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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