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HomeMy WebLinkAbout12696 ORD - 07/14/1975C THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 9th day of July, 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: Jason Luby, Mayor, Dr. Bill Tipton, Mayor, Pro Tem Edward L. Sample, Eduardo De Ases, Commissioners-, Ruth Gill, Bob Gulley, Gabe Lozano, Sr., Bill G. Read, City Secretary, with the following absent: constit'fiting a quorum, at which(/time the following among other business was transacted: Dr. Tipton presented for "the consideration of the Counc an ordinance. The ordinance was read by the City Secretary. The Mayor Pro Tem presented to the Council, a communication in writin pertaining to said proposed ordinance, as follows: "Corpus Christi, Texas July 9, 1975 "TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of th foregoing ordinance, a public emergency and imperative necessity exist for the suspension 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 rea 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, of at the present mee ing of the City Council. Respectfully, /s/ Bill Tipton MAYOR Pro Tem THE CITY OF CORPUS CHRIST 126% TEXAS" Commissioner moved that the Charter pro - ision prohibiting ordinanc s from being passed finally on the ate introduced be suspended for the reasons stated in the written equest of the Mayor Pro Tem and stated in the emergency clause of rdinance. The motion was seconded by Commissioner he motion was carried by an unanimous vote by the City Council, z: AYES; Commissioners Sample, De Ases, Gill, Gulley, and Lozano. NAYS: None. The Mayor Pro Tem requested that the records show that he voted Aye. This was done. Commissioner moved that the ordinance be passed finally. The motion was 1conded by Commissioner The motion was carried by the following vote: AYES: Commissioners Sample, De Ases, Gill, Gulley, and Lozano. NAYS: None. The Mayor Pro Tem requested that the records show that he voted Aye. This was done. The Mayor Pro Tem announced that the ordinance had been passed. The ordinance is as follows: ORDINANCE NO. 12695 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, AUTHORIZING THE ISSUANCE OF $2,000,000 CITY OF CORPUS CHRISTI, CERTIFICATES OF OBLIGATION, SERIES 1975; PROVID- ING FOR THE LEVY, 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; PRESCRIBING THE FORM OF SAID CERTIFICATES OF OBLIGATION; ORDAINING OTHER MATTERS RELATING TO THE SUB- JECT; AND DECLARING AN EMERGENCY. the L . WHEREAS, on the 25th day of June, 1975, the City Council f said City passed an ordinance authorizing and directing notice its intention to issue the Certificates of Obligation herein to be issued to be published in a newspaper as required Section 8(b) of V.A.C.S. Art. 2368a.1; and WHEREAS, said notice was published as required by said 8(b) on June 25, 1975, and on July 2, 1975; and WHEREAS, no petition, signed by 5% of the qualified s of said City as permitted by said Section 8(b) protesting issuance of such Certificates has been filed; and WHEREAS, the Certificates of Obligation hereinafter ized are to be issued and delivered pursuant to Article 368a.1, V.A.C.S., as amended; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHRISTI, TEXAS: Section 1. That the City's Certificates of Obliga- tion (hereinafter sometimes called "Certificates ") are hereby authorized to be issued in the aggregate principal amount of $2,000,000, for the purpose of paying contractual obligations to be incurred for the purchase of an existing utility system and rights of way for authorized needs and purposes viz., Areas 1 and 2 of the Corpus Christi Municipal Gas Corporation in said City, and for the payment of contractual obligations for professional services (including attorneys, financial advisors, and auditors). Section 2. That said Certificates shall be designat- ed "CITY OF CORPUS CHRISTI CERTIFICATES OF OBLIGATION, SERIES 1975." Section 3. That said Certificates shall be dated July 1, 1975, shall be numbered consecutively from 1 upward, shall be in the denomination of $5,000 each, and shall mature serially on the maturity date, in each of the years, and in the amounts, respectively as set forth in the following schedule: MATURITY DATE: JULY 1 YEARS AMOUNTS YEARS AMOUNTS 1976 $200,000 1981 $200,000 1977 200,000 1982 200,000 1978 200,000 1983 200,000 1979 200,000 1984 200,000 1980 200,000 1985 200,000 Section 9. INTEREST.' That the Certificates of )bligation shall bear interest from their date until maturity it the following rates: Certificates maturing during the years 1976 through - -- �_/ _8 per annum; Certificates maturing during q the � years / through / - -- % per annum; Certificates � maturing during the years � / / J through - -- _�7_. / 0 % per annum; Certificates maturing during the years `_ through - -- S o�_6 % per annum; Certificates maturing during the years dffthrough - - -O _$ per annum. interest shall be evidenced by interest coupons which shall tain to said Certificates of Obligation, and which shall be le on the dates stated in the Form of Certificate of Obliga- set forth in this Ordinance. Section 5. That said Certificates and interest coupons shall be issued, shall be payable, shall have the characteristics, and shall be signed and executed (and said Certificates shall be sealed), all as provided, and in the manner indicated, in the FORM OF CERTIFICATE set forth in this Ordinance. Section 6. That the form of said Certificates, includ- ing 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, and the form of the aforesaid inter- est coupons which shall appertain and be attached initially to each of said Certificates, shall be, respectively, substantially as follows: FORM OF CERTIFICATE $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI CERTIFICATE OF OBLIGATION SERIES 1975 ON JULY 1, 19—, THE CITY OF CORPUS CHRISTI, NUECES COUNTY, TEXAS, promises to pay to bearer hereof the 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 on January 1, 1976, and semi- annually thereafter on each July 1 and January 1 thereafter while this Certificate of Obligation is outstanding. 0 THE PRINCIPAL of this'Certificate and the interest Pons appertaining hereto shall be payable to bearer, in law - money of the United States of America, without exchange or lection charges to the bearer, upon presentation and surrender this Certificate or proper interest coupons at the following, ch shall constitute and be defined as the "Paying Agent" for s Series of Certificates: MERCANTILE NATIONAL BANK AT DALLAS DALLAS, TEXAS THIS CERTIFICATE is one of a Series dated as of July 1, 75, authorized, issued, and delivered in the principal amount $2,000,000, for the purpose of paying contractual obligations be incurred for the purchase of an existing utility system d rights of way for authorized needs and purposes viz., Areas and 2 of the Corpus Christi Municipal Gas Corporation in said ty, and for the payment of contractual obligations for profes- onal services (including attorneys, financial advisors, and ditors). IT IS HEREBY CERTIFIED, RECITED, AND COVENANTED that is Certificate has been duly and validly authorized, issued, d delivered; that all acts, conditions, and things required or oper to be performed, exist, and be done precedent to or in the thorization, issuance, and delivery of this Certificate have en performed, existed, and been done in accordance with law; at this Certificate is a general obligation of said City, issued the full faith and credit thereof; and that annual ad valorem xes sufficient to provide for the payment of the-interest on and incipal of this Certificate, as such interest comes due and such incipal matures, have been levied and ordered to be levied ainst all taxable property in said City, and have been pledged revocably for such payment, within the limit prescribed by law. IT WITNESS WHEREOF, this Certificate 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. le-1 r City Secretary, May City of Corpus Christi, Texas City of Corpus Christi, Texas FORM OF COMPTROLLER'S REGISTRATION CERTIFICATE COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this Certificate of Obligation been examined, certified as to validity, and approved by the orney General of the State of Texas, and that this Certificate Obligation has been registered by the Comptroller of Public ounts of the State of Texas. WITNESS my signature and seal this Comptroller of Public Accounts of the State of Texas. 0 FORM OF INTER2ST COUPON ON , 19—, THE CITY OF CORPUS CHRISTI, 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 Mercantile National Bank at Dallas, Dallas, Texas, said amount being interest coming due that day on the Certificate, bearing the number hereinafter designated of that issue of CITY OF CORPUS CHRISTI, CERTIFICATES OF OBLIGATION, SERIES 1975, dated July 1, 1975, CERTIFICATE NO. ty Secretary, Mayor, ty of Corpus Christi, Texas City of Corpus Christi, Texas Section 7. That a special "Interest and Sinking Fund" is hereby created solely for the benefit of said Certificates, and said Interest and Sinking Fund shall be established and maintained by said City at an official depository bank of said City. 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 Certificates. All ad valorem taxes levied and collected for and on account of said Certificates shall be deposited, as collected, to the credit of said Interest-and Sinking Fund. During each year while any of said Certificates or interest coupons appertaining thereto are outstanding and unpaid, the governing body 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 as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of such Certificates as such principal matures (but never less than 2% of the original principal amount of said Certificates 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 collection. 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 or interest coupons appertaining thereto are 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 Certifi- cates, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit prescribed by law. Section 8. That the Mayor of said City is hereby authorized to have control of said Certificates and all necessary records and proceedings pertaining to said Certificates pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their regis- tration by the Comptroller of Public Accounts of the State of Texas. Upon registration of said Certificates, 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 printed and endorsed on each of said Certificates and the seal of said Comptroller shall be impressed, or placed in facsimile, on each of said Certificates. . .0- 1 � Section 9. That the City covenants to and with the urchasers of the Certificates that it will make no use of the roceeds of the Certificates at any time throughout the term of his issue of Certificates which would cause the Certificates o be arbitrage obligations within the meaning of Section 103(d) f the Internal Revenue Code of 1954, as amended, or any regu- ations or rulings pertaining thereto; and by this covenant the ity is obligated to comply with the requirements of the afore - aid Section 103(d) and all applicable and pertinent Department f the Treasury regulations relating to arbitrage obligations. he City further covenants that the proceeds of the Certificates ill not otherwise be used directly or indirectly so as to cause 11 or any part of the Certificates to be or become arbitrage bligations within the meaning of the aforesaid Section 103(d), r any regulations or rulings pertaining thereto. Section 10. That said Certi icates are her b sold and shall be delivered to (: , for cash for the par value thereof and accrued interest thereon to the date of delivery, plus a premium Of $ 7{-0.02. Section 11. The fact that the contemplated use of the oceeds of the Certificates is necessary for the orderly develop - nt and growth of the City of Corpus Christi, Texas, creates a blic emergency and an imperative public necessity requiring the spension of the Charter Rule providing that no ordinance or solution shall be passed finally on the date it is introduced d that such ordinance or resolution shall be read at three veral meetings of the City Council and the Mayor having declared at such public emergency and imperative necessity exist, and ving requested that said Charter Rule be suspended and that is ordinance take effect and be in full force and effect from d after its passage, it is accordingly so ordained. Section 12. REPEAL. That all ordinances and res parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the 9th day of July, 1975. Mayor ty of Corpus Christ—:r, Texas ecretary, City of Corpus Christi, Texas The foregoing ordinance was approved prior to passage to form and correctness this 9th day of July, 1975. /0"__ "City —o —r— / City of Corpus Christi, 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 9th day of July, 1975, authorizing the issuance of $2,000,000, City of Corpus Christi Certificates of Obligation, 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 V.A.C.S., Art. 6252 -17, as amended. EXECUTED UNDER MY HAND AND SEAL OF SAID CITY, this 140;Z the day of JA) LY , 1975. City - Secretary, City of Corpus Christi, Texas (SEAL)