HomeMy WebLinkAbout12952 RES - 12/31/1975• Sf03:hb:12 /30 /75:Iat I
A RESOLUTION
WHEREAS, the City of Corpus Christi by Ordinance No. 12860
provided in Section 15 (b) that all interest income received by the City
from any investments made pursuant to law of funds in the interest and
sinking fund established pursuant to law to secure the payment of the
Underlying Bonds upon maturity thereof or redemption prior to stated maturity,
shall at the option of the City be either deposited in the Reserve Fund or
used for further development of the System; and
WHEREAS, it is the desire of the City Council that all interest
earned on the United States Treasury securities which are on deposit under
escrow contract with Mercantile National Bank at Dallas in connection with
the advance refunding of City of Corpus Christi First Mortgage Waterworks
Revenue Bonds is to be used only for Choke Canyon Reservoir Development:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
SECTION 1. It is the desire of the City Council of the City
of Corpus Christi that all interest earned on the United States Treasury
securities which are on deposit under escrow contract with Mercantile
National Bank at Dallas in connection with the advance refunding. of City
of Corpus Christi First Mortgage Waterworks Revenue Bonds is to be used
only for Choke Canyon Reservoir Development.
SECTION 2. The necessity to reduce to writing the desires of
the City Council in connection with the matters hereinabove set forth
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 but 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 the Charter rule and that this resolution
take effect and be in full force and effect from and after its passage, y(
IT IS ACCORDINGLY SO RESOLVED this the day of GZd6ce'
ATTES .
Cit ecretar MAYO'
.fit �pp THE CITY OF CORPUS CHRISTI, TEXAS
ROVED: ✓ / D OF 1a JGJ�/
A�
��City Attorney JL2952
CORPUS CHRISTI, TEXAS
13/ AT OF i 19 L-S"o
TO THE NEMERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FOREGOING
ORDINANCE, A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE SUSPEN-
SION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR RESOLUTION SHALL
BE PASSED FINALLY ON THE DATE IT IS INTRODUCED, AND THAT SUCH ORDINANCE OR
RESOLUTION SMALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL; I, THEREFORE,
REQUEST THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS THIS ORDI-
NANCE FINALLY ON THE DATE IT IS INTRODUCED, OR AT THE PRESENT MEETING OF THE
CITY COUNCIL.
RESPECTFULLY,
(2, "Z�
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
JASON LueY
DR. BILL TIPTON
EDUARDO DE ASES
RUTH GILL
BOB GULLEY
GASE LOZANO, SR.
EDWARD L. SAMPLE
THE ABOVE ORDINANCE WAS PASSED BY
.JASON LueY
DR. BILL TIPTON
EDUARDO DE ASES
RUTH GILL
BOB GULLEY
GABE LOZANO, SR.
EDWARD L. SAMPLE