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HomeMy WebLinkAbout12860 ORD - 10/22/1975THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 22nd day of October, 1975, the City, Council of the City of Corpus Christi, Texas, convened in Regular 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: Nowg- constituting a quorum, at which time the following among other business was transacted: MAYOR L u sy 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 October 22, 1975 "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 suspension of the Charter rule or re- quirement 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 ordinance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, /s•/ Jason Luby MAYOR THE CITY OF CO PUS CHRISTI, TEXAS" -1- 1.286 • L� Commissioner gyU,,pt4+ moved 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 clause of the ordinance. The motion was seconded by Commissioner 71P7V;J The motion was carried by a unanimous vote by the City Council, viz: AYES: 411 FRO Wr A-A 110'r'04 AV NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner de As moved that the ordinance be passed finally. The motion was seconded by Commissioner Le2hivo The motion was carried by the following vote: AYES: All PReseur OND donjv< AVa 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 NO. 12860 AUTHORIZING THE ISSUANCE OF CITY OF CORPUS CHRISTI, TEXAS, JUNIOR LIEN WATERWORKS SYSTEM REVENUE BONDS, SERIES 1975, IN THE AMOUNT OF $7,895,000 TO REFUND OUTSTANDING BONDS OF THE CITY, PLEDGING CERTAIN REVENUES OF THE CITY'S WATERWORKS SYSTEM AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT AND DECLARING AN EMERGENCY. -2- WHEREAS, the following bond issues of said City are presently outstanding: City of Corpus Christi 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 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 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 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, the interest is payable on each of the above Bonds (collectively herein defined as "Underlying Bonds ") on December 1, 1975, and on each June 1 and December 1 thereafter; and WHEREAS, with the exceptions of the Series 1962 Bonds and the Series 1969 -A Bonds all of the Underlying Bonds are callable at-the option of --the City-,for redemption prior to maturity on June 1, 1980; at a price of par and accrued interest to date of redemption plus a premium of 2 -1/2% of the principal thereof; and -3- WHEREAS, said Series 1962 Bonds and said Series 1969-A Bonds have final maturities occurring, respectively, on June 1, 1976, and June 1, 1980, and will-not be outstanding after June 1, 1980; and WHEREAS, the City is authorized to refund all of said Underlying Bonds in accordance with Vernon's Art. 717k in order to eliminate the mortgage on the City's Waterworks System and to permit the issuance of the bonds herein authorized and bonds on a parity therewith; and WHEREAS, concurrently herewith the City has duly called for redemption those of the Underlying Bonds to be out- standing on June 1, 1980, prior to their stated maturities in accordance with the terms thereof and pursuant to said Art. 717k; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI: Section 1. That said City's bonds to be designated City of Corpus Christi, Texas, Junior Lien Waterworks Revenue Bonds, Series 1975 (herein defined as the "Bonds ") are hereby authorized to be issued in the principal amount of $7,895,000 for the purpose of providing moneys to redeem the City's First Mortgage Waterworks System Revenue Bonds in the aggregate prin- cipal amount of $7,105•,000, the required redemption premium therefor and interest thereon to maturity or redemption date. Section 2. That said Bonds shall be issued initially as a single registered bond, without coupons, in the denomination of $7,895,000. Section 3. That the proceeds of the sale of the Bonds, together with other moneys of the City lawfully available therefor, shall be applied as follows: (a) to pay the principal of the Under- lying Bonds maturing as follows: June 1, 1976 $ 681,000 June 1, 1977 $ 691,000 June 1, 1978 $ 714,000 June 1, 1979 $ 734,000 Juhe 1, 1980 $ 765,000; (b) to pay the principal of the Under- lying Bonds prior to stated maturities thereof, on June 6, 1980, $3,517,0001 -4- (c) to pay interest on the Underlying Bonds to date of redemption or maturity as provided in (a) and (b), $1,125,803.75; (d) to pay premium on the Underlying Bonds called for redemption prior to stated maturities, $87,925.00. Section 4. That•the single registered Bond shall be dated October 10, 1975, shall be numbered R -1, and shall be pay- able in installments on July 10 in the amounts, respectively, as set forth in the following schedule: YEARS AMOUNTS 1976 $ 895,000 1977 500,000 1978 500,000 1979 500,000 1980 500,000 1981 500,000 1982 500,000 1983 500,000 1984 500,000 1985 500,000 1986 500,000 1987 500,000 1988 500,000 1989 500,000 1990 500,000 Section 5. That the single registered Bond shall bear interest from date at the rate of 4 -1/8% per annum which shall be payable in lawful money of the United States of America at the Office of the State Treasurer of the State of Texas, Austin, Texas, on January 10, 1976 and thereafter on each July 10 and Janaury 10. Section 6. That the single registered Bond shall be executed, signed and sealed, and have the characteristics as follows, and said Bond and the Comptroller's Certificate to be thereon and the Payment Record to be attached thereto, shall be substantially in the forms, respectively, as follows: NO. R -1 FORM OF SINGLE REGISTERED BOND UNITED STATES OF AMERICA STATE OF TEXAS CITY OF CORPUS CHRISTI, TEXAS JUNIOR LIEN WATERWORKS REVENUE BOND SERIES 1975 $7,895,000 THE CITY OF CORPUS CHRISTI, TEXAS, (the "City ") hereby promises to pay'to the order of the TEXAS WATER DEVELOPMENT BOARD the aggregate principal amount of $7,895,000, in installments on the 10th day of July, in the years as follows: -5- • YEARS AMOUNTS 1976 $ 895,000 1977 500,000 1978 500,000 1979 500,000 1980 500,000 1981 500,000 1982 500,000 1983 500,000 1984 500,000 1985 500,000 1986 500,000 1987 500,000 1988 500,000 1989 500,000 1990 500,000 and to pay interest on the principal amount or the balance of said principal amount from time to time remaining unpaid at the rate of 4 -1/8% per annum, with said interest being payable January 10, 1976, and semiannually thereafter on July 10 and January 10 of each year until all of the principal amount hereof has been paid. THE PRINCIPAL of and interest on this Bond are payable in lawful money of the United States of America at the Office of the State Treasurer of the State of Texas, Austin, Texas, which shall constitute and be defined as the "Custodian" of the Bond, and which is by law the custodian of all bonds owned by the Texas Water Development Board. Payments of said principal and interest shall be made by check or -draft drawn by the City, payable to the order of the Texas Water Development Board, and mailed or delivered to the Custodian. All of such payments, shall be noted by the Custodian on the Payment Record made a part of this Bond, and written notice of the making of such notations shall be mailed promptly to the City by the Custodian. Such payment shall fully discharge the obligation of the City hereon to the extent of the payments so made. Upon final pay- ment of said principal and interest the Custodian shall submit this Bond to the City for cancellation. THIS BOND ha's been issued pursuant to an Ordinance duly adopted by the City of Corpus Christi, Texas, (the "Ordinance "), in the principal amount of $7,895,000, for the purpose of providing moneys to redeem $7,105,000, in. aggregate principal amount of the City's Outstanding First Mortgage Waterworks Revenue Bonds, the required redemption premium and interest thereon to maturity or redemption date. THE DATE OF THIS BOND, in conformity with the Ordinance above mentioned, is October 10, 1975. IT IS HEREBY certified, recited, and covenanted that this Bond has been duly and validly authorized, 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 Bond have been performed, existed, and been done in accordance with law; that this Bond is a special.obligation of the City and that the principal of and interest on this bond, together with other revenue bonds of said City to be hereafter issued are payable from, and secured by a lien on and pledge of, the Net Revenues of said City's Waterworks System, subject to the lien and pledge securing the City's First Lien Waterworks System -6- Revenue Bonds and certain payments in accordance with contracts wherein the City is acquiring an interest or interests in a water supply. THE CITY has reserved the right; subject to the restrictions stated in the Ordinance, to issue additional parity bonds which also may be secured by and payable from a lien on and pledge of the aforesaid Net. Revenues. THE OWNER HEREOF shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation, nor from any other funds except the afore- said Net Revenues. IN ADDITION to all other rights, the holder of this Bond shall be subrogated to all pertinent and necessary rights of the holder of the obligations being refunded hereby commensu- rate and within the limits of the security herein granted. THE ORDINANCE PROVIDES that, to the extent and in the manner permitted by the terms of the Ordinance, the Ordinance may be amended with the consent of the holder of this Bond. AS PROVIDED in the Ordinance, this Bond is exchange- able at the sole expense of the City at any time, upon ninety days' written notice to the City, at the request of the Texas Water Development Board and upon surrender of this Bond at the office of the Comptroller of Public Accounts of the State of Texas, at Austin, Texas, for negotiable coupon bonds, payable to bearer, numbered consecutively from 1 upward, in the denomina- tion of Five Thousand Dollars ($5,000) each, bearing interest at the rate of 4 -1/8% per annum, in an aggregate principal amount equal to the then unpaid principal amount of this Bond, maturing serially and annually in the same amounts as the unpaid principal installments of this Bond, and in the form of such coupon bond and in the manner provided for in the Ordinance. IN WITNESS WHEREOF, this Bond has been signed by the Mayor of said City and countersigned by the City Secretary of said City, and the official seal of said City has been duly impressed, or placed in facsimile, on this Bond. XXXXXXXXXX XXXXXXXXXX City Secretary Mayor City of Corpus Christi, Texas City of Corpus Christi, Texas (SEAL) 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 XXXXXXXXXXX Comptroller of Public Accounts of the State of Texas -7- PAYMENT RECORD Authorized Interest Officer, Title ` Payment Principal Date and Signature Due Date (4 -1/8 %) Payment Paid of Custodian January 10, 1976 July 10, 1976 January 10, 1977 July 10, 1977 -� January 10, 1978 _ July 10, 1978 January 10, 1979 July 10, 1979 January 10, 1980 July 10, 1980 January 10, 1981 July 10, 1981 January 10, 1982 July 10, 1982 January 10, 1983 July 10, 1983 January 10, 1984 July 10, 1984 January 10, 1985 July 10, 1985 January 10, 1986 July 10, 1986 January 10, 1987 July 10, 1987 January 10, 1988 July 10, 1988 January 10, 1989 July 10, 1989 _- January 10, 1990 July 10, 1990 _ -B- (make a line for each due date -- leave one half inch space between each due date, etc. for manual interlining, if necessary, also half a page at end for any explanation, which might be required) SCHEDULE "A" TO PAYMENT RECORD (Note to Printer: This should be a separate sheet.) Principal installment on which payments have been made prior to maturity. Authorized Official, Principal Due Date Title and Signature Date Amount Payment Balance Paid of Custodian Section 7. (a) That the City specifically covenants and agrees that within ninety (90) days after the receipt by the City of the written request of the Texas Water Development Board, the City shall have printed, executed and exchanged for such single registered bond, negotiable coupon bonds, of type com- position printed on paper of customary weight and strength, pay- able to bearer, numbered consecutively from 1 upward, in the denomination of $5,000 each, in an aggregate principal amount equal to the then unpaid principal amount of such single registered bond, and having.serial and annual maturities on the dates and in the amounts corresponding with the then unpaid principal installments of such single registered bond, bearing interest at the same rate and payable at the same times as such single registered bond, with bearer interest coupons annexed to such coupon bonds payable semiannually from and after the date to which interest on such single registered bond shall have been paid. All expenses of printing, executing, and exchanging such single registered bond shall be paid by the_.City..fromm any-of.-its funds on hand lawfully available for such purpose, provided, however, that if no other funds are on hand lawfully available therefor, then such expenses shall be paid from the Revenue Fund as an item of operation and maintenance expense of the System. (b) It is further covenanted and agreed that no additional ordinances or orders need to be adopted by the City Council so as to accomplish the foregoing conversion and ex- change of the single registered bond for coupon bonds, and the City, upon request of the Texas Water Development Board as pro- vided herein, shall have the appropriate coupon bonds and coupons printed, executed, issued and exchanged for the single registered bond in the manner prescribed herein. The coupon bonds to be exchanged for the single registered bond shall be submitted by the Mayor of the City, or some officer acting under his authority, to the Comptroller of Public Accounts of the State of Texas,as Registrar, to be used in the aforementioned exchange. The seal of said Comptroller shall be affixed on each such coupon bond. Upon receipt of the single registered bond for exchange, the Registrar shall cancel the single registered bond and deliver the coupon bonds to be exchanged therefor to the Texas Water Development Board. The Registrar shall note the exchange on his records kept for such purpose and shall execute the certificates or such coupon bonds, noting such exchange, such certificates being in the form hereinafter provided. -9- • 0 Section 8. That any coupon bonds which may in the future be printed, executed and exchanged as herein provided for the single registered bond shall be payable, be dated, be executed and signed, (and said bonds shall be sealed), bear interest, and have the characteristics as hereinbefore prescribed and as follows, and said coupon bonds, the coupons to be attached thereto, and the Comptroller's Certificate to be printed thereon, shall be substantially in the forms, respectively, as follows: NO. FORM OF COUPON BOND UNITED STATES OF AMERICA STATE OF TEXAS CITY OF CORPUS CHRISTI, TEXAS JUNIOR LIEN WATERWORKS REVENUE BOND SERIES 1975 $5,000 ON JULY 10, , THE CITY OF CORPUS CHRISTI, TEXAS, hereby promises to pay to bearer hereof the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from , at the rate of 4 -1/8% per annum, evidenced by interest coupons payable semiannually on each JANUARY 10 and JULY 10 of each year while this Bond is outstanding. THE PRINCIPAL of this Bond and the interest coupons appertaining 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 coupon, at the following, which shall constitute and be defined as the "Paying Agents" for this Series of Bonds: Mercantile National Bank at Dallas, Dallas, Texas, or at the option of the holder at Corpus Christi Bank & Trust, Corpus Christi, Texas. THIS BOND is one of a Series dated as of October 10, 1975, originally authorized in the aggregate principal amount of $7,895,000, for the purpose of providing moneys to redeem $7,105,000 in aggregate principal amount of the City's outstanding First Mortgage Waterworks Revenue Bonds, the required redemption premium and interest thereon to maturity or redemption date. IT IS HEREBY certified, recited and covenanted that this,Bond has been duly and validly authorized, 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 Bond have been performed, existed and been done in accordance with law; that this Bond is a special obligation of the City and that the principal of and interest on this bond, together with other revenue bonds of said City to be hereafter issued are payable from, and secured by a lien on and pledge of, the Net Revenues of said City's Waterworks System, subject to the lien and pledge securing the City's First Lien Waterworks System Revenue Bonds and certain payments in accordance with contracts wherein the City is obtaining or being provided a water supply, or an interest therein. -10- THE CITY has reserved't'tie right, subject to the re- • strictions s,tiated in the Ordinance authorizing this Bond, to issue additional parity bonds which also may be secured by and Payable from a lien on and pledge of the aforesaid Net Revenues. THE OWNER hereof shall never have the right to demand payment of this obligation out of any funds raised or to-be raised by taxation, nor from any other funds except the afore- said Net Revenues. IN ADDITION to all other rights, the holder of this Series of Bonds shall be subrogated to all pertinent and neces- sary rights of the holder of the obligation being refunded hereby commensurate and within the limits of the security herein granted. THE ORDINANCE PROVIDES that, to the extent and in the manner permitted by the terms of the Ordinance, the Ordinance may be amended with the consent of the holders of at least two- thirds in principal amount of all outstanding Bonds, pro- vided, that without the consent of the holders of all of the outstanding bonds, no amendment shall: (a) make any change in the maturity of the outstanding bonds; (b) reduce the rate of interest borne by any of the outstanding bonds; (c) reduce the amount of principal payable on the outstanding bonds; (d) modify the terms of payment of principal of or interest on the outstanding bonds, or any of them, or impose any conditions with respect to such payment; (e) change the minimum percentage of the principal amount of bonds necessary for consent to such amendment. IN WITNESS WHEREOF, this Bond and the interest coupons appertaining hereto have been signed with the facsimile signature of the Mayor of said City and countersigned with the facsimile Of the City Secretary of said City, and the official seal of said City has been duly impressed, or placed in facsimile, on this Bond. City Secretary Mayor City of Corpus Christi, Texas City of Corpus Christi, Texas FORM OF REGISTRAR'S CERTIFICATE FOR ALL BONDS DELIVERED IN EXCHANGE OR SUBSTITUTION FOR SINGLE REGISTERED BOND THIS BOND is delivered in lieu of and in exchange or substitution for Bond Number R -1 which Bond was originally registered by the Comptroller of Public Accounts of the State Of Texas under Registration No. -11- Witness my signature and seal this Comptroller of Public Accounts of the State of Texas FORM OF INTEREST COUPON NO. ON 10, , the City of Corpus Christi, 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 the Mercantile National Rank at Dallas, Dallas, Texas, or at the Option of the holder at the Corpus Christi Bank & Trust, Corpus Christi, Texas, said amount being interest due that day on the Bond, bearing the number hereinafter designated, of that issue of City of Corpus Christi, Texas, Junior Lien Waterworks System Revenue Bond, Series 1975, dated October 10, 1975. The bearer hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation, nor from any other funds except as described in the Bond to which this interest coupon appertains. Bond No. City Secretary City of Corpus Christi, Texas Mayor City of Corpus Christi, Texas Section 9. DEFINITIONS. As used in this Ordinance, the following terms shall have the meanings as follows: (a) The term "Additional Bonds" shall mean the ad- ditional parity junior lien revenue bonds which the City reserves the right to issue and deliver in the future, as pro- vided by this Ordinance. (b) The term "Bonds ", whether in single registered form or in form of coupon bonds, shall mean the Bonds authorized to be issued and delivered by this Ordinance. (c) The term "First Lien Bonds" shall mean all revenue bonds other than Bonds and Additional Bonds of the City hereafter issued for the purpose of providing money for extensions, improve- ment or repairs to the System. (d) The term "Net Revenues" shall mean all gross revenues of the System, after deducting the expenses of operation and maintenance of the System, including all salaries, labor, materials, repairs, and extensions necessary to render efficient service, provided, however, that only such repairs and extension, as in the judgment of the governing body of said City, reason- ably and fairly exercised by the passage of appropriate ordinances, are necessary to keep the System in operation and render adequate service to said City and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the Bonds and any Additional Bonds, shall -12- be deducted in determining "Net Revenues." Payments made by the City for water supply which constitute under the law operation and maintenance expenses shall be considered herein as expenses incurred in the operation and maintenance of the System. (e) The term "Outstanding" shall mean, when used with reference to First Lien Bonds or Additional Bonds, at any date as of which the amount of Outstanding Bonds or Additional Bonds is to be determined, the aggregate of all Bonds or Addi- tional Bonds, except: (1) First Lien. Bonds, Bonds or Additional Bonds cancelled at or prior to such date; (2) First Lien Bonds, Bonds or Additional Bonds for the payment of which cash shall have been theretofore deposited with the Custodian or the Paying Agents and which (i) shall have matured by their terms, but shall not have been surrendered for payment or (ii) shall have been purchased, but shall not have been presented for payment of the purchase price; (3) First Lien Bonds and Additional Bonds for the redemption of which cash equivalent to the Redemption Price shall have been theretofore deposited with the Custodian or the Paying Agents; provided that notice of such redemption shall have been given as in the ordinance or ordinances authorizing the First Lien Bonds or Additional Bonds, as the case may be. (f) The term "Paying Agents" shall mean the Mercantile National Bank at Dallas, Texas and Corpus Christi Bank & Trust, Corpus Christi, Texas. (g) The term "Redemption Price" shall mean, when used with respect to an Additional Bond, the principal thereof plus the applicable premium, if,any, payable upon redemption thereof pursuant to the ordinance or ordinances authorizing Additional Bonds prior to the stated maturity date of the Bonds. (h) The term "Registrar" shall mean the Comptroller of Public Accounts of the State of Texas. (i) The term "System" shall mean the City's entire waterworks system, together with all future improvements, extensions, enlargements, and additions thereto, and replace- ments thereof. (j) The term "Underlying Bonds" shall mean the City's First Mortgage Revenue Bonds being refunded by the Bonds, as such bonds are described in the recital clauses of this Ordinance. Section 10. PLEDGE. The Bonds and all Additional Bonds, and the interest thereon, are and shall be payable from and secured by an irrevocable lien on and pledge of the Net -13- Revenues of the System, and said Net Revenues are further pledged irrevocably to the establishment and maintenance of the Funds hereinafter created, said lien and pledge being subject only to the lien on and pledge of Net Revenues that may here- after from time to time be established and made by the governing body of the City to secure the payment of principal of and interest on First Lien Bonds of the City, payments into reserve funds established in ordinances authorizing First Lien Bonds and payments in accordance with obligations under contracts wherein the City is obtaining or being provided a water supply or an interest therein and such payments are not operation and maintenance expenses under the law. Section 11. RATES. The City covenants and agrees with the holders of the Bonds and all Additional Bonds, as follows: (a) That it will at all times fix, maintain, charge and collect for services rendered by the System, rates and charges which will produce gross revenues at least sufficient to pay all expenses of operation and maintenance, and to provide sufficient Net Revenues equal to no less than 1.25 times amounts adequate to pay promptly all of the principal of and interest on all Outstanding First Lien Bonds, all Outstanding Bonds, all Outstand- ing Additional Bonds, and to make all deposits now or hereafter required to be made into the Funds created and established by ordinances authorizing First Lien Bonds, this Ordinance, and ordinances authorizing Additional Bonds. (b) If the System should become legally.liable for any other obligations or indebtedness, the City shall fix, maintain, charge and collect additional rates and charges for services rendered by the System sufficient to establish and maintain funds for the payment thereof. Section 12. FUNDS. All revenues of the System shall be kept separate and apart from all other funds of the City, and the following special Funds are hereby created and shall be established and maintained at the official depository bank of the City, so long as any of the Bonds or Additional Bonds, or interest thereon, are outstanding and unpaid: (a) The City of Corpus Christi Waterworks Revenue Fund, hereinafter called "Revenue Fund "; (b) The City of Corpus Christi Junior Lien Waterworks Revenue Bonds Interest and Sinking Fund, hereinafter called the "Interest and Sinking Fund "; (c) The City of Corpus Christi Junior Lien Waterworks Revenue Bonds Reserve Fund, hereinafter called the "Reserve Fund ". Section 13. REVENUE FUND. All gross revenues of every nature received from the operation and ownership of the System shall be deposited from day to day as collected into the Revenue-Fund, and the reasonable, necessary, and proper expenses of operation and maintenance of the System shall be paid from the Revenue Fund. The revenues of the System not -14- actually required to pay said expenses shall be transferred from the Revenue Fund into other Funds created by this Ordinance, in the manner and amounts hereinafter provided, and each of such Funds shall have priority as to such deposits in the order in which they are treated in the following sections, provided that payments required to be made to pay the principal and interest on First Lien Bonds by the terms of ordinances . authorizing the issuance of First Lien Bonds, payments to re- serve funds established therein and payments in accordance with obligations under contracts wherein the City is obtaining. or being provided a water supply or an interest therein and such payments are not operation and maintenance expenses under the law shall have priority over such transfers to the Junior Lien Interest and Sinking Fund and the Junior Lien Reserve Fund in accordance with this Ordinance. Section 14. INTEREST AND SINKING FUND. There shall be deposited into the Interest and Sinking Fund all accrued interest from the sale of the Bonds, and also, from the Net Revenues of the System, there shall be transferred from the Revenue Fund and deposited into the Interest and Sinking Fund the following: (a) such amounts, in equal monthly installments, made on or before the 10th day of each month, hereafter, commencing December 10, 1975, as will be sufficient to pay the interest scheduled to come due on the Bonds on the next interest pay- ment date; and (b) such amounts, in equal monthly installments, made on or before the 10th day of each month here- after, commencing December 10, 1975, as will be sufficient to pay the next maturing principal of the Bonds. The Interest and Sinking _Fund shall be used to pay the principal of and interest on the Bonds and all Additional Bonds, as such principal matures and such interest comes due. Section 15. RESERVE FUND_. (a) On or before the 10th day of each month hereafter, there shall be deposited into the Reserve Fund, commencing December 10, 1975, the sum of at least $8,000 until the Reserve Fund shall contain an aggregate amount of $640,000. No deposit shall be required to be made into the Reserve Fund as long as the Reserve Fund contains said aggregate amount, but if and whenever said Reserve Fund_ is reduced below said aggregate amount, then on or before the 10th day of each month thereafter there shall be deposited into the Reserve Fund all of the Net Revenues remaining in the Revenue Fund until the Reserve Fund is restored to said amount. The Reserve Fund shall be used to pay the principal of or interest on the Bonds and all Additional Bonds.,'at any time when there is not sufficient money available in the Interest and Sinking Fund for such purpose, and shall be used finally to pay and retire the last of the Outstanding Bonds or Additional Bonds. (b) All interest income received by the City from any investments made pursuant to law of funds in the interest and sinking fund established pursuant to law to secure the payment of the Underlying Bonds upon maturity thereof or redemption prior to stated maturity, shall at the option of the City be either deposited in the Reserve Fund or used for further development of the System. -15- Section 16. INVESTMENTS. Money in every Find created by this Ordinance may, at the option of the City, be nlaced in time deposits or be invested in direct obligations of the United States of America; obligations which, in the opinion of the Attorney General of the United States, are general obligations of the United States and backed by its full faith and credit; all obligations guaranteeed by the United States of America; evidences of indebtedness of the Federal Land Banks, Federal intermediate Credit Banks, Banks for Cooperatives, Federal Home Loan Banks, or Federal National Mortgage Association; provided that all such deposits and investments shall be made in such manner that the money required to be expended from any Fund will be available at the proper time or times. Any obligations in which money is so invested shall be held for the benefit of the holders of the Bonds and Additional Bonds, and shall be promptly sold and the proceeds of sale applied to the making of all payments required to be made from the Fund from which the investment was made. Section 17. That money in all Funds created by this Ordinance, to the extent not invested, shall be secured in the manner prescribed by law for securing funds of the City, in principal amounts at all times not less than the amounts of money credited to such Funds, respectively. Section 18. That prior to January 10, 1976, and semi- annually prior to each July 10 and each January 10 thereafter while any of the Bonds or Additional Bonds are outstanding and unpaid, the City shall make available to the Custodian or Paying Agents therefor, out of the Interest and Sinking Fund, money sufficient to pay such interest on and such principal installment or principal of the Bond and Additional Bonds as will accrue or mature on each such January 10 or July 10. Section 19. That at such times as the aggregate amount of money and investments in the Interest and Sinking Fund are at least equal in market value to (1) the aggregate principal amount of Outstanding Bonds and Additional Bonds, and (2) the aggregate amount of all unpaid (unmatured and matured) interest coupons appertaining to such Bonds and Additional Bonds and all unpaid interest to the final maturity date of any Bond without coupons, no further deposits need to be made into the Interest and Sinking Fund. Section 20. EXCESS REVENUES. The Net Revenues of the System, in excess of those necessary to make payments having priority to the deposits made to the Funds herein established, to establish and maintain the Funds as required in this Ordinance, or as hereafter may be required in connection with the issuance of Additional Bonds, may be used for any lawful purpose. Section 21. ADDITIONAL BONDS. The City reserves the right to issue additional parity revenue bonds in an aggregate principal amount not exceeding $7,105,000, to be known as Additional Bonds, which when issued and delivered, shall be payable from and secured by a lien on and pledge of the Net Revenues of the System, in the same manner and to the same extent as the Bonds; and the Bonds and all Additional Bonds shall in all respects he on a parity and of equal dignity. The Additional Bonds may be issued in one or more installments or series, provided, however, that no installment or series of Additional Bonds shall be issued unless: -16- (a) A certificate is executed by the Mayor and City Secretary of said City to the effect that no default exists in connection with any of the covenants or require- ments of this Ordinance or ordinances authorizing the issuance of all then Outstanding Bonds and Additional Bonds and First Lien Bonds; (b) A certificate is executed by the Mayor and City Secretary of said City to the effect that the Interest and Sinking Fund and the Reserve Fund each contains the amount then required to be on deposit therein; (c) A certificate is executed by a Certified Public Accountant to the effect that, in his opinion, the Net Earnings of the System either for each of the last two complete fiscal years of the City, or for each of two twelve -month periods of any twenty -four consecutive calendar month period ending not more than ninety days prior to the passage of the ordinance au- thorizing the issuance of such Additional Bonds, were at least 1.4 times the average annual principal and interest requirements for all then Outstand- ing Bonds, Additional Bonds, and First Lien Bonds, and for the installment or series of Additional Bonds then proposed to be issued and the term "Net Revenues ", as used in this subparagraph (c) shall mean the Net Revenues of the System, but excluding and not deducting, any charges or disbursements which under standard accounting practice, should he charged to capital ex- penditures. (d) The Additional Bonds are scheduled to mature only on July 10, and the interest thereon is scheduled to be paid only on January 10 and July 10. (e) The ordinance authorizing the issuance of such installment or series of Additional Bonds provides that the aggregate amount to be accumulated and maintained in the Reserve Fund shall be increased (in and to the extent necessary) to an amount not less than the average annual principal and interest requirements of all Bonds and Additional Bonds, which will be outstanding after the issuance and delivery of the then proposed Additional Bonds; and that the required additional amount shall be so accumulated by the deposit in the Reserve Fund of all or any part of said required additional amount in cash immediately after the delivery of the then proposed Additional Bonds, or, at the option of the City, by the deposit, from Net Revenues of the System, of said required additional amount (or any balance of said required additional amount not deposited in cash as permitted above) in monthly installments, made on or before the 10th day of each month following the passage of the ordinance authorizing the issuance of the then proposed Additional-Bonds, of not less than 1 /80th of said required additional amount not deposited in cash as permitted above. (f) All calculations of average annual principal and interest requirements made pursuant to this section are to be made as of and from the date of the Additional Bonds then pro- posed to be issued. Section 22. MAINTENANCE AND OPERATION: INSURANCE. While any of the Bonds or Additional Bonds are Outstanding the -17- City covenants and agrees to maintain or cause to be maintained the System in good condition and operate the same in an efficient manner and at reasonable expense, and to maintain insurance on the System, for the benefit of the holder or holders of the First Lien Bonds, the Bonds, and Additional Bonds, of a kind in an amount which usually would be carried by private companies en- gaged in a similar type of business. Nothing in this Ordinance shall be construed as requiring the City to expend any funds which are derived from sources other than the System, but nothing herein shall be construed as preventing the City from doing so. Section 23. ACCOUNTS AND FISCAL YEAR. The City shall keep proper books of records and accounts, separate from all other records and accounts of the City, in which complete and correct entries shall be made of all transactions relating to the System, and shall have said books audited once each fiscal year by a Certified Public Accountant. The City agrees to operate the System and keep its books of record and accounts pertaining thereto on the basis of its current fiscal year; pro- vided, however, that the governing bddy of the City may change such fiscal year if such change is deemed necessary. Section 24. ACCOUNTING REPORTS. Within ninety days after the close of each fiscal year hereafter, the City will furnish, wit)iout cost to the Texas Water Development Board, or its successor, or the Municipal Advisory Council of Texas, or its successor, and any holder of any outstanding Bonds or Additional Bonds who may so request, a signed or certified copy of a report by a Certified Public Accountant, covering the next preceding fiscal year, showing the following information: (a) A_detailed statement of all gross revenues of the System and all expenses of operation and maintenaflce thereof for said fiscal year; (b) Balance sheet as of the end of said fiscal year; (c) Accountant's comment regarding the manner in which the City has complied with the requirements of this Ordinance and his recommendations, if any, for any changes or improvements in -the operation of the System; (d) List of insurance policies in force at the end of said fiscal year, showing, as to each policy, the risk covered, the amount of the policy, the name of the insurer, and the expiration date; (e) The number of properties connected with the System and the gross revenues from each of said systems for said fiscal year; (f) The number of unmetered customers of the System at the end of said fiscal year; (g) The approximate number of gallons of water registered through the City's meters, and the number of gallons sold during said fiscal year. -18- Section 25. INSPECTION. Any bolder or holders of any Bonds or Additional Bonds shall have the right at all reasonable times to inspect the System and all records, ac- counts and data of the City relating thereto. Section 26. (a) The owners or holders of Bonds and Additional Bonds aggregating two - thirds of the aggregate princi- pal amount of the then Outstanding Bonds and Additional Bonds shall have the right from time to time to approve any amendment to this Ordinance which may be deemed necessary or desirable by the City, provided, however, that nothing herein contained shall permit or be construed to permit the amendment of the terms and conditions in this Ordinance or in the Bonds or Additional Bonds without the consent of the holders of all of the then Outstanding Bonds and Additional Bonds so as to: (1) Idake any change in the maturities of the Outstanding Bonds or Additional Bonds; (2) Reduce the rate of interest borne by any of the Outstanding Bonds or Additional Bonds; (3) Reduce the amount of the principal payable on the Outstanding Bonds or Additional Bonds; (4) Modify the terms of payment of prin- cipal of or interest on the Outstanding Bonds or Additional Bonds, or impose any conditions with respect to such payment; (5) Affect the rights of the owners of less than all of the Bonds and Additional Bonds then Outstanding; or (6) Change the minimum percentage of the principal amount of Bonds and Addi- tional Bonds necessary for consent to such amendment., (b) if at any time the City shall desire to amend the Ordinance under this Section, the City shall cause notice of the proposed amendment to be published in a financial newspaper or journal published in the City of New York, New York, or in the City of Austin, Texas, once during each calendar week for at least two successive calendar weeks. Such notice shall briefly set forth the nature of the proposed amendment and shall state that a copy thereof is on file at the principal office of the City for inspection by all owners or holders of Bonds and Additional Bonds. Such publication is not required, however, if notice in writing is given to each owner or holder of Bonds and Additional Bonds. (c) Whenever at any time not less than thirty days, and within one year, from the date of the first publication of said notice or other service of written notice the City shall receive an instrument or instruments executed by the owners or holders of at least two - thirds in aggregate principal amount of all Bonds and Additional Bonds then Outstanding (or all of the Bonds and Additional Bonds then Outstanding, if required) which instrument or instruments shall refer to the proposed amendment -19- described in said notice and which shall specifically consent to and approve such amendment in substantially the form of the copy thereof on file with the City, the City may adopt the amendatory ordinance in.. substantially the same form. (d) Upon the adoption of any amendatory ordinance_ pursuant to the provisions of this Section, the Ordinance shall be deemed to be amended in accordance with such amendatory ordinance, and the respective rights, duties, and obligations under the Ordinance of the City and all owners of the then Outstanding Bonds and Additional Bonds and all future Additional Bonds shall thereafter be determined, exercised and endorsed hereunder, subject in all respects to such amendment. (e) Any consent given by the owner or holder of a Bond or Additional Bond pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of the first publication of the notice provided for in this Section, and shall be conclusive and binding upon all future owners and holders of the same Bonds or Additional Bonds during such period. Such consent may be revoked at any time after six months from the date of the first publication of such notice by the owner or holder who gave such consent, or by a successor in title, by filing notice thereof with the City, but such revocation shall not be effective if the owner or holders of two - thirds aggregate principal amount of the then Outstanding Bonds and Additional Bonds as in this Section defined have,prior to the attempted revocation, consented to and ap- proved the amendment. (f) For the purpose of this Section, the fact of the ownership or holding of Bonds or Additional Bonds by any bond- holder and the amount and numbers of such Bonds and Additional Bonds, and the date of their owning or holding same, may be proved by the Affidavit of the person claiming to be.such owner or holder, or by a certificate executed by any trust company, bank, banker, or any other depository wherever situated showing that at the date therein mentioned such person had on deposit with such trust company, bank, banker, or other depositary, the Bonds or Additional Bonds described in such certificate. The City may conclusively assume that.such' ownership or holding continues until written notice to the contrary is served upon the City. Section 27. SPECIAL COVENANTS. The City further covenants as follows: (a) That other than for the payment of the Bonds herein authorized, the Net Revenues of the System have not in any manner been pledged to the payment of any debt or obligation of the City or of the System. (b) That while any of the Bonds or Additional Bonds are Outstanding, the City will not sell or encumber the System or any substantial part thereof, and that, with the exception of the Additional Bonds, First Lien Bonds, and payments in accordance with obligations under contracts wherein the City is obtaining or being provided a water supply, or an interest therein, and such payments are not operation and maintenance expenses under the law, all as expressly permitted by this Ordinance to be issued or made, it will not encumber the Net Revenues of the -20- System, unless such encumbrance is made junior and subordinate in all respects to the Bonds and Additional Bonds and all liens and pledges in connection therewith. (c) That no free service of the System shall be allowed and should the City or any of its agencies or instru- mentalities make use of the services and facilities of the System, payment of the reasonable value thereof shall be made by the City out of funds from sources other than the revenues and income of the System. (d) That to the extent it legally may, the City further covenants and agrees that while any of the Bonds or Additional Bonds are Outstanding, no franchise shall be granted for the installation or operation of any competing Waterworks System; and that the City will prohibit the operation of any such competing system; and the operation of any such competing system is hereby prohibited. (e) No First Lien Bonds shall be redeemed prior to stated maturities until all of the Bonds and Additional Bonds owned by the Texas Water Development Board, or its successor, are paid in full, provided that the payment of the Bonds or Addi- tional Bonds owned by such Board may be paid concurrently with such redemption. Section 28. SUBROGATION. That in addition to all other rights, the holders of the Bonds shall be subrogated to all pertinent and necessary rights of the holders of the obli- gations being refunded thereby, commensurate and within the limits of the security herein granted. Section 29. BONDS ARE SPECIAL OBLIGATION. The Bonds and Additional Bonds shall be special obligations of the City payable solely from the pledged Net Revenues, and the holder or holders thereof shall never have the right to demand payment thereof out of funds raised or to be raised by taxation. Section 30. NO- ARBITRAGE. That the City covenants to and with the purchasers 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 ex- pected on the date of delivery of the Bonds to and payment for the Bonds by 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 pertaining thereto; and by this covenant the City is obligated to comply with 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 Bonds will not other- wise be used directly 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. Section 31. APPROVAL AND REGISTRATION OF THE SINGLE REGISTERED BOND. That the Mayor of said City is hereby authorized to have control of the single registered Bond and all necessary records and proceedings pertaining to said Bond pending its delivery and its investigation, examination and approval by the Attorney General of the State of Texas, and its registration by the Comptroller of Public Accounts of the State of Texas. -21- Upon registration of said Bond, said Comptroller of Public Ac- counts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be placed on such Bond, and the seal of said Comptroller shall be impressed, or printed, or lithographed thereon. Section 32. SALE OF BONDS. That the Bonds herein authorized are hereby sold to the Texas Water Development Board, at a price of par plus accrued interest to the date of delivery, plus a premium necessary to adjust interest rates on bonds to Texas Water Development Board statutory lending rate. Section 33. BOND PROCEEDS. That from the proceeds from the sale and delivery of the Bonds, and from other funds now on hand and lawfully available for such purpose, there shall be deposited with the State Treasurer of the State of Texas the amount of money necessary under Vernon's Article 717k to ac- complish the refunding provided for herein; and the proceeds from the sale and delivery of the Bonds and such other funds shall be so deposited with the State Treasurer immediately after such sale and delivery. Section 34. The fact that refunding of the Underlying Bonds is necessary in order to issue bonds for extensions and improvements to the System and such extensions and improvements are 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 35. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the 22nd day of October,.1975. G m_a­yoe,—Cfty of Corpus Chfisti, T as ATTEST: City Secretary, City of Corpus Christi, Texas The foregoing Ordinance was approved prior to passage as to form.and correctness this 22nd day of July, 1975. City Attorney, City of Corpus Christi -22- 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 22nd day of October, 1975, authorizing the issuance of $7,895,000, City of Corpus Christi, Texas, Junior Lien Waterworks System Revenue 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 V.A:C.S., Art. 6252 -17, as amended. EXECUTED UNDER MY HAND AND SEAL OF SAID CITY, this the y y day of ® c Tc B 0- RZ , 1975. (SEAL) City Secretary, Citysof Corpus Christi, Texas -23- • THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI I, the undersigned, being the City Secretary of the City of Corpus Christi, Texas, do hereby certify that attached hereto is a true and correct copy of the notice of redemption mailed on this date, by postage -paid, first -class mail, to the Mercantile National Bank at Dallas, Dallas, Texas, atten- tion: Corporate Trust Department, and to Chemical Bank, New York, New York, attention: Corporate Trust Department. 1975. (SEAL) SIGNED AND SEALED this the ,2_ day of OCm& --�L , City Secretary NOTICE OF REDEMPTION CITY OF CORPUS CHRISTI FIRST MORTGAGE REVENUE BONDS NOTICE is hereby given that the Citv of Corpus Christi, Texas, 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 Bank at Dallas, Dallas, Texas, at par and accrued interest to the redemption date above specified plus a premium of 2'h% of the principal amount so redeemed. ISSUED this the 15th day of October, 1975. �C OF CORPUS CHRI TI JASON LUBY, Mayor Corpus Christi, Texas October 22, 1975 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 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 read at three several 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. Respectfully, MAYOR THE CI OF CORPUS CHRISTI, GENERAL CERTIFICATE HE STATE OF TEXAS OUNTY OF NUECES ITY OF CORPUS CHRISTI: We, the undersigned, hereby officially certify that we the Mayor and City Secretary, respectively, of said City, and further certify as follows: 1. That said City is a duly incorporated Home Rule City, ing more than 5000 inhabitants, operating and existing under the sitution and laws of the State of Texas and the duly adopted e Rule Charter of said City, which Charter has not been changed amended since the passage of the ordinance authorizing the most ently issued Series of outstanding bonds of said City. 2. That no litigation of any nature has ever been filed ertaining to, affecting or contesting: (a) the issuance, deliverl ayment, security or validity of City of Corpus Christi, Texas, unior Lien Waterworks System Revenue Bonds, Series 1975 (the Series 1975 Bonds"), (b) the title of the present members and fficers of the City Council of said City to their respective ffices, or (c) the validity of the corporate existence or the harter of said City. 3. That none of the revenues or income of said City's terworks system have been pledged or encumbered to the payment any debt or obligation of said City or said System, except in nnection with the aforesaid proposed Series 1975 Bonds and the tstanding bonds of said City, being refunded by the Series 1975 4. That none of the City of Corpus Christi First tgage Waterworks Revenue Bonds being refunded by the aforesaid posed City of Corpus Christi, Texas, Junior Lien Waterworks tem Revenue Bonds, Series 1975, has ever been held in, or pur- sed for the account of, the interest and sinking fund created maintained for the benefit of such bonds being so refunded, nothing in said interest and sinking fund is available and can used for the retirement of any of such bonds. 5. That the rates being charged for water services by C have not been 9hanged since the passage of the ordinance YdA( -3 T Z, /�Tf, establishing such rates. 6. That the Net Revenues of the waterworks system have as follows for the years indicated below: Fiscal Year .. Ending 1972 1973 1974 SIGNED AND SEALED this the 2 Gity Secretary Net Revenues $ ?, W), 785 $ ?,M5,124 of October, 1975. • THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI: I, the undersigned, City Secretary of the City of Corpus Christi, Texas, hereby certify that the attached and following is a true and correct copy of excerpts from the following Ordinances passed by the City Council of the City of Corpus Christi, Texas, on the dates indicated, authorizing the issuance of City of Corpus Christi First Mortgage Water- works Revenue Bonds as indicated, to -wit: First Mortgage Waterworks Revenue Date Bonds February 1, 1954 Series 1954 October 1, 1954 Series 2 of 1954 June 1, 1960 Series 1960 February 1, 1962 Series 1962 February 1, 1969 Series 1969 October 1, 1969 Series 1969 -A showing clearly the amounts and the date or dates on which interest is due on such bonds, the date when the principal matures and becomes subject to redemption, and the name of the banks at which such principal and interest must be paid, such banks being the Mercantile National Bank at Dallas, Dallas, Texas and Chemical Bank, New York, New York. I further certify that the amount of the charges of such banks for their services in paying the principal and interest on the $7,105,000 in aggregate principal amount of the Bonds which are to be refunded by that issue of City of Corpus Christi, Texas, Junior Lien Waterworks Revenue Bonds, Series 1975, and which mature on or before June 1, 1980 or have been called for redemption prior to maturity, on December 1, 1980 is $2,926.23. SIGNED AND SEALED th��iis�s the 22nd day of October, 1975. !S%.1D/ Citq Secretary,' (SEAL) City of ,Corpus Christi, Texas