a) of the Deed of Trust, and it would be advantageous to the City of Corpus Christi to convert into cash out of said excess funds so invested an amount of said U. S. Treasury Bonds having the maturity value of $22,000.00. NOW, 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 owned by the Reserve Account of the Waterworks Revenue Bond Interest and Sinking Fund having a maturity value of $22,000.00; provided, however, 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 I mmediately completing the transaction hereinabove set out creates a public emergency and an imperative public necessity requiring the suspension of the charter 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 meeting3 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 its passage, 6967 IT IS ACCORDINGLY SO PASSED AND APPROVED THIS THE DAY OF JULY, 1963 ATTEST: \� C ECRE Y APPROVED AS TO LEGAL FORM THIS :_-) DAY CF JULY, 1963: CITY ATT Y MAYOR Pro eM THE CITY OF CCRPGS CHRI5TI, TEXAS f ":S J TO THE MEMBERS OF THE CITY COUNCIL CORPUS CHRISTI, TEXAS CORPUS CHRISTI, TEXAS y' DAY OF �5' 19 y -t 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 INTRO- DUCED, OR AT THE PRESENT MEETING OF THE CITY COUNCIL. RESPECTFULLY, YOR pro•Tem THE CITY OF CORPUS CHRISTI, TEXAS. THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE,' JAMES L. BARNARD JAMES H. YOUNG Ct_, 0 I JACK R. BLACKMON JOSE R. DELEON M. P. MALDONADO W. J. ROBERTS W. H. WALLACE, JR. THE ABOVE ORDINANCE WAS PASSED BY THE FOLLO NG VOTE: JAMES L. BARNARD �� \ JAMES H. YOUNG J JACK R. BLACKMON JOSE R. DELEON M. P. MALDONADO L� ) W. J. ROBERTS 1 W. H. WALLACE, JR.