HomeMy WebLinkAbout13828 ORD - 07/13/1977Jkh:I- IL - //; Ist r
AN ORDINANCE
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AUTHORIZING THE CITY MANAGER TO ENTER INTO AN ESCROW
AGREEMENT WITH THE CORPUS CHRISTI NATIONAL BANK,.THE
CITY'S DEPOSITORY BANK, TO PERMIT INVESTMENT OF FUNDS
FOR THE NUECES RIVER PROJECT (CHOKE CANYON RESERVOIR)
UNTIL SAID FUNDS ARE NEEDEba,FOR EXPENDITURES, ALL AS
,MORE FULLY SET FORTH IN THE ESCROW AGREEMENT, A SUB-
STANTIAL 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,
TEXAS:
SECTION 1. That the City Manager be and he is hereby authorized
to enter into an Escrow Agreement with the Corpus Christi National Bank,
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 sub-
stantial 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 ordi-
nance 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 neces-
sity 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 effeq from and after its passage, IT
IS ACCORDINGLY SO ORDAINED, this the_Z,�!_day of July, 1977.
ATTEST:
City Secretary
THE CITY OF CORPUS CHRISTI, TEXAS
APP VED:
DAY OF JULY, 1977:
MICROFILM
J. BRUCE AYCOCK, CITY ATTORNEY
a
By 9iCXJ/ xlall6l� �JUL Q 7 M0
Assistant City Attorney
2 .3828
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AGREEMENT
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 National Bank, 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
a 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:
NOW, 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 funds 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.
2XI� /7.
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
funds 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.
ATTEST: CITY OF CORPUS CHRISTI
-
City Secretary By K. Marvin Townsend
APPROVED: City Manager
DAY OF JULY, 1977:
J. BRUCE AYCOCK, CITY ATTORNEY
By
Assistant City Attorney
Director of Finance
ATTEST:
Secretary
CORPUS CHRISTI NATIONAL BANK
By
Authorized Officer
w
Corpus Christi exas
!3 day of , 1917—
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 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, request
that you suspend said Charter rule or requirement and pass this ordinance
finally on the date it is introduced, or at the present meeting of the City
Council.
Respectfully,
M R ro19
THE CITY OF CORPUS CHRISTI, TEXAS
The Charter rule was suspended by the following vote:
Jason Luby
Eduardo de Ases
David Diaz
Ruth Gill
Bob Gulley
Gabe Lozano, Sr.
Edward L. Sample
The above ordinance was passed by the following vote:
Jason Luby _
Eduardo de Ases
David Diaz
Ruth Gill
Bob Gulley
Gabe Lozano, Sr.
Edward L. Sample
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