HomeMy WebLinkAbout04453 RES - 02/01/1956•lp.
IMS:AC :2 /1/56
A RESOLUTION
INSTRUCTING THE MERCANTILE.NATIONAL BANK AT DALLAS,
TRUSTEE UNDER THE WATERWORKS REVENUE BONDS TRUST
AGREEMENT OF THE CITY, TO INVEST, OF THE AVAILABLE
FUNDS OF THE BOND RESERVE FUND OF THE CITY OF CORPUS
CHRISTI WATERWORKS REVENUE BONDS THE SUM OF ;bO,000.00
IN 2 1/2 N U.' S. TREASURY BONDS; AND DECLARIIQ AN
EMERGENCY.
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 BOND RESERVE FUND ACCOUNT FUNDS EXCEEDING $88,000.00,
AND IT WOULD BE TO THE ADVANTAGE OF THE CITY OF CORPUS CHRISTI TO INVEST SAID
SUM OF $880,000.00 OUT OF SAID BOND 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 OF THE BOND RESERVE
FUND OF THE CITY OF CORPUS CHRISTI WATERWORKS REVENUE BONDS, THE SUM OF $80,000.00
IN 2 1/2, U. S. TREASURY BONDS.
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 ONTHE DATE OF ITS INTRODUCTION AND TAKE EFFECT AND BE IN FULL
FORCE AND EFFECT FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY 50 RESOLVED.
PASSED AND APPROVED, THIS THE 1ST DAY OF FEBRUARY, 1956.
ATTES MAYOR
f THE CITY OF CORPUS CHRISTI
CITY SECRE ARY
APPROVED AS TO LEGAL FORM
FEBRUARY 1, 19 6:
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CITY AT ORNEY
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Co r Ch�ti, Texas
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TO THE. WHOERS OF THE CITY COUNCIL
Corpus, Christie Texas
Gentlemen:
For the reasons set forth in the emergency clause of the foregoing
ordinance, a pahlic emergency and imperative necessity exist for the suspen-
sion of the Charter rule or requirement that no ordinance or resolution shall
he 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,
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
The Charter Rule was suspended by the following vote:
Farrell D. Smith
Minor Culli
W. J. Roberts
B, E. Bigler I
Manuel P. Maldonado
The above ordinance was passed by the following vote:
Farrell D. Smith
Minor Culli
W. J. Roberts
B, E. Bigler
C
Manuel P. Maldonado
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