HomeMy WebLinkAbout11704 ORD - 09/19/1973JRR cd:9- 17- 73:lst
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,
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 hereto,
marked Exhibit "A ", and incorporated herein by this reference.
SECTION 2. 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 ,�/ day of September, 1973.
ATTEST:
111111U:54' 1
City Secret
APPROVED:
DAY OF SEPTEMBER, 1973:
Attorney
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
11704
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 contract between City and District, executed on
August 10, 1955, and hereinafter called "1955 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 payments toward the principal
and interest of District in such a manner that District will not be required
to levy a property tax; and
WHEREAS, the Districts principal and interest fund is in order
with a substantial surplus over and above the required reserve; and
WHEREAS, the water sales for 1973 -74 will provide adequate payments
for debt retirement, if properly scheduled:
NOW, THEREFORE, in consideration of the mutual benefits to accrue
to the parties upon the adoption of the following contract, and in considera-
tion 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 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, 1974, will be Seventy -Five Thousand
Dollars ($75,000) except for the final settlement of the 1973 -74 contract year
which will occur in July, 1974.
2. District agrees that no property tax will be levied for the
1973 tax year on property that is in the District as of January 1, 1973.
3. Both parties contemplate that the City will be able, and desires
to make a similar payment additional to or according to a different timetable
than that set forth in the 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, 1974, and in succeeding years.
IN WITNESS WHEREOF, the parties hereto have caused this agreement
to be executed by their duly authorized representatives, this the If
day of 1973.
ATTEST:
By
City Secretary R. Marvin Townsend, City Manager
APPROVED:
DAY OF , 1973:
City Attorney
Director of Finance
ATTEST: LOWER NDECES RIVER WATER SUPPLY DISTRICT
By
Secretary
Corpus Christi, Texas
_Zffd.y of 19
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.
Respectfully,
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
The Charter rule was suspended by the following vote:
Jason Luby
James T. Acuff
Rev. Harold T. Branch
Thomas V. Gonzales
Ricardo Gonzalez
Gabe Lozano, Sr.
J. Howard Stark
The above ordinance was passed by the following vote:
Jason Luby
James T. Acuff
Rev. Harold T. Branch
Thomas V. Gonzales
Ricardo Gonzalez
Gabe Lozano, Sr.
J. Howard Stark