HomeMy WebLinkAbout027998 ORD - 12/16/2008AN ORDINANCE
REPEALING ORDINANCE 026215, ADOPTED ON APRIL 12, 2005,
WHICH LOANED, APPROVED THE TRANSFER AS NEEDED, AND
APPROPRIATED A TOTAL NOT TO EXCEED $3,500,000 FROM THE
UNRESERVED FUND BALANCE IN THE NO. 3430 WASTEWATER CIP
FUND TO THE SANITARY SEWER TRUNK SYSTEM TRUST FUND, TO
BE REPAID TO THE NO. 3430 WASTEWATER CIP FUND AT AN
INTEREST RATE EQUAL TO THE AAA RATED 5 -YEAR MUNICIPAL
BOND RATE ON THE DATE OF THE LOAN, TO FUND THE
SHORTFALL RESULTING FROM PENDING APPLICATIONS TO THE
SANITARY SEWER TRUNK SYSTEM TRUST FUND; AND AMENDED
THE 2004/2005 CIP BUDGET ADOPTED BY ORDINANCE #026188 TO
INCREASE APPROPRIATIONS INTO THE NO. 3430 WASTEWATER
CIP FUND BY $3,500,000; PROVIDING FOR SEVERANCE; AND
DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, THAT:
SECTION 1. Ordinance 026215, adopted on April 12, 2005, which loaned and
appropriated a total not to exceed $3,500,000 from the Unreserved Fund balance in the
No. 3430 Wastewater CIP Fund as needed into the Sanitary Sewer Trunk System Trust
Fund, to be repaid to the No. 3430 Wastewater CIP Fund at an interest rate equal to the
AAA rated 5 year municipal bond rate on the date of the loan, to fund the shortfall
resulting from pending applications to the Sanitary Sewer Trunk System Trust Fund,
and which amended the 2004/2005 CIP Budget adopted by Ordinance #026188 to
increase appropriations into the No. 3430 Wastewater CIP Fund by $3,500,000, is
repealed.
SECTION 2. If for any reason any section, paragraph, subdivision, clause, phrase,
word or provision of this ordinance shall be held invalid or unconstitutional by final
judgment of a court of competent jurisdiction, it shall not affect any other section,
paragraph, subdivision, clause, phrase, word, or provision of this ordinance, for it is the
definite intent of this City Council that every section, paragraph, subdivision, clause,
phrase, word or provision of this ordinance be given full force and effect for its purpose.
SECTION 3. That upon written request of the Mayor or five Council members, copy
attached, the City Council (1) finds and declares an emergency due to the need for
immediate artion neressary_for theefficient and effective administration of -City -affairs
and (2) suspends the Charter rule that requires consideration of and voting upon
ordinances at two regular meetings so that this ordinance is pissed and takes effect
uporyfirst rea ing as an emergency measure on this the I& ff—day of
��tet , 2008.
027998
ATTEST:
Armando Chapa
City Secretary
THE CITY OF CORPUS CHRISTI
Henry Gardett
Mayor
APPROVED: This 0 day of December, 2008:
R. J R ning
Fi t As istanY ity Attorney
For City Attorney
REPEAL ORD 026215 -- 12052008.DOC
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3
Corpus Christi, Texas
(Lp4day of 3 2008
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance an
emergency exists requiring suspension of the Charter rule as to consideration and
voting upon ordinances at two regular meetings: I/we, therefore, request that you
suspend said Charter rule and pass this ordinance finally on the date it is introduced, or
at the present meeting of the City Council.
Respectfully,
Respectfully,
Council Members
The above ordinance was passed by the following vote:
Henry Garrettit A
Melody Cooper
Larry Elizondo, Sr.
Mike Hummell
Bill Kelly
Priscilla G. Leal
John E. Marez
Nelda Martinez
Michael McCutchon
REPEAL ORD 026215 -- 12052008.DOC
027998