HomeMy WebLinkAbout06747 ORD - 01/08/1963THE STATE OF TEXAS
c, COUNTY. OF, N0ECE5 +, { r - �, ;r, - ,•,.,3 ?4"p` t
CITY OF CORPUS rCHRISTI
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On this the. day of January, ,the City Council
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of the City of Corpus Christi, Texas, convened in meeting,
with the following members.of. said Council present, o -wit:
Ben :'McDonald, Mayor,
Tom R. Swantner,
Dr. James L. Barnard,
J. R. De Leon,
Commissioners,
M. P. Maldonado,
W. J. Roberts,
Jim Young,
T. Ray Kring, City Secretary,
with the following absent:
constituting a quorum, at which time the following among other business was
transacted: >>``
Mr. (j 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 Chriss�ti, Texas,
January d , 1963.
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 suspensio
of rules and Charter provisions requiring ordinances to be considered and vot-
ed upon at:three, regular meetings. ,I, therefore request that the City Council
pass the proposed ordinance authorizing the issuance of $2,000,000.00 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,
% `, .i •, '4` �s/ Ben F. McDonald,
14 '' Mayor."
x'747
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:s %���Yfx •t cS `s f ,�t Si
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Commissioner ved 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 ewer cy lause of the ordinance. The motion was seconded
by Commissioner The motion was carried by a unanimous
vote by the City C cil, viz:
AYES: Commissioners Swantner, Barnard, De Leon, Maldonado,
Roberts and Young.
NOES: None.,
The Mayor requested that the records show that he voted
Aye. This was done.
Commissioner �oved that the ordinance
be passed finally. The motion was seconded by Commissioner �.
The motion was carried by the following vote:
AYES: Commissioners Swantner, Barnard, De Leon, Maldonado
Roberts and Young.
Aye. This was done.
NOES: None.
The Mayor requested that the records show that he voted
The Mayor announced that the ordinance had been passed.
The ordinance is as follows: -
ORDINANCE NO. 67117
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $2,000,000.00 CITY OF CORPUS CHRISTI,
TEXAS, GENERAL IMPROVEMENT BONDS, SERIES
1963, 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 SRUMG FUND FOR THE REDEMPTION
THEREOF AT MATURITY; REPEALING ALL ORDINANCES
IN CONFLICT HEREWITH AND DECLARING AN EMER-
GENCY. .
WHEREAS; it is deemed advisable and to the best interest
of the City that various purpose bonds authorized at elections heretofore hele
in said City be combined ain,a.single issue 'and sold at this time, the dates of
election, amount of bonds authorized thereat, purpose, amount of bonds pre-
y,. ':`A -. , • .
viously sold and the amount now to lie sold being as follows:
.A
s
w ?
DATE OF
AMOUNT
PURPOSE
AMOUNT PRE -
AMT.NOW
ELECTION
AUTHORIZED
VIOUSLY SOLD OFFERED
October 6, 1956
$4,430,000.00
Freeway and Bridge
$1,855,000.00
$250,000.00
August 29, 1959
2,500,000.00
Hospital
914,000.00
350,000.00
January 28,1961
1,360,000.00
Westside Sewer
360,000.00
400,000.00
System Improvement
January 28,1961
1,720,000.00
Storm Sewer
1,010,000.00
450,000.00
January 28,1961
775,000.00
Street Improvement
225,000.00
550,000.00
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 1963 ", 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: $250,000.00
for the purpose of permanently improving the streets and bridges of said City
by the acquisition of right -o£ -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; $350,000.00
for the purpose of providing funds to pay the City's part of the cost of
expanding and enlarging the existing Memorial Hospital; $400,000.00 for the
purpose of constructing a westside sewer trunk main and laterals and other
general sewer system improvements; $450,000.00 for the purpose of construct-
. ,. - t; � �' • � � > , -
ing.storm sewer improvements in the3CAy, including such improvements in the
area of Whelan Drive, sections of Gollihar Road and Greenwood Drive, Thompson
Road, McBride Larie,_Cliff Maus Airport Area' of McArdle Road and
Westport area between Morgan Street and Greenwood Drive; $550,000.00 for the
purpose of constructing- improvements tothe streets of the City, including
improvements to Greenwood Drive;>Santa Fe Street, Everhart Road and North
Staples Street, aggregating in'5principal amount the sum of Two Million
($2,000,000.00) Dollars.--
2. That said bonds shall be numbered from one (1) to
Four Hundred (400), both inclusive, of the denomination of Five Thousand
($5,000.00) Dollars each, aggregating Two Million ($2,0001000.00) Dollars.
3. That said bonds shall be dated January 15, 1963, and
x
shall become due and payable serially as follows:
BONDS NUMBERS
MATURITY DATES
AMOUNTS
1 to 16, both
incl., January 15, 1964,
$ 80,000.00
17 to 32, "
" January 15, 1965,
8o,000.00
33 to 48, "
" January 15, 1966,
80,000.00
49 to 64,
January 15, 1967,
80,000.00
65 to 8o, "
" January 15, 1968,
8o,000.00
81 to 96, "
" January 15, 1969,
8o,000.00
97 to 112,... ..
." January 15, 1970,
80,000.00
113 'to 128, ` „
" n N nuary, 15,'1971,'- ..:
80, 000.00
129 to 144,
January i5, 1972,
8o,000.00
145 to 16o,
" January 15, 1973,
8o,000.00
161 to ,176, ,
° . , , January ,15,;1974, , _
80, 000.00
177 to x192, ;�':�*
}'; J' January 15,`1975,A; r�
'..
80,000.00
80,000.00
193-to`208, "''
January 15;•1976,
209 to 224,
January 15, 1977,,
80,000.00
225 to 240, ° "
�,4 4 � " January 15, 1978,
80,000.00
241 to 272,
": January 15, 1979,.
16o,000.00
273 to 304,
January 15, 1980,
16o,000.00
305 to 336,
V ;, January 15, 1981,
16o,000.00
337 to 368,
-. 15, 1982,
16o,000.00
369 to 400,
,January
" 15, 1983,
E
160,000.00
. .,January
4. That said .bonds shall bear interest at the rates as
follows:
Bonds Nos. 1 to X6,4 -, both incl per annum;
Bonds Nos. 6 to Tba , 1.
7a`� per annum;
Bonds Nos. to 272,
*23,
3, o per annum;
Bonds Nos to 40up " "
per annum;
Bonds Nos. to , " "
per annum,
payable July 15, 1963, and semi - annually thereafter on January 15th and July
15th of each year.
5. In Bonds Numbers One Hundred Seventy Seven (177) to
Four Hundred (4o0), 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 January 15, 1974, at par and accrued interest to date so fixed
for redemption, plus a premium of 221 such premium to be reduced on January
15, 1975 to 2%, with a further reduction of 1/2 of 1% on January 15th of each
year through January 15, 1978. There shall be no premium on such bonds which
may be redeemed January 15, 1979, 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 a financial publication published-
In the City of New York, New York. Said notice shall appear in said publi-
cation 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 re-
demption 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 signa-
ture of the City Secretary, and the official seal of the City shall be impres
ed, or printed, or lithographed on each of said bonds.
8. The form of said bonds shall,be substantially as
follows:
NO.
$5,000.00
UNITED STATES OF AMERICA
5 :. • ° .; , " STATE OF TEXAS ,
- COUNTY OFyNUECES + :'
CITY OF CORPUS CHRISTI
GENERAL IMPROVEMENT BOND
SERIES. 1963
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
b j+- I
hereof, on the 15th dayaof January, 19�, the sum of
- -FIVE 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
July 15, 1963, and semi - annually thereafter on January 15th and July 15th of
each year, bm1#tYi principal and interest payable upon presentation and surrend
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 Four Hundred (400) bonds of
like tenor and effect, except as to number, interest rate, maturity and right
of prior redemption, numbered from One (1) to Four Hundred (400), both in-
elusive, of the denomination of Five Thousand ($5,000.00) Dollars each, aggre-
gating Two Million ($2,000,000.00) Dollars, issued for the following purposes,
to -wit: $250,000.00 for the purpose of permanently improving the streets and
bridges of said City by the acquisition of right -of -way for the Freeway, con-
structing improvements and safety facilities for the High Level Bridge and
providing funds to pay costs incident to the construction of said High Level
Bridge; $350,000.00 for the purpose of providing funds to pay the City's part
of the cost of expanding and enlarging the existing Memorial Hospital;
$400,000.00 for the purpose of constructing a westside sewer trunk main and
4
laterals and other general sewer system improvements; $450,000.00 for the pur-
pose of constructing storm sewer improvements in the City, including such im-
provements 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;
$550,000.00 for the purpose of constructing improvements to the streets of the
City, including improvements to Greenwood Drive, Santa Fe Street, Everhart
Road and North Staples Street, 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 January 15, 1963-
*(Bonds numbered One Hundred Seventy Seven (177) to Four
Hundred (400), both inclusive, of the issue of which this is one, may be re-
deemed prior to maturity at the option of the City on the 15th day of January,
1974, and on any interest payment date thereafter, at a price of par and accrue
interest to date so fixed for redemption, plus a premium of 2-�%, such premium
to be reduced on January 15, 1975 to 29, with a further reduction of 1/2 of 1%
on January 15th of each year through January 15, 1978. There shall be no
premium on such bonds which may be redeemed January 15, 1979, or on any inter-
est 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 published 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 redemption, they shall be
called in their inverse numerical'ordei•.)
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance
i ��, �c; y..ks .;' -' t4 �'", '.a„ •y,:-a :y•. -s, i'4+�� .f
of this bond,'and+ the series- of,which it ia . a,p;rt, is: duly authorized by law
and by a vote of the resident,.quV alified 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, con-
. .
ditions and things required.to;bey 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 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
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 176, both Incl.)
9. The form of coupon shall be substantially as follows:
NO.
ON THE 15TH 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;jor,.at the option of the�holdei,,at Harris Trust and Savings Bank,
Chicago, Illinois, without exchange or collection charges to the owner or
holder hereof, the sum of ` 4 ($ )
Dollars, in lawful money of the-United States of America, being six months
.. r
interest due that day on;Xity•"of Corpus Christi, Texas, General Improvement
Bond, Series 1963 ", dated January "15, 1963, No.
City Secretary Mayor.
*(This parenthetical expression should be printed only in coupons maturing
July 15, 1974, 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.•-
lei
` - wITNESS'MY HAND.and'seal of 'office at Austin, Texas,
?Comptroller of Public Accounts of the
State of Texas.
11. That a; special fund shall be created and is hereby
created to be designated "City of;Corpus Christi, Texas, General Improvement
Bonds, Series 1963 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 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
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.
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wt a s'�, { ���• .S' a _ 3�� •.' +' �i..V . ` 5° �a
e 12.' _That to'pay' the interest scheduled to mature on
: ,
July 15, 1963, there is hereby appropriated the sum of $
from funds of the City available for such purpose. The money thus appro-
priated shall be used forRno'other purpose than to pay said interest. The
Mayor and City Secretary are—ilrely 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
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
impresssed, or printed, or lithographed on each of said bonds.
14. The sale of the bonds herein authorized to
at a price of par and accrued intereft to date of delivfry, plus a t'emium
of $ O 9 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 CorpusiChristi�,iTexas, creates a- publicreiaergency and an imperative public
necessity requiring the suspension of the Charter Rule providing 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 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
.z
_�s
be suspended and tla t 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 day of January, 1963•
Mayor, City of Corpus Christi, s.
i
ATTEST:
City Secretary, Ci of CbiTus C7 ti,
T as.
The foregoing ordinance was approved prior to passage.
as to form and correctness this day of January 1963.
City Atto3ney,`City of/Corpus Christi,
Texas.
a
1` sf
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 6rpus•Christilf Texas
' -, --(and of the minutes pertaining thereto)
on the day of January, 1963,-'authorizing the issuance of $2,000,000.00
t
City of Corpus Christi, Texas,, General Improvement Bonds, Series 1963, which
ordinance is duly of record-inthe minutes of said City Council.,
EXECUTED UNDER MY HAND and seal of said City this the
day of January, 1963•
City Secretary, City of Corpus Christi,
Texas.
JF f