HomeMy WebLinkAbout05785 ORD - 06/13/1960i-Al
THE STATE OF TEXAS
COUNTY OF NUEC10
CITY OF CORPUS CHRISTI
On this the /3 day of June, 1960, 96 the City Council
of the City of Corpus Christi, Texas, convened in eS1L meeting,
with the following members of said Council present,, to-wit:
Ellroy Kind, c ` t` ' Mayor,
Dr. James L. Barnard,
MY e-- Re3F -A rrp rt;
Joseph B. Dunn, Commissioners,
Patrick J.'Dunne,'
R. A. Humble,
Goal a L. Lozano, Sr.,
City Secretary,
with the following absent: � (� ,
constituting a quorum, at which time the following among other business was
tranacted:
Mr. %44_L presented for the consideration of
the Council an ordinan e. The ordinance was read by the City Secretary.
The Mayor presented to the Council a communication in writing pertaining to
said proposed ordinance, as follows:
"Corpus Christi, Texas,
June _L.3±, 1960.
TO TEE CITY COUNCIL
CORPUS CHRISTI, TEXAS
Gentlemen:
The public importance and pressing need for the permanent
improvements to be constructed by use of the proceeds of the bonds voted at
elections held on November 24, 1953, September 25, 1954, October 6, 1956 and
August 29, 1959, create an emergency and an imperative public necessity re-
quiring the suspension of rules and Charter provisions requiring ordinances
to be considered and voted upon at three regular meetings. I. therefore re-
quest that the City Council pass the proposed ordinance authorizing the issu-
ance of $1,850,000.00 General Improvement Bonds as an emergency. You will
please consider this request in connection with the ordinance which has been
introduced in the City Council on this subject.
Yours very truly,
Isl Ellroy King,
Mayor.,,
Commissioner % made a motion that the
Charter provision prohibiting ordinances from being passed finally on the
date introduced be suspended for the reasons stated in the written request
of the Mayor and stated in the emergency clause of the ordinance. The motion
was seconded by Commissioner 0; 1 1�_:__.1 The motion was carried by
a unanimous vote by the City Council, viz:
AYES: Commissioners Barnard, A#rhee -t, Dunn, Dunne,
Humble and Lozano. w
NOES: None.
The Mayor requested that the records show that he voted
Aye,: This was done.
Commissioner O� ; made a motion that the
ordinance be passed finally. The motion was seconded by Commissioner
The motion was carried by the following vote:
AYES: Commissioners Barnard, AlrUeax,%, Dunn, Dunne,
Humble and Lozano.
NOES: None.
The Mayor requested that the records show that he voted
Aye. This was done.
The Mayor announced that the ordinance had been passed.
The ordinance is as follows:
ORDINANCE NO.
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR TO ISSUANCE
OF $1,850,000.00 CITY OF CORPUS CHRISTI,
TEXAS, GENERAL IMPROVEMENT BONDS, SERIFS
1960, BEARING INTEREST AT THE RATES HEREIN-
AFTER SET FORTH, AND PROVIDING FOR THE LEVY,
ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT
TO PAY THE INTENT ON SAID BONDS AND TO
CREATE A SINKING FUND FOR THE REDEMPTION
THEREOF AT MATURITY; REPEALING ALL ORDINANCES
IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY.
WHEREAS, heretofore on the 5th day of August, 1959, the
City Council of the City of Corpus Christi, Texas, passed an ordinance call
an election to be held in said City on the 29th day of August, 1959, on
several propositions, including the following:
rw-
r
PROPOSITION NO. 1
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the
amount of $2,500,000.00, maturing serially in such installments
as the City Council may prescribe,`the maximum maturity being
not more than Thirty (30) years from their date, bearing inter-
est at a rate not to exceed Five (5 %) per cent per annum, and
to levy a tax on all taxable property within said City suffi-
cient to pay the annual interest and,provide a sinking fund to
pay the bonds at maturity, for the purpose of providing funds
to pay the City's part of the cost of expanding and enlarging
the existing Memorial Hospital, as authorized by the Constitution
and laws of the State of Texas and the Charter of said City."
PROPOSITION NO. 2
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the
amount of $1,100,000.00, maturing serially in such installments
as the City Council may prescribe, the maximum maturity being
not more than Thirty (30) years from their date, bearing inter -
est at a rate not to exceed Five (5 %) per cent per annum, and
to levy a tax on all taxable property within said City suffi-
cient to pay the annual interest and provide a sinking fund to
pay the bonds at maturity, for the purpose of constructing im-
provements to the Sanitary Sewerage System of the City, as
authorized by the Constitution and laws of the State of Texas,
and the Charter of said City."
PROPOSITION N0. 4
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the
amount of $50,000.001 maturing serially in such installments
as the City Council may prescribe, the maximum maturity being
not more than Thirty (30) years from their date, bearing inter-
est at a rate not to exceed Five (5 %) per cent per annum, and
to levy a tax on all taxable property within said City suffi-
cient to pay the annual interest and provide a sinking fund to
pay the bonds at maturity, for the purpose of providing funds
for improving the storm drainage system of the City, as authoriz-
ed by the Constitution and laws of the State of Texas and the
Charter of said City."
and 1 _
F ♦ 4 ♦ m Air ,-
-o wuRRFAS,`said election was duly and legally held on the
29th day of-August, 1959, at which election a majority of the legally quali-
fied electors•owning taxable property in the City of Corpus Christi, Texas,
and who had duly rendered the same' for taxation, voting at said election
sustained the propositions to issue the bonds hereinafter described by the
following vote:
PROPOSITION NO. 1
"FOR THE ISSUANCE OF HOSPITAL BONDS" 3412 Votes;
"AGAINST THE ISSUANCE OF HOSPITAL BONDS" 2829 Votes.
PROPOSITION NO. 2
"FOR THE ISSUANCE OF SANITARY SEWER
IMPROVEMENT BONDS" 3471 Votes;
"AGAINST THE ISSUANCE OF SANITARY SEWER
IMPROVEMENT BONDS" 2447 Votes.
PROPOSITION NO. 4
"FOR THE ISSUANCE OF STORM DRAINAGE BONDS" 3414 Votes;
"AGAINST THE ISSUANCE OF STORM DRAINAGE
BONDS" 2455 Votes,
as is reflected in the election returns heretofore filed with the City
Secretary; and
WHEREAS, it is deemed advisable and to the best interest
of the City that certain of the above described bonds, together with various
purpose bonds authorized at elections previously held in said City be combined
in a single issue and sold at this time, the dates of election, amount of
bonds authorized thereat, purpose, amount of bonds previously sold and the
amount now to be sold being as follows:
DATE OF AMOUNT AMOUNT PRE- ANT. NOW
ELECTION AUTHORIZED PURPOSE VIOUSLY SOLD OFFERED
November 24, 1953 $720,000.00 Fire Station $691,000.00 $ 29,000.00
November 24,1953 4,975,000.00 Storm Sewers 4,468,000.00' 192,000.00
September 25,1954 140,000.00 Fire Station 15,000.00 49,000.00
September 25,1954 3,500,000.00 Sewer Improvement 3,2001000.00 300,000.00
and Extension
October 6, 1956 4,430,000.00 Freeway & Bridge 1,370,000.00 60,000.00
August 29, 1959• 2,500,000.00 Hospital - 70,000.00
August 29, 1959 1,1100,000.00 Sanitary Sewer Impr. - 1,100,000.00
August 29, 1959 50,000.00 Storm Drainage - 50,000.00
Total - - - - $1,850,000.00;
a BE IT ORDAINED BY THE CITY COUNCIL';OF 1HE CITY OF CORPUS
CHRISTI, TEXAS:
1. That -the, bonds of�said City to be called "City of
Corpus Christi, Texas, General Improvement Bonds, Series 1960 ",, be issued
under and by virtue of the Constitution and laws of the State of Texas, and
the Charter of said City, for the,purpose of constructing and equipping fire
stations; the construction of storm sewers; improving and extending the Sewer
2
System; the acquisition of right -of -way for the freeway; constructing im-
provepents and safety facilities for the high level bridge and providing
funds to pay costs incident to the construction of said high level bridge;
providing funds to pay the City's part of the cost of expanding and enlarging
the existing Memorial Hospital and improving the storm drainage system of
the City, in the principal amount of One Million Eight Hundred Fifty Thousand
($1,850,000.00) Dollars.
2. That said bonds shall be numbered from One (1) to
One Thousand Eight Hundred Fifty (1,850), both inclusive, of the denomi-
nation of One Thousand ($1,000.00) Dollars each, aggregating One Million
Eight Hundred Fifty Thousand ($1,850"Ob0.00) Dollars.
4. That said bonds shall bear interest at the rates as
follows:
Bonds Nos. 1 to 3 ?o, both incl., �,. per annum;
Bonds Nos, Sri to Rio, per annum;
Bonds Nos. z// to �9 T , " *61 per annum;
Bonds Nos. 9qj to 1310 " 9.yo% per annum;
Bonds Nos. /3// to /Yr. , " " 33 � per annum,
payable December 1, 1960, and semi - annually thereafter on June 1st and
December 1st of each year.
_.3. That
said bonds shall be dated June 1,
1960, and
shall become due and payable
serially
as-follows.
BONDS NUMBERS
R MATUKTY DATES
AMOUNT'S
1 to
60,
both incl.,
June 1,
1961,
$ 60,000.00
61 to
120,
"
June 1,
1962,
60,000.00
121 to
185,
,June 1,
1963,
65,000.00
186 to
250,
" �^` •-
June 1,
1964,
65,000.00
251 to
320,
" "
June 1,
1965,
70,000.00
321 to
390,';J'i
" _
June 1,
1966,
70,000.00
391 to
465,
"•' ` ' e
June 1,
1967,
75,000.00
466 to
545,
June 1,
1968,
80,000.00
546 to
625,
" "
June 1,
1969,
80,000.00
626 to
710,
" "
June 1,
1970,
85,000.00
711 to
800,
" "
June 1,
1971,
90,000.00
801 to
895,
1!
June 1,
1972,
95,000.00
896 to
995,
"
June 1,
1973,
100,000.00
996 to
1095,
" "
June 1,
1974,
100,000.00
1096 to
1200,
" "
June 1,
1975,
105,000.00
1201 to
1310,
"
June 1,
1976,
110,000.00
1311 to
1425,
" "
June 1,
1977,
115,000.00
1426 to
1545,
" "
June 1,
1978,
120,000.00
1546 to
1670,
" "
June 1,
1979,
125,000.00
1671 to
1850,
"
June 1,
1980,
18o,000.00
4. That said bonds shall bear interest at the rates as
follows:
Bonds Nos. 1 to 3 ?o, both incl., �,. per annum;
Bonds Nos, Sri to Rio, per annum;
Bonds Nos. z// to �9 T , " *61 per annum;
Bonds Nos. 9qj to 1310 " 9.yo% per annum;
Bonds Nos. /3// to /Yr. , " " 33 � per annum,
payable December 1, 1960, and semi - annually thereafter on June 1st and
December 1st of each year.
C
5. In Bonds Numbers Seven Hundred Eleven (711) to One
Thousand Eight Hundred Fifty (1,850), both inclusive, the City reserves the
option of calling each such bond for redemption prior to maturity on any
interest payment date on and after June 1, 1970, at par and•accrued interest
to date so fixed for redemption, plus a premium of 2-2'%, such premium to be
reduced on June 1, 1971 to 2%, with a further reduction of 1/2 of 1,% on
June 1st of each year through June 1, 1974. There shall be no premium on
such bonds which may be redeemed June 1, 1975, or on any interest payment
date thereafter. Thirty days' notice of such call shall be given in writing
to the places of payment and notice shall be published in the City of New
Yank, New York. Said notice shall appear in said publication in at least
one issue, the date of said issue being not less than thirty days prior to
the date so fixed for redemption. If any such bond is called for redemption
in said manner and if funds sufficient to pay the redemption price shall
have been duly placed in the banks,of payment by the date fixed for re-
demption, it shall not thereafter bear interest. If fewer than all of the
optional bonds are.'called for,redemption, they shall-be called in their in-
verse numerical order.
6. ' That the principal of and interest on said bonds
shall be payable upon presentation and surrender of bond or proper coupons
at the Corpus Christi State National Bank, Corpus Christi, Texas, or, at the
z
option of the holder, at Harris Trust and Savings Bank,' Chicago, Illinois,
without exchange or collection charges to the owner or holder thereof.
7. That each of said bonds and interest coupons shall
be executed by the imprinted facsimile signature of the Mayor and counter-
signed by the imprinted facsimile signature of the City Secretary, and the
corporate seal of the City of Corpus Christi, Texas, shall be impressed upon
each of said bonds. Such facsimile signatures shall have the same effect as
manual signatures.
follows:
0
8. The form of said bonds shall be substantially as
4
NO.
$1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
GENERAL IMPROVEMENT BOND
SERIES 1960
The City of Corpus Christi, in the County of Nueces,
State of Texas, a municipal corporation duly incorporated under the laws
of the State of Texas, for value received, hereby promises to pay to the
bearer hereof, on the 1st day of June, 19 , the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America,ywith interest thereon from
date hereof at'the rate of - ( %) per cent per annum,
evidenced by' coupons payable December,l, 1960, and semi - annually thereafter
on June'ist and December 1st of each year, both principal and interest pay-
able upon presentation and surrender of bond or proper coupon at the Corpus
Christi State National Bank, Corpus Christi, Texas, or, at the option of the
holder, at Harris Trust and Savings Bank, Chicago, Illinois, without exchange
or collection charges to the owner or holder hereof, and the City of Corpus
Christi, Texas, is hereby held and firmly bound and its faith and credit and
all taxable property in said City are hereby pledged for the prompt payment
Of the principal of this bond at maturity and the interest thereon as it
accrues.
This bond is one of a series of One Thousand Eight Hundred
Fifty (1,850) bonds of like tenor and effect, except as to number, interest
rate, maturity and right of prior redemption, numbered from One (1) to One
Thousand Eight Hundred Fifty (1,850), both inclusive, of the denomination of
One Thousand ($1,000.00) Dollars each, aggregating One Million Eight Hundred
Fifty Thousand ($1,850,000.00) Dollars, issued for the purpose of constructing
and equipping fire stations; the construction of storm sewers; improving and
extending the Sewer System; the acquisition of right -of -way for the freeway;
constructing improvements and safety facilities for the high level bridge and
providing funds to pay costs incident to the construction of said high level
bridge; providing funds to pay the City's part of the cost of expanding and
enlarging the existing Memorial Hospital and improving the storm drainage
system of the City, under and by virtue of the Constitution and laws of the
State of Texas and -the Charter -of said City, and pursuant to an ordinance
passed by the City Council of.the City of Corpus Christi, Texas, which or-
dinance is duly of record in the minutes of said City Council.
The dat4 of this bond in conformity with the ordinance
above mentioned is June 1, 1960.',
*(Bonds numbered Seven Hundred Eleven (711) to One Thousand
Eight Hundred Fifty (1,850), both inclusive, of the issue of which this is
one, may be redeemed prior to maturity at the option of the City on the let
day of June, 1970, and on any interest payment date thereafter, at a price of
par and accrued interest to date so fixed for redemption, plus a premium of
22 such premium to be reduced on June 1, 1971 to 2 %, with a further re-
duction of 1/2 of 1% on June let of each year through June 1, 1974. There
shall be no premium on such bonds which may be redeemed June 1, 1975, or on
any interest payment date thereafter. Thirty days' notice of such call is to
be given in writing to the places of payment and said notice is to be publish-
ed in a financial publication published in the City of New York, New York.
Said notice shall appear in said publication in at least one issue, the date
of said issue being not less than thirty days prior to the date so fixed for
redemption. If such bond is called for redemption in said manner and if funds
sufficient to pay the redemption price shall have been duly placed in the
banks of payment by the date fixed for redemption, it shall not thereafter
bear interest. If fewer than all of the optional bonds are called for re-
demption, they shall be called in their inverse numerical order.)
AND IT IS HEREBY CERTIFIED APED RECITED that the issuance
of this bond, and the series of which it is a part, is duly authorized by law
and by a vote of the resident, qualified electors who own taxable property
in said City and who had duly rendered the same for taxation in the City of
Corpus Christi, Texas, voting at elections held for that purpose within said
City on November 24, 1953, September 25, 1954, October 6, 1956 and August 29,
1959; that all acts, conditions and things required to be done precedent to
and in the issuance of this series of bonds, and of this bond, have been
properly done and performed and have happened in regular and due time, form
and manner as required by law; that sufficient and proper provision for the
levy and collection of taxes has been made, which when collected shall be
appropriated exclusively to the payment of this bond and the series of which
it is a part, and to the payment of the interest coupons hereto annexed as
the same•shall become due; and that the total indebtedness of said City of
Corpus Christi, Texas, including the entire series of bonds of which this is
one, does not exceed any constitutional, statutory or charter limitation.
IN WITNESS WHEREOF, the City of Corpus Christi, Texas,
by its City Council has caused the seal of said City to be impressed hereon
and this bond and the annexed coupons to be executed by the facsimile signa-
ture of the Mayor and countersigned by the facsimile signature of the City
Secretary.
Mayor, City of Corpus Christi, Texas.
COUNTERSIGNED:
is < e � _ •w ' r
City Secretary, City of Corpus Christi,
Texas. a
Y i
*(This paragraph should be omitted from Bonds Nos. 1 to 710, both Incl.)
9. The form of coupon shall be substantially as follows:
NO. $
y ON THE IST DAY OF
19
The City of Corpus Christi, Texas, will pay to bearer,
*(unless the bond to which this coupon is attached shall have been called
for previous redemption as therein provided and provision for the redemption
thereof made), at the Corpus Christi State National Bank, Corpus Christi,
Texas, or, at the option of the holder, at Harris Trust and Savings Bank,
Chicago, Illinois, without exchange or collection charges to the owner or
holder hereof, the sum of ($ )
Dollars, in lawful money of the United States of America, being months'
interest due that day on "City of Corpus Christi, Texas, General Improvement
Bond, Series 1960 ", dated June 1, 1960, No.
City Secretary Mayor.
*(This parenthetical expression should be printed only in coupons maturing
December 1, 1970, and subsequent).
10. Substantially the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
I HEREBY CERTIFY that there is on file and of record in
my office a certificate of the Attorney General of the State of Texas, to the
effect that this bond has been examined by him as required by law, and that
he finds that it has been issued in conformity with the Constitution and laws
of the State of Texas and the Charter of said City, and that it is a valid
and binding obligation upon said City of Corpus Christi, Texas, and said bond
has this day been registered by me.
WITNESS MY HAND and seal of office at Austin, Texas,
Comptroller of Public Accounts of the
r
State7pf Texas.
11: That a special fund shall'be created and is hereby
created to be designated "City oY Corpus Christi, Texas, General Improvement
Bonds, Series 1960 Fund ". The proceeds from all taxes collected for and on
account of this series of bonds shall be credited to said fund for the purpose
of paying the interest as it: accrues and to provide a sinking fund for the
purpose of paying each installment of principal as it becomes due, and said
fund shall be used for no other purpose. For the current year and each year
thereafter while say of said bonds, or interest thereon, are outstanding and
unpaid, there shall be computed and ascertained, at the time other taxes are
levied, the rate of tax based on the latest approved rolls of said City as will
be requisite and sufficient to make, raise and produce in Each of said years a
fund to pay the interest on said bonds and to provide a sinking fund suffi-
cient to pay the principal as it matures, or at least 2% of the outstanding
principal as a sinking fund, whichever is greater, full allowances.being made
for delinquencies and costs of collection. A tax at the rate as hereinabove
determined,is hereby ordered to,be levied and'is hereby levied against all of
the taxable property in said City for the current year and each year respect-
ively while any of said'bonds,`or interest thereon, are outstanding and unpaid
and the said taxeach year shall be assessed and collected and placed in the
Fund hereby created and the Treasurer shall honor warrants against said Fund
for the purpose of paying the interest maturing and principal of said bonds
y,
and for no other purpose.
12. Be it further ordained that the Mayor shall be
authorized to take and have charge of all necessary records pending investi-
gation by the Attorney General, and shall take and have charge and control
of the bonds herein authorized pending their approval by the Attorney General
and registration by the Comptroller of Public Accounts. Upon registration of
said bonds, the Comptroller of Public Accounts (or a deputy designated in
writing to act for the Comptroller) shall manually sign the Comptroller's
certificate of registration prescribed herein to be printed on the back of
each bond, and the seal of said Comptroller shall be affixed to each of said
bonds.
18. The sale of the bonds herein authorized to
at a price of par and accrued interest to date of delivery, plus a premium
of $ ��� , is hereby confirmed. Delivery of such bonds shall be made
to such purchasers as shon as may be after-the passage of this ordinance upon
payment therefor in accordance with the terms of sale.
14. That all ordinances and resolutions or parts thereof
in conflict herewith are hereby repealed.
15. The fact that the contemplated use of the proceeds
of the bonds is necessary for the orderly development and growth of the City
of Corpus Christi, Texas, creates a public emergency and an imperative public
necessity requirigg the suspension of the Charter Rule providing that no
ordinance or resolution shall be passedifinally,on the date it is introduced
E � v
rt r
and that such ordinance or resolution shall be read at three several meetings
Of the City Council and the Mayor having declared that such public emergency
and imperative necessity exist, and having requested that said Charter Rule
be� suspended and that this ordinance take effect and be in full force and
effect from and after its passage, it is accordingly so ordained.
PASSED APID APPROVED is the j 3 day of June�i-ti, 1960.
Mayor, City Corpus T exas.
ATTEST/:n
City Secretary, City of Corpus Christi,
Texas.
The foregoing ordinance Has approved prior to passage
as to form and correctness this ( 3 day of June, 19 0.
city torney;^City of orpus Christi,
Texas.
(SEAL)
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