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HomeMy WebLinkAbout02518 ORD - 05/10/1949. AN ORDINANCE -- 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 1TITH THE STATE NATIONAL BANK AS TRUSTEE FOR SAYEZEEPING; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY TEE CITY COUNCIL OF TEE 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, Nueoes County, Texas, bearing date April 29, 1949, be and the same is hereby formally in all things accepted (said bid having been opened and examined by the City Council and the City }danger on the 10th day after the first day of advertisement for bids, as provided by the City Charter), and said bank is selected and designated as depository for all funds of the City of Corpus Christi for the term of two (2) years as 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, 46th 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. BURTON OUNN,E>.ec�n�E VICCPgegIOLNT RICHARD KING,PRESIOENT GLOVER S.JOHNS,WCe PRE1l 1 J.C.WILSON,A5B CASHIER N.03. COLLINS, C--, W. H,KIRK,ASST. CAIIIER R.N. BOERUm.ta ,CASHIER - L.B.OUNNIASST. CAS-1 GABRIEL BOTELLO,JRA..I. 1—S R O.T. BOWDEN,ASSM CASHIER , C.M.ROBINSONIAssT. CASHIER the IT 10 °(h606H PoNonal *Bank lorp" ilirio hi, Zme mmy 20, 19 The State National Bank of Corpus Christi Corpus Chrlsti,.Teaas Gentlemens The umdersigneq back has been selected as City Depository for the City Of Corpus Christi} for the ensuing term Of two years, and as such had pledged with the City of Corpus Chrlati the securities herein listed and described, to secure the funds deposited with it under the conditions prescribed by the Revised Statutes Of the State of Teases as amended dg the Co Arta .. the +mod Legislature of the State of Testis, the City Charter and. the Pledge C�tratst.. In accordance with said contract and the iw, the City Council of the City of Corpus Christi has agreed that the securit-les'pledged sha11 be deposited with you as Trustee, and for safekeeping subject to the GmWitioas of the pledge and the final release of the pledge by the City. The list of securitiess together with the obligor's ammmts and the rates of interest, followEs C�OVa r-- - Securities: U.S. Treasury Bonds, 1'349 -51 U.S. Treasury Bounds, 1951-55 U *S. Treasury Notes. Series A 1950 U.S. Cert„ of Indebt, Series 0 1949 U-S. Cert. of Indebt. Series A 1450 U,S. Cert. of Indebt. Series B 1954 2% 500k000m 2% 200,000.00 1-3/8% 70000M.00 �4� 0Mi 0 00 Total 5 *000* Your acceptance of the trust to hold these securities as pledged to eeeemrs the City deposits in accordance with the amtraot and the lav, may be indicated by signing triplicate origins of this letter; we of touch vill be delivered to the City of Carpus Christi, oar delivered to this bank, and the other retained by your, Very truly yon' TRM C M CBI' ST2 NATIMa B WK s 4 STATE NATIONAL #IF PtLS C� By siss a "ident and Cashier Tee PresidemOt .1 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, 46th Legislature, Page 67, Chapter 57, Paragraph 11 which bid and pledge agreement reads in words and figures as follows, to -wit: "THE CORPUS CHRISTI NATIONAL BANK CORPUS CHRISTI, TEXAS April 29, 1949 TO THE HONORABLE LESLIE WASSERMAN, AND MEMBERS OF THE CITY COUNCIL OF THE CITY OF CORPUS CBRISTI, TEXAS. GENTISMEN: 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 ($PDO,000.00) for the ordinary current running expenses of the City, lawfully chargeable to and payable out of the "Current Expense Fund "; and (b) not to exceed One Hundred Thousand Dollars (8100,000.00) for the ordinary running ex- pensea of the City, lawfully chargeable to and payablo out of the "Street Maintenance Fund "; provided, however, that such advancements shall be ex- pressly conditioned Osubjeot Fe the following requirements and agree- ments: (a) The advancements to either fund are to made upon legally issued City Warrants or Vouchers, duly authorised by appropriate ordinance for valid purposes, and said City Warrants or Vouchers shall bear interest at the rate of two per cent per annum until paid and shall be issued from time to time a-s-7unds are needed. (b) Advancements to either the "Current Expense Pund" or the "Street Maintenance 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. (o) Advancements made by the Depository to the City on account of its "Current Expense Fund ",,are to be payable out of the current revenues collected from tax levies and assessments for that particular fiscal year, allocated to the "Current Expense Fund "; and advancements made by the Depository to the City on account of its "Street Maintenance 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 Maintenance Fond.!' (d) At the time of the authorization and making of advance- ments on account of either the "Current Expense Fund" or the Street Main - tenanoe 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 my purpose other than to discharge said Warrants. (e) Before making the advancements to either the "Current Expense Fund" or "Street Yai.ntenance 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 evi- dencing 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 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 Legis- lature, Page 16, and such pledge to be in accordance with said Act. !+. If selected as depository, the undersigned Bank will pay - of 1 per cent per annum interest on sinking fund deposits of the City; povided, however, the City shall: (a) Specify in writing the particular sinking rand 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, withdraw the whole or any part of the designated sinking fund deposit or deposits before the and of the period specified for deposit. Yours truly, THE CORPUS CBR.ISTI NATIONAL BANK BY: /s/ Richard Hing President MMIBIT "A" SECTION Ik 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 impera- tive 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 exist, 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 ACCORD- INGLY SO ORDAUTED. PASSED AND APPROVED this_/a_day of May, A. D. 19119• ATTEST: OR City of Corpus Christi, Texas City Secretary .APPROVED AS TO LEGAL FORTE; S1U �• . or Corpus Christi, Texas May—L,Q_, 1949 TO THE 10,9ERS OF THE CITY CODHCIL Corpus Christi, Texas Gentlemen. For the reasons set forth in the emergency clause of the fore- going 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, 4YOR City of Corpus Christi, Texas The Charter rule was suspended by the following votes Leslie u7assermaa al; -L Jack DeForrest �= Barney Cott C4 4_ Sydney B. Herndon fii „0 George L. Lowman The above ordinance was passed by the following votes Leslie Nasserman ps,. p Jack DeForrest Barney Cott Sydney E. Herndon George L. Lowman j f� a5�� ' the State National Bank of Corpus Christi, as Trustee deposited by the Corpus Christi National Bank securing finds of the BURTON DUNN,DIECUTIVE VICE RICHARD KING,PRE$I11N* RRES__ GLOVER S.JOHNSIVICEPRE --1 J. C. W ILSO N, ASST. CASHIER U.S. N. G.ODLLINB, CAS HIER 2% W.H. KIRK,ASST. CASHIER U.S. R. M. ROERU M, ASST. CASHIER 2% L. B. DUNN,.ASST CAs 1 GABRIEL B0TELL0,JR,A... CAIR 1 -318% O.T. BOWDEN,ASST C ASHIER U.S. Cert. of Indebt. Series G 1949 1 -1/4% C.M. ROBINSON,ASST. CASHIER U.S. Cert. of Indebt. Series A 1950 1 —lA% 200,000,00 U.S. at-iohot Bank 1 -1/4% '(ore" °Trio H, -Fewd -9 May 10, 1949 Mr. P. W. Grevelle, 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 finds of the City of Corpus Christi: Government Securities: U.S. Treasury Bonds, 1949 -51 2% 500,000,00 U.S. Treasury Bonds, 1951 -55 2% 200,000,00 U.S. Treasury Notes, Series A 1950 1 -318% 700,000.00 U.S. Cert. of Indebt. Series G 1949 1 -1/4% 400,000,00 U.S. Cert. of Indebt. Series A 1950 1 —lA% 200,000,00 U.S. Cert. of Indebt. Series B 1950 1 -1/4% $3.000,000 00 Total $5,000,000.00 Ae'GC /s o Very truly yours, N. OL INS, Vi President and ashier BURTON DUNN,PRESIOENT RICHARD NING,CHAIRN.N Or BO.RO R M_BOERNM.As —T.NT CAER.ER .i'.15., GLOVER S.JOHNS,V, PRESI1 —T GABRIEL BOTELLO,ASSIST.NT —11- CASNIER O.T. BOWDEN,A..IST.NT C -1— J. C.WILSON,ASSISTA.T VICE PRESIDENT C.M.ROBINSON,ASS. —T Ca 1— W.H.NIRN,AasISTwNT — PRE1 —T J. N.WEES NER,— IST.NT C.sH IER -Zhe iorpko Arloi +IoHonal -Bank •�orpu� •�hri��t,•��xa� February 20, 1950 City of Corpus Christi Corpus Christi, Texas Attn: Kr, Graff, City Controller Gentlemen: We are enclosing herewith copy of our letter to the State National Bank, this city, regarding the increase of the pledge to secure funds on deposit with us by the City of Corpus Christi, Texas, Thanking you, I am WHK /a Encl. Very truly yours, W. H. KIRK, Asst. Vice President 9, 2950 The State Natiomal Sank of Corm Christi. Corpus Christi, Teme .The t©ta now Aodged cdth j�%� Christi. � of scouring Asade on oslt with us by Uw of CMVW , Taos, is 6.7W.€10 .00. plemse wte VOW sa the abo" additional seourity bg the attaeb®d eap3.ea of is letter, we of whiob viU be delivered to the City of Corps Christi and ' *tbsr in be retained in ow files. i1 Vm truly youres TAPS CORM CWSTI NATIONAL HAW i � laeie'�t�iiee ' res / E �