HomeMy WebLinkAbout021631 RES - 04/13/1993April 28, 1993
On April 22, 1993, an error was discovered on the numbering of the following
resolutions/ordinances. The resolutions/ordinances have been renumbered, and the
corrected copies are on file in the City Secretary's Office:
WAS DESCRIPTION a
021624 Returns and Results - April 3, 1993 021624-1/2
021610 Resolution on Landfill Regulations 021630
021611 Mercantile Bank 021631
021612 Street Closings - Naval Air Station 021632
021613 Lease - Las Carabelas 021633
Armando Chap
City Secretary
4,cROF!WED
RESOLUTION
NAMING MERCANTILE BANK, N.A. AS SUCCESSOR ESCROW AGENT TO
FIRST CITY, TEXAS - CORPUS CHRISTI, N.A.
WHEREAS, First City, Texas - Corpus Christi, N.A. ("First
City - Corpus Christi") was acting as "Escrow Agent" under various
Escrow Agreements executed by and between the City of Corpus
Christi, Texas (the "City") and First City - Corpus Christi; and
WHEREAS, the property of First City - Corpus Christi was
taken under control by the Comptroller of the Currency, and on
February 14, 1993, First City - Corpus Christi was acquired by
Mercantile Bank, N.A. ("Mercantile"); and
WHEREAS, the various Escrow Agreements with First City -
Corpus Christi provide substantially to the effect that if the
escrow agent acting thereunder shall have its property and affairs
taken under the control of any state or federal court or
administrative body, a vacancy shall be deemed to exist in the
office of escrow agent and the City shall promptly appoint a
successor to fill such vacancy; and
WHEREAS, Mercantile has represented to the City that it
is duly qualified to serve as a successor Escrow Agent under the
terms of said Escrow Agreements; and
WHEREAS, it is the desire of the City to appoint
Mercantile, the successor to First City - Corpus Christi, as the
successor Escrow Agent to First City - Corpus Christi.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI:
SECTION 1. That Mercantile Bank,. N.A., of Corpus
Christi, Texas, is hereby appointed the successor to First City -
Corpus Christi as escrow agent in respect to all Escrow Agreements
under which First City - Corpus Christi was acting as "Escrow
Agent."
SECTION 2. That this appointment shall become effective
upon Mercantile delivering to the City an instrument accepting such
appointment as successor Escrow Agent, which instrument shall (i)
designate those specific Escrow Agreements under which Mercantile
assumes the duties and responsibilities of Escrow Agent and (ii)
acknowledge the assumption of all rights, powers and trusts held by
First City - Corpus Christi thereunder.
ATTEST:
'Stir
City Secretary
APPROVED: a DAY OF
JAMES R. BRAY,
Arra
JR., CITY ATTORNEY
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I
MAYOR
TY OF CORPUS CHRISTI
, 19
021631
alGtitatimu
Corpus Christi, Texas
day of L\ , 19 ri
The above resolution was passed by the following vote:
Mary Rhodes
Cezar Galindo
l ee- effere--
Betty Jean Longoria
Edward A. Martin
Jee-McCefb
Dr. David McNichols
Clif Moss
Mary Pat Slavik
066
Lot
021631