HomeMy WebLinkAbout17195 ORD - 08/11/1982skp;7/28/82;lst
AN ORDINANCE
ESTABLISHING A CONSTRUCTION CONTRACT RETAINAGE TRUST
ACCOUNT; AND PROVIDING FOR THE PAYMENT OF INTEREST
AT THE RATE OF 5.25% PER ANNUM.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
\
TEXAS:
SECTION 1. That a construction contract retainage trust account
in the City of Corpus Christi Trust Fund is hereby established for the
purpose of depositing retainage withheld by the City on public construction
contracts pursuant to Article 6252-5b of Vernon's Annotated Texas Statutes,
as amended. Said trust account shall pay interest to the contractor at the
rate of five and one-quarter percent (5.25%) per annum on amounts deposited.
17195
SEP 2 8 1984
AficafiLmED
3
That the foregoing ordinance2pread for
second reading on this the r day of
following vote:
Luther Jones
Betty N. Turner'
Jack K. Dumphy
Bob Gulley
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
That the foregoing ordinance w Airead for
third reading on this the 4"'''''clay of
following vote:
Luther Jones
Betty N. Turner
Jack K..-ilumphy
Bob Gulley
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
fi st time And passed to its
by the
ime agO_passed to its
, by the
• That the foregoinuOrdinance wa ead for the thArd time and passed finally
on this the /PK day of , ,by the following vote:
Luther Jones
Betty N. Turner
Jack K. Dumphy
Bob Gulley
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
PASSED AND APPROVED, this the
ATTEST:
APPROVED:
2_84t-- DAY OF LSI ,
1 9l -
J. BRUC AYAtOCK, CITY ATTORNEY
,)0161
By
Ass
tant City Attorney
, 19 V---1
THE Y OF CORPUS CHRISTI, TEXAS
17:18,5