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HomeMy WebLinkAbout06659 RES - 10/03/19621MS:JKH:10 -2 -62 �'� • A RESOLUTION DETERMINING THAT IT IS TO THE ADVANTAGE AND BEST .INTERESTS OF THE CITY TO SEEK COMPETITIVE OFFERS OF BONDS TO BE TENDERED FOR REDEMPTION BEFORE MATURITY TO THE EXTENT OF $354,000.00 OUT OF WATER SYSTEM REDEMPTION FUND IN ACCORDANCE-WITH THE DEED OF TRUST SECURING THE FIRST MORTGAGE WATERWORKS REVENUE BONDS OF THE CITY OF CORPUS CHRISTI; DIRECTING THE CITY SECRETARY TO PUBLISH NOTICE; AND DECLARING AN EMERGENCY. WHEREAS, THE ORDINANCE AND DEED OF TRUST AUTHORIZING AND SECURING FIRST MORTGAGE WATERWORKS BONDS OF THE CITY OF CORPUS CHRISTI - PROVIDES IN SECTION 5.06(B) THEREOF FOR THE USE OF MONEY IN THE REDEMPTION FUND TO REDEEM BONDS PRIOR TO THEIR SCHEDULED MATURITY DATES; AND WHEREAS, UNDER THE PROVISIONS OF SAID DEED OF TRUST IT IS REQUIRED THAT THE CITY SHALL DETERMINE THE AMOUNT OF MONEY ON HAND IN SAID FUND AND PROVIDE FOR NOTICE, IF IN THE DISCRETION OF THE CITY COUNCIL IT IS DETERMINED THAT IT WOULD BE TO THE ADVANTAGE AND BEST INTERESTS OF THE CITY TO SEEK COMPETITIVE OFFERS OF BONDS; AND WHEREAS, THE CITY COUNCIL, IN EXERCISING ITS DISCRETION, HAS DETERMINED AND DOES HEREBY DETERMINE THAT IT WOULD BE TO THE ADVANTAGE ` AND BEST INTERESTS OF THE CITY TO SEEK COMPETITIVE OFFERS OF BONDS FOR THE PURPOSE OF RETIRING BONDS TO THE EXTENT OF $354,000.00 OF'.THE FUNDS ON HAND AND BY FOLLOWING THE PROCEDURE PRESCRIBED IN SAID DEED OF TRUST: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. THE CITY COUNCIL HEREBY DETERMINES THAT IT WOULD BE TO THE ADVANTAGE AND BEST INTERESTS OF THE CITY TO SEEK COMPETITIVE OFFERS OF BONDS FOR THE PURPOSE OF RETIRING BONDS TO THE EXTENT OF $35,000.00 OF THE FUNDS ON HAND. SECTION 2. THAT THE CITY SECRETARY 15 HEREBY DIRECTED TO PUBLISH IN A FINANCIAL PUBLICATION HAVING GENERAL CIRCULATION IN THE UNITED STATES AND PUBLISHED IN THE CITY OF NEW YORK APPROXIMATELY 15 DAYS' NOTICE OF THE INTENTION OF THE CITY TO RECEIVE OFFERS OF TENDERS OF BONDS TO BE PURCHASED BY THE CITY AND THAT SAID OFFERS OF TENDERS '59 WILL BE RECEIVED AND CONSIDERED BY THE CITY ON THE 24TH DAY OF OCTOBER 1962. SAID NOTICE SHALL STATE THE AMOUNT OF MONEY AVAILABLE FOR SUCH PURPOSE AND CITY RESERVES THE RIGHT TO REJECT ANY AND ALL OFFERS, ALL IN ACCORDANCE WITH THE PROVISIONS OF SAID DEED OF TRUST. SECTION 3. THE FACT THAT IT IS DEEMED ADVANTAGEOUS AND TO THE BEST INTERESTS OF THE CITY TO CALL FOR TENDERS OF BONDS AND THAT THE CITY COUNCIL DETERMINED THAT OFFERS OF SUCH TENDERS WILL BE RECEIVED AS SET FORTH ABOVE CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE SEVERAL MEETINGS OF THE CITY COUNCIL, AND THE MAYOR HAVING DECLARED SUCH EMER- GENCY AND NECESSITY TO EXIST, HAVING REQUESTED THE SUSPENSION OF SAID CHARTER RULE AND THAT.<THIS RESOLUTION BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND THAT THIS RESOLUTION TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY SO RESOLVED THIS THE_DAY OF OCTOBERS 1962. '44" MAYOR ATTE THE CITY OF CORPUS CHRISTI TEXAS l CITY SECRE ARY APPROVED AS TO LEGAL FORM IS DAY OF OCTOBER, 1962: ,c .' CITY TORNEY �/ 4 ' CORPUS CHRISTI, TEXAS DAY �OF TO THE MEMBERS OF THE CITY COUNCIL, CORPUS CHRISTI,. TEXAS FOR THE REASONS SET FORTHIN 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, 1, 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.* ` t 'j rRESPECtFULLYl •r. ` Y MAYOR ` THE CITY OF CORPUS CHRISTI, TEXAS '�♦ d� THE CHARTER RULE WAS SUSPENDED BY'THE FOLLOWING VOTES . �4e `•{ •PEN F. MCDONALO - ' ♦ SWANT tTONR• N ER ✓ ` 1 'DR.'JAMES L. 'BARNARD "•+ s ��.� ..MDSE R. ♦ DELEON , ✓ r r . y r / M.,.P iMALOONADO.." v" e W. J. ROBERTS` JAMES H. YOUNG THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTES • , tyre • BEN F. MCDONALD �/• ' TOM. R. SWANTNER ✓ ♦ T s1, DR. JAMES L. BARNARD ✓ JOSE R. DELEON ✓ w M. P. MALDONADO • -� .;, ^ " j�,, W. J. ROBERTS ✓ JAMES H. YOUNG ♦ ` "•'_' r. k. •a.