HomeMy WebLinkAbout04757 RES - 02/27/1957V
A RESOLUTION
INSTRUCTING TEE MERCANTILE NATIONAL BANK AT DALLAS,
TRUSTEE UNDER THE WATERWORKS
BONDS TRUST
AGREEMENT OF TEE CITY, TO INVEST
OF TEE AVAILABLE
FUNDS OF THE BOND RESERVE FUND OF
THE CITY OF CORPUS
CHRISTI WATERWORKS REVENUE BONDS,
TEE SUM OF 110 000.00
IN 2 -314 U. S. URY BONDS;
AND DECLARING
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 $110,000.00,
and it mould be to the advantage of the City of Corpus Christi to invest said
sum of $110,000.00 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 $110,000.00
in 2 -3/4% U. S. Treasury Bonds, having maturities permitted by law.
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 27 day of February, 1951•
MAYOR
ATTEST THE CITY OF CORPUS CHRISTI
_ , .
City Secret y,%
APPROVED AS TO LEGAL FORM:
s tt ney
`f151
CO US CHRISTI, TEXAS
I_ , 195
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI. TEXAS
GENTLEMEN:
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF;T11E FORE-
GOING ORDINANCE, A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE
SUSPENSION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR RESOLU-
TION SHALL BE PASSED FINALLY ON THE DATE IT 15 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 INTRO-
DUCED. OR AT THE PRESENT MEETING OF THE CITY COUNCIL.
RESPECTFULLY,
V6_-'�z
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
FARRELL D. SMITH
W. J. ROBERTS
MINOR CULLI !
B. E. BIGLER
MANUEL P. MALDONADO
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWfNN VOTE:
FARR"), 0. SMITH
W. J. ROBERTS (e c
MINOR CULLI3_„"
B. E. BIGLER a.Lf
MANUEL P. MA•LDONADO
457