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HomeMy WebLinkAbout08899 ORD - 06/11/1968'I THE STATE OF TEXAS "COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 11th day of June, 1968, the City.,Council 'of the City of Corpus Christi, Texas, convened in Meeting, with the following members of said Council present, to -wit: Jack R. Blackmon Mayor V. A. Bradley, Jr. P. Jimenez, Jr., M.D. Gabe Lozano, Sr. Commissioners Ken McDaniel W. J. Roberts t Ronnie Sizemore T. Ray Kring City Secretary with the following absent: constituting a quorum, at which time the following among other business was transacted: Mr. Blackmon, Mayor, presented for the consideration of the Council an ordinance. The ordinance was read by the City Secretary. The Mayor presented to the Council a communica- tion in writing pertaining to said proposed ordinance, as follows: •"Corpus Christi, Texas June 11, 1968 "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 Octo- ber 6, 1956, January 28, 1961, June 27, 1964-and Janu- ary 28, 1967, 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. 8899 I, therefore request that the City Council pass the proposed ordinance authorizing the issuance of $2,500,000 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/ Jack R. Blackmon, ayor." • r 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 e ordinance. The motion was seconded by Commissioner The motion was carried by a unanimous vote by t e City Council, viz: I AYES: Commissioners Bradley, Jimenez, Lozano, McDaniel, Roberts and Sizemore. NOES: None. The Mayor requested that the records show that he voted Aye. This was done Commissioner moved that the ordinance be ssed finally. The motion was seconded by Commissioner The motion was carried by the following vote: I AS: Commissioners Bradley, Jimenez, Lozano,' McDaniel, Roberts 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 passed. The ordinance is as follows: ORDINANCE NO. BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $2,500,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1968, BEAR- ING INTEREST AT THE RATES HEREINAFTER SET FORTII, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINK- ING 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 10/6/56 $4,430,000 Bridge Improve. $3,934,000 $ 496,000. 1/28/61 $3,305,000 South Staples & Oso Sewer Improve.3,105,000 200,000 6/27/64 1,500,000 Sanitary Sewer " 1,100,000 200,000 1/28/67 5,965,000 ,Street•Improve. 1,570,000 1,604,000 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, Series 1968," 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 $2,500,000 for the following purposes, to -wit: $496,000 for the purpose of permanently improving the streets and bridges of said city by the acqui- sition of right -of -way for the freeway, constructing improve- ments and safety facilities for the High Level Bridge and pro- viding funds to pay costs incident to the construction of said High Level Bridge; $200,000 for the purpose of constructing a sewer relief line in the South Staples Street area, provid- ing funds for rehabilitating and expanding Oso sewer plant and other general sewer system improvements; •$200,000 for the purpose of constructing improvements to the sanitary sewerage system of the City; and $1,604,000 for the purpose of improving the streets of the City, including Gollihar from Dody to Greenwood, Alameda from Montclair 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. 2. That said bonds shall be dated June 1, 1968, shall be numbered consecutively from 1 through 500, shall be in the denomination of $5,000 each, and shall mature and become due and payable serially on June 1 in each of the years, and in the amounts, respectively, as set forth in the following YEAR AMOUNT YEAR AMOUNT 1969 $ 75,000 1979 $125,000 1970 75,000 1980 150,000 1971 100,000 1981 150,000 1972 100,000 1982 150,000 1973 100,000 1983 150,000 1974 100,000 1984 150,000 1975 100,000 1985 150,000 1976 125,000 1986 150,000 1977 125,000 1987 150,000 1978 125,000 1988 150,000 3. That as to said bonds scheduled to mature on and after June 1, 1979, 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 June 1, 1978, 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 1/4 of 1% on June 1 of each year thereafter, through June 1, 1988. The bonds shall be optional on June 1, 1988 at par and accrued interest to date of redemption. 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 194 fthrough 191� ------ - - - - -- ef r % per annu ; all bonds scheduled to mature during the years 19A through 19-6p---- - - - - -- per annu ; all bonds scheduled to mature during the years 19zz through 190----- - - - - -J % per annu ; all bonds scheduled to mature during the years 19Y i through 19 fQ----- - - - - -% per annu ; all bonds scheduled to mature during the years 19_ through 19— ---- - - - - -- % per annum; with said interest to be evidenced by interest coupons payable December 1, 1968, and semi - annually thereafter on each June 1 December 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 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 AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BOND SERIES 1968 On June 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 December 1, 1968, and semi - annually thereafter on each June 1 and December 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 June 1, 1968, issued in the principal amount of $2,500,000 for the following purposes, to -wit: $496,000 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 sai High Level Bridge; $200,000 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; $200,000 for the purpose of constructing improvements to the sanitary sewerage system of the City; and $1,604,000 for the purpose of improving the streets of the City, including Gollihar from Dody to Greenwood, Alameda fro, Montclair 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 June 1, 1979, may be redeemed prior to their scheduled maturities, in whole, or in part in inverse numerical order, at the option of said City, on June 1, 1978, 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 1/4 of 1% on June 1 of each year thereafter, through June 1, 1988. The bonds shall be optional on June 1, 1988 at par and accrued interest to date of redemption. 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 theree 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 auto- matically 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 lithographer 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 Christ', 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 -Chris-ti, Texas, General Improvement Bonds, Series 1968, dated June 1, 1968. 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 1968, 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, and said ad valorem tax shal 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 pro- ceedings 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, p6t said bo s are hereby sold and shall be delivered to for the principal amount thereof and accrued terest 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 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 publi 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 11th day of June, 1968. , City�of Corpus Christi, ATTES �I C ecr t y, C ty of Corpus Chr' ti, Te as The foregoing ordinance was approved prior to passage as to form and correctness this 11th dAy of JL e, 1968. Cityne Cites f Corpus Chris i, Texas • 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 Corpus Christi, Texas, (and of the minutes pertaining thereto) on the 11th day of'June, 1968, authorizing the issuance of $2,500,000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1968, which ordinance is duly of record in the minutes of said City Council, and said Meeting was open to the public as required by law._ EXECUTED UNDER MY HAND AND SEAL of said City, this the day of June, 1968. (SEAL) City Secretary,'City of Corpus Christi, Texas