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Home My WebLink About05345 ORD - 05/06/1959JKH :5 -4-59 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. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. THAT THE APPLICATION OF THE CORPUS CHRISTI STATE NATIONAL BANK, A BANKING CORPORATION HAVING ITS OFFICE AND PLACE OF BUSINESS IN THE CITY OF CORPUS CHRISTI, NUECES COUNTY, TEXAS BEARING DATE OF APRIL 297 1959, BE AND THE SAME IS HEREBY FORMALLY IN ALL THINGS ACCEPTED (SAID BID HAVING BEEN OPENED AND EXAMINED BY THE CITY COUNCIL AND THE CITY MANAGER ON THE 29TH DAY OF APRIL, 1959, TEN DAYS AFTER THE FIRST DAY OF ADVERTISEMENT FOR BIDS, AS PROVIDED BY THE CITY CHARTER), AND SAID BANK IS SELECTED AND DESIGNATED AS DEPOSITORY FOR ALL FUNDS OF THE CITY OF CORPUS CHRISTI FOR THE TERM OF TWO (2) YEARS AS PROVIDED BY THE CITY CHARTER OF THE CITY OF CORPUS CHRISTI AND BY THE LAWS OF THE STATE OF TEXAS; AND THE FROST NATIONAL BANK AT SAN ANTONIO, TEXAS, IS DESIGNATED FOR THE DEPOSIT OF SECURITIES PLEDGED BY THE SAID CORPUS CHRISTI STATE NATIONAL BANK AS SECURITY FOR SUCH DEPOSITS IN LIEU OF BOND AS PROVIDED BY ARTICLE 2560 OF THE REVISED CIVIL STATUTES OF THE STATE OF TEXAS, AS AMENDED BY THE ACTS 1943, 48TH LEGISLATURE, PAGE 67, CHAPTER 57, PARAGRAPH 1. SECTION 2. THE FROST NATIONAL BANK AT SAN ANTONIO, TEXAS,, AS TRUSTEES 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 BONDSs 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 PRINCIPAL 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 ADMINISTRATOR OF THE UNITED STATES GOVERNMENT r ti r � AND FURTHER TO ACCEPT FROM TIME TO TIME ANY OF THE ABOVE DESCRIBED SECURITIES AS ADDITIONAL SECURITY TO BE DEPOSITED FOR CITY FUNDS. SECTION 3. 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 4. 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 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 5. 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 _DAY OF MAY, 1959• ATT MAYOR THE CITY OF 0 PUS CH STI, TEXAS r CITY SECRET 771 I C APPROVED AS TO LEGAL FORM THIS THE 4TH AY OF MAY, 1959: ._ L -lo7lL, CITY ATTORNEY ti` ti CORPUS CHRISTI, TEXAS 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 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; 1, 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. RESPEC FULLY, MAYOR THE CITY OF COR US CHRIS ,TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: ELLROY KING JAMES L. BARNARD MRS. RAY AIRHEART I JOSEPH B. DUNN PATRICK J. DUNNE`� {` R. A. HUMBLE I GABE L. LOZANO, SR. G.,-�-- 't.:�- THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTES ELLROY KING �. JAMES L. BARNARD MRS. RAY AIRHEART JOSEPH B. DUNN BlA PATRICK J. DUNNE�'`.0 ' R. A. HUMBLE GABE L. LOZANO, SR. C{ - °f(✓" r LITER- OFFICE CUMM�JNICATiON `kept. Finance• To Mr. T• City Secretary From Thomas �� Mxhy Director of Finance Date June ' %I 959 Sum Scur dies Pled ed b Citv Depository 1. Attached is a listing of securities totaling $7,500,000 owned by the Corpus Christi State National Bank which have been deposited with the Frost National Bank of San Antonio, Texas, as trustee to secure funds of the City of Corpus Christi deposited with the Corpus Christi State National Bank. as City depository. i Thomas B. Murphy Director of Finance TBM:uc Attachment y � 00 CORPUS CHRISTI STATE .NATIONAL BANK CORPAS CHRISTI, TEXAS May 6, 1959 frost National Bank San Antonio, Tease Qentleesan: Thb undersigned Bank has been selected as City Dapository for the City of Corpus Christi for the emuing term of two years and, aa such, has pledged to the City of Corpus Christi the securities herein listed and described to secure the funds deposited with it under the conditions peracribad in Article 2560 of the Revised Statutes with sate of Tex to be amended by the Act 1943, 48th Legialature, page i once with such act. In' accordance with said transaction and the law, the City Council of the City of Corpus posited with you Christi s Trustee an h it d forSSfskaspinB�subject toe ethecloaditions of the pledge and the final release of the pledge by the City. The list of securities, together with the obligor's amounts and the rates of interest are as f011407eS U. S. Treasury Bonds of 1960 2.118E 9 2,600,000.00 U. S. Treasury 'Bonds of 1965 2 -5 /: 150,000.00 U. S. Treasury Rondo of 1963 2 -1 /2L 200,000.00 U. S. Treasury Bonds of 1963 2 -1/2% 1,500,000.00 U. S. Treasury Notes ter. A 1961 4% 1,050,000.00 U. S. Treasury Notes $or. A 1963 2.5/82 1,500000.00 U_9. Treasury Notes Bar. B 1963 4% Your acceptance to the trust to bold thews securities. es pledged be Game eted the City deposits in accordance with tho 'contract of the law, may by signing triplicate originals of this letter; one of which will be delivered to the City of Corpus Christi, one delivered to this Bank, and the other retained by you. Your$$' very, raly, Ap. Vice President ACCBPTBD: 18OST NATIONAL BAS i San tonioo Tsaae Bys r "''• ` P.. . T AP