HomeMy WebLinkAbout09565 ORD - 12/03/1969THE STATE OF TEXAS
COUNTY Or NUECES
CITY Or CORPUS CHRISTI
On this the 3rd day of December, 1969, the City
Council of the City of Corpus Christi, Texas, convened in
Regular Meeting, with the following members of said Council
present, to -wit:
Jack R. Blackmon, Mayor
V. A. Bradley, Jr.
Eduardo E. deAses
Gabe Lozano, Sr.
Ken McDaniel Commissioners
W. J. Roberts
b�_ _ _
T. Ray Kring, ity Secretary
with the following absent:
constituting a quorum, at which time V, 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 communication in
writing pertaining to said proposed ordinance, as follows:
"Corpus Christi, Texas
December 3, 1969
"TO THE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
"The public importance and pressing need for the perman-
ent improvements to be constructed by use of the proceeds of the
bonds voted at elections held on June 27, 1964, January 28, 1967,
and July 13, 1968, create an emergency and an imperative public
necessity requiring the suspension of rules and Charter provision:
requiring ordinances to be considered and voted upon at three reg-
ular meetings.
"I, therefore request that the City Council pass the
proposed ordinance authorizing the issuance of $2,100,000 General
Improvement 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/ Jack R. Blackmon,
Mayor."
9J ��
Commissioner moved that the Charter
provision prohibiting ordinanc s 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
o£ ordinance. The motion was seconded by Commissioner
IThe motion was carried by a unanimous vote by
the ` it�cil, viz:
/ AYES: Commissioners Bradley, deAses, Lozano, McDaniel,
Roberts and Si, z� emore�
NOES: None.
The Mayor requested that the records show that he
voted Aye. This was done,.
CommissionE' -1 C moved that the ordinance be
passed finally. The motion was seconded by Commissioner
r,
The motion was carried byi the following vote:
AYES: Commissioners Bradley, deAses, Lozano, McDaniel,
Roberts a � Sing `item � .
NOES: None.
The Mayor requested that the records show that he
voted Aye. This was done.
The Mayor announced the 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 $2,100,000 CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BONDS, SERIES 1969 -A,
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
1/28/67 $5,965,000 Street Improvements $4,829,000 $ 900,000
1/28/67 750,000 Sanitary Sewer Imp. 400,000 100,000'
7/13/68 2,500,000 Airport Improvements 1,300,000 1,100,0001,
and
WHEREAS, this Meeting is open to the public as requir-
ed by law and public notice of the time, place, and purpose of
said meeting was given as required by Chapter 227, Acts of the
61st Legislature, Regular Session, 1969;
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
1969 -A," 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 $2,100,000 for the following purposes,
to -wit: $900,000 for the purpose of improving the streets of
the City, including GolLi har 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, llighland from Port- to Morgan, Flores from Highway
44 to Lipan, Weber from Padre Island Drive to Del Starr and
other street and sidewalk improvements; $100,000 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, and $1,100,000
for the purpose of enlarging, improving and equipping the City's
Airport, including runway and taxiway extensions and improvements
The portion of this issue of bonds issued for the purpose of
enlarging, improving and equipping the Airport are issued
pursuant to the provisions of Chapter 114, Acts of the 50th
Legislature, for the purposes authorized to be accomplished by
that Act.
2. That said bonds shall be dated December 1, 1969,
shall be numbered consecutively from 1 through 420, 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:
YEAR AMOUNT YEAR AMOUNT
1970 $150,000 1977 $150,000
1971 150,000 1978 150,000
1972 150,000 1979 150,000
1973 150,000 1980 150,000
1974 150,000 1981 150,000
1975 150,000 1982 150,000
1976 150,000 1983 150,000
3. That as to said bonds scheduled to mature on and
after December 1, 1980, said City shall have the right and option
to redeem such bonds prior to their scheduled maturities, in wholf
or in part, in their inverse numerical order, on December 1, 1979
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 2k%, such premium to be reduced
i of 1% on December 1 of each year 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 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.
4. That said bonds shall bear interest from their
date, until maturity or redemption, at the following rates:
all bonds scheduled to mature during
i
the years 1970 through 192f - - -- - lo- % per annum;
all bonds scheduled to mature during
the years 1971' through 19 ,f0 - -- 6. ao % per annum;
all bonds scheduled to mature during
the years 19,91 through 19_ - -- % per annum;
all bonds scheduled to mature during
the years 19h2/through 19_ - -- ; 30 % per annum;
all bonds scheduled to mature during /
the years 19,FJ through 19_ - -- ( . 3,5_ % per annum;
with said interest to be evidenced by interest coupons payable
on June 1, 1970, 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 (Nation-
al 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 1969 -A
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,
1970, and semi - annually thereafter on each December 1 and ,Tune 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, 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
December 1, 1969, issued in the principal amount of $2,100,000
for the following purposes, to -wit: $900,000 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 Cross-
town 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; $100,000
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, and
$1,100,000 for the purpose of enlarging, improving and equipping
the City's Airport, including runway and taxiway extensions and
improvements. The portion of this issue of bonds issued for the
purpose of enlarging, improving and equipping the Airport are
issued pursuant to the provisions of Chapter 114, Acts of the
50th Legislature, for the purposes authorized to be accomplished
by that Act.
The bonds of this Series scheduled to mature on and
after December 1, 1980, 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, 1979, 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 227, such premium to be reduced i of 1% on
December 1 of each year 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 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 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, there-
by 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 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 coupon:
attached hereto have been signed by the imprinted or lithographs
facsimile signature of the Mayor of said City and countersigned
by the imprinted or lithographed facsimile signature of the Cit}
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 , 19T, 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
s
Trust and Savings Bank, Chicago, Illinois, said amount being
interest due that day on the bond, bearing the number herein-
after designated, of that issue of City of Corpus Christi,
Texas, General Improvement Bonds, Series 1969 -A, dated
December 1, 1969. 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 1969 -A, Interest and Sinking Fund" is hereby created and
shall be established and maintained by said City at its official
depositary 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 said
bonds or interest coupons appertaining *_hereto are outstanding
and unpaid, and said ad valorem tax shall be assessed and
t
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.
8a.• The sale of the bonds herein authorized to Republic National Bank
of Dallas and Mercantile National Bank at Dallas and Associates at a price of par
and accrued interest to date of delivery, plus a premium of $475.00, is hereby con-
firmed. Delivery, of such bonds shall be made to such purchasers as soon as may be after
the passage of this ordinance upon payment therefor in accordance with the terms of
the sale.
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.' It is hereby officially found and determined that the meeting at which
said bonds were authorized was open'to the public as required by law and public notice
of the time, place, and purpose of said meeting was given as required by Chapter 227,
Acts of the 61st Legislature, Regular Session, 1969.
I1. 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
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 Ie day of December,
1969.
a
City Corpus Christi, Texas
ATTEST: V
Cit Secretar , ity f
Corpus Christi Texas
The foregoing ordinance was approved prior to
passage as to form and correctness this-v day of December,
1969.
City Attorney, City qf7 Corpus Christi,
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 3rd day of
December, 1969, authorizing the issuance of $2,100,000 of
City of Corpus Christi, Texas, General Improvement Bonds,
Series 1969 -A, 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 3/tbday of December, 1969.
City Secretary, City of Corpus
Christi, Texas
(SEAL)
•
0
f
Corpus Christi, Texas
December 3, 1969
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, January 28, 1967, and July 13, 1968, 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 ordinance authorizing the issuance of $2,100,000
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, _
J ck R. lackmon
Mayor