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HomeMy WebLinkAbout14008 ORD - 11/09/1977JKH:vp:1 1- 9- 71 - :lst • TEXAS: AN ORDINANCE AUTHORIZING THE DIRECTOR OF FINANCE TO MAKE AN INTERFUND LOAN, TO -WIT, ALLOWING THE TRANSIT FUND TO BORROW FROM THE GENERAL FUND IN AN AMOUNT UP TO $600,000, SAID LINE OF CREDIT TO REMAIN OPEN ONLY DURING THE 1977 -78 FISCAL YEAR, ENDING JULY 31, 1978, AT A RATE NOT TO EXCEED 6.81% PER ANNUM SIMPLE INTEREST; AUTHORIZING THE EXECU- TION OF ALL PAPERS OR DOCUMENTS RELATING THERETO, IF ANY ARE NEEDED; AND DECIARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, SECTION 1. That the Director of Finance be and he is hereby authorized to make an interfund loan allowing the Transit Fund to borrow from the General Fund in an amount up to $600,000. Said line of credit is to remain open only during the 1977 -78 fiscal year ending July 31, 1978, with an interest rate not to exceed 6.81% per annum simple interest; and authorizing the execution of all papers or documents relating thereto, if any are needed. SECTION 2. The necessity to authorize the Director of Finance to make an interfund loan as aforesaid 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 qt&j_ day of November, 1977. MICROFILMED ATTEST: City Secretary APPROVED: DAY OF NOVEMBER, 1977: J. BRUCE AYCOCK, CITY ATTORNEY BY: fit/ City Att a ney JUL 071990 THE CITY OF CORPUS CHRISTI, TEXAS This ordinance is in effect and force with or without the signature of the Mayor, in accordance with Article II Section 6 of the City Charter. 1 4008 Corpus Christi, Texas gE day of , 19-11-- 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, MAYOR THE CITY OF CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Jason Luby Eduardo de Ases Ad David Diaz Ruth Gill n Bob Gulley Gabe Lozano, Sr. Edward L. Sample_._.____ The above ordinance was passed by the following vote: Jason Luby c Eduardo de Ases /� David Diaz (11 Ruth Gill Bob Gulley Gabe Lozano, Sr. Edward L. Sample _ 14008