HomeMy WebLinkAbout13124 ORD - 04/07/1976T,
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AN ORDINANCE
AUTHORIZING THE CITY MANAGER TO ENTER INTO AN ESCROW
AGREEmENT WITH THE CORPUS CHRISTI BANK & TRUST, THE CITY'S
DEPOSITORY BANK, TO PERMIT INVESTMENT OF FUNDS FOR THE
NUECES RIVER PROTECT (CHOKE CANYON RESERVOIR) UNTIL SAID
FUNDS ARE NEEDED FOR EXPENDITURES, ALL AS MORE FULLY SET
FORTH IN THE ESCROW AGREEMENT, A SUBSTANTIAL COPY OF WHICH
IS ATTACHED HERETO AND MADE A PART HEREOF, MARKED EXHIBIT
"A "; 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
to enter into an Escrow Agreement with the Corpus Christi Bank & Trust,
the City's depository bank, to permit investment of funds for the Nueces
River Project (Choke Canyon Reservoir), until said funds are needed for
expenditures, all as more fully set forth in the Escrow Agreement, a
substantial copy of which is attached hereto and made a part hereof,
marked Exhibit "A ".
SECTION 2. The necessity to execute the aforesaid agreement at
the earliest practicable date 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 but
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, and having requested the suspension of the Charter rule and that
this ordinance be passed finally on the date of its introduction and take
effect and be in full force and effect from and after its passage, IT IS
ACCORDINGLY SO ORDAINED, this the day of April, 1976.
ATTEST: /�
-. itA '/ MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
APPROVED:
DAY OF APRIL, 1976:
ASS% City Attorney
13124
CITY OF CORPUS CHRISTI, TEXAS
AND
CORPUS CHRISTI BANK & TRUST
THE STATE OF TEXAS
COUNTY OF NUECES
This Agreement, made and entered into by and between the City of
Corpus Christi, an incorporated city in the State of Texas, hereinafter
called CITY and the Corpus Christi Bank & Trust, a Texas (National) bank-
ing corporation, with its office and principal place of business situated
in Nueces County, Texas, hereinafter called BANK;
WHEREAS, the Bureau of Reclamation, United States Department of
the Interior, hereinafter called BUREAU has undertaken or is about to under-
take the Nueces River Project (Choke Canyon Reservoir) in cooperation with
the City, and;
WHEREAS, it is the intention of the City to establish said Choke
Canyon Escrow Fund with Bank and to deposit into the Choke Canyon Escrow
Fund, certain funds from time to time, which funds represent monies which
are to be paid to the Bureau, and;
WHEREAS, City wishes to clearly and unequivocally establish the
fact that funds on deposit in the Choke Canyon Escrow Fund are to be used
for no other purpose than payment to the Bureau;
THEREFORE, it is agreed by Bank and City that the funds in the
Choke Canyon Escrow Fund shall be held by Bank and that such Rinds can be
withdrawn only by City for payment to the Bureau and in the event of failure
of City to make payments as demanded by the Bureau, the Bureau shall have
the right to withdraw such funds in an amount designated in a withdrawal
order signed by a duly authorized certifying officer of the Bureau, and
certifying that said sum is then due and payable to the Bureau. The Bureau
shall also have the right to direct Bank, by written order, to pay any or
all part of the funds in the Choke Canyon Escrow Fund to the City.
It is also agreed by Bank that it will, monthly and at other times
as requested by the Bureau, render to Bureau a statement showing the funds,
whether in the form of demand deposits or time deposits, in the Choke Canyon
Escrow Fund.
It is also agreed by Bank and City that the City shall have
exclusive right to contact and direct the investment of monies of the Choke
Canyon Escrow Fund under the terms and conditions of the Depository Contract
between the City and Bank and that Bank shall pay all interest as it is
earned to the City.
It is also agreed that the Bank, should it no longer be the City's
Depository Bank, shall transfer to the successor City's Depository Bank all
Hinds and deposit in the Choke Canyon Escrow Fund, provided that transfer
shall be made only upon receipt by Bank of a certified copy of an Agreement
between City and the successor City Depository Bank containing identical
terms and conditions as contained in this Agreement.
It is further agreed that this Agreement between Bank and City
can be amended only with the written consent of the Bureau.
This Agreement shall remain in effect until terminated in writing
by the Bureau, and upon such termination, the funds in the Choke Canyon
Escrow Fund, shall be paid to the City.
In the event of termination by Bureau, Bureau shall notify City
in writing directed to:
Director of Finance
P. 0. Box 9277
Corpus Christi, Texas 78408
It is also agreed by Bank that any time deposit in the Choke
Canyon Escrow Fund may be purchased by the City at its par value, for the
purpose of substituting demand deposits for time deposits.
CITY OF CORPUS CHRISTI
ATTEST:
Ctty Secretary
APPROVED:
DAY OF 1976:
J. Bruce Aycock, City Attorney
By
Assistant City Attorney
Director of Finance
ATTEST:
By
R. Marvin Townsend
City Manager
CORPUS CHRISTI BANK & TRUST
By
Authorized Officer
CORPUS CHRISTI, TEXAS
DAY OF
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 19 INTRODUCED, AND THAT SUCH ORDINANCE OR
RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL; 1, 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
THE CIN OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY
JASON LUBY
DR. BILL TIPTON
EDUARDO DE ASES
RUTH GILL
BOB GULLET
GABE LOZANO, SR.
EDWARD L. SAMPLE
THE ABOVE ORDINANCE WAS PASSED BY
JASON Way
OR. BILL TIPTON
EDUARDO DE A9ES
RUTH GILL
BOB GULLEY
GABE LOZANO, SR.
EDWARD L. SAMPLE
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