HomeMy WebLinkAbout09796 ORD - 06/17/1970i
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the 177th day of June, 1970, the City Council
of the City pf 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.
/G be Lozano, Sr.
ten McDaniel : Commissioners
J. Roberts
Ronnie Sizemore
T. Ray Kring, : City Secretary
with the following absent: 6 d's�r « X-4 A .
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 follow
"Corpus Christi, Texas
June 17, 1970
"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 bonds contemplated to be issued pursuant to an
ordinance 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 bonds as an emergency measure. You will please
consider this request in connection with the ordinance which
is to be introduced'for passage by the City Council on this
subject.
"Yours very truly,
/s/ Jack R. Blackmon,
Mayor."
Commissioner oved that the Charter
provision prohibiting ordiri nces 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
The motion was carried by a unanimous vote by
the City Council, viz:
AYES: Commissioners Bradley, .ZeA�, Lozano,
McDaniel, Roberts and Sizemore.
KAYS: None.
The Mayor requested that the records show that he
voted Aye. This was.done
Commissioner moved that the ordinance be
R ed finally. The motion was econded by Commissioner
r . The motion was carried by the following vote:
AYES: Commissioners Bradley, deAses, Lozano,
McDaniel, Roberts and Sizemore.
NAYS: None.
The Mayor requested that the records show that he
voted Aye. This was done.
The Mayor announced that the ordinance had been
gassed. The ordinance is as follows:
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ORDINANCE "N0: 3rd i "Q� 'a
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $4,500,000 CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BONDS, SERIES 1970,
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
RFdMITH 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 PROPOSITION NUMBER AMOUNT PRE- AMT r
ELECTION AUTHORIZED AND PURPOSE VIOUSLY SOLD OFFER
7,/2867
$ " 750,000 3 - Sanitary Sewer Imp.$
.500,000 $ 250,1
1/28/67
5,965,000 5 - Street Improvement
5,729,000
236,1
T/14/70
250,000.5 - Marina Improvements
- 0 -
50',
2/14/70
1,700,000,1 - Park Improvements
1'
2114/70
980,000 3 - Service Center Imp.
- 0 -
00,
2/14/70
2,100,000 4 - Sanitary Sewer Imp.
- 0 -
360,
880,
2/14/70
2,470,000 2 - Drainage Improve.
- 0 -
- 0 -
1,474,
2114/70
4,910,000 6 - Street Improvement
8 and
AREAS, this Meeting is open to the public as requii
bg law and public notice of the time, place, and purpose of say
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 CHRIS'
1. That said City's coupon bonds to be designated
"City of Corpus Christi, Texas, General Improvement Bonds, Series
1970,° are hereby authorized to be issued and delivered in actor -
ance with the Constitution and laws of the State of Texas in the
principal amount of $4,500,000 for the following purposes, to -Wilt:
$250,000 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;
$236,000 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; $509000 for the purpose
of permanent public improvements, to -wit: construction of
marina improvements, including concession and restroom
facilities, replacement of piers and pilings, and other
Improvements; $1,150,000 for the purpose of improving lands
for parks, including Cole Park fishing pier and seawall,
pools at Brownlee and Winnebago and in the Greenwood area,
acquisition along the Bayfront and at Ben Garza Park, Building
expansion at T. C. Ayers and Ben Garza, and improvements at
Greenwood, Timon Parkway, Airport, Candlewood, County Club,
Moody, Lexington, South Bay, Stonegate, Main Drive, and
Rincrest and other park improvements; $100,000 for the purpose
of permanent- improvements -for services center -at the Ayers -
Street site, including sanitation and street operating yards,,
maintenance facilities, and shops; $360,000 for the purpose
of constructing improvements to the sanitary sewer system,
including residential lines in Flour Bluff and along Leopard
Street, Oso Treatment Plant improvements, Lawnview.trunk
line, and the Kostoryz Station force main, and other sanitary
sewerrimprovemenM -$880-,000- for - the - -purpose- of constructing
drainage improvements, including Brownlee- Leathers Area,
Mayfield Road and starlite Lane, Richter Street Area, Norton,
Gardendale Area, McBride, Staples Woolridge Outfall, Flour
Bluff Area, Westchester, Santa Fe, Hearn Road Outfall,
Kostoryz Road and other neighborhood drainage improvements;
and $1,474,000 for the purpose of improving the streets of the
City, including South Staples from Padre Island Drive to
Saratoga, North Alameda, McBride Lane, Gollihar from Caddo to
Airline, Horne Road, Padre Island Drive Lighting, West Point
Road, Greenwood Drive, Violet Road, McKenzie Road, Prescott,
Airline from Alameda to Ocean Drive, N.A.S. Drive, Ayers from
Norton to Port, Neighborhood streets and sidewalks, and other
street and sidewalk improvements.
2. That said bonds shall be dated June 1, 1970,
shall be numbered consecutively from 1 through 900, shall be
in..the denomination of $5,000 each, and shall mature and become
due and payable serially on June I in each of the years, and
in the amounts, respectively, as set forth in the following
schedule:
YEAR AMOUNT YEAR AMOUNT
1971 $100,000 1979 $300,000
1972 100,000 1980 400,000
1973 160,000 1981 500,000
1974_ 100,000 1982 500,000
1975 100,000 1983 500,000
1976 100,000 1984 500,000
1977 100,000 1985 500,000
1978 100,000 1986 500,000
That as to said bonds scheduled to mature on
and after June 1, 1981, 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, 1980, 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 2i/, such premium to
be reduced 2 of 17. on June 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 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.
3. 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 1971 through 1911 .0 c,% per annum;
all bonds schedgled,.to mature during
the years 19", through 19_C3 _ -- L,s o % per annum;
all bonds scheduled to mature during
the year
through-1-9— - -- % per annum;
all bonds scheduled to mature during
the year I9 � — `7D 7. per annum;
all bonds scheduled to mature during
the year 19 Flo � "' G • o o % per annum;
with said interest to be evidenced by interest coupons payable
on December 1, 1970, and semi - annually thereafter on each
June 1 and December 1.
4. 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 dptian 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.
5. 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.
6. 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)
N0. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
GENERAL, IMPROVEMENT BOND
SERIES 1970
On June 1, 19T, 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
end to pay interest thereon, from the date hereof, at the rate
of % per annum; evidenced by interest coupons payable
December 1, 1970, and semi - annually thereafter on each June 1
and"IDecember 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
Cbristi, 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, 1970, issued in the principal amount of $4,500,000
for the following purposes, to wit: $250,000 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; $236,000 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; $50,000 for the purpose of permanent
public improvements, to -wit: construction of marina improve-
ments; $1,150,000 for the purpose of improving lands for parks,
$100,000 for the purpose of permanent improvements for service
center at the Ayers Street site; $360,000 for the purpose of
constructing improvements to the sanitary sewer system; $880•,000
for the purpose of constructing drainage improvements; and
$1,474,000 for the purpose of improving the streets of the City.
The bonds of this Series scheduled,to mature on
and after June 1, 1981, may be redeemd prior to their
scheduled maturities, in whole, or in part in inverse numerical
order, at the option of said City, on June 1, 1980, or on any
interest payment date thereafter, for the principal amount
thereof plus accrued interest to the-date fixed f6r redemption,
plus a premium of 2' 7,,_such. premium to be reduced 'k of 17 on
June I 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
xew 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 rec&iving 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, issu d
on the full faith and credit „thereof; and that the ad valorem
taxes, upon all taxable property,in said City, necessary to pay r
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
*to be included if bonds are optional.
(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 Wexas
(FORM OF INTEREST COUPON)
NO. $
on _, 19_3, 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 herein-
after designated, of that issue of City of Corpus Christi,
Texas, General Improvement Bonds, Series 1970, dated June 1,
1970. Bond No.
City Secretary Mayor
7. That a special fund or account, to be designated
the "City of Corpus Christi, Texas, General Improvement Bonds,
Series 1970, 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 neve
less than 27. of the original principal amount of said bonds as
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 thereto are outstanding
and unpaid, and said ad valorem tax shall 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.
S. The sale of the bonds herein authorized to
r�o�a �is ✓een �Ca• C ' Bowles Iyi�,sTu,, �Co T c� �auSC�e. Puce sec0"T es Cow-/"
at a price of pay and accrued interest to date of delivery,
plus a premium of $ /,Y30.VO, is hereby confirmed. 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 Registra-
tion 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.
11. That the City covenants that the proceeds from
the sale of the bonds will be used as soon as practicable for
the purposes for which the bonds are issued and will not be
invested in securities or other obligations except for the
temporary period pending such use. The City further covenants
that such proceeds will not be used directly or indirectly so .
as to cause all or any part of the bonds to be or become
"arbitrage bonds" within the meaning of Section 103(d) of the
Internal Revenue Code of 1954, as amended.
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 intro-
duced 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.
1
11. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the LN a June,
1970.
ATTEST:
City Se ret ry, City f
Corpus Christi, Texas,
The foregoing ordinance was approved prior to
passage as to form and correctness this lq'4 day of June,
1970.
�� ty Attorney, ty of Corpus Christi,
exas
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CITY OF CORPUS CHRISTI, TEXAS
k
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JACK R. SLACKMoN
—YDR
TO THE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
June 17, 1970
The public importance and pressing need for the permanent
improvements to be constructed by use of the proceeds of
bonds contemplated to be issued pursuant to an ordinance
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 bonds as an emergency measure. You will please consider
this request in connection with the ordinance which is to be
introduced for passage by the City Council on this subject.
Yours very truly,
a.c► ✓4&a4;;�1
Jack R. Blackmon