HomeMy WebLinkAbout15416 ORD - 03/19/1980• jkh:3-3-80;1st
AN ORDINANCE
AMENDING THE CODE OF ORDINANCES, CITY OF CORPUS CHRISTI,
AS AMENDED, BY AMENDING SECTION 35-204. BONDS, BY INCREAS-
ING THE REQUIREMENTS FOR OPERATORS' BONDS FROM $25,000 TO
$50,000 PER WELL UP TO FOUR WELLS AND FROM $100,000 TO
$200,000 FOR MORE THAN FOUR WELLS, AND FROM $10,000,000
TO $20,000,000 NET WORTH FOR INDEMNITY AGREEMENTS IN LIEU
OF BONDS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. That the Code of Ordinances, City of Corpus Christi,
as amended, be amended by amending Article III. BAY DRILLING, Section
35-204. Bonds, to hereafter read as follows:
"Sec. 35-204. Bonds.
The holder of any permit issued hereunder shall post a corporate
surety bond in the sum of Fifty Thousand Dollars ($50,000), executed by
the permittee as principal and by a surety company acceptable to the City,
as surety, and conditioned that the principal named in the bond shall faith-
fully comply with all of the provisions of this article and of the permit
until the said permit shall have been released by the principal and the
release shall have been approved by the City as provided herein. Such bond
shall secure the City against all costs, charges and expenses incurred by
it by reason of the failure of the principal to fully comply with the provi-
sions of the permit and of this article. In lieu of a bond for each permit
held, (i) any permittee may post a blanket bond covering all permits issued
to the permittee hereunder in the sum of Two Hundred Thousand Dollars ($200,000),
which shall be conditioned in the same manner aforesaid, or (ii) in the sole
discretion of the Council, a permittee may be allowed to post an indemnity
agreement with the City conditioned in the same manner as a bond required
hereunder if such permittee files a balance sheet and statement certified
by a recognized firm of certified public accountants reflecting the net
worth of permittee to be in excess of Twenty Million Dollars ($20,000,000)."
15416
That the foregoing ordinance was read for a firs time an passed to its
second reading on this the _S" day of(, , 190 , by the
following vote:
Luther Jones
Edward L. Sample
Dr. Jack Best
David Diaz
Jack K. Dunphy
Betty N. Turner
Cliff Zarsky
That the foregoing ordinance was read for Seco d time and passed to its
third reading on this the day 06.c.11, -,day of ,c,-✓ , 19g9 , by the
following vote:
Luther Jones
Edward L. Sample
Dr. Jack Best
David Diaz
Jack K. Dumphy
Betty N. Turner
Cliff Zarsky
That the foregoing ordina was r ad for th third time and passed finally
on this the /9 day of , 19 , by the following vote:
Luther Jones
Edward L. Sample
Dr. Jack Best
David Diaz
Jack K. Dumphy
Betty N. Turner
Cliff Zarsky
PASSED AND APPROVED, this the /f day of
ATTEST:
�ecreta`ry 411
APPNYED:
. DAY OF , 1910:
J. BRUCE AYCOCK, CITY ATTORNEY
YO :_a99
THE CITY OF
15416
US CHRISTI, TEXAS