HomeMy WebLinkAbout04256 RES - 06/29/1955A 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 Reserve Account funds exceeding $84,000.00, and
it would be to the advantage of the City of Corpus Christi to invest said sum
of $84,000.00 out of said Reserve Fund;
NOW, THEREFORE, BE IT RESOLVED 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 is hereby, instructed to invest of the available funds in the Reserve Fund
of the City of Corpus Christi Waterworks Revenue Bonds the sum of $84,000.00 in
2 -1/2$ U. S. Treasury Bonds maturing August 1963 at an effective interest yield
of approximately_ 2..70%..
SECTION 2. The necessity for promptly investing funds so as to yield
interest creates a public emergency and public imperative necessity requiring
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 de-
clared 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 day of June, 1955•
MAYOR
CITY OF CORPUS CHRISTI, TEXAS
ATTEST:
City Secretary
G
APPROVED AS TO LEGAL FORM:
City Attorney
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CORPUS C ISTI, 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
ORDINANCE, 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; 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,
MAY
THE CITY OF CORPUS CHRIST`u, TEXAS
THE CHARTER RULE WAS SU3PENOED BY THE FOLLOWING VOTE'
FARRELL De SMITH
MINOR CULLI
W. J. ROBERTS
R. E. BIGLER
MANUEL P. MALDONADO
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE;
FARRELL D. SMITH
MINOR CULLI
W. J. ROBERT':
B. E. BIGLER
MANUEL P. MALDONADO
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