HomeMy WebLinkAbout01818 ORD - 05/22/1945AN ORDINANCE
ACCEPTING THE BID OF THE CORPUS CHRISTI NATIONAL
BANK AS CITY DEPOSITORY FOR THE ENSUING TERM;
ACCEPTING AND APPROVING TIT PLEDGE OF SECURITIES
BY SAID DEPOSITORY IN LIEU OF BOND AS SUCH; PRO-
VIDING FOR THE DEPOSIT OF SAID SECURITIES WITH
THE STATE HATICIML BANS AS TRUSTEE FOR SAFE8EM -
ING; AND DECLAMG AN EMERGENCY.
.BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS.
SECTION 1. That the application of the Corpus Christi
National Bank, a banking corporation having its office and place
of business in Nueces County, Texas, bearing date the 21st day of
May 1943, be and the same is hereby formally in all things accepted
(said bid having been previously accepted by action of the City
Council of the City of Corpus Christi on 0202+t�4day of May, 1945),
and said Bank is selected and redesignated as depository for all
funds of the City of Corpus Christi for the torn provided by the
EEE Charter of the City of Corpus Christi and by the laws of the State
of Texas; and the State National Bank of the City of Corpus Christi
is designated for the deposit of securities pledged by the said
Corpus Christi National Bank as security for such deposits in lieu
of bond as provided by Article 2560 of the Revised Statutes of the
State of Texas as amended by the Acts 1943, 48th Legislature, Page
67, Chapter 57, Paragraph 1.
SECTION 2. The said depository having submitted the fol-
lowing pledge of securities in lieu of bond in accordance with
Article 2560 of the Revised Statutes of the State of Texas as amended
by the Acts 1943, 46th Legislature, Page 67, Chapter 57, Paragraph 1.
Government Securities:
U. S. Treasury Bonds, 1946 -50, 2% g 4,DOG.0D
U. S. Treasury Bonds, 1949-51, July 2% 520,000.00
U. S. Treasury Bonds, 1949 -51, September 2% 380,000.00
U. S. Treasury Bonds, 1949 -53, 2N 7,000.00
U. S. Treasury Bonds, 1950-52, 2% 11,500.00
U. S. Treasury Bonds, 1951 -53r 2g 23,000.00
U. S. Treasury Bonds, 1954 -56, 2r. .27,000.00
-U. S. Troasury Bonds, 1955 -60, 2-7 /W- 15,500.00
1$113
U S. Treasury Bonds, 1960 -65, 2 -311%
II. S. Treasury Notes, Series B -1946, 1j.
D. S. Treasury Notes, Series C- 1946, 0.903.'
U. S. Treasury Notes, Series D -1946, 0.90%
U. S. Treasury Notes, Series A -1948, 1p%
Certificates of Indebtedness, Ser. G -1945, 7/8%
Certificates of Indebtedness, Ser. A -1946, 71
Certificates of Indebtedness, B/
Ser. C -1946, 718/
Total Government Securities
M ici al Bonds]
city of C.C. a Station, Ser -1937, I'&
City of C.C. Gas Plant Fdg. };arrant, Ser -'31, 6%
City of C.C. Hospital Bond. Ser. 1941, 3%
City of C.C. Park System Imo. Ser. 141, 3%
City of C.C. 1i.17. System Ext. Ser. '41, 3/
City of E1 Paso Refunding Bond. Ser. I 139, 3e.
City of Port Arthur St. Imp. 4-r-
City of San Antonio Paving Bonds, 5%
San Antonio Ind. School Dist. Ser. +36, 31%
Harris County Road & Bridge Bd. Ser. B '3 3%
Nuance County Hospital Bd. Ser. 14U 2 -3
Nueoee County Road Bond, Ser. F -140,
Total Muiicipal Bonds
8 1,000.00
300,000.00
100,000.00
237,000.00
39,000.00
50,000.00
350,000.00
100,000.00
2,000.00
21,000.00
39,000.00
8,000.00
133,000.00
10,000.00
5,000.00
5,000.00
9,000.00
20,000.00
50,ODO.00 .
33,000.00
335,000-00
Total Securities $2,500,000.00
SECTION 3. That said bid of the Corpus Christi National Bank, a
copy of which is attached hereto and made a part hereof and marked "Exhibit
A" for identification, and the conditions and provisions of said bid, the
pledge of securities herein listed are hereby in all things accepted and ap-
proved and made the contract of the City with the depository, such pledge of
securities to be governed by the provisions of said Article 2560 of the Re-
vised Statutes of the State of Texan, an amended by the Acts 1943, 48th
Legislature, Page 67, Chapter 57, Paragraph 1, which bid and pledge agreement
reads in words and figures as follows, to -wits
"say 21, 1945•
TO THE HONORABLE ROY L. SELF AND CITY COUNCIL
OF THE CITY OF CORPUS CHRISTI, TEXAS.
Gentlemen:
The undersigned, a National Banking Association, having its place
of busineea in the City of Corpus Christi, County of Nueoee, State of Texaa,
submits this, its bid, for City Depository of all City funds for and during
the period of time prescribed by law:
1. If selected as City Depository, the undersigned Bank agrees to
handle and assume the custody and anfe- keeping of all City funds actually de-
posited with it an City Depository by the City, or its officials, and agrees
that such funds will be faithfully kept and accounted for by it as provided
by law.
- 2 -
2. If selected as City Depository, the undersigned Hank further
agrees to make advancements during and for each fiscal year (a) not to ex-
ceed One Hundred Fifty Thousand Dollars ($150,000.00) for the ordinary run-
, ning expenses of the City, lawfully chargeable to and payable out of the
"General Fund "; and (b) not to exceed Forty Thousand Dollars ($40,000.00)
for the ordinary running expenses of the City, lawfully chargeable to and
payable out of the ^Street Fund" j provided, however, that such advancements
shall be expressly oonditioned and�jeo��tEe following requirements
and agreements:
(a) The advancements to either fund are to be made upon legally
issued City Warrants or Vouchers, duly authorized by appropriate ordinance
for valid purposes, and said City Warrants or Vouchers shall bear interest
at the rate of 2 per cent per annum until paid and shall be issued from
time to time as funds are needed.
(b) Advancements to either the "General Fund" or the "Street
Fund ", in the limited amounts first above specified in each case, are to
be made for each particular fiscal year between the period of August lot
(the commencement date of the fiscal year) and December 31st (of that same
year), and such advancements are to be repaid, in any event, on or before
December 31st of the same fiscal year.
(a) Advancements made by the Depository to the City on account
of its "General Fund ", are to be payable out of the current revenues col-
lected from tax levies and assessments for that particular fiscal year, al-
located to the "General Fund "; and advancements made by the Depository to
the City on account of its "Street Fund ", are likewise to be payable out of
current revenues collected from tax levies and assessments for that particu-
lar fiscal year and allocated to the 'Street Fund."
(d) At the time of the authorization and making of advancements
on account of either the "General Fund" or the "Street Fund% the City
Council shall pass valid ordinances setting aside and appropriating, in
either case, such an amount of the current funds collected from levies and
assesaments for that particular year as will fully discharge the principal
and interest of all of the Warrants issued in payment of such advancements,
and thereafter, the so appropriated portion of such current funds shall not
be used for any purpose other than to discharge said Warrants.
(e) Before making the advancements to either the "General Fund"
or "Street Fund ", provision Is to be made in the finally approved Budget .
for.adequate appropriations and allocations to each of such hands, out of
the current revenues anticipated to be collected as a result of tax levies
for the particular fiscar year, in such amounts as are sufficient to pay
the principal and interest of said Warrants evidencing the advancements.
(f) Before the advancements to the C£ty are made, the assesoad
valuations for the fiscal year should be finally established, and the tax
rate fixed and levied for that particular year.
3. If selected, the undersigned Bank agrees to pledge bonds or
securities with the City of Corpus Christi for the purpose of securing such
City Funds in an amount equal to the amount of said City deposits, such se-
curities to be of the kind specified in Article 2560 of the Revised Statutes
of the State of Texas, as amended by the Acts of the 42nd Legislature, Page
16, and such pledge to be in accordance with said Act.
TBE CORPUS CHRISTI NATIONAL BANK
BY: �s� Bvrton Doan
Pj�eai�as�"
EXHIBIT "A"
- 3
SECTION 4. The fact that there is an imperative need
for a City Depository at all times regardless of the designation
as required by law o£ depositories at certain intervals, creates
an imperative public emergency and necessity, requiring the sus-
pension of the Charter Rule providing that no Ordinance or Resolu-
tion shall be finally passed on the date of its introduction, and
that it shall be read at three several meetings of the Council,
and the Mayor having declared that such emergency and imperative
necessity exists, and having requested that such Charter Rule be
suspended, and that this Ordinance talm effect and be in full force
and effect from and after its passage, I TIS SO CRDAINED.
PASSED AND APPROVED this day of July, A. D., 1945.
YOR, o orpus C s xas.
ATTEST:
UICY worazary
APPROVED AS TO LEGAL FORM;
ge ompso ,
Acting City Attorney.
- 4 -
3
C�orrpu-s Christi, Texas
,, 1945
TO THE MEMBER C OF THE CITY COUNCIL
OF TBE CITY OF CORPUS CHRISTI
Corpus Christi, Texas
Gentlemen:
For the reasons set forth in the emergency clause of
the foregoing Ordinance, a public emergency and an imperative
necessity exist for the suspension of the Charter rule or re-
quirement that no Ordinance or Resolution shall be passed fi-
nally on the date it is introduced and that such Finance or
Resolution shall be read at three several meetings of the City
Council; I, therefore, hereby 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,
NUOR, City of orpus Christi ems.
The Charter rule was suspended by the following vote
Ray L. Self
B. G. Moffett
R. R. Rambo /A
N. B. Marriott
The above Ordinanoe was passed by the following vote:
Roy L. Self
B. G. Moffett
R. R. RamboA/
N. C. Book
N. B. Marriott
.w. —.J
RICHARD KING,PRESIOENT
BURTON UNN,--Vice PRESICENT
GLOVER S.JOHNS,VICC P-1 EHT
N G.COLLIN5,CASHIER
M.G LEE,ASST.CASHIER
RM.BOERUMASST. CASHIER
GABRIEL BOTELLQJR,ASST.CASHIER
J.C."LSoN,ASST. CASHIER
W. H.KIRH,ASST. CASHI ER
L. B. DUNN, ASST. CASHIER
fhc `6rpso ihripvi - ftoHona1 -0 ank
4orpu� 1
-c�- f4,ZCX40
June 22, 1945
Mr. Jack Speer, City Secretary,
City of Corpus Christi
Corpus Christi, Texas
Dear Sir:
Listed below are securities held by the State National Bank of Corpus Christi, as
Trustee deposited by the Corpus Christi National Bank securing funds of the City of
Corpus Christi;
Government Securities;
U.S.
Treasury
Bonds,
1948 -50, 2%
U.S.
Treasury
Bonds,
1949 -51, July 2%
U.S.
Treasury
Bonds,
1949 -519 September 24.
U.S.
Treasury
Bonds,
1949 -53, 2j%
U.S.
Treasury
Bonds,
1950 -52, 2%
U.S.
Treasury
Bonds,
1951 -53, 2%
U.S.
Treasury
Bonds,
1954 -56, 2j%
U.S.
Treasury
Bonds,
1955 -60, 2 -7/8%
U.S.
Treasury
Bonds,
1960 -65, 2 -3/4%
U.S.
Treasury
Notes,
Series B -1946, 1 %
U.S.
Treasury
Notes,
Series C -1946, 0.90%
U.S.
Treasury
Notes,
Series D -1946, 0.90%
U.S.
Treasury
Notes,
Series A -1948, 1j%
Certificates of Indebtedness,
Ser, G -1945,
7/8%
Certificates
of Indebtedness,
Ser. A -1946,
7/8%
Certificates
of Indebtedness,
Ser. C -1946,
7/8%
Total Government Securities
Municipal Bonds;
City of C.C. Fine Station, Ser -1937, 4 *1
City of C.C. Gas Plant Fdg. Warrant, Ser -131,
City of C.C. Hospital Bond. Ser. 1941, 3%
City of C.C. Park System Imp. Ser. 141, 3%
City of C.C. W.W. System Ext. Ser. 141, 3%
City of El Paso Refunding Bond. Ser.I 139, 3j%
City of Port Arthur St. Imp. 4 -1/4%
City of San Antonio Paving Bonds, 5%
San Antonio Ind. School Dist. Ser. 136, 3a%
Harris County Road & Bridge Bd. Ser. B "35, 3
Nueces County Hospital Bd. Ser. 141A 2 -3/4%
Nueces County Road Bond, Ser. F -140, 2j%
Total Municipal Bonds
bRK /s
4,000.00
520,000.00
380,000.00
7,000.00
11,500.00
23,000.00
27,000.00
15,500.00
1,000.00
300,000.00
100,000.00
237,000.00
39,000.00
50,000.00
350,000.00
100.000.00
$2,165,000.00
2,000;00
6% 21,000.00
39,000.00
8,000.00
133,000.00
10,000.00
5,000.00
5,000.00
9,000.00
20,000.00
50,000.00
33,000.00
$ 335,000.00
Total Securities $2,500,000.00
—�'
Very truly yours,
W. H. KIRK, Asst. Cashier
May 21, 191+5•
TO THE HONORABLE ROY L. SELF AND CITY COUNCIL
OF THE CITY OF CORPUS CHRISTI, TEXAS.
Gentlemen:
The undersigned, a National Banking Association, having its place
of business in the City of Corpus Christi, County of Nueces, State of Texas,
submits this, its bid, for City Depository of all City funds for and during
the period of time prescribed by law:
1. If selected as City Depository, the undersigned Bank agrees
to handle and assume the custody and safe - keeping of all City funds actually
deposited with it as City Depository by the City, or its officials, and
agrees that such funds will be faithfully kept and accounted for by it as
provided by law.
2. If selected as City Depository, the undersigned Bank further
agrees to make advancements during and for each fiscal year (a) not to
exceed One Hundred Fifty Thousand Dollars ($150,000.00) for the ordinary
running expenses of the City, lawfully chargeable to and payable out of
the "General Fund "; and (b) not to exceed Forty Thousand Dollars ($40,000.00)
for the ordinary running expenses of the City, lawfully chargeable to and
payable out of the "Street Fund "; provided, however, that such advancements
shall be expressly conditioned and subject to the following requirements
and agreements:
(a) The advancements to either fund are to be made upon legally
t a issued City Warrants or Vouchers, duly authorized by appropriate ordinance
!�r for valid purposes, and said City Warrants or Vouchers shall bear interest
at the rate of 2 per cent per annum until paid and shall be issued from
time to time as funds are needed.
(b) Advancements to either the "General Fund" or the "Street
Fund ", in the limited amounts first above specified in each case, are to
be made for each particular fiscal year between the period of August let
(the commencement date of the fiscal year) and December 31st (of that
same year), and such advancements are to be repaid, in any event, on or
before December 31st of the same fiscal year.
(c) Advancements made by the Depository to the City on account
of its "General Fund ", are to be payable out of the current revenues
collected from tax levies and assessments for that particular fiscal
year, allocated to the "General Fund "; and advancements made by the
Depository to the City on account of its "Street Fund ", are likewise to
be payable out of current revenues collected from tax levies and assess-
ments for that particular fiscal year and allocated to the "Street Fund."
''Au
City of Corpus Christi,
May 2r, 1945,
Page Two.
(d) At the time of the authorization and making of advancements
on account of either the "General Fluid" of the "Street Fund", the City
Council shall pass valid ordinances setting aside and appropriating, in
either case, such an amount of the current funds collected from levies
and assessments for that particular year as will fully discharge the
principal and interest of all of the Warrants issued in payment of such
advancements, and thereafter, the so appropriated portion of such current
funds shall not be used for any purpose other than to discharge said
Warrants.
(e) Before making the advancements to either the "General Fund"
or "Street Fund ", provision is to be made in the finally approved Budget
for adequate appropriations and allocations to each of such funds, out of
the current revenues anticipated to be collected as a result of tax levies
for the particular fiscal year, in such amounts as are sufficient to pay
the principal and interest of said Warrants evidencing the advancements.
(f) Before the advancements to the City are made, the assessed
valuations for the fiscal year should be finally established, and the tax
rate fixed and levied for that particular year.
3. If selected, the undersigned Bank agrees to pledge bonds or
securities with the City of Corpus Christi for the purpose of seouring
such City Funds in an amount equal to the amount of said City deposits,
such securities to be of the kind specified in Article 2560 of the Revised
Statutes of the State of Texas, as amended by the Acts of the lid Legis-
lature, Page 16, and such pledge to be in accordance with said act.
THE CORPUS CHRISTI NATIONAL BANK
BY
President.
RICHARD KING,PRESI --
BURTON DUNN,A-- Vice Paes--
GLOVER 5.JOHN5,VICCPRtSI —T
N. G,COLLIN5, DASRica
M.G. LEE ASST. CASHIER
RN GOERUN.ASST. C.SHIER
GABRIEL BOTELLO,JR,ASST CASHIER
J C.WIL50N,ASST,G —,R
W H KIRKASST.CASHICR
L.B. DUNN. ASST. CASHIER
fkc •co rp so -ekri5 vi ° .a. veo na- l -04A
4orpuo -(h rbfi,Zmao
duly 19. 1945
The State National Hank of Corpus Christi
Corpus Christi. Texan
Gentlemen:
The undersigned bank has been selected as City Depository for the City of
Corpus Christi, for the ensuing %arcs of two years, and as such had pledged with the City
of Corpus Christi the securities heroin listed and described,
to secure the funds de-
posited with it under the conditions presoribod by the Revised
Statutes of the State of
Texan, as amended by the hatn of the 42nd Legislature of the State
of Texas, the City
Charter and the Pledge Contract.
In auoordaaas with said contract and the law, the
City Council of tits City
of Corpus Christi has agreed that the securities pledgo,l shall
be deposited with :you as
Trustee, and for safekeeping subject to the conditions of thG
pledge and the final re-
lease of the pledge by the City.
The list of securities, together with the obI
amounts and the rates
of Interest, follows:
Government Securities:
U.S. Treasury Sends, 1948 -50. 2};
$ 4,000.00
U.S. Treasury Bonds, 1949.51, duly 21
520,000.00
U.S. Treasury Sonde, 1949 -5111, Septombor 29
380.000.00
U.S. Treasury Bonds, 1949 -53, 2eh,
7,000.00
U.S. Treasury Bonds, 1950 -52, 4
11,500.00
U.S. Treasury Bonds, 1951 -53. 2%
23,000.60
U.S. Treasury Bonds, 1954 -56, 24%
27,000.00
U.S. Treasury Bonds, 1955 -60, 2-7/8%
15,500.00
U.S. Treasury Notes. Series B -1946. 1J$
300,000.00
U.S. Treasury Bonds, 19$0 -65, 2 -3/4%
1,000.00
U.S. Treasury Notes, Series C -19460 0.90%
100,000.00
U.S. Treasury Notes, Serino 0 -1946. 0:90%
237,000.00
U.S. Treasury Notes, Series A -1948, lJ%
39;000.00
Certificates of Indebtedness, Ser. 0 -1945, 7/8 %
50,000.00
Certificates of Indebtedness, 3nr: A -1946, 7/8 %
350;000.00
Certificates of Indebtedness. 3er. C -1946. 7/8 a
200 000.00
Total Government Securities
$2,165.000.00
-2;-
List of aeeuritles, together with the obligor's amounts and the rates of interest con-
tinues as follows:
al Bondso
gwioi
i y O .C. Fire Station$ Ser -1937, 4}%
$ 2,000.00
City of O.C. Gee Plant Fdg. Warrant, Ser -131, 6%
21,000.00
City of C.C. Hospital Bond, Ser. 1941, 3%
39,000.00
City of C.C. Park System imp. Ser. 141. 3%
0,000.00
City of C.C. W.O. System Ext. Ser. 141, 3%
133,000.00
City of'51 Paso Refunding Bond, Sor.I 039. 3j%
10,900.00
City of Port Arthur St. Imp. 4 -1/4 %
5,000.00
City of Jan Antonio Paving Bonds, 59
5,000.00
San Antonio Ind. School Dint. Ser. 136, 34%
9,000.00
Harris County Road A Dridgo Bd. Ser. D 135. 3%
20,000.00
Nusoos County Hospital Bd. Ser. 141A 43/4%
50,000.00
Nusoes County Road Bond, Ser. F -140, 2 *%
33 000.00
33
Total Municipal Bonds
;¢ ,000.00
Total Securities
$2500,000.00
Your acceptance of the trust to hold those securities an pledged to se-
cure the City deposits In accordance with the contract and tho law may be Indic +.ted by
signing triplicate originals of this latteri one of which will be delivered to the City
of Corpus Christi, one delivered to this banlK and the othor retained by you.
Yours truly,
THU CORPUS CH1111,TI NATIONAL,
/jV�i..Pr..i ent
AC 31VEN
A A 6 Wa11Xj1 CORPUS CHRI »TI
By
Vice President