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HomeMy WebLinkAbout11322 ORD - 02/21/1973• THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI Z --,;t On this the r day of February, 1973, the City Council of the City of Corpus Christi, Texas, convened in Regular Meeting, with the following members of said Council present, to -wit: Ronnie Sizemore, Mayor Charles A. Bonniwell Roberto Bosquez, M.D. Rev. Harold T. Branch Thomas V. Gonzales Commissioners Gabe Lozano, Sr. J. Howard Stark T. Ray Kring Secretary with the following absent: �Q -T constituting a quorum, at which time the following among other business was transacted: Aexe,' Mayor �Tpresented for the consideration of the Council an ordinance. The ordinance was read by the em City Secretary. The Mayor presented to the Council a communic tion in writing pertaining to said proposed ordinance, as fell "Corpus Christ, Texas February =14=, 1973 .2i /, "TO THE CITY COIJ14CIL 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, ISI n- Mayor. ii322 Commissioner 94 -a.,, ) moved that the Charter provision prohibiting ordinances 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 yy The motion was carried by an unanimous vote by the City Council, viz: AYES: Commissioners Bonniwell, Bo _, Branch, Gonzales, Lozano and Stark NAYS: None-. 1'�o�Tem The Mayor requested that the records show that he voted Aye. This was done. Commissioner moved that the ordinance be passed finally. The motion was seconded by Commissioner The motion was carried by the following vote: AYES: Commissioners Bonniwell, Bes�, Branch, Gonzales, Lozano and Staff. NAYS: None. elo• lem The Mayor requested that the records show that he voted Aye. This was done. r10__Tela The Mayor announced that the ordinance had been passed. The ordinance is as follows: i ORDINANCE NO. 11 3 z.2. BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $1,500,000 CITY OF CORPUS CHRISTI UPPER LEVEL COLLEGE BONDS, SERIES 1973, BEARING INTEREST AT THE RATE HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINK- ING 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 the upper level college bonds authorized at an election heretofore held in said City on the 9th day of December, 1972, be issued and sold at this time; and WHEREAS, it is hereby officially found and determined: that a case of emergency or urgent public necessity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or public necessity being that the proceeds from the proposed bonds are required as soon as possibl and without delay for necessary and urgently needed public improvements; that this meeting was open to the public as required by law; and that public notice of the time, place, and purpose of this meeting was given as required by Vernon's Ann. Civ. St. Article 6252-17, as amended. 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 Upper Level College Bonds, Series 1973," 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 $1,500,000 for the purpose of the acquisition of buildings and facilities for an upper level college. • 2. That said bonds shall be dated January 1, 1973, shall be numbered consecutively from 1 through 15., shall be in the denomination of $100,000 each, and shall mature and become due and payable serially on January 1 in each of the years, and in the amounts, respectively, as set forth in the following schedule: YEAR AMOUNT YEAR AMOUNT 1974 $100,000 1981 $100,000 1975 100,000 1982 100,000 1976 100,000 1983 100,000 1977 100,000 1984 100,000 1978 100,000 1985 100,000 1979 100,000 1986 100,000 1980 100,000 1987 100,000 1988 100,000 3. That said City shall have the right and option to redeem said bonds prior to their scheduled maturities, in whole or in part, at any time, f-or,the principal amount there- of plus accrued interest to the date fixed for redemption. 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 publi- cation 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 agent 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. t oil 4. That said bonds shall bear interest from their date until maturity at the rate of 5 -1/4% per annum, with said interest to be evidenced by interest coupons payable on July 1, 1973, and semi - annually thereafter on each January 1 and July 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 Bank & Trust, Corpus Christi, Texas, which place shall be the paying agent 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. $100,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI UPPER LEVEL COLLEGE BOND SERIES 1973 On January 1', 19_, the City of Corpus Christi, in the County of Nueces, State of Texas, promises to pay to bearer. the principal amount of ONE HUNDRED. THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of 5 -1/4% per annum, evidenced by interest coupons payable July 1, 1973, and semi - annually thereafter on each January 1 an July 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 Bank & Trust, Corpus Christi, Texas, which place shall be the paying agent for this Series of bonds This bond is one of a series of bonds of like tenor and effect except as to number and maturity, numbered One (1) to Fifteen (15), both inclusive, of the denomination of One Hundred Thousand Dollars ($100,000) each, aggregating One Million Five Hundred Thousand Dollars ($1,500,000) (hereinafter sometimes call the "Bonds "), issued by the City for the purpose of the acquisi of buildings and facilities for an upper level college. The bonds of this Series may be redeemed prior to their scheduled maturities, in whole, or in part, at the option of said City, at any time, for the principal amount thereof plus accrued interest to the date fixed for redemption. At least thirty days before the date fixed for any such redemp- tion 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 agent 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 •I the written notice of redemption is published, and if due pro- vision 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. It is hereby certified and recited that this bond hasl 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, neces 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 pr by law. In witness whereof, this bond and the interest attached hereto have been signed by the imprinted or li 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, Texas Texas (FORM OF REGISTRATION CERTIFICATE) COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, sti 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 , 19_, 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 charge; to the bearer, upon presentation and surrender of this interest coupon, at the Corpus Christi Bank & Trust, Corpus Christi, Texas, said amount being interest due that day on the bond, bearing the number hereinafter designated, of that issue of City of Corpus Christi Upper Level College Bonds, Series 1973, dated January 1, 1973. Bond No. _ City Secretary Mayor 7. That a special fund or account, to be designated the "City of Corpus Christi Upper Level College Bonds, Series 1973, 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 there- to 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. .8. The sale of the bonds herein authorized to Corpus Christi Bank & Trust, Corpus Christi, Texas, at a price of par and accrued interest to date of delivery 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 Comptrolleris 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 Vernon's Ann. Civ. St. Article 6252- 17,'as amended. 11. That the City covenants to and with the purchasers of the bonds that it will make no use of the proceed of the bonds at any time throughout the term of this issue of bonds which, if such use had been reasonably expected on the date of delivery of the bonds to'and payment for the bonds by the purchasers, would have caused the bonds to be arbitrage bonds within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(d) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds. The City further • covenants that the proceeds of the bonds will not otherwise 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 the aforesaid Section 103(d),'or any regulations or rulings pertaining thereto. 12. The fact that the. contemplated use of the of the bonds is necessary for the orderly development and - of the City of Corpus Christi, Texas, creates a public and an imperative public necessity requiring the suspension.of the Charter Rule providing that no ordinance or resolution shal 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. 13. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this theo2 /,_;f- day of February,. 1973. Mayor, City of Corpus Christi, Texas Pro -Tem ATTEST: r City Secretary, C' y of orpus risti, Texas The foregoing ordinance was approved prior to passage as to form and corre tness this day of February, 1973. C y Attorney, Ci of Corpus Christi, T xas CORPUS CHRISTI, TEXAS - _ - I_�LDAY OF I�' 19-1-. 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 INTRODUCEDy AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL; I, THEREFOREI 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. RESPECT ULLY, OR PID' THE CITY OF CORPUS CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: RONNIE SIZEMORE . CHARLES A. BONNIWELL ROBERTO BDSQUEZ) M.D. . REV. HAROLD T. BRANCH Q - - -' - - THOMAS V. GONZALES ' - GABE L02AN0, $R. - - - - -� ti. HOWARD STARK THE ABOVE ORDINANCE WAS PASSED BY THEFOLLOWING VOTE: RONNIE SIZEMORE= - CHARLES A. BONNIWELL �✓ ROBERTO BOSQUEZ) M.D. (� -REV. HAROLD T. BRANCH THOMAS V. GONZALES GABE LOZANO, SR. J. HOWARD STARK