HomeMy WebLinkAbout04255 RES - 06/29/1955A
A RESOLUTION
WHEREAS, There appears to be in the hands of Mercantile National
Bank at Dallas, Trustee under the City of Corpus Christi Waterworks Revenue
Bonds Trust Agreement, in the Redemption Account funds exceeding $80,000.00,
and it would be to the advantage of the City of Corpus Christi to invest said
sum of $80,000.00 out of said Redemption Fund:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY CCUNCIL 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 is hereby, instructed(to invest of the available funds in the Redemption
Fund of the City of Corpus \\ Christi Waterworks Revenue Bands the sum of $80,000.00
on time deposit until December 1, 1955, at 1 -1/2%.
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 reso-
lution shall be read at three several meetings of the City Council, and the
Mayor, having declared that such public emergency and imperative necessity exists,
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 passage, IT IS ACCORDINGLY SO RESOLVED.
PASSED AND APPROVED, This the g �/ day of June, 1955•
City Secretary
APPROVED AS TO LEGAL FORM:
Aw ' -
City Attorney
MAY R
CITY OF CORPUS CHRISTI, TEXAS
'5 S:
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CORPUS CHR STI, TEXAS
1955
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
GENTLEMEN:
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FOREGOING
OROINANCE, 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 INTRODUCED, AND THAT SUCH ORDINANCE OR
RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL; Iy THEREFORE,
HEREBY REQUEST THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS
THIS ORDINANCE FINALLY ON THE DATE IT IS INTRODUCED, OR AT TAE PRESENT MEETING
OF THE CITY COUNCIL.
RESPECTFULLY,
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE;
FARRELL De SMITH
MINOR CULLI
W. J. ROBERTS i
B. E. BIGLER
MANUEL P. MALDONADO �
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VPTEe
FARRELL D. SMITH
MINCR CULLI i
W. J. ROBERTS
B. E. BIGLER `
MANUEL P. MALDONADO