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HomeMy WebLinkAbout10406 ORD - 08/11/19710 BJW:8/10/71 . i 1 • AN ORDINANCE AUTHORIZING AND DIRECTING THE CITY MANAGER TO EXECUTE AN AGREEMENT WITH THE LOWER NUECES RIVER WATER SUPPLY DISTRICT, A COPY OF WHICH AGREEMENT IS ANNEXED HERETO, MARKED EXHIBIT "A" AND INCORPORATED HEREIN BY THIS REFERENCE; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. THAT THE CITY MANAGER BE, AND HE IS HEREBY AUTHORIZED AND DIRECTED TO EXECUTE, FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI, AN AGREEMENT WITH THE LOWER NUECES RIVER WATER SUPPLY DISTRICT PROVIDING FOR THE PAYMENT OF MONIES TO THE DISTRICT FOR THE PURPOSES OF RETIRING THE TAX - SUPPORTED DEBT OF THE DISTRICT, A COPY OF SAID AGREEMENT BEING ANNEXED HERE- TO, MARKED EXHIBIT "A ", AND INCORPORATED HEREIN BY THIS REFERENCE. SECTION Z. THE NECESSITY TO EXECUTE THE AFORESAID AGREEMENT AT THE EARLIEST POSSIBLE DATE CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDI- NANCE 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 NECES- SITY TO EXIST, HAVING REQUESTED THE SUSPENSION OF SAID CHARTER RULE AND THAT THIS ORDINANCE BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND THAT SUCH ORDINANCE TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY SO ORDAINED, THIS THE &4)bAY OF AUGUST, 1971. ATTEST: 0 o CITY SECRE OR THE CITY F CO U CHRISTI, TEXAS APPROVED: DAY 0 AUGUST, 971 SAM R. RIGGS, CITY 1RNEY 10406 • AGREEMENT THE STATE OF TEXAS X COUNTY OF NUECES X This Agreement this day entered into between the City of Corpus Christi, hereinafter called "City ", and the Lower Nueces River Water Supply District, hereinafter called "District ", W I T N E S S E T H: WHEREAS, the City desires to make payments to the District, for the purposes of retiring the tax- supported debt of District; and WHEREAS, the contract between City and District, executed on August 10, 1955, and hereinafter called 111955 Contract ", provides in Section 16 thereof that the City becomes the owner of the reservoir facilities when the debt incurred for these facilities is paid off; and WHEREAS, the City desires to make a payment toward the principal and interest of District so that District will not be required to levy a property tax: NOW, THEREFORE, in c -)nsideration of the mutual benefits to accrue to the parties upon the adoption of the following contract, and in consideration of the obligations to be discharged by the City and the District under the provisions of the proposed contract, the parties hereto agree as follows: 1. City agrees to pay to District Twenty -Five Thousand Dollars ($25,000.00) per month on the 15th of each month for the months of August, 1971, through July, 1972, or a total of Three Hundred Thousand Dollars ($300,000.00) during the 1971 -72 Fiscal Year as a payment for the purposes of meeting the interest and principal of the District on District's tax - supported debt. This payment will in no way affect the 1955 Contract. The payments under this section are in addition to those required by the 1955 Contract. 2. City agrees to pay in advance certain amounts of the payment required after the close of the 1955 Contract year so that the August payment and each monthly payment through July, 1972, will be Seventy -Five Thousand Dollars ($75,000.00) except for the final settlement of the 1971 -72 contract year which will occur in July, 1972. If the City has paid more during 1971 -72 than the contract required, the City shall cease making payments until such overpayment has been eliminated. 3. District agrees that no property tax will be levied for the 1971 tax year on property that is in the District as of January 1, 1971, and that payments by City under this contract will be used for the payment of principal and interest on debt incurred for the construction of reservoir facilities. 4. Both parties contemplate that the City will be able, and desires to make a similar payment for debt service, additional to above - mentioned contract, in future years making possible retirement of principal and the payment of interest on the tax - supported debt of District without the necessity of District levying a property tax. District and City agree to negotiate a renewal of this contract prior to August 31, 1972, and in succeeding years. IN 14ITNESS WHEREOF, the parties hereto have caused this agreement to be executed by their duly authorized representatives, this the day of ATTEST: CITY OF CORPUS CHRISTI By R. Marvin Townsend City Secretary APPROVED: /D j DAY OF i � n l // 1 Si % /.� City Attorney Director of Finance LOWER NUECES RIVER WATER ATTEST: SUPPLY DISTRICT sy Secretary APPROVED: Attorney for Lower Nueces River Water Supply District • CORPUS CHRISTI, TEXAS • _114 .DAY OF 19-ZIL 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. ZECTFULLY, J 0 MAYOR THE CITY OF CO CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: BONNIE SIZEMORE CHARLES A. BONNIWELL ROBERTO BOSQUEZ REV. HAROLD T. BRANCH THOMAS V. GONZALES GABE LOZANO, SR. J. HOWARD STARK THE ABOVE ORDINANCE WAS PASSED BY THE FOLLO BONNIE S12EMORE CHARLES A. BONNIWELL / ROBERTO BOSQUEZ REV. HAROLD T. BRANCH THOMAS V. GONZALES GABE LOZANO, SR. J. HOWARD STARK