HomeMy WebLinkAbout02097 ORD - 06/03/1947AN ORDINANCE 9 7
ACCEPTING THE BID OF THE CORPUS CHRISTI NATIONAL
BANK AS CITY DEPOSITORY FOR THE ENSUING TERM;
ACCEPTING AND APPROVING THE PLEDGE OF SECURITIES
BY SAID DEPOSITORY IN LIEU OF BOND AS SUCH; PRO-
VIDING FOR THE DEPOSIT OF SAID SECURITIES WITH
THE STATE NATIONAL BANK AS TRUSTEE FOR SAFEKEEPING;
AND DECLARING 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
Corpus Christi, Nueces County, Texas, bearing date May 20, 1947, 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 May 27, 1947), and said bank is selected and redesignated
as depository for all funds of the City of Corpus Christi for the term
provided by the 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 following
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,
48th Legislature, Page 67, Chapter 57, Paragraph 1.
Government Securities:
U. S. Treasury Bonds, 1948 -50, 2°/.
U. S. Treasury Bonds, 1949 - .51, Sept. 2%
U. S. Treasury Bonds, 1949 -51, Dec. 2%
U. S. Treasury Bonds, 1949-53, 2V
U. S. Treasury Bonds, 1950, 1LI.
U. S. Treasury Bonds, 1950 -52, 2%
U. S. Treasury Bonds, 1951-53, 2%
U. S. Treasury Bonds, 1952 -54, June 2%
U. S. Treasury Bonds, 1952 -54, Dec. 2%
U. S. Treasury Bonds, 1954 -56, 2 -f.
U. S. Treasury Bonds, 1955 -60, 2 -7/8%
U. S. Treasury Bonds, 1960 -65, 2 -3A%
U. S. Treasury Notes, Ser- A,1948 l-e.
U. S. Cert.of Indebt. Ser- F,1947 . 7A%
U. S. Cert.of Indebt. Ser- J,1947 718%
U. S. Cert.of Indebt. Ser- L,1947 7/6%
U. S. Cert.of Indebt. Ser- A,1948 7/8%
U. S. Cert.of Indebt. Ser- B,1948 718Y
Total Government Securities
Municipal Bonds;
City of C. C. Hospital Bonds, Ser -1941 3;0
City of C. C. Park System Bonds, Ser -1941 3
City of C. C. Water iNks. System Ext., Ser -1940
City of E1 Paso Refunding Bond, Ser -1 -1939 3
City of Port Arthur St. Imp. Ref. Bond 4
C. C. I. S. D. Bonds, Ser -19L4, 1 -3/4;0
C. C. I. S. D. Bonds, Ser -1945, 1-3144
C. C. I. S. D. Bonds, Ser -1946, 2%
San Antonio I. S. D. ref Ser -1936, Z.
Nueces Co. Hospital Bonds, Ser - 1941 -A 2 -3�
Nueces Co. Road Bonds, Ser -F -1940, 2
Total Municipal Bonds
C 4,000.00
380,000.00
520,000.00
7,000.00
163,000.00
11,500.00
53,000.00
30,000.00
3,000.00
27,000.00
15,500:00
1,000.00
39,000.00
151,000.00
25,000.00
300,000.00
100,000.00
287,000.00
1 ,
39,000.00
8,000.00
84,000.00
10,000.00
2,000.00
47,000.00
38,000.00
63,000.00
9,000.00
50,000.00
33,000.00
383,000-00
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 approved 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 Revised Statutes of the State of Texas as
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 -wit:
"THE CORPUS CHRISTI NATIONAL BANK
CORPUS CHRISTI, TEXAS
May 20, 1947
TO THE HONCRABLE WESLEY E. SEALE, MAYOR, AND
MEMBERS OF TEE 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 safekeeping 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 Two Hundred Thousand Dollars (.^200,000.00) for the ordinary
running expenses of the City, lawfully chargeable to and payable out of
the "General Fund "; and (b) not to exceed Fifty Thousand Dollars ($50,000.00)
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 ubjec tot e ollowing 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 -- -2J - -- per cent per annum until paid and shall be
issued from time to time as f s 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 1st
(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.
-2-
(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
assessments for that particular fiscal year and allocated to the Street
Fund."
(d) At the time of the authorization and making of advance-
ments 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 assessments for that particular year as will fully discharge the principal
and interest of all of the Warrants issued in payment of such advance-
ments, and thereafter, the so appropriated portion of such current funds
shall not be used for any purpose other than to discharge said 7arrants.
(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 suffi-
cient 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.
j. 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 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 42nd Legislature, page 16, and such pledge to be in accordance
with said Act.
4. If selected as depository, the undersigned Bank will
pay 1/2% per annum interest on sinking fund deposits of the City; pro-
vided, however, the City shall;
(a) Specify in writing the particular si4ing fund or
funds and the amount thereof, which are to be and remain as time deposits
in contemplation of law and the rules promulgated by the Board of
Governors of the Federal Reserve System.
(b) Designate in writing the period for which the fund
or funds are to remain on deposit as time deposits, such period to be not
less than six months from date of designation.
(c) Agree in writing that such designated sinking funds
are to be and remain subject to all the rules and regulations provided
by law and promulgated by the Board of Governors of the Federal Reserve
System, and that the depositor will not, by voucher or otherwise, with-
draw the whole or any part of the designated sinking fund deposit or
desposits before the end of the period specified for deposit. 11
EXHIBIT "A"
Yours very truly,
THE CORPUS CHRISTI NATIONAL BANK
BY /s/ Richard King
President.
-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 of certain depositories at certain intervals, creates an
imperative public emergency and necessity, requiring the suspension
of the Charter Rule providing that no Ordinance or Resolution 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 take effect and be in full force and effect from and after
its passage, IT IS ACCORDINGLY SO ORDAINED.
PASSED AND APPROVED this � day of June, A. D. 1947.
ATTEST:
Utz �
City Secretary
APPROVED AS TO LEGAL FORM:
'ClYT-Ifforney
YR
City of Corpus Christi, Texas.
-4-
Corpus Christi, Texas
June 3 . 1947
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
Gentleman:
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, 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,
c3MYOR
City of Corpus Christi, Texas
The Charter rule was suspended by the following vote:
Wesley S. Seale
George R. Clark, Jr.
John A. Ferris
R. R. Henry
'��
Joe T. Dawson
C
The above ordinance was passed by the following vote:
Wesley E. Seale
George R_ Clark, Jr.
John A. Ferris
R. R. Henry
'��
Joe T. Dawson
RICHARD KING, PRESIDENT
BU RTON
—N ExecurrvE Vlce PRESIDENT J. C.WILSON,AssT. CASHIER
R es l.... H. KIRK,ASST. C-1.
.COLLINS, CwstilERe R Le. OUNN,ASST. CASHIER
R.M.BOERIIM,A45T. O.T. BOWDEN,ASSM CASHIER /
GABRIEL BOTELLO,JR.,ASST. C-1— C. M. ROBINSON,ASST. CASHIER
$he iorpwo ihri'' &Hopal dank
$orp s $h6.gVi'zex4x
June 2, 1947
Mr. A. C. Molbeck, 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 -b0, P%
U. S. Treasury bonds, 1949 -51, Sept. 0
U. S. 'Treasury Bonds, 1949 -51, Dec. 2%
U. S. Treasury Bonds, 1949 -53, 2
U. S. Treasury Bonds, 1950, 1-24
U. S. Treasury Bonds, 1950 -52, 2%
U. S. Treasury Bonds, 1951 -53, 2%
U. S. Treasury Bonds, 1952 -54, June 2%
U. S. Treasury Bonds, 1952 -54, Dec. 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, Ser- A,1948 I-,,s%
U. S. Cert.of Indebt, Ser- F,1947 7/8%
U. S. Cert. of Indebt,Ser- J,1947 7/8%
U. S. Cert, of Indebt,SAr- L,1947 718%
U. S. Cert. of Indebt,Ser- A,1946 7/81/0
U. S. Cert, of Indebt,Ser- B,1948 7/8%
Total Government Securities
,Kunicipal Bonds:
City of C.C. Hospital Bonds, Ser -1941 3°h
City of C.C. Park System Bonds, Ser -1941 31%
City of C.C. Plater Wks. System Ext., Ser -1940
City of El Paso refunding Bond, Ser -1 -1939 3�%
City of Port Arthur St. Imp. Ref. Bond 44
C. C. I. B. D. bonds, 3er -1944, 1 -3/4%
C. C. I. S. D. bonds, Ser -1945, 1 -3/4%
C. C. 1. S. D. Bends, Ser -1946, 2%
San Antonio I. S. D.refSer -1936, 3-�
ilueces Co. Hospital Bonds, Ser - 1941 -A, 2 -3/4%
Nueces Co. Road bonds, Ser -F -1940, 21%
Total municipal Bonds
June 4, 1947
hereby certify that the above securities are held
'a us as 'Trustee foT the account of the Corpus Christ'
Iational Ban securing funds on deposit with them of
4,000.00
380,000.00
520,000.00
7,000.00
163,000.00
11,500.00
53,000.00
30,000.00
3,000.00
27,000.00
15,500,00
1,000.00
39,000.00
151,000.00
25,000.00
300,000.00
100,000.00
287 000.00
2,117,000.6F
-
Z 39,000.00
8,000.00
3%0 84,000.00
10,000.00
2,000.00
47,000.00
38,000.00
63,000.00
9,000.00
50,000.00
33.000.00
4 383,000.00
Total Securities 2,509,000.00
1 Very truly-yours,
,he City of or_pus Christi.
- S`iAA1 UITOPJAL BAM OF CONYSjS CKH 3 I
By �- � 4 Burton Dunn, Vice- President
N O T I C E
Bids will be received until 4 o'clock P.M., May 20,
1947, from any bank, banking corporation, association, or individual
banker in Corpus Christi, Texas, wishing to act as depository of the
City of Corpus Christi for the ensuing two (2) years, under the pro-
visions of the City Charter of the City of Corpus Christi and the
provisions of Articles 2559 and 2560 of Vernon's Revised Civil Statutes
of Texas, which said bids shall specify the rate of interest on daily
balance and on loans made by the depository to the City.
The City miLy desire to borrow from the depository by way of
advancement for the Current Expense Fund not to exceed Two Hundred
Thousand Dollars ($8200,000.00) and for the Street Maintenance Fund
not to exceed Fifty Thousand Dollars ($'50,000.00) during each fiscal
year. The advancements are to be repaid out of the first current tax
collection from levies and assessments for and during the particular fiscal
year in which the advancements are made and all advancements are to be
repaid not later than December 31 of the fiscal year in which they are
made. Sufficient appropriations out of the anticipated tax collections
are to be provided for both in the budget and by way of ordinance in
order to discharge all principal and interest due on such advancements.
Bids must be filed with the City Manager not later than 4
o +clock P.M., May 20, 1947, at which time the said bids will be opened
and examined by the City Manager and the City Council. The City reserves
the right to reject any and all bids.
CITY OF CORPUS CHRISTI, TEW
By
Roaeric B. Thomas, 31 T ager
July 27, 1948
The State National 3* of Corras Christi
COrTAIff Obr!St!.. Tease.
Gentlemen:
Under date of Jum 23rd, IV we placed on da7,-*stt with
You AR ^'rugtOO seclirities q total of $2#500,000.00 pledged
to secure funds on d*-wsit with. vA 'tqr the City of Cormas Christi. In
addition to such w-curities ar•,AsAped, %nd ligted In our 1attsr of
June 23rd, I'A7, we hand You h",*Ith.-
U.S,
, CftrttfiOs,4a4i-,Af Tndo�btedness. Series
lc*g, 1-1/8%, tottlinZ> 62.000.000.00
making the tot-a wlr'IIadgpd with you for tirte ruz,)ose of securing funds
on de-posit .cith us V the City of Cor-us Christi, Texas $4.500.000.00.
Please note your accept.ance of the above addIti*nal security
by *IgUiA
the att'cliod copies of this letter: one of w,-Ieh will be de-
livered to the City of Cor-us Christi t4nd the other to be r-twined in
our files.
Yews very trzeLy.
ACC 71.1m: THF, r.')R-,rJS CMIZI ",I NATIMIAL BM
ST IRMS M111-1 Vice President.
Vice President.
August 12, 1948
The State National Bank of Corpus Christi
;'orpus Christi, Texas
Gontlez2en:
'ITIOr date Of OIZ7 Satter of JU1 71 27 1948 we ha7e JIaaed on deposit witi you as
ruse, seaxitia ,
,r-,atinq a total of 14,5oocrjo.00 pjor_3ged to secure funds
On deposit :with us by t',,o ",.sty of r702-,xas t.,bristi, -,Oxus. In
addition to these
securities we ijave -)1ed-7e4l the whicii are in SDXekee- ing at the Guaranty
�rllst Corxm.-W of New York _,sty;
'Treasury 00tco, aeries A,2%8 700,000.00
U.S. Il Treasury Dotes, Series I B' 1948 400,000.00
U.S. 1 I i Treasm—,Aptes'. SOrips A 1949 200,000.00
U.S. -1-1/8% ?Serb. 61, Ind- Series a 1949 1,000,000.00
U.S.: ?reasuz-y 1ands of 1951-55 200 000'g2---
wltLvi„ the total now ing 8 an deposit
tit vith yon for, the purpose of Coeur
-itY Of COZ-34 V x7,000,000 . .
us 1)' 5 tl'e exas 00
Please nota -rour,la�06-:)tahce of tho abovr ad-Ati— sluing security by sl:,ing the
at'-ac"Ied copies, 0-� this le t4erx one of whic:1 wiu be Delivered to t11liz City of ro--,-am
I
lirlsti aW tack other to 'oe 'i�ctained in our files.
Very truly yokws'
"7-' CORPIMS 2INTIONALL BWK
L
Vice President
ACC'
STK'7 NAT-10"AL DAN-,' OF "('TTJS ., fiRISiI
WYbe -President
June 23, 1947
'The State NaticLiai ;ba:i,: cf ;ur-.us 0hrjstj
Christi, !exds
Jentl erne n:
The ln.nk ha, been selected c. "V '-ie,4atitory for the City of
t-rL- Cf t f. Y07,1-� zl.ct-' nk 1 t the Gity
of ..V,—us Gkr t I -I- 1 1; In$ !'.%Imin i st t curp, t -ie f�j,, I d is de-
p(, ic ad 11 t1i it .-it, c c r;' L:,g �Iu- b txl�ls of t';e State of
17t.1-3, as
Charter and tite I I. 4_1'd Legiax . ;41bre of tr"� �t;'t� Of re--c,, the c;jty
in ac contra fid th�OAAV,, the City Council or the City
Of �Cr.:,a Uhriiti hl a-, tile securihe's ,Aet4ed shall be deposited with you as
Tr stew, and for "O�K ,
YtArOjaS Of tlry li(, ri e,-i Lhe final re-
10.3e of the Pladga '-ty.
The list cr
r lita uaa- and the rates
of interest, folios:
Government 3ecuritims:
U.
S.
Traaaury Boadav
wt
�-
_194t 5qv
pz%
S 4.000.00
S.
Treasury Bands,,
1449 -ti,
Sept.-
2%
380,000.00
U.
S.
Treasury Bondsi,
1949-519
DMIc.
2%
520,000.00
U.
S.
Treasury Beadgf
1949-5,30
2
7,000.00
U.
S.
Treasury Buzd[4,1
1950,
163,GN600
U.
S.
Treasury bonds;`..
2%
11,500.60
U.
S.
'Treasury hon ,
',
2%
53,000.00
U.
S.
Tre^..3ury j3c_ :as,
11�U-t�4,
June
Lf
30,000.00
S.
Treasury incacls,
1D',2-t4,
Dec.
23
3,000.()0
3.
Treasury '--' 0 nds ,
1954 -L,16,
27,000.00
U.
S.
Ire&aury honds,
19611-60,
2-7/6%
15,500.00
U.
S.
Treasury lion&3,
196(,-65,
2-3/4NL
1,000.00
U.
S.
rre.sury fictes,
series A,
1948
1s%'
39,000.00
U.
Cart. of Indaabt,Jeries
F,
1947
7iffi
lb1'G00.00
S.
Cart, of lidebt,Jerias
J,
1947
7/81.
25,000.00
c.
3.
Cert. cf ind bt,3
rice L,
1997
7,
.300,000.00
L.
C.
Cent. of Indsbt,"-nries
1 -A8
7/S
100,000.00
S.
1,firt . of
JAC
74- .
287.000.00
TGt&1
lc'v'tra; ent
'eourities
TP2,117,000.00
-E-
" -- -- _ r-- _ ++.__ _a..i aw- - ea.ie5or•a amounts and the ratf,s of interest con-
tinues as follows:
kunicipel Bonds:
City of C -C. Hospital IlCads, 3er -1941 3%
39,000,00
City or C.C. Park 3vstea 13d.s. ��er -19$1 3N
S.OGii.GO
iaty of G.G. rater s -zs- System Jxtwer -1y40 3i-
84,000.00
City cf IUFaso refunding - onds, Ser -1 =._ 3"
10,000.00
City of tort Arthur .lt. ljq. itcf. iscnd- 4
2 Ocuxo
G. G- 1. S. A. Bcnds, -*er -1944 1 -3 %4ti
47,000.00
S. L. Bcac s, 3tr -1945 1 -3/4p
3i3,OCC.00
6. L. 6u `'s, 3er -1946 2%
63,GO;�.UO
San +wtonio I.S.L. refund �c'.s. SSr -1936 3,1%
9,9(:0.00
xduec ss Ca ttospitc�l tlut =,, Ser -1941 A, 2 -3/4%
50,000.00
.iu..ces w, Hcmd c,,c:.;, ,er -F -1940, 2K}e
33 000.0(,
♦ 7 31000.00
i'otal :i4Cnrit109
�:,u00,i;t:O.OG
`our c.f tx tzust tq t4cld thesi► securities as pledged
to so-
the �Aty i,, ith t4 ,-c ntrsct yid the lax .,st he indicated by
sigaiag trif.licyta of ;ill 1� �i' S211s ettar,'Vd* Of 4.'4ich .viii be arsliv,red
cc the U;ty
of ;cr,us Curisei c :s :.al t: is s13• tine ocher r taia9« L)y
you.
Jice Yrysidert
Jl �';Fi'1 B1.,111 l„A a� 1,iit:lJf1
1
/r
y?y v
Vice <r ^Silent
RICHARD KING, PRESIDENT J,C.WILSON,ASST CASHIER
BURTON DUNN,EXECU7111 VI- P NT WH,KIRK,ASS7 CASHIER
GLOVER S.JOIJNS,VICD PPEEP-1 L. B. OUNN,,ASST CASHIER
N.G. COLLIN5,CASKIER O.T. BOWDEN,As— C-1—
R....OER^AS.T. CASHIER C M. ROBINSON, AE5T.-SMIER
GABRIEL —.1ER
the vorplo khriqvi flavional -flank
io rp "'q -(k ri-A vi, GX4,9
June 25,
ty -,f '11ri ' �tl
r_ i , 1. a 1 1 , —1 C'< -� I
r .1 7. '
th 1^ 1, 'e r r
t T t �' on
nI7 , th ty, in ll c --t!
-s tl
to -e1c'1-.T'--" tl-je _ i 't�
'T
you, T -7�
r r!!
'ery tru-j-Y yroirE,
C�r