HomeMy WebLinkAbout09147 RES - 11/27/19680
A RESOLUTION
DETERMINING THAT IT IS TO THE ADVANTAGE AND BEST
INTERESTS OF THE CITY OF CORPUS CHRISTI TO SEEK
COMPETITIVE OFFERS OF BONDS TO BE TENDERED FOR REDEMP-
TION BEFORE MATURITY TO THE EXTENT OF $1,250,000 OUT
OF WATER SYSTEM REDEMPTION FUNDS IN ACCORDANCE WITH
THE DEED'OF TRUST SECURING THE FIRST MORTGAGE WATER-
WORKS REVENUE BONDS OF THE CITY OF CORPUS CHRISTI;
DIRECTING THE CITY SECRETARY TO PUBLISH NOTICE; AND a
DECLARING AN EMERGENCY.
WHEREAS, THE ORDINANCE AND DEED OF TRUST AUTHORIZING AND SECURING
FIRST MORTGAGE WATERWORKS BONDS OF THE CITY OF CORPUS CHRISTI PROVIDES IN
SECTION 5.06(6) THEREOF FOR THE USE OF MONEY IN THE REDEMPTION FUND TO
REDEEM BONDS PRIOR TO THEIR SCHEDULED MATURITY DATES; AND
WHEREAS, UNDER THE PROVISIONS OF SAID DEED OF TRUST IT IS REQUIRED
THAT THE CITY SHALL DETERMINE THE AMOUNT OF MONEY ON HAND IN SAID FUND AND
PROVIDE FOR NOTICE, IF IN THE DISCRETION OF THE CITY COUNCIL IT IS DETER-
MINED THAT IT WOULD BE TO THE ADVANTAGE AND BEST INTERESTS OF THE CITY TO
SEEK COMPETITIVE OFFERS OF BONDS; AND
WHEREAS, THE CITY COUNCIL, IN EXERCISING ITS DISCRETION, HAS
DETERMINED AND DOES HEREBY DETERMINE THAT IT WOULD BE TO THE ADVANTAGE
AND BEST INTERESTS OF THE CITY TO SEEK COMPETITIVE OFFERS OF BONDS FOR
THE PURPOSE OF RETIRING BONDS TO THE EXTENT OF $1,250,000 OF THE FUNDS ON
HAND AND BY FOLLOWING THE PROCEDURE PRESCRIBED IN SAID DEED OF TRUST:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
SECTION 1. THE CITY COUNCIL HEREBY DETERMINES THAT IT WOULD
BE TO THE ADVANTAGE AND BEST INTERESTS OF THE CITY TO SEEK COMPETITIVE
OFFERS OF BONDS FOR THE PURPOSE OF RETIRING BONDS TO THE EXTENT OF
$1,250,000 OF THE FUNDS ON HAND.
SECTION 2. THAT THE CITY SECRETARY IS HEREBY DIRECTED TO
PUBLISH, IN A FINANCIAL PUBLICATION HAVING GENERAL CIRCULATION IN THE
UNITED STATES AND PUBLISHED IN THE CITY OF NEW YORK, APPROXIMATELY FIFTEEN
(15) DAYS' NOTICE OF THE INTENTION OF THE CITY TO RECEIVE OFFERS OF TENDERS
914'''
OF BONDS TO BE PURCHASED BY THE CITY AND THAT SAID OFFERS OF TENDERS WILL
BE RECEIVED AND CONSIDERED BY THE CITY ON WEDNESDAY, DECEMBER 18, 1968.
SAID NOTICE SHALL STATE THE AMOUNT OF MONEY AVAILABLE FOR SUCH PURPOSE
AND CITY RESERVES THE RIGHT TO REJECT ANY AND ALL OFFERS, ALL IN ACCORDANCE
WITH THE PROVISIONS OF SAID DEED OF TRUST.
SECTION 3. THE FACT THAT IT IS DEEMED ADVANTAGEOUS AND TO THE
BEST INTERESTS OF THE CITY TO CALL FOR TENDERS OF BONDS AND THAT THE CITY
COUNCIL DETERMINED THAT OFFERS OF SUCH TENDERS WILL BE RECEIVED AS SET
FORTH ABOVE CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY
REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLU-
TION SHALL BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND THAT
SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE SEVERAL MEETINGS OF
THE CITY COUNCIL, AND THE MAYOR HAVING DECLARED SUCH EMERGENCY AND
NECESSITY TO EXIST, HAVING REQUESTED THE SUSPENSION OF SAID CHARTER RULE
AND THAT THIS RESOLUTION BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION
AND THAT THIS RESOLUTION TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM
AND AFTER IT ASSAGE, IT IS ACCORDINGLY SO RESOLVED THIS THE
DAY OF 1968.
ATTEST:
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CI ECR TARy � 0
� / THE CITY OF CORPUS CHRISTI, TEXAS
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APPROVED:
_ DAY OF 6 c r zi , 1968:
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CITY ATTORNEY
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•
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
C7
CORPUS CHRISTI, CHRISTI, T
'/%
DAY OF ,l zf
. 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,
'7 YflR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
JACK R. BLACKMON
RONNIE SIZEMORE
V. A. "DICK" BRADLEY, JR. J'
P. JIMENEZ, JR., M.D. ,
GABE LOZANO, SR.
KEN MCDANIEL „
W. J. "WRANGLER" ROBERTS r%
THE ABOVE ORDINANCE WAS PASSED BY THE FOLL NG VOTE:
JACK R. BLACKMON 1�
RONNIE SIZEMORE
V. A. "DICK" BRADLEY JR,
P. JIMENEZ, JR., M.D.
GABE LOZANO, SR. t.
KEN MCDANIEL
W. J. "WRANGLER" ROBERTS/