HomeMy WebLinkAbout03993 RES - 12/22/1954n ?z/
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A RESOLUTION
WHEREAS, THE CITY OF CORPUS CHRISTI WATERWORKS REVENUE BONDS TRUST
AGREEMENT PROVIDES,
.
THE RESERVE, AT THE OPTION OF THE CITY, MAY BE
INVESTED IN DIRECT OBLIGATIONS OF, OR UNCONDITIONALLY
GUARANTEED BY, THE UNITED STATES OF AMERICA, AND DEPOSITED
IN ESCROW UNDER AN ESCROW AGREEMENT, OR DEPOSITED IN THE
TRUST DEPARTMENT OF THE TRUSTEE . . . ,
AND
WHEREAS, THERE APPEARS TO DE IN THE HANDS OF MERCANTILE NATIONAL
:'YANK AT DALLAS, TRUSTEE UNDER SUCH TRUST AGREEMENT, IN SAID RESERVE ACCOUNT,
FUNDS EXCEEDING $120,000.00, AND IT WOULD BE TO THE ADVANTAGE OF THE CITY TO
INVEST SAID SUM OF $1202000.00 OUT OF SAID RESERVE FUND:
NOd, THEREFORE, BE IT RESOLVCD BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. THAT MERCANTILE NATIONAL BANK AT DALLAS, TRUSTEE UNDER
THE WATERWORKS REVENUE BONDS TRUST AGREEMENT OF THE CITY OF CORPUS CHRISTI,
BE, AND 15 HERESY, INSTRUCTED TO INVEST OF THE AVAILABLE FUNDS IN THE RESERVE
FUND OF THE CITY OF CORPUS CHRISTI WATERWORKS REVENUE BONDS THE SUM OF
$120,000.00 IN SECURITIES AUTHORIZED BY SAID TRUST AGREEMENT.
SECTION 2. THE NECESSITY FOR PROMPTLY INVESTING FUNDS SO AS TO
YIELD INTEREST CREATES A PUBLIC EMERGENCY AND PUBLIC IMPERATIVE NECESSITY RE-
QUIRING THE SUSPENSION 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, 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 PA55AGE: IT IS ACCORDINGLY
SO RESOLVED. Al D
PASSED AND APPROVED, THIS THE AY OF DECEMBER, 195 +•
ATTE,SP, �J '
MAYOR
THE CITY OF CORPUS CHRI fI, TEXAS
CITY SECRETAR
APPROVED AS TO LEGAL FORM:
.a CITY ATTORNEY J _ i9 J --+— a -- •-
Corp Texas
,
1954
s
TO THE HMERS OF THE CITY COUNCIL _
Corpus Christi, Texas
Gentlemen:
a., For the reasons set forth in the emergency clause of the'foregoing
e,, _ordinance, a.public emergency and imperative necessity exist -for the auspen-
sion of the•Chaiter Rule or requirement that no ordinauckpor resolution shall
be passed finally on the date it is introduced, and that 4ach ordinance or
resolution shall be reed 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.
E
Respectfully,,
R
CITY OF CORPUS CHRISTI,
The Charter Rule was suspended. by the following vote:
P. C. Callaway
' t.
Mroy King
James S. Haismith
W. James Brace
' F. P. Peterson, Jr.
The above was passed by-the following-note:
P. G. Callaway"
Ellroy King --r_
Jams 9.•Naismith
W. James Brace
F. P. Peterson, Jr. '
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