HomeMy WebLinkAbout09367 RES - 05/21/1969BJw:5/21/69 .
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A RESOLUTION
ESTABLISHING A POLICY REGARDING INTEREST EARNED ON
BOND CONSTRUCTION FUNDS AFTER CERTAIN ANTICIPATED
EVENTS;AND DECLARING AN EMERGENCY.
WHEREAS, THE VOTERS AUTHORIZED, AT AN ELECTION HELD ON OCTOBER 5,
1956, THE ISSUANCE OF BONDS IN THE AMOUNT OF $4,430,000 FOR THE PURCHASE
OF RIGHT OF WAY FOR THE FREEWAY AND CONSTRUCTION OF IMPROVEMENTS AND SAFETY
FACILITIES FOR APPROACHES TO THE HIGH LEVEL BRIDGE AND FOR PROVIDING FUNDS
FOR COSTS INCIDENT TO THE CONSTRUCTION OF THE HIGH LEVEL BRIDGE; AND
WHEREAS, THE ACQUISITIONS OF RIGHT OF WAY FOR THE PROJECT HAVE
BEEN COMPLETED TO THE EXTENT THAT POSSESSION OF RIGHT OF WAY HAS BEEN OBTAINED
AND TO THE EXTENT THAT ONLY A FEW PARCELS INVOLVED ARE STILL INCOMPLETE AS
TO COURT ACTION; AND
WHEREAS, IT IS ANTICIPATED THAT ALL REMAINING INCOMPLETE PARCEL
ACQUISITION COURT ACTIONS WILL BE COMPLETED WITHIN THE BUDGET YEAR 1969 -70;
AND
WHEREAS, SOME DEPOSITS HAVE NOW BEEN MADE ON THE PARCELS WHICH
ARE INVOLVED IN COURT ACTIONS, LEAVING UNEXPENDED OR UNAPPROPRIATED AT
THIS TIME THE SUM OF $182,720 WHICH IS SUBJECT TO THE CONDITIONS SET FORTH
IN THE BALLOT PROPOSITION STATED IN THE ELECTION OF OCTOBER 5, 1956, AND
THE LAWS APPLICABLE TO SUCH UNEXPENDED 8ALANCE,WHICH LAWS ANTICIPATE THAT
THE UNEXPENDED BALANCE, UPON COMPLETION OF THE VOTED PURPOSES, WILL BE
TRANSFERRED TO AND USED AS A PART OF THE CITY'S GENERAL OBLIGATION BOND
INTEREST AND REDEMPTION FUND, FOR THE PAYING OF MATURING PRINCIPAL AND
INTEREST ON BONDS OUTSTANDING; AND
WHEREAS, THE TRANSFER OF UNEXPENDED PROJECT BALANCES AFTER COM-
PLETION OF THE COURT ACTIONS HEREINABOVE MENTIONED WILL INCREASE THE GENERAL
OBLIGATION INTEREST AND REDEMPTION FUND, GENERALLY REFERRED TO AS N0. 300
GENERAL OBLIGATION INTEREST AND REDEMPTION FUND, ABOVE ITS PRESENT FINANCIAL
REQUIREMENTS; AND
WHEREAS, IT HAS BEEN THE PRACTICE OF THE CITY TO INVEST IN SHORT
TERM INTEREST EARNING SECURITIES AUTHORIZED BY LAW OF FUNDS NOT IMMEDIATELY
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BEING USED FOR STREET CONSTRUCTION, AND TRANSFERRING THE INTEREST EARNED
ON SUCH INVESTMENTS TO THE SAID N0. 300 GENERAL OBLIGATION BOND INTEREST
AND REDEMPTION FUND; AND
WHEREAS, IT HAS BEEN RECOMMENDED BY THE DIRECTOR OF FINANCE AND
THE CITY MANAGER THAT UPON THE COMPLETION OF ALL ACTIONS INVOLVED IN THE
PROJECT FOR WHICH BONDS WERE VOTED OCTOBER 5, 1956, THAT THE BALANCE IN
SAID CONSTRUCTION FUND CONCERNING SAID PROJECT BE TRANSFERRED TO THE N0. 300
GENERAL OBLIGATION BOND INTEREST AND REDEMPTION FUND AND THEREBY INCREASE
SAID FUND WITHOUT THE NEED OF TRANSFER OF INTEREST ON INVESTMENTS OF THE
N0. 220 STREET BOND CONSTRUCTION FUND FOR AT LEAST SUCH PERIOD OF TIME AS
WOULD ACCUMULATE MONIES TO THE AMOUNT OF $182,720 AND FOR SAID PERIOD RETAIN
SAID FUNDS IN THE SAID NO. 220 STREET BOND CONSTRUCTION FUND; AND
WHEREAS, THE CITY COUNCIL IS OF THE OPINION THAT SAID RECOMMENDA-
TION SHOULD BE FOLLOWED:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. THAT UPON THE COMPLETION OF ALL ACTIONS INVOLVED IN
THE PROJECT FOR WHICH BONDS WERE VOTED OCTOBER 5, 1956, THAT THE BALANCE IN
SAID CONSTRUCTION FUND CONCERNING THE AFORESAID PROJECT BE TRANSFERRED TO
THE NO. 300 GENERAL OBLIGATION BOND INTEREST AND REDEMPTION FUND AND THEREBY
INCREASE THE SAID FUND WITHOUT THE NEED OF TRANSFER OF INTEREST ON INVEST-
MENTS OF THE NO. 220 STREET BOND CONSTRUCTION FUND FOR SUCH PERIOD OF TIME
AS WOULD ACCUMULATE MONIES TO THE AMOUNT OF $182,720, AND FOR SAID PERIOD
RETAIN SAID FUNDS IN THE SAID N0. 220 STREET BOND CONSTRUCTION FUND.
SECTION 2. THAT THE NECESSITY FOR IMMEDIATE ACTION IN REGARD TO
THE POLICY HEREIN ESTABLISHED CREATES A PUBLIC EMERGENCY AND IMPERATIVE
PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDI-
NANCE 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 NECES-
SITY TO EXIST, AND HAVING REQUESTED THE SUSPENSION OF THE CHARTER RULE AND
THAT THIS RESOLUTION BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND
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TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS PASSAGE,
IT IS ACCORDINGLY SO RESOLVED, THIS THE DAY OF MAY, 1969.
ATTEST:
CITY SECRE AR'
APPROVED:
DAY OF MAY, 1969:
CITY ATTORNEY
Corpus Christi, Texas
day of 1�
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing
ordinance, a public emergency and imperative necessity exist for the suspen-
sion 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,
request that you suspend said Charter rule or requirement and pass this ordi-
nance finally on the date it is introduced, or at the present meeting of the
City Council.
Respectfully
MAYOR t'yb -Iem
CHRISTI, TEXAS
The Charter rule was suspended by the following vote,
Jack R. Blackmon _
Gabe Lozano, Sr.
V. A. "Dick"Bradley, Jr. _Cl_ �
Eduardo E. de Ases
Ken McDaniel
W. J. "Wrangler" Roberts
Ronnie Sizemore
The above ordinance was passed by the following vote:
Jack R. Blackmon
Gabe Lozano, Sr.
V. A. "Dick" Bradley, Jr. �
Eduardo E. de Ases
Ken McDaniel
W. J. "Wrangler" Roberts
Ronnie Sizemore
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