HomeMy WebLinkAbout12116 ORD - 06/05/1974•
T11E 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 Luby, Mayor,
Ricardo Gonzalez,
Capt. J. T. Acuff,
Rev. Harold T. Branch,
Commissioners,
Thomas V. Gonzales,.
Gabe Lozano, Sr.,
J. Howard Stark,
T. Ray Kring, City Secretary,
with the following absent:
constituting a quo , a
which time the following among other busir.ass was transacted
Mr. Luby presented for the consideration of the Cc
an ordinance. The ordinance was read by the City Secretary.
The Mayor presented to the Council, a communication in writi
pertaining to said proposed ordinance, as follows:
"Corpus Christi., Texas
June 5, 1974
"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 imperati
necessity exist for the suspension of the Charter rule or
requirement that no ordinance or resolution shall be passed
/ a /4
Li
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 ordinance finally on the
date it is introduced, or at the present meeting of the
City Council.
pectfully,
Jason uby
MAYOR
THE'CITY OF CORPUS CHRISTI,
,pp TEXAS
Commissioner,)0 "6 oved 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 claUt:e of the
ordinance. The motion was seconded by Commissioner y
The motion was carried by an unanimous vote by the City Council,
viz:
AYES: Commissioners Gonzalez, Acuff, Branch, Gonzales
Lozano, Sr., and Stark.
NAYS: None.
The Mayor requested that the records show that he
voted Aye. This was done.
Commissioner ved that the ordinance
be passed finally. The motion was seconded by Commissioner
•
A-m- The motion was carried by the following vote:
AYES: Commissioners Gonzalez, Acuff, Branch,
Gonzales, Lozano, Sr., and Stark.
NAYS: None.
The Mayor requested that the records show that he
voted Aye. This was done.
The Mayor announced that the ordinance had been
passed. The ordinance is as follows:
•
ORDINANCE N0. �`��� g UN 1974
b APPROVED
BY THE CITY COUNCIL OF THE CITY OF CORPUS msmrely
TEXAS, AUTHORIZING THE ISSUANCE OF $800,000.0 v "'
CITY OF CORPUS CHRISTI TAX AND REVENUE CERTIFI tZON'`
OF OBLIGATION, HE LE
SERIES 1974 -A; PROVIDING FOR T
ASSESSMENT, AND COLLECTION OF A TAX SUFFICIENT TO
PAY THE INTEREST ON SAID CERTIFICATES AND TO CREATE A
SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY;
PROVIDING THAT SUCH CERTIFICATES WILL BE PAYABLE
FROM AND SECURED BY OTHER REVENUES; PRESCRIBING THE
FORM OF SAID CERTIFICATES OF OBLIGATION; AND OR-
DAINING OTHER MATTERS RELATING TO THE SUBJECT.
WHEREAS, on the 24th day of April, 1974,'the
City Council of said City passed an ordinance directing pub-
lication of the following notice:
NOTICE TO BIDDERS
Sealed proposals addressed to the City Secretary of the City of Corpus
Christi, Texas, City Hall, P. 0. Box 9277, Corpus Christi, Texas, 78408,
will be received by the City of Corpus Christi, Texas, for:
AIRPORT TOWER EXPANSION
Corpus Christi International Airport
until
;2:00 PJL , C.D.T., Wednesday,
May 22, 1974
and immediately thereafter will be publicly opened and read aloud. Any bid
received after the stated time will be returned unopened. Any bid may be
withdrawn prior to the above scheduled time for the opening of bids_ No
bid. may be withdrawn until the expiration'of thirty (30) days from date of
opening bids_
PROJECT DESCRIPTION
Major items of construction on the project shall include the construction
of a five- story, 18,000 S.F., reinforced concrete - framed addition to the
existing tower building, and the contract shall include all general con-
struction, plumbing work, heating, -ventilating and air conditioning work,
electrical work-, reworking of existing internal spaces, and site work,
in accordance with- contract documents prepared by Page Southerland Page
& Whittet, Architects - Engineers, 823 North Tancahua, Corpus Christi, Texas,
78401.
The Information for Bidders, Form of Bid, Form'of Contract, Plans,-Speci-
fications and Form of Bid Security, Performance and Payment Bond, and other
contract documents are on file and may be examined without charge in the
Office of the Director of Engineering and Physical Development, City Hall,
Corpus.Christi, Texas, or at the office of the Architect. Copies may be
obtained at the Office of the Architect upon deposit of Ten Dollars ($10.00)
for each complete set. Such deposit will be refunded to each person who _
returns the plans, specifications, and other documents in good condition
within five'(5) days after bid opening.
A cashier's check, money order, certified check, or bank draft, from a state
or national bank, payable without recourse to,the City of Corpus Christi,.
Texas, in an amount tabulated in accordance with the scale provided in the
specifications, must accompany each bid. Bid bonds will not be accepted.
The successful bidder will be required to furnish 100; Performance Bond
and Payment Bond in accordance with the Statutes of the State of Texas_
The City of Corpus Christi intends to enter into a contract for the con -
struction of the Airport Tower Expansion in said City, with the lowest and
best responsible Bidder, but the City reserves the right to reject any and /or
all bids, to waive formalities, and in case of ambiguity or lack of clearness
in stating proposal prices, to adopt such interpretation as may be most ad-
vantageous to the City.
The City Council intends to sell the interest bearing Certificates of Obli-
gation of the City for cash for the purpose of paying the contract entered
into by the City pursuant to this notice.
The bidder is hereby notified that the City Council of the City of Corpus
Christi has ascertained the general prevailing rates of per hour wages of
all laborers, workmen, craftsmen, and mechanics for work of a similar character
in the locality and to be employable on the construction of this project
in said locality, whereby not less than-the general prevailing rates of per
hour wages for work of a similar character in the locality and the.City of
Corpus Christi, 'and tiot less than the general prevailing rates of per hour
wages for legal holiday and overtime work, shall be. paid to all laborers,
workmen, craftsmen, and mechanics employed on the construction of the project,
and thus finds said . rates for said laborers, workmen, craftsmen, and mechanics
classifications to be as follows:
OVERTIME AND HOLIDAYS
Any laborer, workman, or mechanic employed on this project shall be paid
on the basis of eight (8) hours, constituting a day's work and all such labor _ -
so employed shall be paid at the rate of one and one -half (1 -1/2) times the
regular rate for every hour worked in ekcess of eight (8) hours per day and /or
forty (40) hours per week, whichever is.the rester number of overtime hours_
Legal holiday work shall be paid for at two 2) times the regular governing
per diem wage rates -.
GENERAL PREVAILING RATE.
CLASSIFICATION
Asbestos Workers
Boilermakers
Bricklayers
Carpenters
Cement Masons -
Electricians
Cable Splicers
Glaziers
Ironworkers, Structural - Ornamental
Reinforcing
Laborers, Commercial
Industrial
Lathers
Marble -Tile Stairs Terrazzo Workers
Millwrights
Painters: .Commerical, Brush
Sign
Paper- Spray - Tool.
Tape and Bed
Industrial, Brush
Spray- Sand -Tool
Plumbers - Pipefitters, Commercial
Industrial
BASIC HOURLY RATE -
$6.905
7.00
6.63
5.88 _
6.15.-
7 -50
7.625
5.06
5.54
5.435
3.55
3.55
5.90
6.03
6.69
5.79
6.04
6.19
5.79
6.04
6.29
6.50
6.75
Plasterers 6.85
Roofers 5.125,
Kettlemen 5.00
Sheetmetal Ulorkers 6.35
Soft Floor Layers 5.88
Welders - Receive rate prescribed for incidental
craft with which they are working
Power Equipment Operators=
.Heavy Equipment, Conmercial 6.00
Industrial 6.35
,Light Equipment, Cowercial 6.375 -
Industrial 5.725.
Oiler, 1st Year, Commercial. 4.7.75
Industrial 5.125
Oiler, 2nd Year, Connercial 4.925. _
Industrial 5.275
CITY OF CORPUS CHRISTI, TEXAS
Jason Luby, Mayor
Marvin Tovmsend, City Manager
1st Insertion April 29, 1974
2nd Insertion May 6, 1974
3rd Insertion May 13, 1974
r �
AIRPORT TOWER EXPANSION
Corpus Christi International Airport
Corpus Christi, Texas
PROPOSAL FOR LUMP SUM CONTRACT
Place: Corpus Christi, Texas
Date: May 22 1974
Proposal of Lambert 6 Fondren Inc.
a corporation organized and existing under the laws Of the State of
Texas or a partnership consisting of
TO THE CITY OF CORPUS CHRISTI
CORPUS CHRISTI, TEXAS.
Gentlemen:
The undersigned hereby proposes to furnish all labor and materials, tools,
and necessary equipment; and to perform the work required for the construc-
tion of the Airport Tower.Expansion at the Corpus Christi International
Airport, complete, in accordance with plans, specifications, and other
contract documents prepared by Page, Southerland, Page and Whittet,
Architects- Engineers, Corpus Christi, Texas,. at the locations set out
by the plans and specifications, and in strict accordance with the
contract documents for the following price, to wit:
BASE BID:
Six hundred, fifty-eight thousand four DOLLARS($ 658,400.00--- ------
)
hundred
The Bidder agrees that the following named persons will serve as Company
or Corporation Officer -in- Charge of the overall project, and as the on-
site Construction Superintendent, and will continue in these capacities
until final acceptance of the Project by the Owner:
Officer -in- Charge Jerry Fondren
Construction Superintendent John Houston
The undersigned hereby declares that he has visited the sites and has
carefully examined the plans, specifications and contract documents re-
lating to the work covered by his bid or bids, that he agrees to do the
work, and that no representations made by the City are in any sense a
warranty, but are mere estimates for the guidance of the Contractor.
Upon receipt of notice of the acceptance of the bid, we will execute the
formal contract attached within ten days, and will deliver a Performance
Bond for the faithful performance of this contract, and a Payment Bond to
insure payment for all labor and materials. The bid security attached,
without endorsement, in the sum of Fifteen thousand dollars
($15,000.00 ------------- ) is to become the property of the City of Corpus
Christi in the event the contract and bond are not executed within the
time above set forth, as liquidated damages for the delay and additional
work caused thereby.
Number of Signed Sets of Documents: The contract and all bonds will be
prepared in not less than five counterpart (original signed) sets.
Time of Completion: The undersigned agrees to complete the work within
250 working days from the date designated by a Work Order.
The undersigned further declares that he will provide all necessary tools
and apparatus, do all the work and furnish all materials and do every-
thing required to carry out the above - mentioned work covered by this
proposal in strict accordance with the contract documents, and the re-
quirements pertaining thereto, for the sum or sums above set forth.
Receipt of the following addenda is acknowledged (give addenda number):
Addenda 1 & 2
The undersigned agrees that this proposal will remain good and in effect
for, a period of thirty (30) days after the date of bid opening.
Respectfully submitted,
Lambert & Fondren, Inc.
,,y$EAL - if M'gder a By: Ls�11
„i corpora, tlon)
P. 0 Box 6422 - Corpus Christi, Texas 78411
<! (Business Address Complete)
-2-
0
; and
WHEREAS, the aforesaid Notice was duly published on
May 6, 1974, and on May 13, 1974, in a newspaper as defined in
Article 28a, V.A.C.S, as amended, of general circulation in the
City, the date of the first publication being no less than four
days prior to the date set for the receipt of bids; and
WHEREAS, at the time and on the date specified in
said Notice the bids were publicly opened and read aloud
pursuant to said Notice; and
WHEREAS, the lowest and best responsible bidder is
hereby found and determined to be Lambert & Fondren, Inc,,
P. 0. Box 6422, Corpus Christi, Texas; and
WHEREAS, a true and correct copy of the Sealed Bid
submitted by said Company is attached to this Ordinance and
made a part hereof for all purposes; and
WHEREAS, on the 22nd day of May, 1974, the City
Council of said City passed an ordinance authorizing and
directing notice of its intention to issue the Certificates
of Obligation herein authorized to be issued to be published in
a newspaper as required by Section 8(b) of V.A.C.S.; and
WHEREAS, said notice was published as required
by said Section 8(b) on May 22, 1974, and on May 29, 1974;
and
WHEREAS, no petition, signed by 5% of the qualified
electors of said City as permitted by said Section 8(b) pro-
testing the issuance of such Certificates has been filed;
and
F
J
WHEREAS, the City of Corpus Christi is authorized
by Article 1269j -5, V.A.C.S. to secure and pay bonds by and
from the Pledged Revenues as hereinafter defined; and
WHEREAS, the Certificates of Obligation hereinafter
authorized are to be issued and delivered pursuant to Article
2368a.1,V.A.C.S., as amended;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
Section 1. ACCEPTANCE OF BID. That the aforesaid
bid of Lambert & Fondren, Inc., is hereby accepted.
Section 2. CONTRACT. That the Notice to Bidders,
together with the Bid submitted by Lambert & Fondren, Inc.,
the contract documents, and the provisions of this Ordinance
accepting such Bid as aforesaid, shall collectively constitute
a firm and binding contract between the City and said Company
for construction of the public work described therein.
Section 3. AUTHORIZATION OF CERTIFICATES OF
OBLIGATION. That said City's Certificates of Obligation, to
be designated the "City of Corpus Christi Tax and Revenue
Certificates of Obligation, Series 1974 -A, are hereby autho-
rized to be issued and delivered in the principal amount of
$800,000.00 for the purpose of paying the contractual obliga-
tion represented by the above described contract for the
construction of a public work (enlarging the City's airport by
airport tower expansion), and for the payment of contractual obli
tions for professional services (including engineering, archi-
tectural, attorneys, financial advisors, and fiscal agent).
ri
. Section 4. DATE, DENOMINATION,•MATUR'ITIES.
That said Certificates of Obligation shall be dated June 1,
1974, shall be in the denomination of $5,000 each, shall be
numbered consecutively from 1 through 160, and shall mature
serially on June 1 in each of the years, and in the amounts,
respectively, as set forth in the following schedule:
YEARS AMOUNTS
1976
$ 50,000
1977
50,000
1978
50,000
1979
50,000
1980
50,000
1981
50,000
1982
50,000
1983
50,000
1984
50,000
1985
50,000
1986
50,000
1987
50,000
1988
50,000
1989
50,000
1990
50,000
1991
50,000
Section 5. INTEREST. That the Certificates of
Obligation shall bear interest from their date until maturity
at the following rates:
Certificates maturing during the
years 1976 through /f_U - - -- per annum;
Certificates maturing during the
years 11fo through Z213 - - -- �% per annum;
Certificates maturing during the
years through - J. % per annum;
Certificates maturing during the
years �� through / - - - -% per annum;
Certificates maturing during the
years /M through /m - - -- .S % per annum.
Said interest shall be evidenced by interest coupons which
shall appertain to said Certificates of Obligation, and which
shall be payable on the dates stated in the Form of Certificate)
of Obligation set forth in this Ordinance.
Section 6. PLACE OF PAYMENT, EXECUTION. That said
Certificates of Obligation and interest coupons shall be pay-
able, shall have the characteristics, and shall be signed and
executed (and said Certificates of Obligation shall be sealed),
n
all as provided, and in the manner.indicated, in the Form of
Certificate of Obligation set forth in this Ordinance.
Section 7. FORM OF CERTIFICATE OF OBLIGATION,
COMPTROLLER'S CERTIFICATE AND INTEREST COUPON. That the
form of said Certificates of Obligation, including the form
of Registration Certificate of the Comptroller of Public
Accounts of the State of Texas to be printed and endorsed on
each of said Certificates of Obligation, and the form of
the aforesaid interest coupons which shall appertain and be
attached initially to each of said Certificates shall be,
respectively, substantially as follows:
NO.
FORM OF CERTIFICATE OF OBLIGATION:
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
TAX AND REVENUE CERTIFICATE OF OBLIGATION
SERIES 1974 -A
$ 5,000
ON JUNE 1, 19 , the City of Corpus Christi, in the
County of Nueces, State of Texas, promises to pay to bearer I
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
December 1, 1974, and semi - annually thereafter on each June 1
and December 1 while this Certificate of Obligation is out-
standing. The principal of this Certificate of Obligation and
the interest coupons appertaining hereto shall be payable to
bearer, in lawful money of the United States of America, withou
exchange or collection charges to the bearer, upon presentation
and surrender of this Certificate of Obligation or proper
interest coupon at Corpus Christi Bank & Trust, Corpus Christi,
•
Texas, which place shall be the paying agent for this Series of
Certificates of Obligation.
This Certificate of Obligation is one of a Series
of Certificates of Obligation dated June 1, 1974, issued in
the principal amount of $800,000, for the purpose of paying
the contractual obligation to be incurred for the construc-
tion of a public work (enlarging the City's airport by airport
tower expansion), as described in the authorizing Ordinance, an
for the payment of contractual obligations for professional
services (including engineering, -architectural, attorneys,
financial advisors, and fiscal agent).
IT IS HEREBY CERTIFIED, RECITED, AND COVENANTED that
this Certificate of Obligation has been duly and validly issued
and delivered; that all acts, conditions, and things required
or proper to be performed, exist, and be done precedent to
or in the authorization, issuance and delivery of this Certifi-
cate of Obligation have been performed, existed, and been done
in accordance with law; that this Certificate of Obligation is
a general obligation of said City, issued on the full faith
and credit thereof; and that annual ad valorem taxes sufficient
to provide for the payment of the interest on and principal of
this Certificate of Obligation, as such interest comes due and
such principal matures, have been levied and ordered to be
levied against all taxable property in said City, and have been
pledged irrevocably for such payment, within the limit prescrib
by law; and that this Certificate of Obligation is additionally
payable from and secured by the Pledged Revenues as described
and defined in the ordinance authorizing this Series of
Certificates of Obligation.
•
The City has reserved the right to issue additional
Certificates of Obligation payable from and secured by the
aforesaid Pledged Revenues.
IN WITNESS WHEREOF, this Certificate of Obligation
and the interest coupons appertaining hereto have been signed
with the facsimile signature of the Mayor of said City
and countersigned with the facsimile signature of the City
Secretary of said City, and the official seal of said City
has been duly impressed, or placed in facsimile on this
Certificate of Obligation.
City Secretary, City of Mayor, City of Corpus
Corpus Christi
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Certificate of Obligation
has been examined, certified as to validity, and approved by
the Attorney General of the State of Texas, and that this
Certificate of Obligation has been registered by the Comptrol-
ler of Public Accounts of the State of Texas.
NO.
WITNESS my signature and seal this
Ot YubLIC Acaoun
State of Texas.
FORM OF INTEREST COUPON:
ON 1, 19_
•
THE CITY OF CORPUS CHRISTI, in the County of Nueces,
State of Texas, promises to pay to bearer the amount shown on
this interest coupon, 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
Corpus Christi Bank & Trust, Corpus Christi, Texas, said amount
being interest due that day on the Certificate of Obligation,
bearing the number hereinafter designated, of that issue of
City of Corpus Christi Tax and Revenue Certificates of
Obligation, Series 1974 -A, dated June 1, 1974. Certificate
No.
ty Secretary Mayor
Section 8. DEFINITIONS. (a) The term "Federal Aviat9
Administration Tower Facilities ", as used in this Ordinance, sha]
mean the addition to the City's existing air traffic control towE
to be constructed with part of the proceeds of the Certificates
(such tower and addition, being located on.the City's airport),
together with all future improvements, extensions, enlargements,
and additions thereto and replacements thereof.
(b) The term "Pledged Revenues ", as used in this
Ordinance, shall mean all gross revenues derived by the City
from the ownership and operation of the Federal Aviation
Administration Tower Facilities.
(c) The term "Certificates ", shall mean the
Series 1974 -A Tax and Revenue Certificates of Obligation
authorized to be issued and delivered by this Ordinance.
•
Section 9. FUNDS. The following special funds are
hereby authorized and shall be established and maintained in
a depository bank of the City, so long as the Certificates,
or interest thereon, are outstanding and unpaid:
(a) City of Corpus Christi Tax and Revenue
Certificates of Obligation, Series 1974 -A, Interest
and Sinking Fund, hereinafter called the "Interest
and Sinking Fund";
(b) City of Corpus Christi Federal Aviation Admin-
istration Tower Facilities Revenue Fund, hereinafter
called the "Revenue Fund ".
Section 10. INTEREST AND SINKING FUND. On or
before November 20, 1974, and semi - annually on or before the
20th day of each May and November thereafter, there shall be
deposited into the Interest and Sinking Fund such amounts of
Pledged Revenues as will be at least sufficient together with
other amounts, if any, then on deposit therein to pay the
interest and principal, if any, scheduled to come due on the
Certificates on the next interest payment date. The Interest
and Sinking Fund shall be used to pay the principal of and
interest on the Certificates as such principal matures and
such interest comes due.
Section 11. TAX LEVY. All ad valorem taxes levied
and collected for and on account of said Certificates of
Obligation shall be deposited, as collected, to the credit
of the Interest and Sinking Fund. During each year while
•
any of said Certificates of Obligation or interest coupons
appertaining thereto are outstanding and unpaid, the
City Council of said City shall compute and ascertain a rate
and amount of ad valorem tax which will be sufficient to raise
and produce the money required to pay the interest on said
Certificates of Obligation as such interest comes due, and
to provide and maintain a sinking fund adequate to pay the
principal of such Certificates of Obligation as such prin-
cipal matures (but never less than 27. of the original
principal amount of said Certificates of Obligation as a
sinking fund each year); and said tax shall be based on the
latest approved tax rolls of said City, with full allowance
being made for tax delinquencies and the cost of tax collec-
tion. Said rate and amount of ad valorem tax is hereby
levied, and is hereby ordered to be levied, against all
taxable property in said City for each year while any of said
Certificates of Obligation or interest coupons appertaining
thereto axe outstanding and unpaid; and said 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 sufficient to provide for the payment of
the interest on and principal of said Certificates of
Obligation, as such interest comes due and such principal
matures, are hereby pledged irrevocably for such payment,
within the limit prescribed by law.
It is specifically provided that to the extent nece
sary the payments into the Interest and Sinking Fund as herei
above required shall be made from funds derived from taxation
However, to the extent that there is on deposit in the Int
and Sinking Fund Pledged Revenues in advance of the time when
•
taxes are scheduled to be levied for such year, then the amour
of taxes which otherwise would be required to be levied for
that year may be reduced by the amount of such Pledged Revenu
then on deposit in the Interest and Sinking Fund.
Section 12. SECURITY. In combination with the
ad valorem taxes hereinabove levied, the Certificates and all
interest thereon, are and shall be payable from and secured b
the Pledged Reve:iues.
Section 13. RATES. The City covenants and agrees
with the holders of the Certificates that it will at all
times collect for services rendered by the Federal Aviation
Administration Tower Facilities such amounts as will be at
least sufficient to provide Pledged Revenues which will be,
together with the funds to be derived from taxation as herein -
above provided, adequate to pay promptly all of the principal
and interest on the Certificates, and to make all deposits now
or hereafter required to be made into the Interest and Sinking
Fund created and established by this Ordinance.
Section 14. REVENUE FUND. All Pledged Revenues
shall be deposited from day to day as collected into the
Revenue Fund. The Pledged Revenues shall be de -posited from
the Revenue Fund into the Interest and Sinking Fund to the
extent provided hereunder.
Section 15. EXCESS REVENUES. The Pledged Revenues
in excess of those required for deposits pursuant to this
Ordinance, may be used for any lawful purpose.
•
Section 16. SECURITY FOR FUNDS. All Funds created
by this Ordinance shall be secured in the manner and to the
fullest extent permitted or required by law for the security
of public''funds, and such Funds shall be used only for the
purposes and in the manner permitted or required by this
Ordinance.
Section 17. ADDITIONAL CERTIFICATES OF OBLIGATION.
The City reserves the right to issue additional Certificates
Obligation payable from and secured by the Pledged Revenues.
Section 18. SALE OF CERTIFICATES. That the City
of Corpus Christi Tax and Revenue Certificates of Obligation,
Series 1974 -A, aggregating $800,000.00, are hereby sold and
shall be delivered to
j0?A the principal amount
thereof and accrued interest thereon to date of delivery.
Section 19. APPROVAL AND REGISTRATION OF CERTIF-
ICATES. That the Mayor of said City is hereby authorized
to have control of said Certificates of Obligation
and all necessary records and proceedings pertaining to said
Certificates of Obligation 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 Certificates of Obligation, said
Comptroller of Public Accounts (or a deputy designated in
writing to act for said Comptroller) shall manually sign the
Comptroller's Registration Certificate printed and endorsed
� - 0
on each of said Certificates of Obligation, and the seal of
said Comptroller shall be impressed, or placed in facsimile,
on each of said Certificates of Obligation.
Section 20. ARBITRAGE. That the City covenants to
and with the purchasers of the Certificates that it will make
no use of the proceeds of the Certificates at any time through-
out the term of this issue of Certificates which, if such use
had been reasonably expected on the date of delivery of the
Certificates to and payment for the Certificates by the pur-
chasers, would have caused the Certificates 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 Certificates
not otherwise be used directly or indirectly so as to cause
all or any part of the certificates to be or become arbitrage
bonds within the meaning of the aforesaid Section 103(d), or
any regulations or rulings pertaining thereto.
Section 21. DECLARATION OF EMERGENCY. The fact
that the contemplated use of the proceeds of the Certificates
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.
Section 22. REPEAL. That all ordinances and
resolutions or parts thereof in conflict herewith are hereby
repealed.
PASSED AND APPROVED this the 5th day of June, 1974.
Mayor, City of Corpus Christi, Tex
ATTEST /����
City Secretary, ity of us
Christi,7exas
The foregoing ordinance was approved prior to passage
as to form and correctness thi 5th da of June, 1974.
rr�STCity Attorn ey,
v City of Corpus Christi, Texas