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Home My WebLink About14139 ORD - 01/18/1978JKH:hb:1/78/78 AN ORDINANCE ALLOCATING INTEREST EARNINGS ON THE FIRST. MORTGAGE DEBT REDEMPTION ESCROW FUND AND INTEREST EARNINGS ON THE CHOKE CANYON CONSTRUCTION FUND, AND APPROPRI- ATING $643,400: REPEALING ALL ORDINANCES IN CONFLICT AND DECLARING AN EMERGENCY. WHEREAS, the City of Corpus Christi by Ordinance No. 12860 provided in Section 15(b) that all interest income received from invest- ments in the interest and sinking fund set aside for debt payments on the refunded bonds 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 to effectively manage the use of interest income to insure the final development of Choke Canyon Reservoir and to reduce the impact of interest costs prior to com- pletion of the reservoir. NOW, THEREFORE, BE IT ORDAINED 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 be used for Choke Canyon Reservoir Development or for required reserves of the Junior Lien Debt Service Fund and that interest earned on the Choke Canyon Construction Fund be deposited in. the Junior Lien Debt Service Fund to offset interest payments. SECTION 2. That the 1977 -78 Budget be amended to cancel the appropriation of $643,400 in the Choke Canyon Reservoir Fund and to re- appropriate $306,900 of interest income from the First Mortgage Debt Re- demption Escrow Fund for deposit to the reserves of the Junior Lien Debt Service Fund, and that $336,500 of estimated interest earnings on the Choke Canyon Reservoir Construction Fund be appropriated for deposit to the Junior Lien Debt Service Fund to offset interest payments, and that all such interest earnings since August 1, 1977 be so deposited. MICROFILMED JUL 071990 14139 SECTION 3. That any ordinances or parts of ordinances in con- flict herewith be repealed to the extent of such conflict. SECTION 3. That the necessity to allocate interest earnings and appropriate interest income for deposit to the Junior Lien Debt Service Fund 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 re- quested the suspension of the Charter rule and that this ordinance take effect and be in full force and effect from and after its passage, IT IS ACCORDINGLY SO ORDAINED this the fo —day of 1978. ATTEST: City Secretary APPROVED: DAY OF 1978: J. BRUCE A' l CK, -CII ATTORNEY By fit/ Q�� Assistant CitkAttorneY MAYOR THE CITY OF CORPUS CHRISTI, TEXAS This ordinance is bn�ffect and force with or without the signature of the Mayor, in accordance with Article II Section 6 of the City Charter. 7; ' o. CITY OF CORPUS CHRISTI, TEXAS °10 m cl cg .i CERTIFICATION OF FUNDS o� 2��0 (City Charter Article IV Section 21) 61 8 <(19L51�� January 18, 1978 I certify to the City Council that $ 506,900.00 , the amount required for the contract, agreement, obligation or expenditures contemplated in the above and foregoing ordinance is in the Treasury of the City of Corpus Christi to the credit of: Fund No. and Name * 202 Choke Canyon Reservoir Construction Fund Project No. 202 -1984 Project Name Unappropriated Fund Balance from which it is proposed to be drawn, and such money is not appropriated for any other purpose. �9ZL Director of Finance * This money represents interest income earned and received on Certificates of Deposit of the No. 202 Choke Canyon Construction Fund and the No. 441 First Mortgage Waterworks Revenue Bonds Escrow Fund to date. This money is to be used for Junior Lien Waterworks Revenue Bonds' Reserve requirements. f/1 / FIN 2 -55 Revised 7/31/69 CITY OF CORPUS CHRISTI, TEXAS CERTIFICATION OF FUNDS (City Charter Article IV Section 21) January 18, 1978 I certify to the City Council that $ 396,500.00 , the amount required for the contract, agreement, obligation or expenditures contemplated in the above and foregoing ordinance is in the Treasury of the City of Corpus Christi to the credit of: Fund No. and Name * 202 Choke Canyon Reservoir Construction Fund Project No. 202 -1984 Project Name Unappropriated Fund Balance subject to the earnings and receipt of estimated interest income on related Certificates of Deposit, and such money is not appropriated for any other purpose. �97u�- Director of Finan This money is to be used for the payment of principal and interest on Junior Lien Waterworks Revenue Bonds. JO-118-i %-' Corpus Christi, Texas f-�day of, 19—IV_ TO THE MEMBERS 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 suspension 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 shall be read at three meetings of the City Council; I, therefore, 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. Respectfully, MAYOR THE CITY OF CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Jason Luby Eduardo de Ases David Diaz �G Ruth Gill _r 1 Bob Gulley Gabe Lozano, Sr. Edward L. Sample The above ordinance was passed by the following vote: Jason Luby Eduardo de Ases David Diaz Ruth Gill n-- Bob Gulley Gabe Lozano, Sr. Edward L. Sample 14139