The URL can be used to link to this page

Home My WebLink About09782 RES - 05/27/1970Ims--:5-2 (-70 A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI TEXAS, EXERCISING ITS OPTION TO REDEEM CERTAIN BONDS OF THE GAS SYSTEM REVENUE BONDS, SERIES 1964, AND PROVIDING FOR NOTICE THEREOF; AND DECLARING AN EMERGENCY. WHEREAS, HERETOFORE ON THE 30TH DAY OF SEPTEMBER, 1964, THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PASSED AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1251000.00 CITY OF CORPUS CHRISTI, TEXAS) GAS /SYSTEM REVENUE BONDS, SERIES 19614, DATED OCTOBER 15, 1964; BEARING 3 -1/4% INTEREST, PAYABLE SEMIANNUALLY, AND MATURING SERIALLY 'THROUGHOUT THE YEARS 1969 TO 1973, BOTH INCLUSIVE, WITH OPTION OF PRIOR PAYMENT RETAINED IN BONDS NUMBERS ONE (1) THROUGH FIVE (5), INCLUSIVE, OR ON ANY INTEREST PAYMENT DATE THEREAFTER; AND WHEREAS, SAID BONDS WERE DULY APPROVED BY THE ATTORNEY GENERAL OF THE STATE OF TEXAS, WERE REGISTERED BY THE COMPTROLLER OF PUBLIC ACCOUNTS OF THE STATE OF TEXAS AND WERE SOLD AND DELIVERED IN ACCORDANCE WITH LAW; AND WHEREAS, THE CITY HAS AN OPTION EFFECTIVE JULY 15, 1970 TO REDEEM, AT A PRICE OF PAR AND ACCRUED INTEREST, ALL OF THE ABOVE DESCRIBED BONDS WHICH ARE NOW OUTSTANDING; AND WHEREAS, IT IS CONSIDERED AND ADJUDGED TO BE TO THE BEST INTEREST OF THE CITY THAT SAID BONDS OF THE ABOVE DESCRIBED ISSUE WHICH ARE NOW OUTSTANDING BE CALLED FOR REDEMPTION: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: I. THAT THE FOLLOWING DESCRIBED BONDS ARE HEREBY CALLED FOR REDEMPTION, THE DATE OF REDEMPTION BEING FIXED ON THE 15TH DAY OF JULY, 1970: CITY OF CORPUS CHRISTI, TEXAS, GAS SYSTEM REVENUE BONDS, SERIES 1964, DATED OCTOBER 15, 1964, ORIGINALLY ISSUED IN THE AMOUNT OF $125,000, BONDS OUTSTANDING $75,000, REPRESENTED BY BOND NUMBERS 3 TO 5, BOTH INCLUSIVE, OF THE DENOMINATION OF $25,000.00 EACH, BEARING INTEREST AT THE RATE OF 3 -1/4% PER ANNUM, AND MATURING SERIALLY THROUGHOUT THE YEARS 1971 TO 1973, BOTH INCLUSIVE . . . . . . . . . . . . . . . . $75,000.00 2. FUNDS WILL BE AVAILABLE AT THE CORPUS CHRISTI STATE NATIONAL BANK, CORPUS CHRISTI, TEXAS, FOR THE PAYMENT OF THE BONDS. IN THE EVENT SAID BONDS ARE NOT PRESENTED FOR REDEMPTION, THEY SHALL THEREAFTER CEASE TO BEAR INTEREST FROM AND AFTER THE DATE SO FIXED FOR REDEMPTION. 3. THE CITY SECRETARY OF THE CITY OF CORPUS CHRISTI, TEXAS, IS HEREBY DIRECTED TO GIVE NOTICE OF INTENTION TO REDEEM SAID BONDS IN THE FOLLOWING MANNER: BY NOTICE IN WRITING TO THE CORPUS CHRISTI STATE NATIONAL BANK, CORPUS CHRISTI, TEXAS, AND BY PUBLICATION, IN VIE BOND BUYER, NEW YORK, NEW YORK, AT LEAST THIRTY DAYS BEFORE THE DATE FIXED FOR REDEMPTION. 4. THE MAYOR, CITY SECRETARY, AND CITY TREASURER ARE HEREBY DIRECTED TO DO ANY AND ALL THINGS NECESSARY OR CONVENIENT TO CARRY OUT THE PROVISIONS OF THIS RESOLUTION. 5. THE FACT THAT THERE IS NOT SUFFICIENT TIME TO PERMIT CONSIDERATION OF THIS RESOLUTION AT THREE REGULAR MEETINGS AND THE PUBLIC IMPORTANCE OF IMMEDIATE ACTION AS CONTEMPLATED BY THIS RESOLUTION CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION 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 SUCH RESOLUTION TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY SO RESOLVED, THIS THE 27TH DAY OF MAY, 1970. ATTEST: CI -(Y SECRETARY /f APPROVED: Q (V/ THE CITY OF CORPUS CHRISTI, TEXAS A DAY OF MAY, 1970: Ir s ± 02 lY�t%- ,1'ivAY 1 TY ATTORNEY Corpus Christi, Texas day of 19% 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, ory R —�/ THE CITY OF CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Jack R. Blackmon / Gabe Lozano, Sr. V. A. "Dick" Bradley, Jr.,/ Eduardo E. de Ases Ken McDaniel r W. J. "Wrangler" Roberts, Ronnie Sizemore ✓ , The above ordinance was passed by the fo owing vote: Jack R. Blackmon ,/ Gabe Lozano, Sr. f V. A. "Dick" Bradley, Jr Eduardo E. de Ases Ken McDaniel / W. J. 'Wrangler" Roberts r x [ Ronnie Sizemore Y: