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HomeMy WebLinkAbout08134 ORD - 08/10/1966THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 10th day of August, 1966, the City Council of the City of Corpus Christi, Texas, convened in Regular Meeting with the following members of said Council present, to -wit: Dr. McIver Furman Mayor Jack R. Blackmon W. H. Wallce, Jr. Patrick J. Dunne Commissioners Dr. P. Jimenez, Jr. Ken McDaniel Ronnie Sizemore T. Ray Kring City 7,_ etary with the following absent: ?./t ituting a quorum, at which time the following among other business was transacted: Mr. (�J f presented for the consideration of the Council an ordinan The ordnance was read by the City Secretary. The Mayor presented to the Council a communication in writing pertaining to said proposed ordinance, as follows: "Cof�us Christi, Texas August 10, 1966 TO THE CITY COUNCIL Corpus Christi, Texas Gentlemen: The public importance and the pressing need for buying and constructing - public bus transporation system with the pro- ceeds of zhc� bond6 voted at the election held on June 25, 1966, creates an emerency and an imperative public necessity requiring the suspensf--a of rules and Charter provisions requiring ordinanc to be consioe-red and voted upon ae three regular meetings. I, therefore, request that the City Council pass the proposed si3q: i ordinance authorizing the issuance of $500,000 General Obli- gation Bonds as an emergency. You will please consider this request in connection with the ordinance which has been intro- duced in the City Council on this subject. Yours very truly, /s/ McIver Furman, Mayor." Commissioner moved that the Charter pro- vision prohibiting ordinances from being passed finally on the date introduced be suspended for the reasons stated in the writte request of the Mayor and stated in the emergency clause of the P ordinance. The motion was seconded by Commissioner .s The motion was carried by a unanimous vote by the City Council, viz: AYES: Commissioners Blackmon, Wallace, Dunne, Jimenez, McDaniel and Sizemore. NAYS: None. The Mayor requested that the records show that he voted Aye. This was do Commissioner moved that the ordinance Y b assed finally. The motion was seconded by Commissioner ` The motion was carried by the following v . AYES: Commissioners lac n, Wallace, Dunne, Jimenez, McDaniel and Sizemore. NAYS: 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. BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $500,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1966, BEAR- ING INTEREST AT THE RATE OF 4% PER ANNUM, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COL- LECTION OF A TAX SUFFICIENT TO PAY THE INTER- EST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; RE- PEALING ALL ORDINANCES IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY. WHEREAS, the bonds hereinafter authorized were duly and favorably voted at an election held in said City on the 25th day of June, 1966; and WHEREAS, it is deemed advisable and to the best in- terest of the City that said bonds be issued and sold at this time. THEREFORE, 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 Obligation Bonds, Series 1966," 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 $500,000 for the purpose of buying and constructing a public bus transportation system for said City. 2. That said bonds shall be dated August 1, 1966, shall be numbered consecutively from 1 through 20, shall be in the denomination of $25,000 each, and shall mature and be- come due and payable serially on August 1 in each of the years, and in the amounts, respectively, as set forth in the following schedule: I E YEARS AMOUNTS 1967 $50,000 1968 50,000 1969 50,000 1970 50,000 1971 50,000 YEARS AMOUNTS 1972 $50,000 1973 50,000 1974 50,000 1975 50,000 1976 50,000 3. That said bonds shall bear interest from their date, until maturity, at the rate of 4% per annum, with said interest to be evidenced by interest coupons payable on February 1, 1967, and semi - annually thereafter on each August 1 and February 1. 4. 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, which place shall be the paying agent for said bonds. 5. 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. 6. 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' — UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI, TEXAS GENERAL OBLIGATION BOND SERIES 1966 $25,000 On August 1, 19_, the City of Corpus Christi, in the County of Nueces, State of Texas, promises to pay to bearer the principal amount of TWENTY FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of 4% per annum, evidenced by interest coupons payable February 1, 1967, and semi - annually thereafter on each August 1 and February 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 America, without exchange or collection charges to the bearer, upon presentation and sur- render of this bond or proper interest coupon, at the Corpus Christi State National Bank, Corpus Christi, Texas, which place shall be the paying agent for this Series of bonds. This bond is one of a Series of coupon bonds dated August 1, 1966, issued in the principal amount of $500,000 for the purpose of buying and constructing a public bus transpor- tation system for said City. 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 in- terest 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 lithograph- ed facsimile signature of the Mayor of said City and countersign- ed 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. $500 On 1, 19 , the City of Corpus Christi, in the County of Nueces, State of Texas, promises to pay to bearer, the amount of Five Hundred 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, said amount being interest due that day on the bond, bear- ing the number hereinafter designated, of that issue of City of Corpus Christi, Texas, General Obligation Bonds, Series 1966, dated August 1, 1966. Bond No. City Secretary Mayor 7. That a special fund or account, to be designated the "City of Corpus Christi, Texas, General Obligation Bonds, Series 1966, 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 valore 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. 8. 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. 9. That all ordinances and resolution or parts there- of in conflict herewith are hereby repealed. 10. 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 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 10th day of August, 1966. Mayor; City of Corpus Christi, Texas. ATTEST: ;�' city Se r to , Ci y of Corpus Chri i, Texas The foregoing ordinance was approved prior to passage as to form and correctness this 10th day of August, 1966. 0 City Attorney, City o Corpus Texas. M THE STATE OF TEXAS COUNTY OF NUECES i 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 August, 1966, authorizing the issuance of $500,000 City of Corpus Christi, Texas, General Obligation Bonds, Series 1966, 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 August, 1966. (SEAL) City Secretary, City of Corpus Christi, Texas.