HomeMy WebLinkAbout08306 ORD - 01/04/1967• 1/4/67 .
TEXAS:
AN ORDINANCE
AUTHORIZING THE CITY MANAGER, FOR AND ON BEHALF OF
THE CITY OF CORPUS CHRISTI, TO ACCEPT AN OFFER OF
AMENDING PARAGRAPH 4 OF LETTER DATED APRIL 28, 1965,
FROM CORPUS CHRISTI STATE NATIONAL BANK TO CITY OF
CORPUS CHRISTI AND ACCEPTED BY THE CITY BY ORDINANCE
7568, A COPY OF WHICH AMENDMENT IS ATTACHED HERETO
AND MADE A PART HEREOF; AND DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
•
SECTION 1. THAT THE CITY MANAGER BE, AND HE IS HEREBY, AUTHORIZED
FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI, TO ACCEPT THE OFFER OF
AMENDING LETTER DATED APRIL 28, 1965 FROM CORPUS CHRISTI STATE NATIONAL BANK
TO CITY OF CORPUS CHRISTI, WHICH LETTER WAS ACCEPTED BY ORDINANCE 7568, A
COPY OF WHICH OFFER OF AMENDMENT, DATED DECEMBER 29, 1966, 15 ATTACHED HERETO
AND MADE A PART HEREOF.
SECTION 2. THAT THE NECESSITY TO ACCEPT THE AFORESAID OFFER OF
AMENDMENT 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 ORDI-
NANCE OR RESOLUTION SHALL BE READ AT THREE,SEVERAL MEETINGS OF THE CITY
COUNCIL, AND THE MAYOR, HAVING DECLARED THAT SUCH EMERGENCY AND NECESSITY
EXIST, HAVING REQUESTED THAT SUCH CHARTER RULE BE SUSPENDED AND THAT THIS
ORDINANCE BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND TAKE EFFECT
AND BE IN FULL FORCE AND EFF CT FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY
SO ORDAINED, THIS THE DAY OF JANUARY, 1967.
ATTEST:,
✓//
CITY SECRETARY j
APPROVED AS TO LEGAL FORM THI
- DAY PF JANUARY, 1967:
CITY ATTbRNEY
0
M�A7
THE CITY OF CORPUS CHRISTI, TEXAS
8306
CORPUS CHRISTI'STATE NATIONAL.BAxx
CORPUS CHRISTI, TEXAS
December 29, 1966
Honorable McIver Furman
and
Members of the City Council
City of Corpus Christi
Corpus Christi, Texas
Gentlemen.
By letter dated April 28, 1965, Corpus Christi State
National Bank submitted its bid for designation as City Deposi-
tory. This bid was accepted and our bank designated as City
Depository by Ordinance No. 7568, which was passed and approved
by the City Council at the regular council meeting held on May
12, 1965. Paragraph 4 of our accepted bid provided in part as
follows.
"4. If selected as Depository, the undersigned
Bank will, pay the following rates of interest on cer-
tificates of deposit of funds belonging to the funds
of the City.
For periods of 30 to 89 days 4% per annum.
For periods of 90 days or longer 4 -1/2% per
annum.
Interest compounded quarterly subject to the limitations
contained in supplement to regulation Q Section 217.6
effective November 24, 1964."
Because of the increase in interest rates which has
taken place in the community following the acceptance of our
bid, we do hereby offer to amend our agreement with the City
for the remaining term of our present appointment by deleting .
that portion of our agreement quoted above and inserting in its
stead the following.
City of Corpus Christi
Page 2 December 29, 2966
4. If selected ae'Depository, the undersigned
Bank will pay the following rates of interest on certi-
ficates of deposit of funds belonging to the funds of
the City:
For periods of 30 to 89 days: 4% per annum.
For periods of 90 days or longer
in amounts of $1,000.00 or mores 4 -1/2% per annum.
For periods of six months or
longer in amounts of $10,000
or more: 5% per annum.
For periods of one year or longer
in amounts of $100,000 or more: 5 -1/4% per annum.
Interest will be compounded annually subject to the
limitations contained in supplement to regulation Q
Section 217.6 effective November 24, 1964, and subse-
quent amendments thereto.
If this proposed change meets with your approval, please
indicate your acceptance by amendment to Ordinance No. 7568, at
which time the new rates specified herein will become effective.
Very truly yours,
CORPUS CHRISTI STATE NATIONAL BANK
By ' —'S
•
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
•
CORPUS CHRISTI, TEXAS
` d4C� DAY OF
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,
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE-
DR. MCIVER FURMAN
SACK BLALKMON
PATRICK J. DU NNE ✓T
DR. P. JIMENEZ, JR.
MEN MCDANIEL
BONNIE SIZEMORE U
WM. H. WALLACE
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTER
DR. MCIVER FURMAN
JACK BLACKMON
PATRICK J. DUNNE
DR. P. JIMENEZ, JR.
KEN MCDANIEL
RONNIE SIZEMORE
WM. H. WALLACE
v