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HomeMy WebLinkAbout11363 ORD - 03/21/1973THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 21st day of March, 1973, the City Council of the City of Corpus Christi, Texas, convened in AMeeting, with the following members of said Council. 0111 present, to -wit: Ronnie Sizemore, Mayor Charles A. Bonniwell Mayor Pro Tem Roberto Bosquez, M.D. Rev. Harold T. Branch Thomas V. Gonzales Commissioners J. Howard Stark T. Ray Kring Secretary with the following absent: constituting a quorum,, at which time the following among other{ Ay business was transacted: Mr. Sizemore, 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 follows: "Corpus Christi, Texas March 21, 1973 "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 introduce 7y"rs sage by the ty Council on this subject. very t 1 6 /s Ronnie re �1rJ�'J i Commissioner 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 v The motion was carried by an unanimous vote by the City Council, viz: AYES: Commissioners Bonniwell, Bosquez, Branch, Gonzales, Lozano and Stark. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner I—,,— moved that the ordinance be, passed finally. The motion was seconded by Commissioner Z,11 - The motion was carried by the following vote: AYES: Commissioners Bonniwell, Bosquez, Branch, Gonzales, and Stark.. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. The Mayor announced that the ordinance has been passed. The ordinance is as follows: U] ORDINANCE NO. " d� BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $6,000,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1973, 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 HEREWITH AND DECLARING AN EMERGENCY. WHEREAS, it is deemed advisable and to the best intere of the City that various purpose bonds authorized at an electior 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 pro- ceeds from the proposed bonds are required as soon as possible 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, Texas, General Improvement 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 $6,000,000 for the following purposes, to -wit: $150,000 for the purpose of permanent public improvements, to -wit: fire department and police buildings; st $600,000 for the purpose of enlarging the site and providing facilities for the City's International Airport; $1,450,000 for the purpose of improving lands for park purposes including South (McGee) and Corpus Christi beach development, softball field facilities, swimming pools at Flour Bluff and Woodlawn Parks, museum improvements, and improvements at Bayfront, Los Encinos, Woodlawn, Cole and various other parks; $1,300,000 for the purpose of constructing improvements to the sanitary sewer system, including Broadway Plant improvement, Saratoga Main, Calallen Trunk, and lines in the'Flour Bluff, Calallen, Tulosa Midway, and Corpus Christi Beach areas and other sani- tary sewer improvements; $1,000,000 for the purpose of construe ting drainage improvements, including Bayfront Pump Station modification, ditch improvements along Flynn and Shea Parkways, and the Van Galen Ditch; local drainage in the Six Points, Mayfield Lane, Casa Blanca, Arboleda, Flour Bluff, and Lorraine Street areas, major drainage facilities in the West Oso High School and Williams Drive areas, and other drainage facilities; $775,000 for the purpose of improving the streets of the City, including neighborhood streets, sidewalks to school sites, traffl signals, street lighting, Leopard Street resurfacing from Battlin Buc to Broadway, Airline from Padre Island Drive to Williams Dri Kostoryz from Padre Island Drive to Holly Road, McArdle Road fro Airline to Mt, Vernon Park, North Staples from Leopard to Broad- way, Nueces Bay Boulevard from Leopard to IH 37, Waldron from Carribean to Purdue, Starlite from Leopard to Sunny, Cooper Alle from Mesquite to Tancahua and other street improvements; $250,000 for the purpose of buying buses to operate the City's Public Bus Transportation System; $400,000 for the purpose of making perman ent improvements, to -wit: health facility buildings (excluding medical and hospital care facilities); and $75,000 for the purpoie of making permanent improvements to the Municipal Service Center. 0 a 2. That said bonds shall be dated April 1, 1973, shall be numbered consecutively from 1 through 1200, shall be in the denomination of $5,000 each, and shall mature and become due and payable serially on April 1 in each of the years, and i. the amounts, respectively; as set forth in the following schedu' YEAR AMOUNT YEAR AMOUNT 1974 $200,000 1984 $300,000 1975 200,000 1985 300,000 1976 200,000 1986 300,000 1977 200,000 1987 300,000 1978 250,000 1988 300,000 1979 250,000 1989 400,000 1980 300,000 1990 400,000 1981 300,000 1991 400,000 1982 300,000 1992 400,000 1983 300,000 1993 400,000 3. That as to said bonds scheduled to mature on and after April 1, 1984, 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 April 1, 1983, or on any interest payment date thereafter, for the princi• pal amount thereof plus accrued interest to the date fixed for redemption, plus a premium of 2k%, such premium to be reduced of 1% on April 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 automatically shall be redeemed prior to maturity, and they shall not bear interest CE 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. 4. 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 1974 through /9�/ - -- (0,0 % per annum; all bonds scheduled to mature during the years through ZW - -- �% per annum; all bonds scheduled to mature during the years through 1990 - -- 5'/0 % per annum; all bonds scheduled to mature during the years /99i through /. - -- Sao % per annum; .all bonds scheduled to mature during the years /993 through - -- _//0_% per annum; with said interest to be evidenced by interest coupons payable on October 1, 1973, and semi - annually thereafter on each April 1 and October 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, or, at thl option of the bearer, at The Chase Manhattan Bank, N.A., New Yor New York, or, at Harris Trust and Savings Bank, Chicago, Illinoi , which places shall be the paying agents 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 Accoun 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. $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BOND SERIES 1973 On April 1, 19 ^, 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 . and to pay interest thereon, from the date hereof, at the rate of % per annum, evidenced by interest coupons payable October 1, 1973, and semi - annually thereafter on each April 1 and October 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, or, at the option of the bearer, at The Chase Manhattan Bank, N.A., 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 bonds of like tenor and effect except as to number, maturity, interest rate and right of prior redemption, numbered 1 through 1200, of the denomination of $5,000 each, dated April 1, 1973, issued in the principal amount of $6,000,000 for the following purposes, to -u $150,000 for the purpose of permanent public improvements, to -U fire department and police buildings; $600,000 for the purpose enlarging the site and providing facilities for the City's International Airport; $1,450,000 for the purpose of improving lands for park purposes including South (McGee) and Corpus Chri beach development, softball field facilities, swimming pools at Flour Bluff and Woodlawn Parks, museum improvements, and improv ments at Bayfront, Los Encinos, Woodlawn, Cole and various othe: parks; $1,300,000 for the purpose of constructing improvements .to the sanitary sewer system, including Broadway Plant improve- ment, Saratoga Main, Calallen Trunk, and lines in the Flour Bluff, Calallen, Tulosa Midway, and Corpus Christi Beach areas and other sanitary sewer improvements; $1,000,000 for the purpo; of_ constructing drainage improvements, including Bayfront Pump Station modification, ditch improvements along-Flynn and Shea Parkways, and the Van Galen Ditch; local drainage in the Six Points, Mayfield Lane, Casa Blanca, Arboleda, Flour Bluff, and Lorraine Street areas, major drainage facilities in the West Oso High School and Williams Drive areas, and other drainage facilities; $775,000 for the purpose of improving the streets of the City, including neighborhood streets, sidewalks to school sites, traffic signals, street lighting, Leopard Street resurfac ing from Battlin Buc to Broadway, Airline from Padre Island Drive to Williams Drive, Kostoryz from Padre Island Drive to Holly Road, McArdle Road from Airline to Mt. Vernon Park, North Staples from Leopard to Broadway, Nueces Bay Boulevard from Leopard to IH 37, Waldron from Carribean to Purdue, Starlite from Leopard to Sunny, Cooper Alley from Mesquite to Tancahua and other street improvements; $250,000 for the purpose of of buying buses to operate the City's Public Bus Transportation System; $400,000 for the purpose of making permanent improve- ments, to -wit: health facility buildings (excluding medical and hospital care facilities); and $75,000 for the purpose of making permanent improvements to the Municipal Service Center. The bonds of this Series scheduled to mature on and after April 1, 1984, may be redeemed prior to their scheduled maturities, in whole or in part, in inverse numerical order, at the option of said City, on April 1, 1983, 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 2z%, such premium to be reduced k of 1% on April 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 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 agents for the payment of the principal amount of the bonds to be redeemed, plus accrued interest there- on 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 receivin the funds do provided for such payment. It is hereby certified and recited that this bond has been duly and %,.;.lidly 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- sary 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 prescribe( 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 (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 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 0 t charges to the bearer, upon presentation and surrender of this interest coupon, at the Corpus Christi Bank & Trust, Corpus Christi, Texas, or, at the option of the bearer, at The Chase Manhattan Bank, N.A., 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 hereinafter designated, of that issue of City of Corpus Christi, Texas, General Improvem nt Bonds, Series 1973, dated April 1, 1973. Bond No. City Secretary Mayor 8. That a special fund or account, to be designated the "City of Corpus Christi, Texas, General Improvement 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 part 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 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 interes comes due, and such principal matures, are hereby pledged irrevocably for such purpose, within the.limit prescribed by law. 9. That the sale of the bonds herein authorized to at a price of par and accrued interest to date of deliver / � y, plus a premium of $ /, ��/ , -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. 10. 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 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. 11. 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. 12. That the City covenants to and with the purchaser of the bonds that it will make no use of the proceeds 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 pertain- ing thereto; and by this covenant the City-is obligated to compl 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. 13. The fact that the contemplated use of the proceed 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 introduced and that such ordinance or resolution shall be read at three several meetings 0 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. 14. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APP his the Xl`day of March, 1973. Mayor, City of orpus risti, Texas ATTEST: i City Secretary, C'ty o- Corpus risti, Texas The foregoing ordinance was approved prior to passage as to form and correctness thise� day of March, 1973. Z / Attorney,'Ci Ci of Corpus Christi, :as CITY OF CORPUS CHRISTI, TEXAS �� 3s, 1,, BID TABULATION - $6,000,000 GENERAL IMPROVEMENT BONDS SERIES 1973(-1- 0`'4�\��� f, BIDS OPENED: 11:00 A.M., C.S.T., MARCH 21, 1973 c. SE�S'0 ` ' Effective Total Less �j 13 Interest Interest Cash Interest Bidder Rate Cost Premium Cost Weeden & Co. (low bid accepted) - - Bank of the Southwest, N.A. 5.0740% $3,571,800 $3,119.00 $3,574,681.00 First Nat'l Bank in Dallas 5.09140% 3,587,287.50 395.50 3,586,892.00 Merrill Lynda, Pierce, Fenner & Smith, Inc. Hornblower & Weeks - Hemphill., Noyes ' First National Bank of Miami Girard Bank Fort Worth National Bank Paine, Webber, Jackson & CLrtis Texas Commerce Bank N.A. National Bank of Tulsa E. F. Hutton & Co., Inc. McKinney, Rose & Co., Inc. John Nuveen & Co., Inc. 5.1029% 3,595,000 -0- 32595,000.00 Rowles Winston & Co., Inc. Rauscher Pierce Securities Corp. Underwood Neuhaus & Co., Inc. Corpus Christi State Nat'l Bank Chemical Bank Bank of the Commonwealth Russ & Co. , Inc. The Columbian Securities Corp. of Texas McClung & Knickerbocker, Inc. Moroney, Beissner & Co., Inc. Harris Trust & Savings Bank, Chicago 5.1059% 32599,700 2,607.00 32597,093.00 The Northern Trust Company The First Nat'l Bank of Fort Worth Blyth Eastman Dillon & Co., Inc. A. G. Becker & Co., Inc. First City Nat'l Bank of Houston Walston & Co., Inc. - Van Kampen Wauterlek & Brown, Inc. Wilson, White, Belf, Lake & Rochlin & Co. 5.112765% 3,603,600 1,657.00 3,601,943.00 Corpus Christi Bank & Trust 5.128% 3,613,500 791.00 3,612,709.00 Page 2 Bidder Republic Nat'l Bank of Dallas Mercantile Nat'l Bank at Dallas Rotan Mosle Inc. Texas Bank & Trust Co. of Dallas White, Weld & Co., Inc. First of Texas, Inc. Eppler, Guerin & Turner Dominick & Dominick, Inc. City Nat'l Bank & Trust Co. First National City Bank Bankers Trust Company First Nat'l Bank of Chicago Reynolds Securities, Inca Industrial Nat'l Bank of Rhode Island W. H. Morton & Do. Bancnorthwest Wells & Christensen, Inc. r Salomon Brothers Morgan Guaranty Trust Co. of N.Y. Continental Illinois Nat'l Bank & Trust Co. of Chicago & Associates it, 1, Effective Total Less Net Interest Interest Cash Interest Rate Cost Premium Cost 5.1567% $3,637,750 $4,800.00 $3,632,950.00 5.1631% 3,640,700 3,264.00 3,137,436.00 5.22325% 3,680,450 670.00 3,679,780.00 5.26737% 3,712,050 1,188.00 3,710,862.00 }