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HomeMy WebLinkAbout12115 ORD - 06/05/1974• • THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 5th day of June, 1974, the City Council of the City of Corpus Christi, Texas, convened in Special Meeting, with the following members of said Council present, to -wit: Jason M. Luby, Mayor Capt. J. T. Acuff Rev. Harold T. Branch Thomas V. Gonzales Ricardo Gonzalez Commissioners Gabe Lozano, Sr. J. Howard Stark T. Ray Bring, Secretary Alton White, Tax Assessor - Collector Harold F. Zick, Director of Finance James R. Riggs, City Attorney with the following absent: a & , constituting a quorum, at which time the f 1 ing 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 "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 ordinar 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. "Y rs ve t , Y M. uby Mayor" /oZ // s-- Commissioner oved that the Charter provision prohibiting ordinanc s f om 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 Commission '4 X—,� . The motion was carried by an unanimous vote by the ity Council, viz: AYES: Commissioners Acuff, Branch, Thomas V. Gonzale Ricardo Gonzaleg, Lozano and Stark. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner moved that the ordinance t passed finally.. The motion was seconded by Commissioner The motion was carried by the following vote: AYES: Commissioners Acuff, Branch, Thomas V. Gonzale Ricardo Gonzaleg, Lozano 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 passe it The ordinance is as follows: I I s tiJ ORDINANCE N0. p,PPC0UNC4l. BY THE CITY COUNCIL OF THE CITY OF CORP ey CHRISTI, TEXAS, PROVIDING FOR THE ISSUANs�,�sH ` OF $3,900,000 CITY OF CORPUS CHRISTI, T GENERAL IMPROVEMENT 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 i 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 determineda i that a case of emergency or urgent public necessity exists which i 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 I 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 CHRIST TEXAS: 1. That said City's coupon bonds to be designated the "City of Corpus Christi, Texas, General Improvement 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 $3,900,000 for the following purposes, to -wit: $500,000 for the purpose of making permanent public improvements, to -wit: a multi - purpose auditorium; $750,000 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 0 • other sanitary sewer improvements; $350,000 for the purpose of improving lands for park purposes including South (McGee) and Corpus Christi beach development, softball field facilities, I swimming pools at Flour Bluff and Woodlawn parks, museum imprcv�- ments, and improvements at Bayfront, Los Encinos, Woodlawn, Col and various other parks; $150,000 for the purpose of permanent public improvements, to -wit: fire department and police buildings; $600,000 for the purpose of constructing drainage improvements, including Bayfront pump station modification, ditch improvement along Flynn and Shea parkways, and the Van Galen ditch; local drainage in the six points, Mayfield Lane, Casa Blanca, Arboled , Flour Bluff, and Lorraine street areas, major drainage facilities in the West Oso High School and Williams Drive areas, and other drainage facilities; and $1,550,000 for the purpose of improving the streets of the City, including neighborhood streets, side- I walks to school sites, traffic signals, street lighting, Leopard street resurfacing from Battlin Buc to Broadway, Airline from i 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 Purde, Starlite from Leopard to Sunny, Cooper Alley from Mesquite to Tancahua and other street improvements. 2. That said bonds shall be dated June 1, 1974, shall be numbered consecutively from 1 through 780, shall be in the denomination of $5,000 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: 0 • YEARS AMOUNTS YEARS AMOUNTS 1975 $125,000 1985 $225,000 1976 125,000 1986 225,000 1977 125,000 1987 225,000 1978 125,000 1988 225,000 1979 150,000 1989 225,000 1980 150,000 1990 225,000 1981 200,000 1991 225,000 1982 200,000 1992 225,000 1983 225,000 .1993 225,000 1984 225,000 1994 225,000 3. That as to said bonds scheduled to mature on and after June 1, 1985, said City shall have the right and i option to redeem such bonds prior to their scheduled maturities in whole or in part, in their inverse numerical order, on June , I 1984 or on any interest payment date thereafter, for the princi pal amount thereof plus accrued interest to the date fixed for redemption, plus a premium of 2 -1/2%, such premium to be reduce 1/4 of 17 on June 1 of each year thereafter. At least thirty days before the date fixed for any such redemption, the City shall cause a written notice of such redemption to be published at least once in a financial publica tion printed in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agents for the payment of the principal amount of th bonds to be so redeemed, plus accrued interest thereon to the date fixed for redemption and any premium as required above. the written notice of redemption is published, and if due pro- vision for such payment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. 0 • 4. That said bonds shall bear interest from their date, until maturity or redemption, at the following rates: all bonds scheduled to mature during the years 1978 --- b % per annum; all bonds scheduled to mature during the years /274_ through f - -- 5 0 % per annum; all bonds scheduled to mature during the year$ ��� - -- r5 �2 7, per annum; all bonds scheduled to mature during the years /IL7 through/2y/--- per annum; all bonds scheduled to mature during the years /f%g. through /19.�- -- _4LId % per annum; with said interest to be evidenced by interest coupons payable I on December 1, 1974, and semi - annually thereafter on each June and December 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 the option of the holder, at The Chase Manhattan Bank, N.A., New York, New York, or, at Harris Trust and Savings, I Bank, Chicago, Illinois, which places shall be the paying agent for said bonds. 5. That each of said bonds and interest coupons shal: 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 Accou 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 1974 On June 1, 19_, the City of Corpus Christi, in the I'I County of Nueces, State of Texas, promises to pay to bearer the principal amount of FIVE THOUSAND DOLLARS at the rate and to a interest thereon from the date hereof, pay , 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 o 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 9 itcoupon, 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 V right of prior redemption, numbered 1 through 780, of the denom tion of $5,000 each, dated June 1, 1974, issued in the •j • principal amount of $3,900,000, for the following purposes, to- wit: $500,000 for the purpose of making permanent public improve- ments, to -wit: a multi - purpose auditorium; $750,000 for the purpose of constructing improvements to the sanitary sewer system, including Broadway Plant Plant improvement, Saratoga main, Calallen trunk and lines in the Flour Bluff, Calallen, Tulosa Midway, and Corpus Christi Beach areas and other sani sewer improvements; $350,000 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 imp ments, and improvements at Bayfront, Los Encinos, Woodlawn, Cole and various other parks; $150,000 for the purpose of permanent public improvements, to -wit: fire department and police buildings; $600,000 for the purpose of constructing drainage improvements including Bayfront pump station modification, ditch improvemen s along Flynn and Shea parkways, and the Van Galen ditch; local drainage in the six points, Mayfield Lane, Casa Blanca, Arbole a, Flour Bluff, and Lorraine street areas, major drainage facilities in the West Oso High School and Williams Drive areas, and other drainage facilities; and $1,550,000 for the purpose of improvi the streets of the City, including neighborhood streets, side- walks to school sites, traffic signals, street lighting, Leopa street resurfacing 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 B Boulevard from Leopard to IH 37, Waldron from Carribean to Starlite from Leopard to Sunny, Cooper Alley from Mesquite to Tancahua and other street improvements. P The bonds of this Series scheduled to mature on and after June 1, 1985, may be redeemed prior to their scheduled maturities, in whole or in part, in inverse numerical order, at the.option of said City, on June 1, 1984, 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 2 -1/2 %, such premium to be reduced 1/4 of 1% on June 1 of each year thereafter. At least thirty days before th 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 le 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 require above. If the written notice of redemption is published, and iI due provision for such payment is made, all as provided above, I the bonds, which are to be so redeemed, thereby automatically II 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 receivi the funds so provided for such payment. 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. 0 • 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 Ma r, ity of Co 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, 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 design+ of that issue of City of Corpus Christi,'Texas, General Improves Bonds, Series 1974, dated June 1, 1974,,—Bond No. 117 City Secretary Mayor ted, • 7. That a special fund or account, to be designated the "City of Corpus Christi, Texas, General Improvement Bonds, Series 1974, Interest and Sinking Fund" is hereby created and shall be established and maintained by said City at its offici 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 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 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. (a) That said bonds are hereby sold and shall be delivered to Rotan Mosle Inc. and First City National Bank 7_j of Houstoni at a price of par and accrued interest to date of delivery. (b) 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 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 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 pertai ing thereto; and by this covenant the City is obligation to comply with the requirements of the aforesaid Section 103(d) a 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 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. 12. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the Slet day of June, 1974. May , ty of CorpuArltea, ATTEST: p City Secretary, ty of Corp s Christi, Texas The foregoing ordinance was approved prior to passage as to form and correctness this d day of June, 1974. it4vjz�� GC ASSF.City : °-orney, City of Corpus Christi, Texas