HomeMy WebLinkAbout04236 ORD - 06/08/1955-
PTIH-� THE l) OF T!IE C6EPU.5 CH.M-Ti adAT ONAL
cI f")uo3cro,"',Fop, -nz LN;,,-'UIHG TF2,,'; AC,'-'LPTI11G "'NO APPffifl S,
-1 F.- I'LE)GE OF S'E,',Ioi;� I I I ES 3Y 5;' % I J DEI'03 I TWY Ii! L I L'U OF
;S SUCH; P1OVIDii1G FON, THE ),'---F1O`1IT OF SUCH, 3EcU.flTIE-- "ITH
TH-- A3 Ti;:i!STFLE FW Si',FFIKELEPWG; J13
'E IT UWAIHEO " THE CITY COUNCIL OF THE CITY OF CORPUS CHRICTI,
SCCT 104, 1. THAT THE )F THE "OR-PUS CPPIS-1-1 :`ATI0[1;,L "ANK;
A HAVING ITS OFFICE AN5 'I-A,-E OF IN THE ,'IT Y C, F
0 1' , t' U S CHRISTI, i-U L- ES CGUI!TY, T E 7 A. s E A R I N'-. DATE 0 F A Y
), , :, E A l'i D
THE SAII.- I L HCI;EEY FCR:SALLY IN ALL THINGS A1,.(:FPTED (SAID cI,-.).HAVI !;C � C E:: I
E;'.id4iNCD JY THE CITY CCLW-'IL AND Till' -ITY i:ANAGER AN THE 2--) T H
DAY OF 1 T L N DAYS A F T -- R THE F I iRST DAY 0 F A D V E R T 15 U- 11 E N, T FOR -11 DS,
AS PPDVIDED LY THE CITY 'HARTER), AlJ) SAID DAi;K IS SELECTED AND DESIGNATED
A� DL;1(',SlTDRY FOR ALL FU.11)B 1)F THE ITY (IF -'UP,rUS FOR THE TC.,�i OF
TWO YLAiiS .1.3 PH'',viDr-L) ''Y 7H,- -'ITY THE CITY '-'HEISTI V:r)
3Y THE LAW, OF THE STATE or T,-;,AS; AF!D THE ; STATE 11ATIONA'L �A`K CF T H!-- CITY
C,,V '-CR-J5 I.HRI S71 IS DZSID))ATED FCR THE DEPOSIT OF 5ECURITPEL V11-E!DCZ1-) -Y
T T -��UR I TY LIEU
IH-- SAID C'UR,"US ,HRI,'�71 ;;�,- I U; I i, 1- AS S
F 25 0 OF
0 i I D A R C,, V I Y ��, k T I C L THE v 1 s I-- D CIVIL �� T A T U T F S' OF THE
�3TATEOF TL14,1,S j,S ;D,:,3 BY T"'d hCTL, LEulsLi;Tullz, PACE
.ACTION THE SAID SU :i!,ITT.--D THE FSLLGWI;16 ;'LEDGE
OF 2,.)C, THE R:vlSc::
F SLZURML- I, I-:
LJF
CIVIL �TAFUI`Lb OF THE �T,`,Ti- DF Ab ',1,N;)FD GY T;It GF IjAs,
',,'Ii A. - T L R j1i A R,v3 HA, r, H
4 2 3�
he °Corpwo -669H 41aVionat ank
-6rpaq -Nrio t i, -exa9
May 24, 1955
Hon. Farrell Dee Smith
and
Members of the City Council
City of Corpus Christi,
Corpus Christi, Texas
Gentlemen:
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 designation
as City Depository for all City funds for and during the per-
iod 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 Deposit-
ory 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 a rees to make advancements during and for each
fiscal year (a� not to exceed Four Hundred Thousand Dollars
($400,000.00) for the ordinary current running expenses of
the City lawfully chargeable to and payable out of Current
Expense Fund "; and (b) not to exceed One Hundred SiXty -five
Thousand Dollars ($165,000.00) for the ordinary running ex-
penses of the City lawfully charged to and payable out of
the "Street Maintenance Fund "; provided that such advancements
shall be expressly conditioned and subject to the requirements
and agreements as follows:
(a) The advancement of either funds are to be made
upon regularly issued City warrants or vouchers duly auth-
orized by appropriate ordinance for valid purposes and the
Hon. Farrell Dee Smith
and
Members of the City Council
Page 2
5/24/55
City warrants or vouchers shall bear interest at the rate of
two per cent (2 %) 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 fiscal
year between the period of August 1st (the commencement date
of the fiscal year) and December 31st of the same year) and
such advancements 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'l are to be repayable out
of the current revenues collected from tax levies and assess-
ments for the particular fiscal year allocated to the "Current
Expense Fund "; and advancements made by the Depository to the
City un account of its "Street Maintenance Fund" are likewise
to be repayable out of current revenues 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 Fund ", the City Council shall pass
valid ordinances setting aside and appropriating in either
case such amount of the current funds collected from levies
and assessments for that particular year as will fully dis-
charge the principal and interest of all the warrants issued
in payment of such advancements, and thereafter, the so ap-
propriated 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 ", 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 in-
terest of said warrants evidencing the advancements;
Ron. Farrell Dee Smith
and
Members of the City Council
Page 3
5/24/55
(f) Before the advancements to the City are made, the
assessed valuations for the fiscal year should be finally es-
tablished and the tax rate fixed and levied for that particul-
ar 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, 1943, 48th Legislature,
page 7, with such pledge to be in accordance with said Act.
4. If selected as Depository, the undersigned Bank
will pay the following rates of interest on certificates
of deposit of funds belonging to the funds of the
City in the following amounts and for the following periods
of time:
- 31 to 90 days
- 90 days to 6 months
- 6 months and over
The aforegoing rates of interest to be paid by the Depository
are subject to the following understanding:
That not more than 75% of the total funds on deposit
will be invested in time deposits during the life of this
agreement; and provided that the City:
(a) specify in writing the particular fund or funds
and the amounts thereof which are to be and remain as time
deposits in contemplation of law and the regulations promul-
gated 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 the dates heretofore set forth herein.
Hon. Farrell Dee Smith
and
Members of the City Council
Page 4
5/24/55
(c) agree in writing that such designated 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 fund deposit or deposits before the
end of the period specified for deposit.
In your invitation for bid, you asked that the bid
specify the rate of interest which will be paid on delay
balances. This bank is prohibited from paying any interest
on daily balances by reason of the provisions of Regulation
Q, Section 2A of the Federal Reserve System.
Yours very truly,
THE Co PUS CHRISTI NN�ATIONAL BANK
�Presiident
J
he °Cor~pu.o -(hriO -&Hmal °Baok
A H. KIRK June 1, 1955
Vice K esio eNr
P,Ir. Thomas Murphy
Director Of Finance
City of Corpus Christi
Corpus Christi, Texas
Dear ;sir. Murphy:
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 of 1961
U. S. Treasury Bonds of 1960
U. S. Treasury Bonds of 1963
U. S. Treasury Notes of 1957
U. S. Treasury Notes of 1959
Federal Farm Loan 1955 -57
U. S. Treasury Bills
We hold the securities listed
STATE NATIONAL BANK
Corpus Christi, Texas
BY? LGO iV. E
sssT.
2 -1/2%
$1,050,000.00
2 -1/8%
3,100,000.00
2 -1/2%
200,000.00
2%
650,000.00
1 -7/8%
400,000.00
1 -3/4%
600,000.00
6.000.000.00
Total . . . . . .12,000,000.00
Very truly yours,
THE CORPUS CHRISTI NATIONAL BANK
B n� President
COPY
THE CORPUS CHRISTI NATIONAL BANK
CORPUS CHRISTI, TEXAS
June 1, 1955
The .State 11,1tional of rTIrLsti
Sor,uc 31'u-113ti 'texas
, Uu::;
)a f_ bas been, selected av City )epo-'sitory "Dr Y, - 0it7 c)f �orras
for
t! xa e ? teT:1 of tuo yoga, md no suc_4 In! �,le&,ed -,-Alth the i"ity of
ChZi&i t-he '-verel.-q lioted and _Iosoribod, the Pmmds de-
Mdtor `110 coon 11 ticns wesorlbed b, the ;?Vviswi Statutes of the State
02 To-ma, as a-mdet! *..„y he P.ctv 0;, tho ,',!n 1,e.j.olltv:tre C.? 1,10 Stnto of Tems, the
1 -v ", , tl�lc
. _.orl';cr m,-._,01
in cajj, ,,, 00=1 -`—,aot 11 " =c low, "he 0 Of le Olty 0 Oorv)7a2
Christi hvii a.L,,,jeecj t o see nri-t-.os i)e aer.."Jalted
Sou as 1rustoe,
I for 3a Vc
m-0 s;Ibiject to the Is 01, t., e plod, mA t1c f2ml release of
'e 07 `,he J *Ay.
t0!,,S_U10r -ALI 710 .:its wvl the rates of -interest,
falla".43.
'.0vern"Ient sm=it 10s..
J.
7. of
rnao-Lu�y 711ourls ,jf 1963
3 T r e a c -,xy "otes Of 1957 2'1 65o,f.^rjxo
re
Federal 7ir,.i Loan 1755-57 1_3/4;
"reasur,-
Total 12,,00,00G.00
of :gust to h,31,, �Ijese �ns nie-1-c"d to seava-e the "'Jity
de L'I ncoordnnco iVl c,11c contr t 1)vl t%e IDw, n:- be, laullanto 1 by
ell" letter; one, of
tr �ulll ?A- delivers'! to tht, :'ity of
on.: dc-117cr1-j,l mnd t"ic other retnLaed `z? you.
v'e-j truly Y'P-mq,
00 7M1,1:_ 1 `resident
ASST, CASUILA
6i---TiOi,± S. THAT SAID •- I D OF THE CHRISTI HAY I A
C0 1'Y ,F ',.H I C I i IS ATTAIALD /,ND A P,:.,T HCRECF, AND THE -WIDITM;�,
A110 1 'ROV10IONS OF OA10 THE ,LEDGE oF SECURITIES HEREIN LISTED ARE
HLREDY Iji ALL THI 1a5 A�,:E."T,L-1 %f,;,) "BADE THE -,CA,TRACT OF THE
CITY WITH THE 'L)Fl 081).,RY, SUCH 1LEL)(, 0F '-LCURITIF3 TC, DE Tllc
PRUVISJUiIb OF SAID ,P.T[,,,LL
J J CF T H C Z V I S E D T A T U T- S OF T I I E 3Tc;TL vF T L X,' , 3
Til'- `,CT:S F FFGc FAA,
A:,JD F1
r0LL0Ii:,, T-:)-nIT:
S-',TlCil mAT TW Fi,�T THLP—' I G ill I Ml- E: 2..T I VE TICED 1 -C2 ", _,I TY
I T�RY r.T AL!- ii OF TI_ DL6 I ' I AT I ON I I-, ED .:Y LP %I!
F _..,,TAI : �
0 7 : 1 , 1 � 1 TOR I 'C"o I i I LP' F , - 1 - AT A' l I i-: R C I V V L I
y lriD Alk I Hr"-NATIVIL i UL:Ll I TY R, ";It;,' TH,-
T;-,T
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TI1- ATF 21 1 1 :
E T,F AD %T T I,u= 3 „A. I;E-. T 1 3 U F T11 1 T Y ,"D U I L D TI{[ ;G
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T; I IT:, I 1 13 T.,: -1 FF :'l E 1 1- A"
Nl -Tl1- fy"Y Jlli;-, li;--).
( -I I T'
-ITY T-,'�!�it--Y
CORPUS GH T8y TEXAS
X755
r'
TO THE MEMBERS OF THE CITY COUPICIL
CORPUS CHRISTC, TEXAS
GENTLEMEN:
FOR THE REASONS SET FORT F, 111 THE EMERGENCY CLAUSE OF THE FOREGOING
ORDINANCES A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE SUSPEN-
SION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR RESOLUTION SHALL
BE PASSED FINALLY ON THE DATE IT IS IIN'TRODUCED� AND THAT SUCH OR04WANCE OR
RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL; 1, THEREFORE,
HERESY 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,
t
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
FARRELL Do SMITH
MINOR CULLI
W. J. ROBERTS
B. E. BIGLER A.
MANUEL P. MALDONADO
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE:
FARRELL D. SMITH d
MINOR CULLI
W. J. ROBERTS
B. E. BIGLER
MANUEL P. MALDONADO .J