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HomeMy WebLinkAbout07030 ORD - 09/24/1963THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 24th day of September, 1963, the City Council of the City of Corpus Christi, Texas, convened in Meeting, with the following members of said Council present, to -wit: rr. James L. Barnard Mayor, Jack R. Blackmon J. R. de Leon Commissioners, W. J. Roberts James H. Young M. P. Maldonado T. Ray Kring / , City'S�cre /t // ar /y� with the following absent: ( r �+//���' // �C 6% 1 2C 2 constituting a quorum, at which time the following among other b iness was transacted• • Ns. ` C presented for the consideration of the Council an ordinance. Th 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 �SCs tin�r 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 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 $3,750,000.00 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 trulYd, �s� s L. Bar Mayor., Commissioner c:- c t m moved 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 emerge y clause of the ordinance. i The motion was seconded by Commissioner L- The motion was carried by a unanimous vote by the City Council, viz: AYES: Commissioners Blackmon, Tom, de Leon, Roberts, Young and Maldonado. . - - . f NOES: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner moved moved that the ordi ance be n� passed finally. The mot on was seconded by Commissioners The motion was carried by the following vote: AYES: Commissioners Blackmon, fie, de Leon, Roberts, Young and Maldonado. 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. 7030 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $3,750,000.00 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1963 -A, BEARING INTEREST AT TEE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT 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 EMERGENCY. WHEREAS, it is deemed advisable and to the best interest of the City that various purpose bonds authorized at elections heretofore 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- AMT. N014 ELECTION AUTHORIZED PURPOSE VIOUSLY SOLD OFFERED October 6, 1956 $4,430,000 Freeway and Bridge $2,1051000 $1,829,000 August 29, 1959 2,500,E hospital 1,264,000 361,000 January 28,1961 3,305,000 South Staples & Oso 1,105,000 1,300,000 Sewer System Imp. January 28,1961 1,720,000 Storm Sewer 1,460,000 260,000 BE IT TEXAS: ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, 1. That said City's coupon bonds to be designated the "City of Corpus Christi, Texas, General Improvement Bonds, Series 1963 -A°, are hereby authorized to be issued and delivered in accordance with the Constitution and lazes of the State of Texas in the principal amount of $3,750,000 for the following purposes, to -wit: $1,829,000 for the purpose of permanently improving the streets and bridges of said City by 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; $361,000 for the purpose of providing funds to pay the City's part of the cost of expanding and enlarging the existing Memorial hospital; $1,300,000 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; and $260,000 for the purpose of providing funds for street and storm sewer improvements in the South Staples Street area extending"southward from Gollihar. 2. That said bonds shall be dated October 1, 1963, shall be numbered consecutively from 1 through 750, shall be in the denomination Of $5,000 each, and shall mature and become due and payable serially on October 1 in each of the years, and in the amounts, respectively, as set forth in the following schedule: YEARS AMOUNTS'. YEARS AMOUNTS 1964 $150,0001 1974 $150,000 1965 150,000 1975 150,000 1966 150,000 1976 150,000 1967 150,000 1977 150,000 1968 150,000 1978 275,000 1969 150,000 1979 275,000 1970 150,000 1980 275,000 1971 150,000 1981 275,000 1972 150,000 19.82 275,000 1973 150,000 1983 275,000 3. That as to said bonds scheduled to mature on and after October 1, 1975, said City shall have the right and option to redeem such bonds prior to their scheduled maturities, in whole, or in part in inverse numerical order, on October 1, 197+, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption, plus a premium of 22 , such premium to be reduced on October 1, 1975 to 2 %, with a further reduction of 1/2 of 1% on October 1 of each year through October 1, 1979. There shall be no premium on such bonds which may be redeemed October 1, 1979, or on any interest payment date thereafter. - At least thirty days before the date fixed for any such redemption, the City shall cause a written notice of such redemption to be published at least once in a financial publication printed in the City of New York, New York. By the date fixed for any such redemp- tion, due provision sball be made with the paying agents for the payment of the principal amount of the bonds to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If the written notice of redemption is published, and if due provision for payment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. 4. That said bonds shall bear interest from their date, until maturity or redemption, at the following rates: all bonds scheduled to mature during the years 19L,!�through 19�LZ -- ------ ------ ---- - --- -- per annum; all bonds scheduled to mature during the years 198 through 197(--- --- -------- ---- - --- -- 3.4q per annum; all bonds scheduled to mature during the years 1927 through 19 ~ ------------------ - - - - -- 3 • ! � per annum; all bonds scheduled to mature during the years 19] g through 19_�j ------------------ - - - - -- 3 z.D % per annum; all bonds scheduled to mature during the years 199a.through 191 ----------------- - - - - -- g.a % per annum; with said interest to be evidenced by interest coupons payable on April 11 1964, and semi - annually thereafter on each October 1 and April 1. 5. That the principal of and interest on said bonds shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of proper bond or interest coupon, at the Corpus Christi State National Bank, Corpus Christi, Texas, or, at the option of the bearer, at The Chase Nfanhattan Bank, New York, New York, which places shall be the paying agents for said bonds. 6. That each of said bonds and interest coupons shall be 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 of said City, and the official seal of said City shall be impressed, or printed, or lithographed on each of said bonds. 7. That the-form of said bonds, including the form of Registration Certificate,of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each bond, and the form of the interest coupons to be attached to said bonds, shall be, respectively, substantially as follows:- (FORM OF BOND) NO. $5,000 UNITED STATES OF A14ERICA STATE OF TEXAS COUNTY OF NOCES CITY OF CORPUS CHRISTI, TEXAS GENERAL =OMIEFT BOND SERIES 1963 -A On October 1, 19__, the City of Corpus Christi, in the County of Nueces, State of Texas, promises to pay to bearer the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of per annum, evidenced by interest coupons payable April 1, 1964, and semi- annually thereafter on each October 1 and April 1 while this bond is outstanding. The principal of this bond and the interest.coupons attached hereto shall be payable to bearer, in lawful money of the United States of � "i America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the Corpus Christi State National Bank, Corpus Christi, Texas, or, at the option of the bearer, at The Chase Manhattan Bank, New York, New York, which places shall be the paying agents for this Series of bonds. This bond is one of a Series of coupon bonds dated October 1, 1963, issued in the principal amount of $3,750,000 for the following purposes, to -wit: $1,829,000 for the purpose of permanently improving the streets and bridges of said City by 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; $361,000 for the purpose of providing funds to pay the City's part of the cost of expanding and enlarging the existing Memorial Hospital; $1,300,000 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; and $260,000 for the purpose of providing funds for street and storm sever improvements in the South Staples Street area extending southward from Gollihar. The bonds of this Series scheduled to mature on and after October 1, 1975, may be redeemed prior to their scheduled maturities, in whole, or in part in inverse numerical order, at the option of said City, on October 1, 1974, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption, plus a premium of 2Z , such premium to be reduced on October 1, 1975 to 2 %, with a further reduction of 1/2 of 1% on October 1 of each year through October 1, 1979. There shall be no premium on such bonds which may be redeemed October 1, 1979, or on any interest payment date thereafter. At least thirty days before the date fixed for any such redemption the City shall cause a written notice of such redemption to be published at least once in a financial publication printed in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agents for the payment of the principal amount of the bonds to be redeemed, plus accrued interest thereon to the date fixed for redemption. If the written notice of redemption is published, and if due provision for such payment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. It is hereby certified and recited that this bond has been duly and validly voted, authorized, issued, and delivered in accordance with the Constitution and laws of the State of Texas; that this bond is a general obligation of said City, issued on the full faith and credit thereof; and that the ad valorem taxes, upon all taxable property in said City, necessary to pay the interest on and principal of this bond, as such interest comes due, and such principal matures, have been pledged irrevocably for such purpose, within the limit prescribed by law. In witness whereof, this bond and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signa- ture of the Mayor of said City and countersigned by the imprinted or lithographed facsimile signature of the City Secretary of said City, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond. City Secretary, City of Corpus Mayor, City of Corpus Christi, Christi, Texas Texas (FORM OF REGISTRATION CERTIFICATE) COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, certified as to validity, and approved by the Attorney General of the State of '5exas, and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) N0. On 19_, the City of Corpus Christi, in the County of Nueces, State of Texas, promises to pay to bearer, unless due provision has been made for the redemption prior to maturity of the bond to which this interest coupon is attached, the amount of Dollars, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this interest coupon, at the Corpus Christi State National Bank, Corpus Christi, Texas, or, at the option of the bearer, at The Chase Manhattan Bank, New York, New York, said amount being interest due that day on the bond, bearing the number hereinafter designated, of that issue of City of Corpus Christi, Texas, General Improvement Bonds, Series 1963 -A, dated October 1, 1963. Bond No. City Secretary Mayor 8. That a special fund or account, to be designated the "City of Corpus Christi, Texas, General Improvement Bonds, Series 1963 -A, Interest and Sinking Fund" is hereby created and shall be established and maintained by said City at its official depository bank. Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said City, and shall be used only for paying the interest on and principal of said bonds. All taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, the City Council of said City shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and c of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide a sinking fund to pay the principal of such bonds as such principal matures, but never less than 2% of the original principal amount of said bonds as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable property in said City for each year while any of said bonds or interest coupons appertaining thereto are outstanding icy and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes necessary to pay the interest on and principal of said bonds, as such interest comes due, and such principal matures, are hereby pledged irrevocably for such purpose, within the limit prescribed by law. 9. That the Mayor of said City is hereby authorized to have control of said bonds and all necessary records and proceedings pertain- ing to said bonds pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be printed and endorsed on each bond, and the seal of said Comptroller shall be impressed, or printed, or lithographed on each of said bonds. 10. That said bonds are hereby sold and shall be delivered to Cal I1 aaIA-ik a-4 0-1-1-11101 , being the highest and best bidder, for the principal amount thereof and accrued interest to the date of delivery, plus a premium of 11. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. 12. 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 impera- tive public necessity requiring the suspension of the Charter Rule pro- viding 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 Yayor 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. CORPUS CHRISTI, TEXAS SEPTEMBER 24, 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 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 $3,750,000.00 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, JAMES L. BARN . -� MAYOR PASSED AND APPROVED this the 24th day of September, 1963. r, City of Corpus Christi, Texas. ATTEST: City Becretary,,,City If Corpus Christi, Texas The foregoing ordinance was approved prior to passage as to form and correctness this day of September, 1963- r City Attorney, City of VFPUB Christi, Texas.