HomeMy WebLinkAbout04802 ORD - 05/29/1957VDH:EB:5 /22/57
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ORDINANCE NO.
AMENDING ORDINANCE NO. 4789 OF THE CITY OF CORPUS CHRISTI,
PASSED AND APPROVED ON THE 15T DAY OF MAY, 1957, APPEARING
OF RECORD IN VOLUME 26, PAGE 266 OF THE ORDINANCE AND
RESOLUTION RECORDS OF THE CITY AND ENTITLED "AN ORDINANCE
ACCEPTING THE BID OF THE CORPUS CHRISTI STATE NATIONAL BANK
AS CITY DEPOSITORY FOR THE ENSUING TERM; ACCEPTING AND
APPROVING THE PLEDGE OF SECURITIES BY SAID DEPOSITORY IN
LIEU OF BOND AS SUCH DEPOSITORY; PROVIDING FOR THE DEPOSIT
OF SUCH SECURITIES WITH THE FROST NATIONAL BANK AT SAN
ANTONIO, TEXAS, AS TRUSTEE FOR SAFEKEEPING; AND DECLARING
AN EMERGENCY ", BY PROVIDING FOR THE SUBSTITUTION OF OTHER
SECURITIES THEREFOR; PROVIDING FOR THE SURRENDER OF IN REST
AND INTEREST COUPONS FROM DEPC5 I ULU SECURI IE5; KLEPING-FT-
EFFECT ALL OTHER PROVISIONS OF SAID ORDINANCE; AND DEC= NG
AN EMERG NCY.
WHEREAS, ON OR ABOUT MAY 1, 1957, A CERTAIN ORDINANCE NO. 4789 WAS
DULY PASSED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, ACCEPT-
ING THE BID OF THE CORPUS CHRISTI STATE NATIONAL BANK AS CITY DEPOSITORY FOR
THE ENSUING TERM; ACCEPTING AND APPROVING THE PLEDGE OF SECURITIES BY SAID
DEPOSITORY IN LIEU OF BOND AS SUCH DEPOSITORY; PROVIDING FOR THE DEPOSIT OF
SUCH SECURITIES WITH THE FROST NATIONAL BANK AT SAN ANTONIO, TEXAS, AS TRUSTEE
FOR SAFEKEEPING; AND DECLARING AN EMERGENCY; AND
WHEREAS, PROVISION WAS NOT THEREIN MADE FOR THE SUBSTITUTION OF
OTHER SECURITIES THEREFOR, NOR FOR THE SURRENDER OF INTEREST AND INTEREST
COUPONS FROM DEPOSITED SECURITIES, AND WHEREAS, SUCH NEED EXISTS;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. THE FROST NATIONAL BANK AT SAN ANTONIO, TEXAS, AS
TRUSTEE, IS HEREBY AUTHORIZED TO ALLOW THE CITY DEPOSITORY TO SUBSTITUTE,
FROM TIME TO TINE, FOR ALL OR PART OF THE SECURITIES HELD BY IT TO SECURE
CITY FUNDS AN EQUIVALENT PAR VALUE OF ANY OF THE FOLLOWING DESCRIBED SECUR-
ITIES 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.
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SECTION 2. IN THE ASSENSE 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 3. 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 15 AUTHORIZED TO ACCEPT THE CERTIFICATE 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
50 CERTIFIED.
SECTION 4. THE FACT THAT THERE IS AN IMPERATIVE NEED 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
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 EMERGENCY 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 _h L DAY OF MAY, 1957.
ATTEST:
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APPROVED AS TO LEGAL FORM
MAY �� , 1957:
CITY ATTOlNEY
PRYO
THE CITY OF CORPUS CHRISTI, TEXAS
S'z
COR US CHRISTI, TEXAS
1957
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
GENTLEMEN:
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE 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
COUNC ILi 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.
R ESPECTFU�LLY,��j/
XAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY
THE FOLLOWING VOTED:
FARRELL D. SMITH
W. J. ROBERTS
B. E. BBIGLER
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MANUEL P. MALDONADO,
CHARLIE J. AILLS
�O
ARTHUR R. JAMES
ODELL INGLE
THE ABOVE ORDINANCE WAS PASSED BY
THE FOLLOWING VOTE:
FARRELL D. SMITH
W. J. ROBERTS
B. E. BIGLER
MANUEL P. MALDONADO
CHARLIE J. AILLS .�
ARTHUR R. JAMES �G
ODELL INGLE
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T�oZ