HomeMy WebLinkAbout06480 ORD - 04/10/1962fl
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the 10 day of April, 1962, the City Council of
the City of Corpus Christi, Texas, convened in _SPECIAL_- .' meeting,
with the following members of said Council present, to -wit:
Ben F.,McDonald, Mayor,
Tom R— Swantner,
'Dr. James L. Barnard,
J. R. De Leon,
Commissioners,
'm. P. Maldonado,
W. J. Roberts, _ 4
T. Ray Kring, City Secretary,
with,the following absent JIM YOUNG � ,
constituting a quorum, at which time the following among other business was
transacted:
Mr. SWANTNFR presented for the consideration of
the Council an ordinance. 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,
April 10 , 1962.
TO THE 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 October 6, 1956, August 29, 1959 and January 28, 1961,
create an emergency and an imperative public necessity requiring the suspension
of rules and Charter provisions requiring ordinances to be considered and voted
upon at three regular meetings. I, therefore request,that the City Council
pass the proposed ordinance authorizing the issuance of $2,750,000.00 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, �tg4 x
/s/ Ben F. McDonald,
' Mayor."
q 4
l.,:n
Commissioner BARNARI? moved that the Charter
provision prohibiting ordinances from being passed finally on the date intro-
duced be suspended for the reasons stated in the written request of the Mayor
and stated in the emergepcy clause of the ordinance. The motion was seconded
by Commissioner DCLeoN i The motion was carried by a unanimous vote
by the City Councih viz:
'AYES: Commissioners Swantner, Barnard, De Leon, Maldonado,
Roberts.ax xYionxigx
NOES: None. -
The -Mayor requested. that the, records show that he voted
Aye. This was done.
Commissioner "r'ROBeaTS moved that the ordinance
be passed finally. The motion was seconded by Commissioner MALDONADO- _i•
The motion was carried- bylthe following vote: '
AYES: Commissioners Swantner, Barnard, De Leon, Maldonado,
Roberts.&)dxYpwngxx
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. 6480• -
BY THE CITY,COUNCIL OF THE CITY OF CORPUS
-CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $2,750,000.00 CITY OF CORPUS CHRISTI,
TEXAS, GENERAL IMPROVEMENT BONDS, SERIES
1962, BEARING INTEREST AT THE RATES HEREIN-
AFTER SET FORTH, AND PROVIDING FOR THE LEVY,
ASSESSMENT AND COLLECTION OF A TAX SUFFI-
CIENT TO PAY THE INTEREST ON SAID BONDS AND
TO CREATE A SINKING FUND FOR THE REDEMPTION
THEREOF AT MATURITY; REPEALING ALL ORDINANCES
IN CONFLICT HEREWITH AND DECLARING AN EMER-
GENCY.
WHEREAS, heretofore on the 11th day of January, 1961, the
City Council of the City of Corpus Christi, Texas, passed an ordinance calling
an election to be held in said City on the 28th day of January, 1961, on
several propositions, including the following:
s'
PROPOSITION NO. 5 .
"Shall the City Council of the City of Corpus
Christi,�Texas, be authorized to issue the bonds of said
City in the amount-of $775,000.00, maturing serially in
such installments'as the City Council may prescribe, the
maximum maturity being not more than Thirty Five (35) years
from their date, bearing interest at a rate not to exceed
Five(5 %) p6r cent per annum, and to levy a tax on all tax-
able-property within said City sufficient to pay the annual
interest and provide a sinking Hind to pay the bonds at
�,- -. maturity, for, the purpose of constructing improvements to
.? .,the'streets,of the City, including:improvements to Green-,
wood Drive, 'Santa Fe Street; Everhart Road and North
Staples Street, as authorized by the Constitution and laws
of the State of Texas, and the Charter of said City."
; .and; { t
WHEREAS, said election was duly and legally held on the
28th day of January, 1961, 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 proposition to issue the bonds hereinafter described by the
following vote: -
PROPOSITION NO. 5
"FOR THE ISSUANCE OF STREET IMPROVEMENT
BONDS" 4616 votes;
"AGAINST THE ISSUANCE OFSF M IMPROVEMENT
BONDS" 3445 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 PURPOSE AMOUNT PRE- AMT. NOW
ELECTION AUTHORIZED VIOUSLY SOLD OFFERED
October 6, 1956 $4,430,000.00 Freeway and Bridge $1,555,000.00 $300,000.00
October 6, 1956 615,000.00 Street & Storm Sew. 415,000.00 200,000.00
October 6, 1956 350,000.00 Oso Bay Sewage 300,000.00 50,000.00
August 29, 1959 2,500,000.00 Hospital 414,000.00 500,000.00
0
DATE OF - AMOUNT PURPOSE 'AMOUNT PRE- W NOW
ELECTION AUTHORIZED VIOUSLY SOLD OFFERED
January 28, 1961 $3,305,000.00 South Staples and Oso $105,000.00 $1,000,000.0(
Sewer Improvements
January 28, 1961 1,720,000.00 Storm Sewer 710,000.00 300,000.0(
January 28, 1961 195,000.00 Library 20,000.00 175,000.0(
January 28, 1961 775,000.00 Street Improvement - 225 000.0(
Total 2,750,000.0(
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
1. That the bonds of said City to be called "City of
Corpus Christi, Texas, General Improvement Bonds, Series 1962 ", be issued
under and by virtue,of the Constitution and laws of the State of Texas, and
the Charter of-said City, for the following purposes, to -wit: $2,200,000.00
represented by Bonds Numbers One (1) to Two Thousand Two Hundred (2200), both
inclusive,- for the purpose of constructing a sewer relief line in the South
Staples Street area, providing funds for rehabilitating and expanding Oso
Sewer plant and other general sewer system improvements; constructing storm
sewer improvements in the City, including such improvements in the area of
Whelan Drive, sections of Gollihar Road and Greenwood Drive, Thompson Road,
McBride Lane, Cliff Maus Airport Area, sections of McArdle Road and Westport
area between Morgan Street and Greenwood Drive; constructing and equipping a
branch library for the City; constructing improvements to the streets of the
City, including improvements to Greenwood Drive, Santa Fe Street, Everhart
Road and North Staples Street and providing funds to pay the City's part of
the cost of expanding and enlarging the existing Memorial Hospital and
$550,000.00 represented by Bonds Numbers Two Thousand Two Hundred One (2201)
to Two Thousand Seven Hundred Fifty (2750), both inclusive, for the purpose
of constructing general street and storm sewer improvements; constructing
permanent improvements to the Oso Bay Sewage Disposal facility and Oso Bay
area and the acquisition of right -of -way for the freeway, aggregating in
principal amount the sum of Two Million Seven Hundred Fifty Thousand
($2,750,000.00) Dollars.
2. That said bonds shall be numbered from One (1) to
Two Thousand Seven Hundred Fifty (2,750), both inclusive, of the denomination
of One Thousand ($1,000.00) Dollars each, aggregating Two Million Seven
Hundred Fifty Thousand ($2,750,000.00) Dollars. -
3. That said bonds shall be dated March 1, 1962, and
shall become due and payable serially as follows:
BONDS NUMBERS MATURITY HATES AMOUNTS
1 to 75, both incl. March 1, 1963, 75,000.00
76 to 150 , 'March 1, 1964, 75,000.00
151 to 225, 7 „ March 1, 1965, 75,000.00
226 to 300, „ March 1, 1966, 75,000.00
301 to 375, " March 1, 1967, 75,000.00
376 to 450, ',' " March 1, 1968, 75,000.00
451 to 525, „ „ March 1, 1969, 75,000.00'
526 to 6001 " " March 1, 1970, 75,000.00,.
6ol to -675, " " March 1,-1971, 75,000.00
676 to 750, " March 1, 1972, 75,000.00
751 to 825, „ March 1, 1973, 75,000.00'
826 to goo, " March 1, 1974, 75,000.00
901 to 1000, " ' March 1, 1975, 100,000.00
1001 to 1150, March 1, 1976, ' z- '� t 150,000.00
1151 to � 1325, „ " i" March`1, 19771 °" `'4 ,,175,000.00
1326 to 1550, „ " March 1, 1978, '225,000.00
1551 to 1850, " March 1, 1979, 300"000.00
1851 to 2150, " , ", March 1 1980
21 1 to 24 " ; „ � . a _ � � `- . , . ° -1- � s} '•300,000.00
5 5o, n n ' a a ; .i a a -: March I' .7.981, ` ' ? 4 � ` % � -300,000-00
2451 to 2750, a .� - 'March 1. 1982; -300,000.0c)
4. That said bouds,shali bear interest at the rates as
follows:
Bonds Nos. ' 1 to '� 1; both-incl., ' S� per annum;
Bonds Nos. 37 to - L 9j ; > " f g $per annum;
Bonds Nos. q to eo a ,, " 7 9 per annum;
Bonds Nos. o o to 9, e, " per annum;
Bonds Nos. j ir( to 27Jo'i ' ';` " �, i a per annum,
payable September 1, 1962; and semi - annually thereafter on March 1st and
September lst of each year.
5.- In Bonds Numbers Eight Hundred Twenty Six�(826) to
Two Thousand Seven Hundred Fifty (2,750), 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 March•l, 19731 at par and accrued interest
to date so fixed for redemption, plus a premium of *1 such premium to be
reduced on March 1, 1974 to 21%, with_a further reduction of 1/2 of 1% on ;
March 1st of each year through March 1, 1977. There shall be.no premium on
such bonds which may be redeemed March 1, 1978, 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's financial publica-
tion 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 any such
f
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 redemption, they shall be
called in their inverse 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
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
signed by the imprinted or lithographed facsimile signature of the Mayor of
the City and countersigned by the imprinted or lithographed facsimile signatur
of the City Secretary, and the official seal of the City shall be impressed,
or printed, or lithographed on each of said bonds.
8. The form of said bonds shall be substantially as
follows:,
NO. ,$1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
CO= OF NMES
CITY OF.CORPUS CHRISTI
` GENERAL IMPROVEMENT_ BOND
SERIES 1962
'a
_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 March x19 , the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, with interest thereon from
date Hereof at the rate of_' per annum, evidenced by coupons payable
September 1, 1962, and semi - annually thereafter on March 1st and September lst
of each year, both principal and interest payable upon presentation and sur-
render of bond or proper coupon at the Corpus Christi State National Bank,
M1s
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 Two Thousand Seven Hundred
Fifty (2,750) bonds of like tenor and effect, except as to number, interest
rate, maturity and right of prior redemption, numbered from One (1) to TWO
Thousand Seven Hundred Fifty (2,750), both inclusive, of the denomination of
One Thousand ($1,000.00) Dollars each, aggregating Two Million Seven Hundred
Fifty Thousand ($2,750,000.00) Dollars, issued for the £ollowing,purposes,
to -wit: $2,200,000.00 represented by Bonds Numbers One (1) to Two Thousand
Two Hundred (2200), both inclusive, for the purpose of constructing a sewer
relief line in the South Staples Street area, providing funds for rehabilitat-
ing and expanding Oso Sewer plant and other general sewer system improvements;
constructing storm sewer improvements in the City,' including such improvements
in the area of Whelan Drive, sections of Gollihar Road and Greenwood Drive,
Thompson Road, McBride Lane, Cliff Maus Airport Area, sections of McArdle Road
and Westport area between Morgan Street and Greenwood Drive; constructing and
equipping a branch library for the City; constructing improvements to the
a
streets of the City, including improvements to Greenwood Drive, Santa Fe Street
Everhart Road and North Staples Street and providing funds to pay the City's
part of the cost of expanding and enlarging the existing Memorial Hospital and
$550,000.00 -represented by Bonds Numbers Two Thousand Two Hundred One (2201)
to Two Thousand Seven Hundred Fifty (2750), both inclusive,for the•purpose of
constructing general street and storm sewer improvements; constructing perman-
ent improvements to the Oso Bay Sewage Disposal facility and Oso Bay
area and,the.acquisition , oP right -of -way for the freeway, 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 ordinance is duly of record in the minutes of
said City Council.
The date of this bond in conformity with the ordinance
above mentioned is March 1, 1962.
*(Bonds numbered Eight Hundred Twenty Six (826) to Two
Thousand Seven Hundred Fifty (2,750), both inclusive, of the issue of which
c
this is one, may be redeemed prior to maturity at the option of the City on the
1st day of March, 1973, 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 221 such premium to be reduced on March 1, 1974 to 2%, with a, further re-
duction of 1/2 of 1% on March lst of each year through March 1, 1977. There
shall be no premium on such bonds which may be,redeemed March 1, 1978, or on
any interest payment'date thereafter. Thirty days' notice of such call is to
be given in,writing to the places of payee nt and said notice is to be publish -
_
ed in a financial publication published in the City of New York, New York.
Said.notice, shall frappear 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
rredemption. If such bond is. called for redemption in said manner and if Hinds
d, s ..
sufficientito 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 in-
terest. If fewer than all of the optional bonds are called for redemption,
they shall be called in their inverse numerical order.)
AND IT IS HEREBY CERTIFIED AND 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 October 6, 1956, August 29, 1959 and January 28, 1961; 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 tine, 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 pay-
ment 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, this bond and the interest coupons
attached hereto have been signed by the imprinted or lithographed facsimile
signature of the Mayor "of -said City and countersigned by the imprinted or
.r
lithographed facsimile signature of the City Secretary, and the official seal
of said City has been duly.impressed, or printed, or lithographed on this bond.
Mayor, City of Corpus Christi, Texas.,
COUNTERSIGNED:
City Secretary, City of Corpus Christi, ,
Texas.
*(This paragraph should be omitted from Bonds Nos. 1 to 825, both incl.)
9. The form of coupon shall be substantially as follows:
NO. $
ON THE 1ST DAY OF
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 1962 ", dated March 1, 1962, No.
City Secretary Mayor.
*(This parenthetical expression should be printed only in coupons mater ing
September 1, 1973, 4ad subsequent).
10. Substantially the following certificate shall be
printed on the back of each bond:
a« � F
M.
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 RAND and seal of office at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas.
11. That a special Hind shall be created and is hereby
created , to -be designated+"City of Corpus Christi, Texas, General Improvement
Bonds, Series 1962 Fund ". The proceeds from all taxes collected for and on
AccountLof'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 any 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 tax each year shall be assessed and collected and placed in the
M
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
and for no other purpose.
12..'That to pay the interest scheduled to' mature on ,
September 1, 1962, there is hereby appropriated the sum of $
from funds of the City available for, sucli, purpose. The money thus,appro-
printed shall be used for no other purpose than to pay said interest. The
Mayor and City Secretary are hereby directed,to do any and all things neces-
sary or convenient to accomplish the purpose of said appropriation.
13.' Be it further ordained that_the Mayor of the City
s
shall be authorized to take and have charge, "of all necessary records pertain-
ing to the bonds pending investigation by the Attorney General, and shall take'
and have charge and control of the bonds herein authorized pending their ap-
proval 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 the Comptroller shall be
impressed, or printed, or lithographed on each of said bonds.
14. The sale of the bonds herein authorized to
MELLON NATIONAL BANK AND TRUST COMPANY
at a price of par and accrued interest to date of delivery, plus a premium
of $11.722.50 __, is hereby confirmed. Delivery of such bonds shall be
made to such purchasers as soon as may be after the passage of this ordinance
upon payment therefor in accordance with the terms of sale.
15• That all ordinances and resolutions or parts thereof
in conflict herewith are hereby repealed.
16. 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 requiring the suspension of the Charter Rule providing that no
AP� -
ordinance or resolution shall be passed finally on the date it is introduced
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 AND APPROVED this the -/Q day of April, 1962.
Mayor, City.of- Corpus Christi, �5�-
ATTEST:
l
City Secretary , Pty of Corpus Qfristip '_ �-
/-Texas.
The foregoing ordinance was approved prior to passage
as to form and correctness this _q da of April 1962.
City Attorney, City Pf Co s Christi,
T8Xav
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, City Secretary of the City of
Corpus Christi, Texas, do hereby certify that the above and foregoing is
a true, full and correct copy of an ordinance passed by the City Council
of the City of Corpus Christi, Texas, (and of the minutes pertaining thereto)
r
on the day of April, 1961, authorizing the issuance of $2,750,000:00
City of-Corpus Christi, Texas, General Improvement Bonds, Series 1962, which
ordinance is duly of record in the minutes of said City Council.
`., EXECUTED.UNDER MY HAND and seal of said City this the
day of April, 1962.
City Secretary, City of Corpus Christi,
Texas.
(SEAL){{