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HomeMy WebLinkAbout13124 ORD - 04/07/1976T, 0 JKH:vp:4 -6 -76 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 TE: TE: