HomeMy WebLinkAbout11173 ORD - 12/09/1972WHEREAS, the City Council has determined that an election should be called on
December 9, 1972, to authorize $34,750,000 of general obligation bonds; and,
WHEREAS, the City Council after holding many public hearings and seeking
` advice from citizens of the community, has determined that this bond election
is essential to improve the quality of community life, provide for orderly growth
and provide economic stimulus for the community; and,
WHEREAS, the City Council has available to it Federal Revenue Sharing funds
intended to provide financial relief to local governments and enable them to
continue to maintain a high quality of life; and,
WHEREAS, staff forecasts made to the City Council indicate that the sale over
a 3 -5 year period of all the bands to be voted on December 9, 1972, will not
require a tax increase for debt service if assessed values grow between 5-6%
each year; and,
WHEREAS, in order to avoid the possibility of a tax increase for debt service in
the event assessed values do not grow between 5-6% each year, the City Council
is desirous of committing up to $500,000 each year out of Revenue Sharing funds
to be applied to debt service.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI THAT:
1. The sale of bonds to be submitted for voter approval on December 9, 1972
shall be so scheduled that a tax increase for tax supported debt service
payments will not be necessary.
2. In addition, the staff is hereby instructed to earmark $500,000 each year out
of Revenue Sharing funds to be applied for debt service in the event other
revenues are not rufficient to meet debt service payments without a tax increase.
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SIGNED:
arles A. Bonniwe I, ayor Pro Tem
RONNIE SIZEMORE
• CHARLES A. BOHNINELL /1/"•�
ROBERTO BOSQUEZ--- —J}= —_
REV- HAROLD T. BRANCH �` - - •
THOMAS V. GONZALES � •`
/.� • •Q
WBE LOZAN02 SR. `-(,
J:LHOWARD STARK
G v
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE:
RONNIE S12EM0RE •r
• CHARLES A. BONNIVELL
• ROBERTO.BOSQUEZ
r
•
REV. HAROLD T. BRANCH ✓
•
THOMAS V. GONZALES
e�
LADE LOZANO, SR.
J 11-73
• HOWARD STARK , % „ ••