HomeMy WebLinkAbout04765 RES - 03/06/1957A RESOLUTION
AUTHORIZING THE DIRECTOR OF FINANCE WITH THE APPROVAL
OF THE CITY MANAGER TO INVEST FUNDS OF THE CITY TEM-
PORARILY IDLE FOR LIMITED PERIODS OF TIME AND DECLAR-
ING AN EMERGENCY.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
SECTION 1. THAT THE DIRECTOR OF FINANCE OF THE CITY OF CORPUS
CHRISTI,WITH THE APPROVAL OF THE CITY MANAGER, IS HEREBY AUTHORIZED TO
INVEST FUNDS OF THE CITY TEMPORARILY IDLE FOR LIMITED PERIODS OF TIME,
SUCH FUNDS TO BE INVESTED IN INTEREST BEARING U. S. TREASURY BILLS,
CERTIFICATES OF DEPOSIT WITH THE CITY DEPOSITORY, CITY OF CORPUS CHRISTI
BONDS, LOWER NUECES RIVER WATER SUPPLY DISTRICT BONDS AND MEDIUM AND
LONG TERM MATURITIES OF U. S. GOVERNMENT BONDS.
SECTION 2. THAT ALL SUCH INVESTMENTS SHALL BE FOR SUCH TERMS
AS WILL EXPIRE PRIOR TO THE ANTICIPATED DATE OF DISBURSEMENT.
FUNDS:
SECTION 3. THAT SUCH INVESTMENTS MAY BE MADE FROM THE FOLLOWING
(A) PROCEEDS OF BOND SALES DIRECT FROM PURCHASER OF THE BONDS
(B) UNAPPROPRIATED PROCEEDS OF BOND SALES
(C) APPROPRIATED BOND FUNDS NOT NEEDED FOR IMMEDIATE DISBURSEMENTS
(D) ACCRUED RECEIPTS OF TAX COLLECTIONS NOT NEEDED FOR IMME-
DIATE DISBURSEMENTS
(E) ACCRUED RECEIPTS OF UTILITY REVENUES NOT NEEDED FOR
IMMEDIATE DISBURSEMENTS
(F) DEPOSITS BY CONSUMERS OF UTILITY SERVICES
(G) FUNDS IN THE INTEREST AMC) SINKING FUND ACCOUNTS
(H) ACCUMULATION OF FUNDS IN THE BOND FUND RESERVE ACCOUNT
(1) ANY CARRY -OVER OF FUNDS FROM ONE FISCAL YEAR TO ANOTHER IN
THE CURRENT FUND AND THE STREET FUND NOT NEEDED FOR IM-
MEDIATE DISBURSEMENT.
(J) ANY SPECIAL TRUST FUND NOT NEEDED FOR IMMEDIATE DISBURSEMENTS
(K) THE ACCRUED EARNINGS OF ANY OF THESE FUNDS.
SECTION 4. THE NECESSITY FOR MAKING SHORT TIME INVESTMENT OF FUNDS
OF THE CITY TEMPORARILY IDLE 50 AS TO ECCONOMICALLY AND SAFELY PRODUCE EARN-
INGS FROM SUCH FUNDS CREATES A 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 SUCH EMERGENCY AND NECESSITY TO
EXIST, HAVING REQUESTED THE SUSPENSION OF SAID CHARTER RULE 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
I PASSAGE, IT IS
ACCORDINGLY PASSED AND APPROVED, THIS THE y L� DAY OF MARCH,
1957.
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
CITY S EECR ETAR
G•%
APPROVED AS TO LEGAL FORM
14ARCH 6, 1957y,
7 17- -/11 -1 ell
CITY AT'1bdNEY
RP US CHRISTI, TEXAS
/ w ( 195X
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
GENTLEMEN:
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF,TME 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 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 INTRO-
DUCED, OR AT THE PRESENT MEETING OF THE CITY COUNCIL.
RESPECTFULLY,
�.
_/Z
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
FARRELL D. SMITH
W. J. ROBERTS
MINOR CULL I
6 ..d'� -,
B. E. BIGLER
MANUEL P. MALDONADO
THE ABOVE ORDINANCE WAS PASSED BY THE
FOLLOWING VOTE:
FARRELJL A. SMITH
W. J. ROBERTS
�y
MINOR CULL I
J
B. E. BIGLER
MANUEL P. MA-LDONADO`f��n-