HomeMy WebLinkAbout03463 ORD - 05/13/1953AN ORDINANCE
ACCEPTING THE BID OF THE CORPUS GIHRISTI 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; PROVIDING FOR THE DEPOSIT OF SUCH 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 THE CITY OF
CORPUS CHRISTI, NUECES COUNTY, TEXAS, BEARING DATE OF MAY 6, 1953, 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 MANAGER ON THE 6TH DAY OF MAY, 1953,
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 CHRISTV 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 T XAS; AND THE STATE NATIONAL BANK OF THE CITY OF CORPUS CHRISTI IS DESIGNATED
FOR 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
48TH REVISED CIVIL 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
CIVIL STATUTES OF THE STATE OF TEXAS AS AMENDED BY THE ACTS OF 1943, 48TH
LEGISLATURE, .PAGE 67, CHAPTER 57, PARAGRAPH 1:
3 `f (e3
'Zhc iorpso -(46 0i • afioral tank
•(orpus •chria k i, -Zmao
May 12, 1954
Mr. W. G. Graf
City Controller
City of Corpus Christi
Corpus Christi, Texas
Dear Mr. Graf:
Below are listed additional securities deposited with
the State National Bank of Corpus Christi, as Trustee,
which deposit having been made by the Corpus Christi
National Bank to secure funds of the City of Corpus
Christi, Texas provided by Article 2560, Revised Civil
Statutes of Texas.
$6,000,000.0o u. S. Treasury Bills dated
May 6, 1954, due August 5, 1954
This brings the total collateral pledged to $12,000,000.00.
Yours ver truly,
W. RH KIRK
Vice President
WHK:lj
-Zhc -corpus -(hrloi - PON0041 -Bank
'�or�u� '�hrio l-i, •�ex��
W. H. KIRK May 12, 1954
V ICE PRESIDENT
State National Bank
Corpus Christi, Texas
Gentlemen -
Under date of our letter of May 15, 1953 we have placed
with you as Trustee securities aggregating a total of
$6,000,000.00 pledged to secure funds on deposit with
us by the City of Corpus Christi, Texas. In addition
to these securities, we have pledged the following which
are in safekeeping at the Guaranty Trust Company of New
York; $6,000,000.00 U. S. Treasury Bills dated May 6, 1954,
due August 5, 1954.
The total now pledged with you for the purpose of securing
funds on deposit with us by the City of Corpus Christi is
now $12,000,000.00.
Please note your acceptance of the above additional secur-
ities by signing the attached copies of this letter, one
of which will be delivered to the City of Corpus Christi
and the other for our files.
Yours very truly,
W. H. KIRK
Vice President
ACCEPTED:
STATE NATI N BANK OF CORPUS CHRISTI
BY
r 0H"al the °(0 rpi0 -Ch and
iorpuo -(469 0, -�axao
May 12, 1953
City Controller
City of Corpus Christi
Corpus Christi, Texas
Dear Sirs
Below listed are securities deposited with State National Bank of
Corpus Christi, as Trustee, such deposit having been made by the Corpus
Christi National Bank, to secure funds of the City of Corpus Christi,
Texas, provided by Article 2560, Revised Civil Statutes of Texas:
Government Securities:
U. S. Treasury Bonds,
1951 -1955
2%
$ 200,000.00
U. S. Treasury Notes,
Series B -1955
1 -3/4%
600,000.00
U. S. Treasury Notes,
Series A --1953
2 -1 /8%
400,000.00
U. S. Treasury Notes,
Series A-1954
1 -3/8%
550,000.00
U. S. Treasury Notes,
Series A -.1955
1 -1/2%
650,000.00
U. S. Certificates of
Indebtedness, Series 0-1953
2%
3,100,000.00
U. S. Certificates of
Indebtedness, Series A -1954
2 -1/4%
500,000.00
Total.......... $6,000,000.00
Very truly yours,
CORPUS CHRISTI NATIONAL BANK
B
Presiden
We hold the securities listed.
STATE NATIONAL BRINK
Corpus Christi, exas
By
Jj ¢ '/'g
the -Corpus, -Chris at-�o�alat�lz
iorpuq i4r1'q H' ZC q
may 15, 1953
The State National Bank of Corpus Christi
Corpus Christi, Texas
Gentlemen:
The undersigned bank has been selected as City Depository for the Ciry of Corpus Christi,
for the ensuing term of two years, and as such had pledged with the City of Corpus Christi
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 Texas, as amended by
the Acts of the 42nd Legislature of the State of Texas, the City Charter and the Pledge
Contract.
In accordance with said contract and the law, the City Council of the City of Corpus Christi
has agreed that the securities pledged shall be deposited with you as Trustee, and for
safekeeping subject to the conditions of the pledge and the final release of the pledge by
the City.
The list of securities, together with the obligor's amounts and the rates of interest,
follows:
Government
Securitiess
U. S.
Treasury Bonds, 1951 -1955
2%
$ 200,000.00
U. S.
Treasury Notes, Series B -1955
1 -3/4%
600,000.00
U. S.
Treasury Notes, Series A -1953
2 -1/8%
400,000.00
U. S.
Treasury Notes, Series A -1954
1 -3/8%
550,000.00
U. S.
Treasury Notes, Series A -1955
1 -1/2%
650,000.00
U. S.
Certificates of Indebtedness, Series C- 1953
2%
3,100,000.00
U. S.
Certificates of Indebtedness, Series A -1954
2 -1/4%
500,000.00
Total ..............$6,000,000.00
Your acceptance of the trust to hold these securities as pledged to secure the City
deposits in accordance with the contract and the law, may be indicated by signing
triplicate originals of this letter; one of which will be delivered to the City of
Corpus Christi, one delivered to this bank, and the other retained by you.
Very truly yours,
THE CORPUS CHRIS NATIONAL BANK
ACCEPTEDs BY,
STATE NATIOP BA Ii OF CORPUS CHRISTI 6/�President
the °(orpko Ari i OoHonal -Back
iorpuo *ChrisH, *Zexao
)kY 15, 1953
The State National Raxilc of Corua Christi
Corpus Ohristi, Teases
Gentlemena
The undersigned Lank has been selected as Gity Depository for the Ciry of Corpus Christi,
for the ensuing term of two years, and as suet, had pledged, with the city of Corpus Christi
the securities herein listed and described, to seen" the funds deposited with it ceder
the conditions prescribed by the Revised Statutes of the State of Texae, as amended by
the Aota of the 4ad Legislature of the State of Texas, the City Charter and Lhe Pledge
Contract..
In accordence: with said contract and the low, the City Council of the City of Corpus Christi
has agreed that the securities pledged shall be deposited with you as Trustee, and for
safekeeping subject to the conditions of the pledge and the final release of the pledge by
the City.
The list of securities, together with the obligorts amounts and the rates of interest,
follower
Gorarnmw Semmitieal
U. S. Treasury Bonds, 1951 -1955
2%
2€0,000.00
U. S. Treasury Notes, Series 8-1955
1 -3i
600,000.00
U. S. Treasury Rotes, Series A -1953
2 -1/8%
400,000.00
U. S. Treasury Notes, Series A-1934
1 -318%
550,00O.co
U. S. Treasury Motes, Series A -1955
1 -1%2%
630,000.00
U. S. Certificates of Indebtedness, :aeries 0-1953
2%
3,100,000400
U. S. Certificates of Indebtedness, Series Ar1954
2 +1%4%
500,,000000
Total. #... ....... ..$+,000,000.00
Your acoeptanee of the trust to hold these securities as pledged to seeur+e the City
deposits in a000rdsnoe with the contract and the law, may be indicated by signing
triplicate originals of this letter; one of which will be delivered to the City of
Cor,ous Christi, one delivered to thin Lank, and the other retained by you.
V$ry 't yours,
THE CORPUS CHR SSI NATIONAL BANK
ACCXPTEDa
STATE NATIONAL 'K OF CORPUS CHRISTI � &&c,� President
res t
SECTION 3. THAT SAID BID OF THE CORPUS CHRISTI NATIONAL BANK, A
COPY OF WHICH IS ATTACHED HERETO AND MADE A PART HEREOF, AND THE CONDITIONS
AND PROVISIONS OF SAID BID, THE PLEDGE OF SECURITIES HEREIN LISTED ARE
HEREB 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;
he -Corpus -Back
May 6, 1953
Hoes. L. A. i.iohteaatein and
Members of the City Council
City of Corpus Christi
Corpus Christi, Tessas
Gentlemens
The undersigned, a national. banking *eeooiatiom, having its place of
basitess in the City of Corpus, County of *uses#, Mate of Tessa, submits
this its bid for desigastim as City Depository for all City funds for and
during the period of time prescribed by laws
1. If selested as City Depository, the wideraigned bank agrees to handle
and *some the custody and safekeeping of all City funds actually deposited
with it as City Depository and the City or its officiala, sad ogre ** that
such funds will be faithfully kept and accounted for by it as provided by
law.
2. If selected as City Depositary, the undersigned bank further agrees to
make advanaements durixA and for each fiscal year (a) trot to exceed T'hses
Hundred Thoussad and xw /IW Dollars ($300,OW) for the ordinary current
raining expenses of the City lawfully chargeable to and payable ot* of
the "Current Bspense Fund "; and (b) not to exoaad One Huwndrad Fifteen
Thousand and no/100 Dollars (4115,000) for the ordinary running expenses
of the City lawfully chargeable to and payable out of the "Street Mainte-
nance Fund "; provided however that such advaneameete shall be expressly
conditioned and subject to the requirements and agreements as follows}
(a) The advancements to either fund are to be made upom regularly
issued City warrants or vouchers duly authorized by appropriate ordinance
for valid purposes, and said Ci#q warrants or vouchers *hall beer interest
at the rate of Uto— percent (2 4 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
Vaintenance Fund ", in the limited amounts first above specified in each
case, are to be made for each fiscal year between the period of August 1
(the commencement date of the Fiscal year) and December 31 ( of the same
year), and lush sdvancements are to be repaid in any event on or before
December 31 of the same fiscal year;
(a) Advancements lade tor the Depository to the City an &*count of its
"Current Expanse Fund ", are to be repayable out of the current revenues
collected from tax levies and assesments for the particular fiscal year
allocated to the "Current Expense Fund "; and advancements made by the
Depository to the City on account of its "Street Idaintenenee Fund" are
likewise to be repayable ouf of current revenues collected from tart levies
and assessmenta for that particular fiscal year and allocated to the "Street
"Maintenance Fund ";
(d) At the time of the authorisation and making of advancements on
account of either the "Current Expense Fund" of the "Street Maintenanoe
Fund ", the City Council shall pass valid ordinances setting aside and
appropriating in either case such amount of the ouraent funds collected
from levies and assessments for that particular year as will fully discharge
the principal and interest of &ll 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;
(a) before making the advancements to either the "Current Expense Fundy`
of "Street Maintenance Fund ", the 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 egress 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 Gity deposits, such securities to be
of the kind specified in Article 2560 of the Favised Statutes of the State of
Tema as amended by the Acts, 1943, 48th Leglsletura, page 7, with each pledge
to be in accordance with said act.
4. If selected as Depository, the undersigned bank will pay one percent
(1 %) per annum interest am sinking funds deposits of the City; provided the
City ahallt
-2-
(a) speol* in writing the particular sinking fund or funds and the
amounts thereof which are to be and remain as time deposits in eontampla-
tion of law and the regulations promulgated by the Hoard of Governors of
the Federal Reserve System;
(b) c*signate in writing the period for which the fund or funds are
to remain on deposit as time deposits, such perio_- to be not less than six
months from the date of designation;
(o) agree in writing that each designated sinking funds are to be
and remain subject to an the rules and regulations provided by Saw and
promulgated by the Board of Governors.of the Federal Reserve System and
that the depositor will not, by voucher or otherwi2o, i4thdraw the whole
or any part of the designated sinking fund depoait or deposits before the
end or the perio. specified for deposit.
Yours very truly+
CORPUS CHRISTI NATIONAL BANX
President
-3-
SECTION 4. 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
HE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY
ON THE DATE OF ITS INTRODUCTION AND THAT SUCH ORDINANCE OR RESOLUTION SHALL
B E READ AT THREE SEVERAL MEETINGS OF THE CITY COUNCIL, AND THE MAYOR, HAVING
D ECLARED THAT SUCH EMERGENCY AND NECESSITY EXIST, AND HAVING REQUESTED THE
SUSPENSION OF SAID CHARTER RULE AND THAT THIS ORDINANCE 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 SO PASSED AND APPROVED,
THIS THE / V DAY OF MAY, 1953• / 1
ATTEST: ,I /-/ THE CITE OF CORPUS CHRISTI, TEXAS
ITY SECRETARY ' l/ /
PPROxED AS TO L GAL FORM:
t
ITY ATT05NE
CORPUS CHRISTI, TEXAS
1953
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
GENTLEMEN:
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 R- EQUIREMENT AND PASS THIS
ORDINANCE FINALLY ON THE DATE IT IS INTRODUCED, OR AT THE PRESENT
MEETING OF THE CITY COUNCIL.
RESPECTFUL ,
MAYOR
CITY OZ<6UUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
A. A. LICHTENSTEIN
ELI-Roy KING
P. C. CALLAWAY
JAMES A. NAISMITH
W. JAMES BRACE
THE ABOVE ORDINANCE WAS PASSED BY THE FOLL ING VOTE:
A. A. LICHTENSTEIN
ELLRO.Y KING
P. C. CALLAWAY
JAMES A. NAISMITH
1
W. JAMES BRACE
3�I0