HomeMy WebLinkAbout04522 RES - 05/02/1956IL!
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A RESOLUTION
AUTHORIZING TI,IE MERCANTILE NATIONAL BANK AT DALLAS,
TRUSTEE UNDER THE CITY OF CORPUS CHRISTI .BATE RIORKKS
REVENUE BONDS TRUST AGREEMENT, TO INVEST w; 100,000.00
OF CASH DELONGING TO THE WATER^lORKS RESERVE FUND IN
UNITED STATES GOVERNGiENT INTEREST BEARING SECURITIES;
At]',) DECLARING AN EMERGENCY
LiHEREAS, THERE APPEARS TO BE IN THE HANDS OF I'�IERCANTI LE NATIONAL
DANK AT 'DALLAS, TRUSTEE UNDER THE CITY OF CORPUS __HRISTI "'oAT EGWORKS REVEfIUE
BONDS TRUST AGREEMENT, IN THE LORD ;RESERVE FUND ACCOUNT FUNDS EXCEEDING Y100,000.00,
AND IT WOULD BE TO THE ADVANTAGE OF THE CITY OF CORPUS CHRISTI TO INVEST SAID SUM
OF '100,000.00 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 BANE( AT DALLAS, TRUSTEE UNDER
THE J:IATERV /ORKS REVENUE BONDS TRUST AGREEMENT OF THE CITY OF CORPUS CHRISTI;"aEi-
AND IS HEREBY, INSTRUCTED TO INVEST OF THE AVAI LADLE FUNDS IN THE BOND RESERVE
FUND OF THE CITY OF CORPUS CHRISTI I'IATERVIORKS REVENUE BONDS THE ';100,000.00 IN
2 -7/8 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 REQUIRING THE
SUSPENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION SHALL DE 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 MAY, 1956.
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
ATTEE8,1-
CITY SEC, EJ Y f
APPROVED AS TO LEGAL FORIll
MAY 1, 1956:
CITYV
ATTIOANEY --
W�
CORPUS�HRISTI, TEXAS
oV 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 ON
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,
'.-I'lKef �yz
MAYG
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
MANUEL P. MALDONADO
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE;
FARRELL D. SMITH
MINOR CULL[
W. J. ROBERTS
B. E. BIGLER
MANUEL P. MALDONADO
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