HomeMy WebLinkAbout04521 ORD - 05/02/1956ORDINANCE NO. J jam`
CONFIRMING CORPUS CHRISTI STATE NATIONAL BANK AS CITY DEPOSITORY
FOR THE BALANCE OF THE PRESENT TERM, DESIGNATING FROST NATIONAL
BANK, OF SAN ANTONIO, TEXAS, AS TRUSTEE FOR SECURITIES DEPOSITED
AS SECURITY FOR CITY FUNDS, APPROVING SECURITIES TO SECURE CITY
FUNDS, PROVIDING FOR THE SUBSTITUTION OF OTHER SECURITIES THERE-
FOR, PROVIDING FOR THE SURRENDER OF INTEREST AND INTEREST COUPONS
FROM DEPOSITED SECURITIES AND DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI:
SECTION 1: The Corpus Christi National Bank of Corpus
Christi, heretofore designated as depository for all funds of the
City of Corpus Christi, Texas, for the term of two years by
Ordinance No. 4236 passed June 8, 1955, having merged and consoli-
dated with State National Bank of Corpus Christi under the banking
charter of the former, and with its name changed to Corpus Christi
State National Bank, said Corpus Christi State National Bank is
hereby confirmed and continued as depository for all funds of the
City of Corpus Christi, for the balance of the term of, and under
the provisions of, said Ordinance No. 4236 as hereby amended.
SECTION 2: State National Bank of Corpus Christi having
been approved by such Ordinance No. 4236 as Trustee to hold securi-
ties deposited by the City depository to secure City funds, under
the terms and provisions of Article 3560, Revised Civil Statutes
of Texas`, and being unable to continue as such Trustee by virtue
of such consolidation and merger, Frost National Bank, of San
Antonio, Texas, is hereby designated and approved as Trustee to
hold securities deposited by Corpus Christi State National Bank
to secure City funds under the provisions of Article 3560, Revised
Civil Statutes of Texas, and of this Ordinance.
SECTION 3: The following securities on deposit with such
Trustee are hereby approved as securities to secure City funds:
400,000.00 par value U.S.A. 1 7/8% Treasury Notes
Series A 1959 Due 2/1559 Int.
Pay. F & A 15 #11793 11173/5
at 100M Each
650,000.00 par value U.S.A. 2% Treasury Notes Series
C 1957 Due 8/15/7 Int. Pay. F
& A 15 #`27571//5 at 10M Each
10470/5 at 100M Each
3,100,000.00 par value U.S.A. 2 1/ Treasury Bonds of
1960 Due 115/60 Int. Pay. M &
N 15 #1313/15 at 1MM Each
1,050,000.00 par value U.S.A. 2 12 Treasury Bonds of
1961 Due 11 15/61 Int. Pay. M &
N 15 #42217/21 27157/61 at 100M
Each
200,000.00 par value U.S.A. 2 1/2% Treasury Bonds
due 8 /1�`/ 3 Int. Pay. F & A 15
#27165/ / at 100 M Each
1,000,000.00 par value Federal Home Loan Banks
3.05% Consolidated Notes Series
A 1957 Dtd. 3/15/56 Due 1/1/57
Int. Pay, at Maturity #686/95
at 100M Each
500,000.00 par value Federal Home Loan Banks
3 1/8% Consolidated Notes Series
F 1956 Dated 10/17/55 Due 7/16/56
#1792/6 at 100M Each
600,000.00 par value Federal Farm Loan Consolidated
The Twelve Federal Land Banks
1.75% Due 10/1/57 Int. Pay. A & 0
1 No. 797 10175 10181/4 10415/6
11001 2 9050 9277/85 7506 11
8212 14 8993 7005/8 70147
7260 7505 6423/29 7002/4 30
1732/36 1860 6420/22 At 10M Each
500,000.00 par value Federal Farm Loan Consolidated
The Twelve Federal Land Banks
3% Due 2/15/57 Int. Pay. F & A
15 #9/10 250 635/36 at 100M Each
SECTION 4: The Trustee is hereby authorized to allow the
City depository to substitute, from time to time, for all or part
of the securities held by it to secure City ,funds an equivalent
par value of any of the following described securities which are
hereby approved as securities to secure City funds:
United States Bonds, Certificates of Indebtedness
of the United States, Treasury notes of the United
States, and other evidences of indebtedness of the
United States which are guaranteed as to both prin-
cipal and interest by the United States Government
or bonds issued under the Federal Farm Loan Act,
bonds, pledges or other evidences of indebtedness
issued by the Board of Regents of the University of
Texas, notes or bonds secured by mortgages insured
and debentures issued by the Federal Housing Adminis-
trator of the United States Government.
and further to accept from time to time any of the above described
securities as additional security to be deposited for City funds.
SECTION 5: In the absence of notice of default by the City
depository the Trustee is authorized to deliver to Corpus Christi
State National Bank any interest received on account of, or interest
coupons clipped from, the deposited securities as such is received.
or the coupons become due.
SECTION 6: The City depository is required to maintain
a total par value of securities equal to or in excess of the City
funds on deposit. The Trustee is authorized to accept the certifi-
cate of the City depository, approved by the Director of Finance
of the City of Corpus Christi, Texas, that due to change in amount
of City funds on deposit a specified amount of the securities may
be lawfully released from the deposit with the Trustee, and to
release to the depository securities selected by it in the amount
so certified.
SECTION 7: The fact that there is an imperative need
f for a City depository and for securities to be on deposit at all
times regardless of the designation as required by law of certain
depositories at certain intervals and an imperative need to have
security as provided by law for City funds, creates an imperative
public emergency and an imperative public necessity requiring the
suspension of the Charter rule that no ordinance or resolution
shall be passed finally on the date of its introduction and that
such ordinance or resolution shall be read at three several meetings
of the City Council, and the Mayor, having declared that such emer-
gency and necessity exist, and having requested the suspension of
said Charter rule and that this ordinance 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 PASSED AND
APPROVED, this the day of 1956.
ATTEST "1
MAYOR
y THE CITY OF CORPUS CHRISTI; TEXAS
City SecretaryV
APPROVED AS TO LEGAL FORM: l/i7
, ` r
Cor us Christi,
Texas
d2
1956
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 suspension 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,
MAYOR
TBE CITY OF CORPiTS CHRISTI, TEXAS
The Charter rule was suspended by the following vote:
Farrell D. Smith
Minor Culli
W. J. Roberts
B. E. Bigler
Manuel P. Maldonado
The above ordinance was passed by the following vote:
Farrell D. Smith
Minor Culli
W. J. Roberts
B. E. Bigler
Manuel P. Maldonado
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