HomeMy WebLinkAbout02129 RES - 08/12/1947A RESOLUTION
AUTHORIZING THE SALE OF TWO HUNDRED THOUSAND
DOLLARS (,5200,000.00) OF U. S. CERTIFICATES
OF INDEBTEDNESS, BEARING INTEREST AT THE RATE
OF 7/% PER ANNUM, NW BELD BY SEAWALL AND
BREA1i'iVATER CONSTRUCTION FUND 140. 258, AND PRO-
VIDII4G THAT THE PROCEEDS OF SUCH SALE SHALL BE
USED FOR THE PURPOSE OF PAYING THE CURRENT
ESTIMATES AND ACCRUING ESTIMATES DUE AND TO
BECOME DUE FROM SEAWALL AND BREAKVWER CONSTRUC-
TION FUND NO. 258, AND DECLARING AN EMERGENCY.
WHEREAS, Seawall and Breakwater Construction Fund No. 258
now has to its credit the sum of Two Hundred Thousand Dollars (*'200,000.00)
which is represented by U. S. Certificates of Indebtedness, same bearing
interest at the rate of 7/8% per annum; and,
V"i =:AS, there is due and shall become due during this fiscal
year estimates which should be paid out of the Seawall and Breakwater
Constructi9n Fund No. 258; and,
WHEREAS, such certificates of indebtedness can be sold in order
to obtain funds to pay such estimates;
NW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS Cf9RISTI, TEY,ASs
SECTION 1. That the said U. S. Certificates of Indebtedness
in the sum of Two Hundred Thousand Dollars, bearing interest at the rate
of 7/8% per annum, now held by Seawall and Breakwater Construction Fund
No. 258, be sold and that the proceeds from the sale of such certificates
be applied and be used for payments, due and to be due, on projects which
are to be paid from and are chargeable to Seawall and Breakwater Construc-
tion Fund No. 258.
SECTION 2. The fact that it is necessary to pay current estimates
and those accruing during this fiscal year against the Seawall and Break-
water Construction Fund No. 258 and,the fact that it is essential to sell
the above mentioned Certificates in order to secure necessary funds creates
a public emergency and public imperative necessity requiring the suspen-
sion of the Charter rule 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 several meetings of the City Council, and the Mayor
'2_i 7-q
having declared that such public emergency and imperative necessity
exist, and having requested that such Charter rule be suspended, and that
this resolution 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 RESOLVED.
PASSED AND APPROVED this 1-)/ day of A.D. 1947.
R
City of Corpus Christi, Texas
ATTEST:.
`- ll
City Secretary
APPROVED AS TO LEGAL FORM;
City Attorney
Corpus Christi, Texas
August 12, 1947
TO TIC ii" 4BERS OF THE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
For the reasons set forth in the emergency clause of the
foregoing resolution, 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 resolution
finally on the date it is introduced, or at the present meeting of
the City Council.
Respectfully,
A R
City of Corpus Christi, Texas
The Charter rule was suspended by the following vote:
Wesley E. Seale
George R. Clark, Jr. Lt uei
John A. Ferris U
R. R. Henry
Joe T. Dawson
The above res0luti:9awas passed by the following vote:
Wesley F. Seale
George R. Clark, Jr.
John A. Ferris
(�y�
R. R. Henry
Joe T. Dawson
217-9