HomeMy WebLinkAbout06568 ORD - 07/10/1962i
:', 1
THE STATE OF TEXAS
COUNTY OF MES • , > v'Y
CITY OF CORPUS CHRISTI
.'1
On this the 10th day*of July, 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:
A
Ben F. McDonald, Mayor;
-Tea-- R,— Sw--tner 3
Dr, James L. Barnard,
J. R, De Learn,
Commissioners',,
M. P. Maldonado,
W, J. Roberts,
T. Ray Krin City'Secretary,
with the following absent: constituting
a quorum, at which time t 1 among other siness s transacted:
Mr. resented 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,
July 10; 1962.
TO THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
Gentlemen:
For the reasons set forth in the emergency clause of the
foregoing ordinance; a public emergency and imperative necessity exist for the
suspension of the Charter rule or requirement that no ordinance or resolution
shall be passed finally on the date it is introduced, and that such ordinance
or resolution shall be read at three meetings of the City Council, I, there-
fore, hereby request that you suspend said Charter rule or requirement and
pass this ordinance finally on the date it is introduced, or at the present
meeting of the City Council.
Respectfully,,
/s/ Ben F.`MdDonald,
Mayor."
Commissioner 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 a rgency// clause
�7of the ordinance. The motion was seconded
by Commissioner R,m-
r 0-ATbe motion was carried by the unanimous
vote of the City Council, Viz:
AYES: Commissioners Fbamt—r=p Barnard, De Leon, Maldonado,
Roberts and Young.
ROES: None.
The M%jor requested that the`'records show that -he voted
Aye. This was done.
Commissioner YC'
moved that t �,7din
#2ce
be passed finally. The motion was seconded by, Commissioner
The motion was carried by the following,votd :' ¢ "_
AYES: Commissioners ewantner, Barnard, De Leon, Maldonado,
Roberts and,saFenag'. Y
NOES: Hone.
The Mayor requested that.the, records show that he voted
Aye. Waves done.
The Mayor announced that the ordinance bad been passed.
The ordinance is as follows:
ORDINANCE No. 658 -
AUTHORIZING THE ISSUANCE OF $1,250,000.00
CITY OF CORPUS CHRISTI, TEXAS, AIRPORT RE-
mDlm BONDS, SERIES 1962; BEARING EM-
EST AT THE RATES HEREINAFTER SET FORTH;
FOR THE PURPOSE OF REFUNDING A LIRE AMOUNT
OF LEGALLY ISSUED AND OUTSTANDING BONDS OF
SAID CITY; PROVIDING FOR THE LEVY, ASSESS-
MENT AND COLLECTION OF A TAX TO PAY THE IN-
-TEREST AND CREATE A SIRIW FUND FOR THE
REDEMPTION THEREOF; PRESCRIBING THE FORM OF
BONDS AND DECLARING AN EMERGENCY.
WHEREAS, there are now outstanding and unpaid certain
bonds of the City of Corpus Christi, Texas, constituting legal, outstanding
and unpaid obligations of said City, more particularly described as follows:
I
; and
tl
City of Corpus Christi, Texas, Airport Bonds,
Series 1957, dated February 1, 1957,-originally issued
in the amount of $1,750,000.00, now outstanding in the
amount of $1,250,000.00, -represented by Bonds Numbers
501 to 1750, both inclusive, of the-denomination of
$1,000.00 each, bearing interest at the rate of 3-34%
per annum, and maturing serially throughout the years
1963 to 1972, both inclusive - - - - - - -- - - - _ _ $1,250,000.00;
WHEREAS, said bonds were approved by the Attorney General
of the State of Texas, were registered by the Comptroller of Public Accounts
of the State of Texas and were sold and delivered in accordance with law; and
WHEREAS, the City now has an option, (effective August 1,
1962), to redeem at a price of par and accrued interest all of the above
described bonds which are now outstanding; and
WHEREAS, it is considered and adjudged to be to the best
interest of the City that said bonds of the above described issue which are
now outstanding be called for redemption; and
WHEREAS, the City Council has taken such steps as are
legally necessary as required in the ordinance authorizing the issuance of
said bonds and as required in the bonds themselves to exercise its option to
redeem said bonds prior to maturity and has given such notice as is thus re-
quired; and
WHEREAS, Chapter 503, Acts of the Fifty Fourth Legislature,
(Vernon's 717k) is applicable to this City and the City has authority to issue
the Bonds hereinafter authorized under said Act; and
WHEREAS, it is deemed advisable and to the best interest
of the City to refund said above described into Refunding Bonds;
BE IT omnm BY THE CITY COUNCIL of THE CITY .OF
-CORPUS CHRISTI, TEXAS:
1. That the Bonds of the City to be called "City of
Corpus Christi, Texas, Aiir ortYRefunding Bonds, Series. 1962 ",.be, issued under
and by virtue of the Constitution and laws of the State of Texas, particularly
Chapter 503, Acts of the Fifty Fourth Legislature`,'`(Vernon's 717k) and the
Charter of said City, in the amount of One Million Two Hundred Fifty Thousand
($1,250,000.00) Dollars, for the purpose of 'refunding outstanding bonds of
the City of Corpus Christi, Texas, hereinabove described.
2., That said Bonds shall be numbered 'consecutively from
One (1) to One Thousand Tiro Hundred Fifty (1,250), both inclusive, of the de-
nomination of One Thousand ($1,000.00) Dollars each, and shall become due and
payable serially a6'f'oilows
BONDS NUMBERS MATURITY DATES AMOUNTS
1 to 125 'both incl.,, July 151 1963,> a $125,000.00
126 to 250, ;," Jv]y 15, 1964, 125,000.00
251 to 375, " July 15, 1965P 125,000.00
376 to 500, July 15, 1966,, 125,000.00 "
501 to 6251, July 15, 1967, 125,000,00
626 to 750, " July 15; 1968;' 125,000.00
751 to 875, " " July 15, 19691. 125,000.00
876 to 1000, " " July 15, 1970, 125,000.00
1001 to 1125, July 15i 1971, 125,000.00
1126 to 125o.. July 15, 1972, 125,000.00
The City Council officially determines, finds and,ddelares
that the maturities provided herein fixes a uniform burden of taxation through-
out the term of the bond issue insofar as the financial condition of the City
will permit.
3. That said bonds sba11 be dated July 15, 1962.
4. That said bonds shall bear interest from their date
at the rates as follows;
Bonds Nos. 1 to , both inal., % per annum;
Bonds Nos. to , „ „ per annum;
Bonds Nos. to , It % per annum=
Bonds Nos. to �, " " i per annum,
evidenced by coupons payable January 15, 1963, and semi - annually thereafter on
July 15th and January 15th of each year.
5. That the principal of and interest on said bonds skull
be payable 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 the Chase Manhattan Bank, New York, New York, without exchange
or collection charges to the owner or holder thereof.
6. That each of said bonds and interest coupons shall be
signed by the imprinted or lithographed facsimile signature of the Msyor of
the City and countersigned by the imprinted or lithographed facsimile signature
of the City Secretary, and the official seal of the City shell be impre� end,
or printed, or lithographed on each of said bonds..
IF
' 7. The form of said bonds shall be substantially as
follows:
110. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTr OF M)ECES
CM ,OF CORPUS CHRISTI
AIRPORT REFUNDING BOND
SERIES 1962
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 15th day of July, I9 , the and of
CNE THOUSAND,DOLLARS * i
in lawful money of the'United States of America,- with interest thereon from
the date hereof at the rate of per annum�,_evidenced by coupons payable
January 15, 1963, and semi - annually thereafter on July 15th and January 15th
-of each year, both principal and interest payable upon presentation and sur-
render of bond or proper coupon at the do OF Christi -State National Bank,
Corpus Christi, Texas, oi, at the - option of'the'holder, at the Chase Manhattan
Bonk, New York, New Yorki without exchange or collection ebaxges to the owner
or holder hereof and the City of Corpus Christi; Texas, is hereby held and
firmly bound and its full 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 Two Hundred
Fifty (1,250) bonds of like tenor and effect, except as to number, interest
rate and maturity' numbered One (1) to One Thousand Two Hundred Fifty (1,250),
both inclusive, of the denomination of One Thousand ($1,000.00) Dollars each,
. a
aggregating One Million Two Hundred Fifty Thousand ($1,250,000.00) 'Dollars,
issued for the purpose of refunding a like amount of outstanding bonds of
said City, as authorized by an ordinance duly passed by the•City Council of
the City of Corpus Christij•Texas, duly recorded in the minutes of said City -'
Council, in con o "rmity fritr the Constitution and laws of-the-State of Taxer,
particularly Chapter 503, Acts of the Fifty Fourth Legislature (Vernon!s„717k)y
and the Charter of said City.
In addition to all other rights, the holder or holders of
this bond and of the series of which it is a part is and are subrogated to
all of the rights held by the holders of the original bonds refunded by this
issue of refunding bonds.
The date of this bond in conformity with the ordinance
above mentioned is July 15, 1962.
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance
of this bond, and the serie& of which it is a part, is duly authorized by law,
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 due provision has been made for levying and collect-
ing annually by taxation an amount sufficient to pay the interest on these
bonds as it falls due and to provide a sinking fund for the final redemption
of said bonds at maturity; that the total indebtedness of said City of Corpus
Christi, Texas, including the entire series of bonds of which this 1s one, is
within every debt and other 'limit prescribed by the Constitution and laws of
said State.
IN WITNESS WHEREOF, this bond and the interest coupons
attached hereto have been signed by the.imprliited or lithographed facsimile
signature of the Mayor of said City and countersigned by the imprinted or
lithographed facsimile signatnre,oP 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.
8: The form of coupon shall be substantially as follows:
No. $
ON THE 15 TH DAY OF
19
The City of Corpus Christi, Texas, will pay to bearer at
the Corpus Christi State National Bank, Corpus Christi, Texas, or, at the
option of the holder, at the Chase Manhattan Bank, New York, New York, without
exchange or collection charges to the owner or holder hereof, the sum of
Q ) Dollars, in lawful money of the
United States of America, being six months' interest due that day on "City
of Corpus Christi, Texas, Airport Refunding Bond, Series 1962 ", dated July 15,
1962, Bond No.
City Secretary Mayor,
9e That substantially the following certificate shall be
printed on the back of each bond: .
OFFICE OF COMFLTROLLER
STATE OF TEXAS t
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 conformiti vith the Constitution and laws of
a, y
the State of Texas, 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.,
10. That a special fund to be designated "City of Corpus
Christi, Texas, Airport Refunding Bonds, Series 1962 Fund ", is hereby created
and 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 in-
stallment of principal as it.becomes due, and said Fund shall be used for no
other purpose. For each year while any of said bonds or interest thereon are
unpaid, there shall be'compuOd and ascertained, at the time other taxes are
ui
levied, the rate of tax basdd on the latest approved rolls of said City as wil
be requisite and sufficient to make, raise and produce in each of said years a
fund to pay the interest as it accrues and to pay the principal as it matures,
or, to provide at least Two (2%) per cent of the principal as a sinking fund,
whichever is greater, full allowance being made for delinquencies and costs of
collection. A tax at the rate as hereinabove determined is ordered to be
levied and is hereby levied against all of the taxable property in said City
for the current year and for each year thereafter while said bonds or any of
them are outstanding and unpaid, the said tax each year shall be assessed and
collected and placed in the Amd.hereby created and the Treasurer shall honor
warrants against said Fund for the purpose of paying the interest on and prin-
cipal of said bonds and for no other purpose.
'11. All taxes in process of collection for the benefit of
the issue of bonds refunded in this bond issue and all moneys in the sinking
fund of this issue are hereby appropriatedito the interest and sinking fund of
this bond issue. The Mayor and City Secretary are directed to take such steps
as are necessary to transfer said Funds to the interest and sinking fund for
this bond issue.
12. This issue of Bonds and the record relating thereto
shall be submitted to the Attorney General of Texas, for his approval, and
after he shall have approved the same, they „shall be deposited with the
F w
Comptroller of Public Accounts of the State of Texas, who shall promptly
register them without presentation and cancellation of the oustanding bonds,
and he sball deliver the Bonds in accordance;;with instruction`s- to be given by
the Mayor, 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.
13. This issue of Bonds is hereby sold to
at a price of par and accrued interest to
date of delivery, plus a premium of $ Delivery of said Bonds
shall be made to the purchaser just named or to their order at said price.
_14. Vpon,dellvery of.this issue of Sorids'to the purchaser,
' ' i _ s •
the principal amount received from such sale, together with the amount neces-
sary to pay the interest to the maturity date's thereof, shall: be immediately
deposited with the State'Treasurer of the State of Texas. �In, addition thereto
there shall'be deposited with the State Treasurer the amount of money which
will be required to pay the fees of the bank where the outstanding bonds and
interest'thereon are payable and the.fees of the State Treasurer under Chapter
503, Acts of the Fifty - Fourth Legislature:
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 requiring the suspension of the Charter Rule providing that no
ordinance or resolution shad 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 loth day of July, 1962.
- � Mayor, _ ty of Corpus Chriati,
ATTEST: %'
City Secretary, Cit 'of C rpus Christi,
Tey
The foregoing ordinance was approved as to form and
correctness prior to passage this 10th day of JW'Vp 1962.
City Attorney, City of Corpus Christi,
Texas.
(SEAL)
THE STATE OF TEXAS ,
COUATYOF MM ,
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)
on the 10th day of July, 1962, authorizing the issuance of $1,250,000.00
City of Corpus Christi,, Texas, Airport Refunding 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 July, 1962.
� GZrL
City Secretary,ity o Corpus risti,
Texas.
e < "r
CORPUS CHRISTI, TEXAS / 1Y / O
1 DAY OF , �9 j• F
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FORE— _
GOING ORDINANCE, A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR
THE SUSPENSION OF THE CHARTER RULE OR REQUIREMENT THAT'NO.ORDINANCE OR
RESOLUTION SHALL BE PASSED FINALLY ON THE DATE IT IS INTRODUCED, AND THAT
SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY
COUNCIL; I, THEREFORE, HEREBY REQUEST THAT YOU SUSPEND SAID CHARTER RULE
OR REQUIREMENT AND PASS THIS ORDINANCE FINALLY ON THE DATE IT IS INTRODUCED,
OR AT THE PRESENT MEETING OF THE CITY COUNCIL.
s' RESPECTFULLY, y
MAYOR
} THE CITY OF CORPUS CHRISTI, TEXAS
.i•. THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTED
1.. r
{ BEN F. MCDONALD Qs '
t x
s /\ K.
TOM R. SWANTNER,,, / \/
h• DR. JAMES L. BARNARD
.JOSE R. DELEON
M. P. MALDONADO
W. J. ROBERTS
.JAMES H. YOUNG
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE;
• BEN F. MCDONALD
+ TOM R. SWANTNER
DR. JAMES L. BARNARD
JOSE R. DELEON
' Y
M. P. MALDONADO
N
W. J. ROBERTS
` JAMES H. YOUNG
ai
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