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HomeMy WebLinkAbout12491 ORD - 02/26/1975ITHE STATE OF TEXAS ]COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 26th day of February, 1975, the City Council of the City of Corpus Christi, Texas, convened in Special Meeting, with the following members of said Council present, to -wit: Ricardo Gonzalez Capt. J. T. Acuff Rev. Harold T. Branch Commissioners '!Thomas V. Gonzales Gabe Lozano, Sr. J. Howard Stark Bill G. Read, Secretary Alton White, Tax Assessor - Collector Harold F. Zick, Director of Finance Michael L. May, !City torney with the following absent: constituting a quorum, at which t e the follo g among other business was transacted: Mr Mayor„Apre ses 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 i Gentlemen: I 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. "Yours very truly, /s/ •JAMS "T. -AGUMx Mayor" Pro Tem I I 12491 Commissioner moved that the Charter vision prohibiting ordinances from being passed finally the date introduced be suspended for the reasons stated the written request of the Mayor and stated in the emergency use of the ordinance. The motion was seconded by Commissioner The motion was carried by an unanimous vote by the City Council, viz: AYES: Commissioners Gonzalez, Acuff, Branch, Gonzales, Lozano, and Stark. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner owed that the ordinance be passed finally. The motion was seconded by Commissioner �• The motion was carried by the following vote: AYES: Commissioners Gonzalez, Acuff, Branch, Gonzales, 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 passed. The ordinance is as follows: ORDINANCE NO. _ 12491 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $6,800,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1975, 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 various purpose bonds authorized at an election heretofore held in said City be combined in a single issue and sold at this time, the date of the elec- Ition, amount of bonds authorized thereat, purpose, amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT PROPOSITION NUMBER AMOUNT PRE - AMT NOW ELECTION AUTHORIZED AND PURPOSE VIOUSLY SOLD OFFERED 12/9/72 $4,900,000 3- Auditorium $ 500,000 $4,400, 12/9/72 1,300,000 7B- Health Fac. 400,000 900, 12/9/72 3,2002000 8- Drainage 1,600,000 600, 12/9/72 4,275,000 9- Streets 2,325,000 900, 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 thepublic 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. I BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,+ TEXAS: 1. That said City's coupon bonds to be designated o "City of Corpus Christi, Texas, General Improvement Bonds, 'ies 1975," are hereby authorized to be issued and delivered accordance with the Constitution and laws of the State of :as in the principal amount of 6,800,000 for the following 'poses, to -wit: $4,400,000 for the purpose of making permanent tic improvements, to -wit: a multi- purpose auditorium; 0,000 for the purpose of making permanent improvements, wit: health facility buildings (excluding medical and pital care facilities); $600,000 for the purpose of structing drainage improvements, including bay -front p station modification, ditch improvements along Flynn Shea Parkways, and the Van Galen Ditch; local drainage the six points, Mayfield Lane, Casa Blanca, Arboleda, ur Bluff, and Lorraine Street areas, major drainage facilities the West Oso High School and Williams Drive Areas, and other inage facilities; $900,000 for the purpose of improving the !eets of the city, including neighborhood streets, sidewalks school sites, traffic signals, street lighting, Leopard ,eet resurfacing from Battlin Buc to Broadway, Airline from !re Island Drive to Williams Drive, Kostoryz from Padre Island ve to Holly Road, McArdle Road from Airline to Mt. Vernon k, North Staples from Leopard to Broadway, Nueces Bay levard from Leopard to IH 37, Waldron from Carribean to due, Starlite from Leopard to Sunny, Cooper Alley from quite to Tancahua and other street improvements. 2. That said bonds shall be dated March 1, 1975, 11 be numbered consecutively from 1' through 1360, shall be the denomination of $5,000 each, and shall mature and become and payable serially on March 1 in each of the years, and in amounts, respectively, as set forth in the following YEARS AMOUNTS YEARS AMOUNTS 1976 $200,000 1986 $400,000 1977 200,000 1987 400,000 1978 200,000 1988 400,000 1979 200,000 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 1984 400,000 1994 400,000 1985 400,000 1995 400,000 3. That as to said bonds scheduled to mature on after March 1, 1986, said City shall have the right and tion to redeem such bonds prior to their scheduled maturities, whole or in part, in their inverse numerical order, on March 1, 1985 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 to be reduced 1/4 of 1% on March 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 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. 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 1976 through F`� _7_7- per annum; all bonds scheduled to mature during the years I M0 through 19dO'7 � A% per annum; all bonds scheduled to mature during the years /990 through 1991 59% per annum; all bonds scheduled to mature during the years /992 through% per annum; all bonds scheduled to mature during the years %9 through zS_ % per annum; with said interest to be evidenced by interest coupons payable on September 1, 1975, and semi - annually thereafter on each March 1 and September 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 Bank, Chicago, Illinois, 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 Registration Certificate of the Comptroller of Public Accounts the State of Texas to be printed and endorsed on each bond, the form of the interest coupons to be attached to said ds, shall be, respectively, substantially as follows: (FORM OF BOND) $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NEUCES CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BOND SERIES 1975 On March 1, 19_, the City of Corpus Christi, in the my of Nueces, State of Texas, promises to pay to bearer principal amount of FIVE THOUSAND DOLLARS nd to pay interest thereon, from the date hereof, at the rate f % per annum, evidenced by interest coupons payable eptember 1, 1975, and semi - annually thereafter on each March 1 nd September 1 while this bond is outstanding. The principal of his bond and the interest coupons attached hereto sh -11 be ayable to tearer, in lawful money of the United States of merica, without exch -nge or collection charges to the bearer, pon presentation and surrender of this bond or proper interest oupon, at the Corpus Christi Bank & Trust, Corpus Christi, exas, or, at the option of the bearer, -t The Chase Manhattan ank, N.A., New York, New York, or, at Harris Trust -nd avings Bank, Chicago, Illinois, which places shall be the aying agents for this Series of bonds. This bond is one of a Series of bonds of like tenor nd effect except as to number, maturity, interest rate and ight of prior redemption, numbered 1 through 1360, of the anomination of $5,000 each, dated March 1, 1975, issued in the incipal amount of $6,800,000, for the following purposes, -wit: $4,400,000 for the purpose of making permanent blic improvements, to -wit: a ulti- purpose auditorium; 00,000 for the purpose of making permanent improvements, -wit: health facility buildings (excluding medical and spital care facilities); $600,000 for the purpose of astructing drainage improvements, including bay -front np station modification, ditch improvements along Flynn d Shea Parkways, and the Van Galen Ditch; local drainage the six points, Mayfield Lane, Casa Blanca, Arboleda, cur Bluff, and Lorraine Street areas, major drainage facilities the West Oso high School and Williams Drive Areas, and other linage facilities; $900,000 for the purpose of improving the -eets of the city, including neighborhood streets, sidewalks school sites, traffic signals, street lighting, Leopard .eet resurfacing from Battlin Buc to Broadway, Airline from Ire Island Drive to Williams Drive, Kostoryz from Padre Island .ve to Holly Road, McArdle Road from Airline to 12t. Vernon ,-k, North Staples from Leopard to Broadway, Nueces Bay ilevard from Leopard to IH 37, Waldron from Carribean to -due, Starlite from Leopard to Sunny, Cooper Alley from quite to Tancahua and other street improvements. The bonds of this Series scheduled to mature on and er March 1, 1986, may be redeemed prior to their scheduled urities, in whole or in part, in inverse numerical order, the option of said City, on March 1, 1985, or on any interest went date thereafter, for the principal amount thereof plus rued interest to the date fixed for redemption, plus a mium of 2 -1/2 %, such premium to be reduced 1/4 of 1% on ch 1 of each year thereafter. At least thirty days before the to fixed for any such redemption the City shall cause a itten notice of such redemption to be published at least ce in a financial publication printed in the City of New New York. By the date fixed for any such redemption, provision shall be made with the paying agents for the ent of the principal amount of the bonds -to be redeemed, pus accrued interest thereon to the date fixed for redemption, any premium as required above. If the written notice of lemption is published, and if due provision for such payment made, all as provided above, the bonds, which are to be so , thereby automatically shall be redeemed prior to city, and they shall not bear interest after the date fixed redemption, and shall not be regarded as being outstanding t for the purpose of receiving the funds so provided for payment. It is hereby certified and recited that this bond has n duly and validly voted, authorized, issued, and delivered accordance with the Constitution and laws of the State of ; that this bond is a general obligation of said City, d on the full faith and credit thereof; and that the ad em taxes, upon all taxable property in said City, neces- to pay the interest on and principal of this bond, as interest comes due, and such principal matures, have been ed irrevocable for such purpose, within the limit gre- ed by law. In witness whereof, this bond and the interest coupons ached hereto have been signed by the imprinted or lithographed simile signature of the Mayor of said City and countersigned the imprinted or lithographed facsimile signature of the ty Secretary of said City, and the official seal of said City s been duly impressed, or printed, or lithographed on this ty 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, rtified as to validity, and approved by the Attorney General the State of Texas; and that this bond has been registered 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 (FOPS1 OF INTEREST COUPON) L% 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 de- signated, of that issue of City of Corpus Christi, Texas, General Improvement Bonds, Series 1975, dated March 1, 1975. Bond No. City Secretary Mayor 8. That a special fund or account, to be designated he "City of Corpus Christi, Texas, General Improvement Bonds, eries 1975, Interest and Sinking Fund" is hereby created and hall be established and maintained by said City at its official epositary bank. Said Interest and Sinking Fund shall be kept eparate and apart from all other funds and accounts of said ity, and shall be used only for paying the interest on and rincipal of said bonds. All taxes levied and collected for ad on account of said bonds shall be deposited, as collected, o the credit of said Interest and Sinking Fund. During each ear while any of said bonds or interest coupons appertaining iereto are outstanding and unpaid, the City Council of said Lty shall compute and ascertain the rate and amount of ad valorem ax, based on the latest approved tax rolls of said City, with ill allowances being made for tax delinquencies and costs of ix collections, which will be sufficient to raise and produce ie money required to pay the interest on said bonds as such iterest comes due, and to provide a sinking fund to pay the -incipal of such bonds as such principal matures, but never :ss than 2% of the original principal amount of said bonds as sinking fund each year. Said rate and amount of ad valorem x is hereby ordered to be levied and is hereby levied against .1 taxable property in said City for each year while any of .id bonds or interest coupons appertaining thereto are out - anding and unpaid, and said ad valorem tax shall be assessed .d collected each such year and deposited to the credit of the oresaid Interest and Sinking Fund. Said ad valorem taxes cessary to pay the interest on and principal of said bonds, such interest comes due, and such principal matures, are eby pledged irrevocably for such purpose, within the limit scribed by law. 9, (a) That said bonds are hereby sold and shall be delivered to , at a price of par and accrued interest to date of delivery, plus a premium of $ (b) That the Mayor of said City is hereby authorize 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. 10. 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. 11. That the City covenants to and with the purchas 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 per- taining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(d) 9, (a) That said bonds are hereby sold and shall be delivered to , at a price of par and accrued interest to date of delivery, plus a premium of $ (b) That the Mayor of said City is hereby au 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. 10. 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. 11. 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 per- taining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(d) 9 all applicable and pertinent Department of the Treasury ;ulations relating to arbitrage bonds. The City further ,enants that the proceeds of the bonds will not otherwise used directly or indirectly so as to cause all or any part the bonds to be or become arbitrage bonds within the meaning the aforesaid Section 103(d), or any regulations or rulings tainin� thereto. 12. The fact that the contemplated use of the proceeds Pf the bonds is necessary for the orderly development and growth f the City of Corpus Christi, Texas, creates a public emergency .nd an imperative public necessity requiring the suspension of he Charter Rule providing that no ordinance or resolution shall I e passed finally on the date it is introduced and that such rdinance or resolution shall be read at three several meetings f the City Council and the Mayor having declared that such ublic emergency and imperative necessity exist, and having equested that said Charter Rule be suspended and that this rdinance take effect and be in full force and effect from and fter its passage, it is accordingly so ordained. 13. That all ordinances and resolutions or parts hereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the 26th day of February, 1975. "V MayS Uity of Corpus C Uti, Texas sti, Texas The foregoing ordinance was approved prior to assage as to form and correctness this 26th day of February, 1975 911 City Attorney, City of lorpus Christ:, Texas 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 26th day of February, 1975, authorizing the issuance of $6,800,000 of City of Corpus Christi, Texas, General Improvement Bonds, Series 1975, which ordinance 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 UTIDER MY HAND AND SEAL of said City, this the 9�— day of February, 1975. Secretary, City Texas (SEAL) �ti, Corpus Christi, Texas ,2 _ZCday of 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 f0° T .'ITY OF CORPUS CHRIS ,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