HomeMy WebLinkAbout12036 ORD - 05/08/1974ORDINANCE NO. 12030
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $100,000 CITY OF CORPUS CHRISTI, TEXAS,
CONVENTION FACILITY BONDS, SERIES 1974,
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
interest of the City that 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 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, Convention Facility Bonds,
Series 1974," 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 $100,000 for the purpose of
making permanent public improvements, to -wit: a multi- purpose
exhibit, meeting, banquet, and convention facility and the
acquisition and development of the site therefor including but
not limited to parking and landscaped areas.
2. That said bonds shall be dated June 1, 1974,
shall be numbered consecutively from 1 through 4, shall be
in the denomination of $25,000 each,. and shall mature and become .
due and payable serially on June 1 in each of the years, and in
the amounts, respectively, as set forth in the following
schedule:
YEAR AMOUNT
1978 $25,000
1979 25,000
1980 25,000
1981 25,000
3. That said bonds shall bear interest from their
date until maturity at the rate of 57 per annum, with said
interest to be evidenced by interest coupons payable on
December 1, 1974 and semi- annually thereafter on each June 1
and December 1.
4. 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 agents for said bonds.
5. 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.
6. 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.
$25,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS, CONVENTION FACILITY
BOND
SERIES 1974
On June 1, 19_, the City of Corpus Christi, in the
County of Nueces, State of Texas, promises to pay to bearer
the principal amount of
TWENTY FIVE THOUSAND DOLLARS
and to pay interest thereon, from the date hereof, at the rate
of 5% per annum, evidenced by interest coupons payable
December 1, 1974, and semi - annually thereafter on each June 1
and December 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 agents 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 1 through',
4, of the denomination of $25,000 each, dated June 1, 1974,
issued in the principal amount of $100,000 for the purpose of
making permanent public improvements, to -wit: a multi- purpose
exhibit, meeting, banquet, and convention facility and.the
acquisition and development of the site therefor including
but not limited to parking and landscaped areas.
It is hereby certified and recited that this bond has
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-
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 pre-
scribed by law.
In witness whereof, this bond and the interest coupons
attached hereto have been 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
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,
the amount of Dollars in lawful money of
the United States of America, without exchange or collection
charges 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, Texas, Convention Facility Bonds,
Series 1974, dated .Tune 1, 1974. Bond No.
City Secretary
Mayor
7. That a special fund or account, to be designated
the "City of Corpus Christi, Texas, Convention Facility Bonds,
Series 1974, 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 there-
to 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
• I
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 out-
standing 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. That the Mayor of said City is hereby authorized
to have co..trol 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 Registra-
tion Certificate prescribed herein to be printed and endorsed
on each bond, and the seal of said Comptroller shall be impress-
ed or printed, or lithographed on each of said bonds.
9. 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.
10 . That the City covenants to and with the purchasers
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 obligat#en to
comply with the requirements of the aforesaid Section 103(d) and
all applicable and pertinent Department of the Treasury regula-
tions relating to arbitrage bonds. The City further covenants
that the proceeds of the bonds will not otherwise be used di-
rectly 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.
11. The fact that the contemplated use of the proceeds
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
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.
12. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the O tt day of May, 1974.
Mayor, ty f Corpus Christi, exas
ATTEST:
�i
City Secretary, Q'•ity o Corpus
Christi, Texas
The foregoing ordinance was approved prior to �
passage as to form and correctness this �IK day of May,
1974.
ffcc� City Attorney, City of Uorpus Christi,
P ' Texas
f0-. fl
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, City Secretary of the City of
Corpus Christi, Texas, do hereby certify that the above and
foregoing is a true, full and correct copy of an ordinance
passed by the City Council of the City of Corpus Christi,
Texas (and of the minutes pertaining thereto), on the 8th
day of May, 1974, authorizing the issuance of $100,000 of City
of Corpus Christi, Texas, Convention Facility Bonds, Series
1974, which ,-erdinance is duly of record in the minutes of said
City Council and said meeting 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.
EXECUTED UNDER MY HAND AND SEAL of said City, this
the V4 day of May, 1974.
City Secretary, City of Corpus Christi,
Texas
(SEAL)
Corpus Christi, Texas
day 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, c2_
MAYOR /
T CITY OF CORPUS CHRISTI, TEXAS
The Charter rule was suspended by the following vote:
Jason Luby V
James T. Acuff
Rev. Harold T. Branch r
Thomas V. Gonzales
Ricardo Gonzalez
Gabe Lozano, Sr.
J. Howard Stark
The above ordinance was passed by the following vote:
Jason Luby k
James T. Acuff
Rev. Harold T. Branch
Thomas V. Gonzales
Ricardo Gonzalez
Gabe Lozano, Sr.
J. Howard Stark
•
C7
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the 8th day of May, 1974, the City Council
of the City of Corpus Christi, Texas, convened in Regular
Meeting, with the following members of'said Council present,
to -wit:
Jason M. Luby,
Capt. J. T. Acuff
Rev. Harold T. Branch
Thomas V. Gonzales
Ricardo Gonzales
Gabe Lozano, Sr.
J. Howard Stark
T. Ray Kring,
Alton White,
Harold F. Zick,
James R. Riggs,
Mayor
Commissioners
Secretary
Tax Assessor -
Collector
Director of Finance
City Attorney
with the following absent: 71D-M --- ,
constituting a quorum, at which time the following among other
business was transacted:
Mr. Luby, 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 communication
in writing pertaining to said proposed ordinance, as follows:
"Corpus Christi, Texas
May 8, 1974
"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 ordi-
nance 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.
"Yo
_=ry truly,
/son M. Luby ^�
Mayor"
12036
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
_ (�1 The motion was carried by an unanimous vote by
the City Council, viz:
AYES: Commissioners Acuff, Branch, Thomas V. Gonzales,
Ricardo Gonzales, Lozano and Stark.
NAYS: None.
The Mayor requested that the records show that he
voted Aye. This was done. //
Commissioner /i lc�✓ moved that the ordinance be
passed finally. The motion was seconded by Commissioner
�+J The motion was carried by the following vote:
AYES: Commissioners Acuff, Branch, Thomas V. Gonzales,
Ricardo Gonzales, Lozano and Stark.
NAYS: Luby.
The Mayor requested that the records show that he
voted Nay. This was done.
The Mayor announced that the ordinance has been passed.
The ordinance is as follows: