HomeMy WebLinkAbout08594 ORD - 09/07/1967THE STATE OF TEXAS
COUNTY.OF NUECES
CITY OF CORPUS CHRISTI
On this the 7th day of September, 1967, the City
Council of the City df Corpus Christi, Texas, convened in
Special Meeting, with the following members of said Council
present, to -wit:
Jack R. Blackmon Mayor
V. A. Bradley, Jr.
W. J. ROBERTS t
Dr. P. Jimenez, Jr.
Commissioners
Gabe Lozano, Sr.
Ken McDaniel
Ronnie Sizemore
T. Ray Kring Secretary
with the following absent:
constituting a quorum, at
which time the fo 1 wing among other business was transacted:
Mr. , presented 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 Christi, Texas
September 7, 1967
"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
June 27, 1964 and January 28, 1967, create an emergency
and an imperative public necessity requiring the suspen-
sion of rules and Charter provisions requiring ordinances
to be considered and voted upon at three regular meetings.
V
I, therefore request that the City Council pass
the proposed ordinance authorizing the issuance
of $3,550,000 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/ Ja R. Blackmon,
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 the ordinance. The motion was seconded by Commissioner
C �
The motion was carried by a unanimous vote
by the City Council, viz:
AYES: Commissioners Bradley, ROBERTS, Jimenez, Lozano,
McDaniel and Sizemore.
NOES: None.
The Mayor requested that the records show that he
voted Aye. This was done
Commissioner owed that the ordinance be
passe finally. The motid was seconded by Commissioner
Cc�o The motion was carried by the following vote:
AYES: Commissioners Bradley, ROBERTS, Jimenez, Lozano,
McDaniel and Sizemore.
NOES: None.
The Mayor requested that the records show that he
voted Aye. This was done.
The Mayor announced that the ordinance had been passedi
The ordinance is as follows:
ORDINANCE NO.
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE 8594
OF $3,550,000 CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BONDS, SERIES 1967,
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
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 NOW
ELECTION
AUTHORIZED
PURPOSE
VIOUSLY SOLD
OFFERED
6/27/64
$ 500,000
Police Bldg.
$ 450,000
$ 50,00
6/27/64
300,000
Equip. & Street Mtn.
150,000
150,00
6/27/64
1,960,000
Street Improvement
1,580,000
380,00
1/28/67
200,000
Cole Park Imp.
- 0 -
200,00
1/28/67
100,000
Arpt.Customs & Immi-
gration Bldg. Imp.
- 0 -
10000
1/28/67
750,000
Sewer Improvement
- 0 -
400,,00
1/28/67
975,000
Drainage Improvement
- 0 -
700,00
1/28/67
5,965,000
Street Improvement
- 0 -
1;570,00
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
1967," are hereby authorized to be issued and delivered in
ance with the Constitution and laws of the State of Texas in the
principal amount of $3,550,000 for the following purposes, to -wi
$50,000 for the purpose of providing funds for permanent public
improvements, to -wit: improvements to the police building;
$150,000 for the purpose of providing funds for permanent public
improvements to -wit: the establishment of an equipment and streei
maintenance yard and related buildings; $380,000 for the purpose
of improving the streets of the City; $200,000 for the purpose
improving lands for park purposes at Cole Park; $100,000
for the purpose of providing funds for permanent public
building improvements, to -wit: construction of an airport
customs and immigration building; $400,000 for the purpose of
constructing improvements to the sanitary sewerage system of
the City in the West Leopard Street area, Flour Bluff area,
and other sanitary sewer improvements; $700,000 for the purpose
of constructing drainage improvements, including the Clarkwood
area, Waldron Road - Glenoak area, Lamont, Gollihar Park area,
McArdle -Dodd and Viola area, Greenwood - Lawton area, Crockett
Heights -San Diego area, Edgewater Terrace and other neighbor-
hood drainage improvements; $1,570,000 for the purpose of
improving the streets of the City, including Gollihar from Dody
to Greenwood, Alameda from Monthclair to Ocean Drive, Ocean Driv
from Louisiana to Alameda, Everhart from Avalon to Staples and
from Padre Island Drive to Holly Road, McArdle from Crosstown
Expressway to Greenwood, Highland from Port to Morgan, Flores
from Highway 44 to Lipan, Weber from Padre Island Drive to Del
Starr, and other street and sidewalk improvements.
2. That:said bonds shall be dated October 1, 1967,
shall be numbered consecutively from 1 through 710, 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:
YEAR
AMOUNT
YEAR
AMOUNT
1968
$150,000
1978
$185,000
1969
150,000
1979
185,000
1970
150,000
1980
185,000
1971
150,000
1981
185,000
1972
150,000
1982
185,000
1973
175,000
1983
200,000
1974
175,000
1984
200,000
1975
175,000
1985
200,000
1976
175,000
1986
200,000
1977
175,000
1987
200,000
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 their inverse numerical order, 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 2y%, 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 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
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 197' through 1921 - -- % per annum;
all bonds scheduled to mature during
the years 19 % 2 through 19_ - -- 71 ! per annum;
all bonds scheduled to mature during
the years 19 73 through 19_2y - -- J'�F' % per annum;
all bonds scheduled to mature during
the years 19A through 19P - -- _4_% per annum;
all bonds scheduled to mature during
the years 19 &through 19D - -- �/0 % per annum;
with said interest to be evidenced by interest coupons payable
on April 1, 1968 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 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, or
at-Harris Trust and Savings Bank, Chicago, Illinois, 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 Account!
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:
NO.
(FORM OF BOND)
$5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BOND'
SERIES 1967
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, 1968, 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
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 (National Association), New York, New York, or
at Harris Trust and Savings Bank, Chicago, Illinois, 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, 1967, issued in the principal amount of $3,550,000
for the following purposes, to -wit: $50,000 for the purpose
of providing funds for permanent public improvements, to -wit:
improvements to the police building; $150,000 for the purpose
of providing funds for permanent public improvements to -wit:
the establishment of an equipment and street maintenance yard
and related buildings; $380,000 for the purpose of improving
the streets of the City; $200,000 for the purpose of improving
lands for park purposes at Cole Park; $100,000 for the purpose
of providing funds for permanent public building improvements,
to -wit: construction of an airport customs and immigration
building; $400,000 for the purpose of constructing improve-
ments to the sanitary sewerage system of the City in the West
Leopard Street area, Flour Bluff area, and other sanitary sewer
improvements; $700,000 for the purpose of constructing drainage
improvements, including the Clarkwood area, Waldron Road - Glenoak
area, Lamont, Gollihar Park area, McArdle -Dodd and Viola area,
Greenwood - Lawton area, Crockett Heights -San Diego area, Edge-
water Terrace and other neighborhood drainage improvements;
$1,570,000 for the purpose of improving the streets of the City,
including Gollihar from Dody to Greenwood, Alameda from Montclai%
to Ocean Drive, Ocean Drive from Louisiana to Alameda, Everhart
from Avalon to Staples and from Padre Island Drive to Holly Road
McArdle from Crosstown Expressway to Greenwood, Highland from
Port to Morgan, Flores from Highway 44 to Lipan, Weber from
Padre Island Drive to Del Starr, and other street and sidewalk
improvements.
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 cfate thereafter, for the principal amount thereof plus
accrued interest to the date fixed for redemption, plus a premiu
of 227, such premium to be reduced on October 1, 1975 to 2 %, wit
a further reduction of 1/2 of 1% on October 1 of each year throu
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 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 iii
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 lithographe<
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 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 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, or at
Harris Trust and Savings Bank, Chicago, Illinois, 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 1967, dated October 1,
1967. Bond No.
City Secretary
8. That a special fund or account, to be designated
the "City of Corpus Christi, Texas, General Improvement Bonds,
Series 1967, 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
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 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 sai
bonds or interest coupons appertaining thereto are outstanding
and unpaid, and said ad valorem tax shall be assessed and collec
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 interes
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.
fed
-a_
10. That saiidj bonds are hereby scold and shall be
delivered to ",
co�R'11-1
for the principal amount thereof and accrued interest to the
date of delivery, plus a premium of $ vC ?4 .-O
11. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
12. The fact that the contemplated use of the
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 tak effect and be in full force and effect from and
after its passage, it is accordingly so ordained.
PASSED AND APPROVED, this the 7th day of September,
1967.
Q�
Ma or, City of Corpus Christi, Texas
ATTEST:
ClA'd,"
y Secre ry, ity of
Corpus Ch sti, Texas
The foregoing ordinance was approved prior to passage
as to form and correctness this S- day of September, 1967.
v
City Attorne ity o Corpus Christi,
Texas
CORPUS CHRISTI, TE
a
DAY OF jq
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FOREGOING
ORDINANCE, A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE SUSPEN-
SION 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; I, THEREFORE,
REQUEST THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS THIS ORDI-
NANCE FINALLY ON THE DATE IT IS INTRODUCED, OR AT THE PRESENT MEETING OF THE
CITY COUNCIL.
RESPECTFULLY,
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDS - Y THE FOLLOWING VOTE:
JACK R. BLACKMON Y a,
RONNIE SIZEMORE
V. A. "DICK" BRADLEY, /�
P. JIMENEZ, JR., M.D. Y
GABE LOZANO, SR.
KEN MCDANIEL �./
W. J. "WRANGLER" ROBERTrS
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWIN VOTE:
JACK R. BLACKMON /
RONNIE SIZEMORE ✓ /// ia_ V. A. "DICK" BRADLEY, Jd R. P. JIMENEZ, JR., M.D. I
GABE LOZANO, SR.
KEN MCDANIEL
W. J. 'WRANGLER" ROBERTS