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