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HomeMy WebLinkAbout15474 ORD - 04/16/1980AN ORDINANCE AMENDING THE 1979-80 BUDGET FOR JUNIOR LIEN WATER REVENUE DEBT SERVICE FUND BY CANCELLING ESTIMATED INCOME ON THE FIRST MORTGAGE REDEMPTION ESCROW FUND ($228,000) AND INTEREST ON THE CHOKE CANYON CONSTRUCTION FUND ($161,960), AND INCREASING ESTIMATED PAYMENTS BY THE WATER SYSTEM BY $389,960 AND THAT THE BUDGET FOR THE WATER FUND BE AMENDED BY REDUCING APPROPIRATIONS FOR FIRST MORTGAGE REVENUE BOND DEBT SERVICE BY $389,960 AND INCREASING APPROPRIATIONS FOR JUNIOR LIEN DEBT SERVICE BY $389,960; AND PROVIDING THAT INTEREST EARNING ON FIRST MORTGAGE REDEMPTION ESCROW FUND AND CHOKE CANYON CONSTRUCTION FUND BE DEPOSITED IN THE CHOKE CANYON CONSTRUCTION FUND; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: • SECTION 1. That the 1979-80 budget for Junior Lien Water Revenue Debt Service Fund be, and the same is hereby, amended by cancelling estimated income on the First Mortgage Redemption Escrow Fund ($228,000) and interest on the Choke Canyon Construction Fund ($161,960), and increasing estimated payments by the Water System by $389,960; and that the budget for the Water Fund be amended by reducing appropriations for First Mortgage Revenue Bond Debt Service by $389,960 and increasing appropriations for Junior Lien Debt Service by $389,960; and providing that interest earning on First Mortgage Redemption Escrow Fund and Choke Canyon Construction Fund be deposited in the Choke Canyon Construction Fund. SECTION 2. The necessity to amend the 1979-80 budget as hereinabove set out at the earliest practicable date 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 intro- duction but 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, having requested thesuspensionof the Charter rule and that this ordinance be passed finally on the date of its introduction and take 15474 effect and be in full force and effect from and after its passage, IT IS ACCORDINGLY SO ORDAINED, this the J(Q day of April, 1980. ATTEST: af/e-e) 60tary APPROVED: /69 DAY OF APRIL, 1980: J. BRUCE AYCOCK, CITY ATTORNEY Atti AO v Air TH ' TY OF CORPUS CHRISTI, TEXAS • Corpus Christi, Texas 11e day of a'p""K, 19 a2) 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, MAY z 111 SOF CORPUS CHRISTI, TEXAS The Charter rule was suspended b the following vote: Luther Jones Edward L. Sample Dr. Jack Best David Diaz Jack K. Dumphy Betty N. Turner Cliff Zarsky The above ordinance was passed Luther Jones Edward L. Sample Dr. Jack Best David Diaz Jack K. Dumphy Betty N. Turner Cliff Zarsky by the following vote: 15474