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HomeMy WebLinkAbout03037 ORD - 05/15/1951. u . AN OtUMMCE ACCEPTING THE BID OF TIE CORPUS CHRISTI NATIONAL BANK AS CITY iiposITORY FOR THE ENSUING TERMS ACCEPTING RED AP- PROVING THE PLEDGE OF SECURITIFS BY SAID DEPOSITORY IN LIEU OF BOND AS SUCH, PROVIDING FOR THE DEPOSIT OF SUCH _ SECURITIES 14ITH THE STATE NATIONAL BANK AS TRUSTEE FOR SAFMMpING AID DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COITUS CHRISTI. TEM. '+ SECTION 1. That the application of the Corpus Christi National Bank, a banking corporation having its office and place of business in the City of Corpus Christi, Nueces County, Texas, bear- ing date of `, 1951s be and the same is hereby ibrmal7y in all thing. acts ed (said bid having been opened and examined by the City Council and the City Manager on the 8th day of May, 1951, ten days 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 years as provided by the City 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 se- curity for such deposits in lieu of bond as provided by Article 2560 of the Revised Civil Statutes of the State of Texas as amended by the Acts 19432 48th Legislature, Page 672 Chapter 572 Paragraph 1, SECTION 2. The said depository having submitted the fol- lowing pledge of securities in lieu of bond in accordance with Art- icle 2560, of the Revised Civil Statutes of the State of Texas as amended by the Acts of 1943, 48th Legislature, Page 67, Chapter 572 paragraph 1. , 3037. fhc °(®rpug -(4696 °fa "Onal tank lI 5URTON DUNN.PRESIOENT 40 rp" -chti " H, May 15, 1951 Mr, W, G. Graf, City Comptroller 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 Notes, Series B 1955 1 -3A% $600,000.00 U.S. Treasury Notes, Series A 1951 1 -1/4% 3,100,000.00 U.S. Treasury Notes, Series D 1951 1 -1/4% 500,000.CO U.S. Treasury Notes, Series F 1951 1 -1/4% 400,000.00 U.S. Treasury Notes, Series A 1955 1 -1/2% 700,000.00 U.S. Treasury Notes, Series A 1954 1 -3/8% 500,000.00 U.S. Treasury Bonds, 1951 -1955 2% 200,000.00 Total ......... $6,000,000.00 Very truly yours) BURTON DUNN, APPROVED- President STATE NATIONAL BANI {, Corpus Christi, Texas By.l%�x� _ bd/bg 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 andpm- visions 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 2$60 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,"n'm 3, 1951 TO THE HONORABLE LESLIE WASSERMAN AND MEMBERS OF THE CITY COUNCIL Cg 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 Nuaces, 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 actual 2y 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 daring andfor each fiscal year (a) not to exceed Two Hundred and Eighty Thousand Dollare ($280,000.00) for the ordinary current running expenses to the City, lawfully charge- able to and payable out of the "Current Expense Fund ", and (b) not to exceed One Hundred Thousand Dollars ($1003000.00)_for the ordinary running expenses of the City, lawfully chargeable to and payable out of the "Street Maintenance Fund "; provided, however, that such advance- ments $hall be expressly conditioneubject to the following re- quirements 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 two (2 %) per cent per annum until paid and shall be issued from time to time as funds are needed. (b) Advancements to either the "Current Expense Fund" 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 the same year), and such advanaements 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 "Current Expense Fund ", are to be payable out of the current revenues collected fromtax 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 renenues collected from tax levies and assessments for that particular fiscal year and allocated to the "Street Maintenance Fund." (d) At the time of the authorization and making of advancements on account of either the "Current Expense Fund" or the "street Maintenance Find ", the City Council shall pass valid ordi- nances 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 there - after, 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 "Current Expense Fund" or "Street Maintenance Fund ". provisions 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 particu- lar 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 as- tablished, 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 se- curing 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 three fourths of one per cent (3/4 of 1 %) per annum interest on sinking fund deposits of the City, provided, however, the City shall: (a) Specify in writing the particular sinking 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 periodfor 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 otberwise, withdraw the whole or any part of the designating sink- ing fund deposit or deposits befwa the end of the period specified for deposit. Yours truly, THE CORPUS CHRISTI NATIONAL BANK By;-Is/ Burton Dunn, Pres. SECTION b. That the fact 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 an imperative public necessity requiring the suspension of the Charter rule that no ordi- nance or resolution shall be passed finally on the date of its in- troduction and that such ordinance or resolution shall be read at three several meetings of the City Council, and the Mayor, having declared that such emergency and necessity exist, and having re- quested the suspension of said Charter rule and that this ordi- nance be passed finally on the date of its introduction and take effect and be in full force and affect from and after its passe e, TT IS ACCORDINGLY SD PASSED AND APPROVED, This the,6j_day of May, 1951. R .JGn 9 CITY OF CORPUS CHRISTI, TEXAS �Ts C y acre ary ?P 4nD AST LEGAL FORM: C y mey Corpus Christi, Tame 195 ` TO THE IM EMS OF THE CITY COUNCIL Corpus Christi, Texas Gentlemens 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, ♦4 MOM 2027 CAity of Corpus `8hri'sti, Tame The Charter rule was suspended by the following votes ' Leslie Wasserman Jack DeForrest •L6�'�- Barney Cott Sydney E. Herndon George L. Lowman n The above ordinance was passed by the following votes Leslie Nasserman Jack DeForrest Barney Cott ' Sydney E. Herndon secs,, -�-• George L. Lowman ' 2027 8% t , 2:27 0 May 3. 1951 is place f Texas. luring the agrees to ally do- i agrees rovided by Further :o exceed 7 current of the Dollars r chargeable .7_, that such ring require— )on legally .nonce for �t at the rate of 2 per cent per annum until raid and shall be issued from time to time as funds are needed. (b) Advancements to either the "Current Expense Fhnd" or the "Street Hai#tenance Fund ", in the limited amounts first above specified in each case, are to be made for each particular fiscal year between the period of Aueaust lot (the commencement date of the fiscal year) and December 31st (of that same City of Corpus Christi may 3.. 1951 Page Two. 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 the City on account of its "Current Expense Fund". are to be payable out of he current revenues col- lected from tax levies and assessments for that particul r al year. allocated to the "Current Expense Rind "; and advancements made by he sitory to the City on account of Its "Street maintenance rand" a $e to be payable out of current revenues collected from tax levies assessmento or that particular fiscal year and allocated to the "Street Maintenane (d) At the time of the iaation and maki o advancements on account of either the "Current Expens Fund r the "Street Ra ntemanee Funds, the City Council shall pass valid ordi ne ett aside and appropriating, in either case, such an amount of the c re fu a c lected from levies and asses - ments for that particular year as 11 ly sc ge the principal and interest of all of the Warrants issued in p re o uch vancements. and thereafter, the so appropriated pertion of such curren funds all not be used for any purpose other than to discharge said wants. (e) Befo e m t advanc en to either the "Current Expense Hind" or "Street htainte a pr isioa is to be made in the finally approved Budget for adequate a rop "iations d ocations to each of such funds, out of the current revenues tei ted to b col acted as a result of tax levies for the particular fiscal year. on Moan a are sufficient to pay the principal and Interest of sai Warrantc vide i , th advancements. efore the v ements to the City are made„ the assessed valuations or e s year sh d be finally established, and the tax rate fixed and levi fo that ti lar year. 3. f selee d, he undersigned Bank agrees to pledge bonds or se- curities wit the ity f C e Christi for the purpose of securing such City minds in an amount eq 1 t the ount of said City deposits, such securities to be of the kind specifie in icle 2560 of the Revised Statutes of the State of Texas. as amended by the of the 42nd. Legislature, Page 16, and such pledge to be in accordance with said Act. 4, If "elected as depository. the undersigned Bank will pay 1% per cent per annum interest on sinking fund deposits of the City; provided..ho ever, the City shall: (a) Specify in writing the particular sinking 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. City of Corpus Christi May 3. 1951 gage Three (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 leas than six months from date of designation. A (o) Agree in writing that such designated si funds are to be and remain subject to all the rules and regulations provided by aw and promulPgted by the Board of Governors of the Federal Reserve Syst , t t e� depositor will not. by voucher or otherwise. withdraw the whole any part of a designated sinking fund deposit or deposits before the end of the period s. ed fo deposit. 0 CORPUS CHRISTI NATIONAL BANK