HomeMy WebLinkAbout07807 ORD - 11/30/1965THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the 30th day of November, 1965, the City
Council of the City of Corpus Christi, Texas, convened in
Special Meeting, with the following members of said Council
present, to -wit:
Dr. McIver Furman Mayor
Jack R.'Blackmon
Wm. H. Wallace
Patrick J. Dunne
Commissioners
Dr
Ken McDaniel
'T. Ray Kring City Secretary
with the following absent: T)r, h sTmi -a-z T anW
c 1
11 OI�/7ie S constituting a quorum, at which time
the following among other business was transacted:
Mr. presented for the considera-
tion of the Council an ordinance• The ordinance was read by the
City Secretary. VetaMning ayor presented to the Council a communica-
tion in writing to said proposed ordinance, as
follows:
"Corpus Christi, Texas
November 30, 1965
"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
January 28, 1961 and June 27, 1964, 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
-780'7
.A,
ordinance authorizing the issuance of $1,700,000
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,
/s/ McIver Furman,
Mayor."
Commissioner 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 emergency clause
of a ordinance. The motion was seconded by Commissioner
XyaL The motion was carried by a unanimous vote by
the City Council, viz:
AYES: Commissioners Blackmon,,Wallace, Dunne, ene
McDaniel and k6 .
NOES: None.
The Mayor requested that the records show that he
voted Aye. This was done.
Commissioner ^oved that the ordinance be
pasApd finally. The motion was seconded by Commissioner
The motion was carried by the following vote:
AYES: Commissioners Blackmon, Wallace, Dunne, TL e
McDaniel an Siz mo .
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.
a
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $1,700,000 CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BONDS, SERIES 1965,
BEARING INTEREST AT THE RATES HEREINAFTER
SET FORTH, AND PROVIDING FOR THE LEVY, ASSESS-
MENT 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 inter-
est of the City that various purpose bonds authorized at election
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 NOW
ELECTION AUTHORIZED PURPOSE VIOUSLY SOLD OFFERED
1/28/61 $1,360,000 Westside Sewer Imp. $1,135,000 $225,000
6/27/64 1,500,000 Sanitary Sewer 750,000 350,000
6/27/64 1,360,000 Storm Sewer 595,000 425,000
6/27/64 800,000 Park Improvement 400,000 250,000
6/27/64 500,000 Museum 50,000 450,000
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
1. That said City's coupon bonds to be designated the
"City of Corpus Christi, Texas, General Improvement Bonds, Serie:
1965," are hereby authorized to be issued and delivered in
accordance with the Constitution and laws of the State of Texas
in the principal amount of $1,700,000 for the following purposes;
to -wit: $225,000 for the purpose of constructing a westside
sewer trunk main and laterals and other general sewer system
improvements; $350,000 for the purpose of constructing improve-
ments to the sanitary sewerage system of the City; $425,000 for
the purpose of constructing drainage improvements in said City;
$250,000 for the purpose of purchasing and /or improving lands fo:
park purposes at the following parks, to -wit: West Guth, Meadow,
Oso, Elgin, Nueces River, Schanen, Malibu, Poenisch, Lamar,
Meadowbrook and Cullen; and $450,000 for the purpose of p
funds for permanent public improvements, to -wit: a museum
building.
2. That said bonds shall be dated December 1, 1965,
shall be numbered consecutively from 1 through 340, shall be
in the denomination of $5,000 each,and shall mature and become
due and payable serially on December 1 in each of the years, and
in the amounts, respectively, as set forth in the following
schedule:
YEARS AMOUNTS YEARS AMOUNTS
1966 $90,000 1976 $90,000
1967 90,000 1977 90,000
1968 90,000 1978 90,000
1969 90,000 1979 90,000
1970 90,000 1980 90,000
1971 90,000 1981 90,000
1972 90,000 1982 90,000
1973 90,000 1983 90,000
1974 90,000 1984 80,000
1975 90,000
3. That as to said bonds scheduled to mature on and
after December 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 December 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 2z7, such premium to be reduced
on December 1, 1975 to 2 %, with a further reduction of 1/2 of
1% on December 1 of each year through December 1, 1979. There
shall be no premium on such bonds which may be redeemed
December 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 publica-
tion 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 so redeemed, plus accrued interest thereon to the
date fixed for redemption and any premium as required above. If
the written notice of redemption is published, and if due pro-
vision 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 19J( through 191F- - -- % per annum;
all bonds scheduled to mature during
the years 19_Lo through 19_Z� - - -- % per annum;
all bonds scheduled to mature during
the years 19_72 through 1910---- 3 ���/ per annum;
all bonds scheduled to mature during
the years 19_U through 191�-- -- 3.-re % per annum;
all bonds scheduled to mature during
the years 19_ through 19_ - - -- % per annum;
with said interest to be evidenced by interest coupons payable
on June 1, 1966, and semi - annually thereafter on each December 1
and June 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 Corpus Christi State National Bank, Corpus Christi,
Texas, or, at the option of the bearer, at The Chase Manhattan
Bank (National Association), 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 bf said bonds.
7. That the form of said bonds, including the form of
Registration Certificate of the Comptroller of Public Accounts o
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 AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BOND
SERIES 1965
On December 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
June 1, 1966, and semi - annually thereafter on each December 1
and June 1 while this bond is outstanding. The principal of this
bond and the.interest coupons attached hereto shall be payable tc
bearer, in lawful money of the United States of.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 (Nation+
Association), New York, New York, which places shall be the payk
agents for this Series of bonds.
This bond is one of a Series of coupon bonds dated
December 1, 1965, issued in the principal amount of $1,700,000
for the following purposes, to -wit: $225,000 for the purpose of
constructing a westside sewer trunk main and laterals and other
general sewer system improvements; $350,000 for the purpose of
constructing improvements to the sanitary sewerage system of the
City; $425,000 for the purpose of constructing drainage improve-
ments in said City; $250,000 for the purpose of purchasing and /or
improving lands for park purposes at the following parks, to -wit:
West Guth, Meadow, Oso, Elgin, Nueces River, Schanen, Malibu,
Poenisch, Lamar, Meadowbrook and Cullen; $450,000 for the purpo
of providing funds for permanent public improvements, to -wit: a
museum building.
The bonds of this Series scheduled to mature on and
after December,l, 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 December 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 premiun
of 2z%, such premium to be reduced on December 1, 1975 to 2 %, wit
a futher reduction of 1/2 of 1% on December 1 of each year throu;
December 1, 1979. There shall be no premium on such bonds which
may be redeemed December 1, 1979, or on any interest payment dat
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 publica-
tion 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, and any premium as' required above. 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 dll 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 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 has
been duly impressed, or printed, or lithographed on this bond.
City Secretary, City of Mayor, City of Corpus Christi
Corpus 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 Texas; 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)
NO.
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 (National Association), 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 1965, dated December 1,
1965. 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 1965, 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, t
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 costs 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 sink-
ing 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
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 pertaining 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. T�said bonds �re hereby s ld and shams be I A?
delivered to
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 imperative public necessity requiring the suspension of
the Charter Rule providing that no ordinance or resolution shall
be passed finally on the date i� 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 30th day of November, 196
Mayor, City of Corpus Christi, Texas
ATTES .
City -Secret hr City of
Corpus Christ Texas
The foregoing ordinance was approved rior to passage
as to form and correctness this f3D�ay of �J 1965.
C ty Attorney KAity of p s Christi,
Texas
i.
c
THE STATE OF TEXAS i
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) on the 30th
day of November, 1965, authorizing the issuance of $1,700,000
City of Corpus 6hristi, Texas, General Improvement Bonds, Series
1965, which ordinance is duly of record in the minutes of said
City Council.
EXECUTED UNDER MY HAND and seal of said City this the
30th day of November, 1965.
(SEAL)
City Secretary, City of Corpus Christi,
Texas