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Home My WebLink About12858 ORD - 10/15/1975i . HE STATE OF TEXAS OF NUECES ITY OF CORPUS CHRISTI On this the 15th day of October, 1975, the City 'ouncil of the City of Corpus Christi, Texas, convened in .egular Meeting, with the following members of said Council resent, to -wit: Jason Luby, Mayor, Dr. Bill Tipton, Mayor Pro Tem, Edward L. Sample, Eduardo De Ases, Ruth Gill, Commissioners, Bob Gulley, Gabe Lozano, Sr., Bill G. Read, City Secretary, _ I vith the following absent: 7t c..,qt �J constituting a quorum, Lt which time the following among other business was transacted: presented for the consideration >f the Council a Resolutio The Resolution was read by the .ity Secretary. The Mayor presented to the Council a communica- :ion in writing pertaining to said proposed Resolution, as fol- "Corpus Christi, Texas October 15, 1975 0 THE MEMBERS OF THE CITY COUNCIL rpus Christi, Texas "For the reasons set forth in the emergency clause of e foregoing ordinance, a public emergency and imperative cessity exist for the suspension of the Charter rule or re- irement that no ordinance or resolution shall be passed nally on the date it is introduced, and that no such dinance or resolution shall be read at three meetings of e City Council; I, therefore, request that you suspend said arter rule or requirement and pass this resolution finally the date it is introduced, or at the present meeting of the ty Council. Respectfully, /s/ Jason Luby MAYOR THE CITY OF CORPUS CHRISTI, TEXAS" -1- 12858 �1- Commissioner moved that the Charter provision prohibiting ordin ces and resolutions from being passed finally on the date introduced be suspended for the reasons stated in the written request of the Mayor and stated in the emergency clause of the resolution. The motion was seconded by Commissioner The motion was carried by a unanimous vote b��ypp the City C ncil, viz: AYES: (�L.Cit" NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner moved that the resolution be pass d finally. The motion was seconded by Commissioner The motion waq carried by the following vote: AYES: da- NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. The Mayor announced that the resolution had been passed. The resolution is as follows: RESOLUTION 12858 CALLING THE CITY'S FIRST MORTGAGE WATERWORKS REVENUE BONDS FOR REDEMPTION PRIOR TO STATED MATURITIES. -2- • WHEREAS, the following bond issues of said City presently outstanding: City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1954, dated February 1, 1954, aggregating $2,505,000 in principal amount, maturing in the years 1976 through 1983; City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 2 of 1954, dated October 1, 1954, aggregating $155,000 in principal amount, maturing in the years 1976 through 1983; City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1960, dated June 1, 1960, aggregating $610,000 in principal amount, maturing in the years 1976 through 1984; City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1962, dated February 1, 1962, aggregating $65,000 in prin- cipal amount, maturing in the year 1976; City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1969, dated February 1, 1969, aggregating $3,120,000 in principal amount, maturing in the years 1976 through 1986; and City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1969 -A, dated October 1, 1969, aggregating $650,000 in principal amount,,maturing in the years 1976 through 1980; and WHEREAS, with the exception of the Series 1962 Bonds and Series 1969 -A Bonds, all of the above bonds are callable (at option of the City) for redemption prior to maturity on e 1, 1980, at a price of par and accrued interest to date redemption plus a premium of 2h% of the principal thereof; -3- • WHEREAS, the said Series 1962 Bonds and the Series 1969 -A 3s have final maturities respectively on June 1, 1976, and 1, 1980, and will not be outstanding after June 1, 1980; IT RESOLVED BY THE CITY.COUNCIL OF THE CITY OF CORPUS ISTI: 1. The City of Corpus Christi hereby exercises its option o redeem on June 1, 1980, all of the above described issues, o be outstanding after such date, being all of said City's first Mortgage Waterworks Revenue Bonds. 2. The City Secretary is hereby directed to publish in e form attached hereto as Exhibit A a notice of redemption f such bonds in a financial publication in the City of New ork, New York, and in the official newspaper of the City of orpus Christi, at least once, not less than thirty (30) days efore the date fixed for redemption, and give written notice f such redemption to the Mercantile National Bank at Dallas, allas, Texas, and Chemical Bank, New York, New York, as Paying gents for the bonds, at least 30 days prior to the date fixed or such redemption. 3. Bond proceeds from the sale of the City's proposed lefunding bonds together with other available funds of the ty shall be transmitted by the State Treasurer to the Mer- ntile National Bank at Dallas, Dallas, Texas, in such amounts are sufficient to pay for the redemption of the bonds. 4. The fact that redeeming the bonds herein called for demption prior to stated maturities is necessary to issue funding bonds which in turn will permit the City to issue nds for extensions and improvements is necessary for the derly development and growth of the City of Corpus Christi, xas, creates a public emergency and an imperative public -4- • necessity requiring the suspension of the Charter Rule provid- ing 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 exists, and having requested that said Charter Rule be suspended and that this resolution take effect and be in full force and effect from and after its passage, it is accordingly so resolved. 4. That this Resolution shall become effective upon pass- age by the City Council. PASSED AND APPROVED this the 15th day of October, 1975. , j — ...,ter_ .... ' ATTEST: City Secretary, City of Corpus Christi, Texas The foregoing Resolution was approved prior to passage as to form and correctness this 15th day of October, 1975. 4) 44e/�_ Assistant City torney, City of Corp isti, Texas -5- 0 STATE OF TEXAS TY OF NUECES OF CORPUS CHRISTI . I, the undersigned, City Secretary of the City of rpus Christi, Texas, do hereby certify that the above and regoing is a true, full and correct copy of a Resolution ssed by the City Council of the City of Corpus Christi, xas, (and of the minutes pertaining thereto) on the 15th y of October, 1975, calling the City's First Mortgage terworks Revenue Bonds for redemption prior to stated turities, which Resolution is duly of record in the minutes said City Countil, and said meeting was open to the public required by law and public notice of the time, place, and rpose of said meeting was given as required by V.A.C.S., t: 6252 -17, as amended. EXECUTED UNDER MY HAND AND SEAL OF SAID CITY, this _,2Z day of 6e7yg�, , 1975. ,4& City Secretary, City of Corpus Christi, Texas -6- • EXHIBIT A NOTICE OF REDEMPTION CITY OF CORPUS CHRISTI FIRST MORTGAGE REVENUE BONDS NOTICE is hereby given that the City of Corpus Christi, , has called for redemption on June 1, 1980: City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1954, dated February 1, 1954, aggregating $972,000.00, in principal amount, maturing in the years 1981 through 1983; City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1954, dated October 1, 1954, aggregating $40,000 in principal amount, maturing in the years 1981 through 1983; City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1960, dated June 1, 1960, aggregating $425,000.00 in princi- pal amount, maturing in the years 1981 through 1984; City of Corpus Christi, Texas, First Mortgage Waterworks Revenue Bonds, Series 1969, dated February 1, 1969, aggregating $2,080,000 in principal amount, maturing in the years 1981 through 1986; and SAID bonds will be redeemed at the Mercantile National at Dallas, Dallas, Texas, at par and accrued interest to redemption date above specified plus a premium of 2h% of principal amount so redeemed. ISSUED this the 15th day of October, 1975. -7- CITY OF CORPUS CHRISTI JASON LUBY, Mayor CORPUS CHRISTI, TEXAS j DAY OF 19-7- 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 THE CITY OF CORPUS CHRISTI, T69 THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: JASON LUBY DR. BILL TIPTON EDUARDO DE ASES RUTH GILL BOB GULLEY GAGE LOZANO, SR. EDWARD L. SAMPLE THE ABOVE ORDINANCE WAS PASSED BY THE FO LOWING VOTE: JASON LUBY DR. BILL TIPTON EDUARDO DE ASES RUTH GILL BOB GULLEY GABE LOZANO, SR. EDWARD L. SAMPLE