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Home My WebLink About18575 ORD - 11/29/1984AN ORDINANCE CANCELLING AN APPROPRIATION OF 814,425 71 REMAINING FROM THE $61,876.75 APPROPRIATION MADE FROM THE PARK BOND FUND NO. 291-77-2 CORPUS CHRISTI BEACH BOND FUND BY ORDINANCE N0. 15876, AUTHORIZING THE EXECUTION OF AN ESCROW AGREEMENT WITH THE UNITED STATES OF AMERICA FOR THE CITY'S REMAINING SHARE IN THE SAND RETENTION/RENOURISHMENT PROJECT, APPROPRIATING $525,000 FROM THE PARK BOND FUND, AUTHORIZING REIMBURSEMENT TO THE CORPS OF ENGINEERS IN THE AMOUNT OF $25,000 FOR ENGINEERING; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS. SECTION 1 That the appropriation of 514,425.71 remaining from the $61,876.75 appropriation made from the Park Bond Fund No. 291-77-2, Corpus Christi Beach Bond Fund, by Ordinance No. 15876 is hereby cancelled SECTION 2. That the City Manager is hereby authorized to execute an escrow agreement with the United States of America, represented by the District Office Corps of Engineers. Galveston, Texas, for $500,000 representing the City's remaining share in the Sand Retention/Renourishment Project, as fully set forth in the agreement, a substantial copy of which IS attached hereto and made a part hereof marked Exhibit "A". SECTION 3. There is hereby appropriated 8525,000 from the Park Bond Fund No. 291-84-2, Corpus Christi Beach Sand Retention Facility and Renounshment SECTION 4. There ss hereby authorized a reimbursement to the Corps of Engineers the amount of $25,000 for engineering. SECTION 5. That uponwritten request of the Mayor or five Council members, copy attached, to find anddeclare an emergency due to the need to take immediate action to preserve and protect public property by expediting the construction of public improvements, such finding of an emergency ssmade and declared requiring suspension of the Charter rule as to consideration and voting upon ordinances or resolutions at three regular meetings so that this ordinance Is passed and shalltake effect upon first reading as an emergency measure this the 29th day of November, 1984. ATTEST City Secretary MAYOR THE CITY OF CORPUS CHRISTI, TEXAS APPROVED. 2W DAY OF NOVEMBER, 1984 J. BRUCE AYCOCK, CITY ATTORNEY N Asir stns( C72y to tarney (��/ 18575 THE STEIT OF TEXAS COUNTY OF MACES • ESCROW AGREPEESIT THIS ESCPOW AGRET4MIT made and entered Into this de, of 1924, by and between the City of Corpus Christi, an Incorporated City in the State of Texas (hereinafter called the .City.), the United States 59 81,1151 (hereinafter called the °Government.) tepresented by the District Engineer, U. S Army Engineer District, Galveston, Texas, and the Texas Commerce Bank of Corpus Christ. Teta. (National) banking corporation, vith its office and principal place of business in freces County, Twee (hereinafter 951111 885 'Tank.) WITRESSETH DFEREAS, the government is resiensible for construction of a Beach Restoration Project at Corpus Christi Beach, Texas, authorized in 1980 under Section 201 59 985 182 9999,51 Act of 1965, as described in House Document No. 91-415, 9159Congress, 2nd Session, and DIEREAS, the City is required to contribute In cash 50 percent of beach nourishment costs for the first 10 years of project life, the estimated addi- tional cost for the second nourishment operation, including a sand retention groan, is 9525,000, and Inorrus, the City, pursuant to assurances evidenced by the Local Coopera- tion Agreement dated 4 February 1976 sh required by Section 221 of the Flood Control Act of 1970 (PL 91-011) is obligated to provide a cash contsibution currently estimated at $525,000 in requeed contributed funds, and WHEREAS, the fdty Is obligated by aforosamd agreement to deposat vath the Govarnmeat aforesamd sum prlor to contract award, and WHEREAS, the Interest Income of this amount of money for the requirad perrod Is substantmal, and would be lost by the CA, and SMEARAS, an escrow agreement can permat the City to earn suoh Interest dncome and also assure the avadlabilaty of funds to the Government to make paymant of the aforementmoned beach nourishment and sand retentIon grodn costs, !MUTEST...RE, IT IS HEREBY MUTUALLY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS 1 There Is hereby created and establashed wIth the Bank an Escrow Fund pursuant to the terms of this agreemant. The City shall make absolute and -T Irrnvocable delivery of the initial sum of 8500,000 to the fund uten requested by the Government prior to contract awaid, vhmch amount shall be deposmted rn Said fund 2 The easy agrees to add to the samd. nun additional sdas as rnqsmand to meet the Cdty's share opoosts as set forth In aforesadd Local Cooperation Agreement. 3. The Bank agrees to disburse the sard Escrow Fund to only the Gast/act Engineer of the U. S Army Engsneer Gdatrdst, Galveston, Texas, for the pur- pose of Sald project on demand of the Government as evidenced by written demand of the DIstrict Engineer, U S. Ar.my Fngdneer Emstrict, Galveston, Texas. A cosy of each demand shall be furnished to the Cmty at the tdme It is made The Bank, at the Lane of the payment, shall submdt a notIce of payment to the Ea0b demand from the Escrow Fred made by the Government atoll starer}, the sum requested. The Hank shall have a period of thirty (30) days within which to forward to the Government the sun requested sed agrees that it will have such sum available for payment A11 payments made by the Hank sha11 be drawn to the "0. S. Arm Engineer District, Galveston" and mailed or otherwise delivered to the District Engineer, 0 S Army Engineer District, Galveston, Versa, P 0 How 9229, Galveston, mains, 77553. She ea.- s0a11 nos be a Guarantor that work contemplated to be performed and for which the sums are pard has or will be so performed 5 The Henle shall keep and maintain adequate records pertaining to the Escrow Fund, and all disbursements therefrom. Mien the Escrow Fund has been closed out as proareled by paragraph 6 hereof, the Bank shall rile an accounting thereof with both the Government and the Grey. 6. Completion or discontinuance of the project shall be evidenced by fr gwith the Brek a certificate signed by the District Engineer, IL S. Army Engineer District, Galveston, Texas, with the approval of the City endorsed thereon, which certificate shall set forth the date of completion or abandonment of the project and that all obligations and costs rn connec- tion with the project, anephyable out of the Escrow fund, have been paid and drschar2ed Any balance remaining an the fund shall be remitted to the City. 7. Monies held for the credit of the Escrow Fund under this Agreement shall be kept invested and reinvested by the Hank in direct obligations of the Goverment or in obligations of Agencies or resercrs thrrt are guaranteed 3 the, GoveYnment, which at maturity dates are subject to redemption•by the holder at the option of the holder on or prior to the dates that funds will be needed. Obligations so purchased as an investment of money shall be held by or under the control of the Bank as security for funds on deposit and be deemed the Escrow Fund. 8. In consideration of the deposit made with Bank, Bank does hereby agree to pay interest to the City. Amount, terms. and manner of payment are matters of separate agreement between the Bank and the City. III WITNESS WHEREOF the parties hereto have executed this Agreement the day and year first above written. ATTEST THE CITY OF CORPUS CHRISTI City Secretary Edward A. Martin, City Manager APPR0VE0. DAY OF 1984 8. BRUCE AYCOCE, CITY ATTORNEY By BYAssistant City Attorney Assistant City Manager ATTEST: UNITED STATES OF AMERICA By ATTEST: TEXAS COMMERCE BANK OF CORPUS CHRISTI By Corpus Christi, Texas day of 198 TO THE MEIIBERS OF THE CITY COUNCIL Corpus Christi, Texas For the r sset forth in the emergency clause of the foregoing ordinance or esalution,aemergency exists requiring suspension of the Charter rule as to consideration and voting upon ordinances or resolutions at three regular meetings, I/we, therefore, request that you suspend sold Charter rule and pass this ordinance or resolution finally on the date it Is introduced, or at the present meeting ofthe City Council. Respectfully, Respectfully, Council Members MAYOR W'^+:��" THE CIOV OF CORPUS CHRISTI, TEXAS The above ordinance was passed by the following vote Luther Jones Betty N Turner David Berlanga, Sr. Welder Brawn Leo Guerrero Dr. Charles W. Kennedy Jae McComb ltlnP- Frank Menden Mary Pat Slavik 18575