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HomeMy WebLinkAbout13609 ORD - 02/09/1977s THE STATE OF TEXAS COUNTY OF NUECES i CITY OF CORPUS CHRISTI On this the 9th day of February, 1977, the City Countil of the City of Corpus Christi, Texas, convened in i Regular Meeting, with the following members of said Council ,li and officials of said City present, to -wit: P Jason Luby, Mayor Bill Tipton, DDS, Mayor Pro -Tem Eduardo de Ases Ruth Gill Bob Gulley Councilmen Gabe Lozano, Sr. Edward L. Sample R. Marvin Townsend, City Manager J. Bruce Aycock, City Attorney Harold F. Zick, ,/Director of Finance S. head, AldCity Secretary Alton White, Jr., Tax Assessor - Collector with the following absent: _/Z,"LQ constituting a quorum, at which time the following among other business was transacted: 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 "TO THE CITY COUNCIL Corpus Christi, Texas Gentlemen: The public importance and pressing need for the permanent improvements to be constructed by the use of the pro - ceeds 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 ordi- nances to be considered and voted upon at three regular meetings. I, therefore, request that the City Council pass the proposed ordinance 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. 13669 "Yours very truly, MICROFILM /s/ Jason Luby Mayor" JUL U 110, .I Councilman moved that the Charter I (provision prohibiting ordinances from being passed finally !on the date introduced be suspended for the reasons stated Iiin the written request of the Mayor and stated in the emergency liclause f the ordinance. The motion was seconded by Councilman r The motion was carried by a unanimous vote I !!by the City Council, viz.: it AYES: All present voted Aye. NAYS: None. ii The Mayor requested that the records show that he ii i'voted Aye. This was done i r. Councilman moved that the ordinance jibe passed finally. The motion was seconded by Councilman The motion was carried by the following vote: AYES: All present voted Aye. NAYS: None. The Mayor requested that the record show that he I'. i'voted Aye. This was done. The Mayor announced that the ordinance has been passed. The ordinance is as follows: i ORDINANCE NO. /,j6 0 ` BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $2,840,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1977, 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- jltion, 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 12/09/72 $3,600,000 4 - Sanitary Sewer $2,395,000 $1,205,000 12/09/72 3,525,000 5 -Park 3,190,000 335,000 12/09/72 300,000 7C- Service Center 75,000 225,000 12/09/72 3,200,000 8 - Drainage 2,700,000 500,000 12/09/72 4,275,000 9 - Street 3,700,000 575,000 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 the public 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: �I 1. That said City's coupon bonds to be designated the "City of Corpus Christi, Texas, General Improvement Bonds, j. (Series 1977" are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of !.Texas in the principal amount of $2,840,000 for the following purposes, to -wit: $1,205,000 for the purpose of constructing (,improvements to the sanitary sewer system, including Broadway Plant improvement, Saratoga main, Calallen trunk, and lines in the Flour Bluff, Calallen, Tulosa Midway, and Corpus Christi ii '';Leach areas and other sanitary sewer improvements; $335,000 i for the purpose of improving lands for park purposes including South (McGee) and Corpus Christi beach development, softball field facilities, swimming pools at Flour Bluff and Woodlawn „Parks, museum improvements, and improvements at Bayfront, Los Encinos, Woodlawn, Cole and various other parks; $225,000 for the purpose of making permanent improvements to the Municipal jService Center; $500,000 for the purpose of constructing drain- :,age improvements, including bay -front pump station modification, ;ditch improvements along Flynn and Shea Parkways, and the Van ,Galen Ditch; local drainage in the six points, Mayfield Lane, Casa Blanca, Arboleda, Flour Bluff, and Lorraine Street areas, major drainage facilities in the West Oso High School and Williams Drive areas, and other drainage facilities; $575,000 I, for the purpose of improving the streets of the City, including I ,neighborhood streets, sidewalks to school sites, traffic signals, street lighting, Leopard Street resurfacing from Battlin Buc to Broadway, Airline from Padre Island Drive to Williams Drive, Kostoryz from Padre Island Drive to Holly Road, McArdle Road from Airline to Mt. Vernon Park, North Staples from Leopard to i Broadway, Nueces Bay Boulevard from Leopard to IH 37, Waldron from Carribean to Purdue, Starlite from Leopard to Sunny, Cooper i' Alley from Mesquite to Tancahua and other street improvements. I 2. That said bonds shall be dated March 1, 1977, shall be numbered consecutively from 1 through 568, shall be in the denomination of $5,000 each, and shall mature and become due and payable serially on March 1 in each of the years, and in the amounts, respectively, as set forth in the following schedule: YEARS AMOUNTS YEARS AMOUNTS 1978 $ 40,000 1988 $150,000 1979 125,000 1989 150,000 1980 125,000 1990 150,000 1981 150,000 1991 150,000 1982 150,000 1992 150,000 1983 150,000 1993 150,000 1984 150,000 1994 150,000 1985 150,000 1995 150,000 1986 150,000 1996 150,000 1987 150,000 1997 150,000 3. That as to said bonds scheduled to mature on and after March 1, 1988, said City shall have the right and I' option to redeem such bonds prior to their scheduled maturities, r in whole or in part, in their inverse numerical order, on March 1, 1987, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the p date fixed for redemption, plus a premium of 2'k- %, such premium i i to be reduced a 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 ii !!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 1pas being outstanding except for the purpose of receiving the funds so provided for such payment. +I 4. That said bonds shall bear interest from their ldate, until maturity or redemption, at the following rates: Bonds maturing /1?79 through Arl - -- �,00% per annum; Bonds maturing, 9Lg—z through - -- � per annum; �II /n�' Bonds maturing � through Z7 70 rs per annum; Bonds maturing through oZ - -- T% per annum; ! Bonds maturing through per annum; jlwith said interest to be evidenced by interest coupons payable i i;on September 1, 1977, and semiannually 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 lithe bearer, upon presentation and surrender of proper bond or I interest coupon at Corpus Christi Bank & Trust, Corpus Christi, Texas, or at the option of the holder, at The Chase Manhattan I; l Bank, N. A., New York, New York, or at Harris Trust and Savings ,Bank, Chicago, Illinois, which places shall be the paying agents I for said bonds. I, 6. That each of said bonds and interest coupons shall The signed by the imprinted or lithographed facsimile signature ,lof the Mayor of said City and countersigned by the imprinted or lithographed facsimile signature of the City Secretary of said IjCity, and the official seal of said City shall be impressed, or :!printed, or lithographed on each of said bonds. i 11,! „I 0 principal amount of $2,840,000, for the following purposes, to -wit: $1,205,000 for the purpose of constructing improvements to the sanitary sewer system, including Broadway Plant improve- ment, Saratoga main, Calallen trunk, and lines in the Flour Bluff, Calallen, Tulosa Midway, and Corpus Christi beach areas and other sanitary sewer improvements; $335,000 for the pur- pose of improving lands for park purposes including South (McGee) and Corpus Christi beach development, softball field facilities, swimming pools at Flour Bluff and Woodlawn Parks, museum improve- ments, and improvements at Bayfront, Los Encinos, Woodlawn, Cole and various other parks; $225,000 for the purpose of making permanent improvements to the Municipal Service Center; $500,000 for the purpose of constructing drainage improvements, including bay -front pump station modification, ditch improvements along Flynn and Shea Parkways, and the Van Galen Ditch; local drainage in the six points, Mayfield Lane, Casa Blanca, Arboleda, Flour Bluff, and Lorraine Street areas, major drainage facilities in the West Oso High School and Williams Drive areas, and other drainage facilities; $575,000 for the purpose of improving the streets of the City, including neighborhood streets, sidewalks to school sites, traffic signals, street lighting, Leopard Street resurfacing from Battlin Buc to Broadway, Airline from Padre Island Drive to Williams Drive, Kostoryz from Padre Island Drive to Holly Road, McArdle Road from Airline to Mt. Vernon Park, North Staples from Leopard to Broadway, Nueces Bay Boule- vard from Leopard to IH 37, Waldron from Carribean to Purdue, Starlite from Leopard to Sunny, Cooper Alley from Mesquite to Tancahua and other street improvements. The bonds of this Series scheduled to mature on and after March 1, 1988, may be redeemed prior to their scheduled maturities, in whole or in part, in inverse numerical order, at the option of said City, on March 1, 1987, or on any interest payment date thereafter, for the principal amount thereof plus 0 7. That the form of said bonds, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each bond, and the form of the interest coupons to be attached to said bonds, shall be, respectively, substantially as follows: (FORM OF BOND) 1, NO. $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BOND SERIES 1977 On March 1, 19 the City of Corpus Christi, in the iCounty of Nueces, State of Texas, promises to pay to bearer the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of o per annum, evidenced by interest coupons payable September 1, 1977, and semiannually thereafter on each March 1 and September 1 while this bond is outstanding. The principal it of this bond and the interest coupons attached hereto shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, i upon presentation and surrender of this bond or proper interest coupon, at the Corpus Christi Bank & Trust, Corpus Christi, I� Texas, or, at the option of the bearer, at The Chase Manhattan !j Bank, N. A., New York, New York, or at Harris Trust and Savings i Bank, Chicago, Illinois, which places shall be the paying agents for this Series of bonds. This bond is one of a Series of bonds of like tenor and effect except as to number, maturity, interest rate and right of prior redemption, numbered 1 through 568, of the i i denomination of $5,000 each, dated March 1, 1977, issued in the I' accrued interest to the date fixed for redemption, plus a premium of 2h %, such premium to be reduced 4 of 1% on March 1 of each year thereafter. At least thirty days before the date fixed for ,zany such redemption the City shall cause a written notice of such redemption to be published at least once in a financial publica- Iition 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 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 provision for such payment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed J 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. It is hereby certified and recited that this bond has ;,been duly and validly voted, authorized, issued, and delivered in accordance with the Constitution and laws of the State of Texas; that this bond is a general obligation of said City, issued on the full faith and credit thereof; and that the ad valorem taxes, upon all taxable property in said City, necessary to pay the interest on and principal of this bond, as such interest comes due, and such principal matures, have been pledged irrevocably for such purpose, within the limit prescribed by law. In witness whereof, this bond and the interest coupons attached hereto have been 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 ' 4 w i City Secretary of said City, and the official seal of said City ;has been duly impressed, or printed, or lithographed on this bond. I (City Secretary, City of Corpus Mayor, City of Corpus Christi, Christi, Texas Texas (FORM OF REGISTRATION CERTIFICATE) Ii COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, lcertified 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 Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) NO. $ 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 ',ITrust and Savings Bank, Chicago, Illinois, said amount being 'interest due that day on the bond, bearing the number hereinafter ;Idesignated, of that issue of City of Corpus Christi, Texas, General Improvement Bonds, Series 1977, dated March 1, 1977. P Bond No. City Secretary Mayor . • 8. That a special fund or account, to be designated the "City of Corpus Christi, Texas, General Improvement Bonds, Series 1977, Interest and Sinking Fund" is hereby created and shall be established and maintained by said City at its official depository bank. 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 bonds. All taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, the City Council of said City shall com- pute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide a sinking fund to pay the principal of such bonds as such principal matures, but never less than 2% of the original principal amount of said bonds as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ;ordered to be levied and is hereby levied against all taxable property in said City for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, Qand said ad valorem 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 necessary to pay the interest on and principal of said bonds, as such interest comes due, and such principal matures, are hereby pledged irrevocably for such purpose, within the limit prescribed by law. U 9. (a) That said bonds are hereby sold and shall be delivered to _!/eD / //a 8�� j „�z/ /�� Aaa at a price of par and accrued interest to date of delivery, plus a premium of $ 4,/ 1 . (b) That the City Manager of said City is hereby autho• rized to have control of said bonds and all necessary records an 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 Registration Certificate prescribed herein to be printed and endorsed on each bond, and the seal of said Comptroller shall be impressed 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 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 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(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the-aforesaid Section 103(c) 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 otherwise be used directly or lindirectly 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(c), or any regulations or rulings pertaining thereto. 12. The fact that the contemplated use of the proceeds of the bonds is necessary for the orderly development and growth I' 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. 13. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the 9th day of February, 1977. Ma or City of Corpus Christi, Texas ATTEST' II +i pp D City Secretary City of Corpus Christi, Texas II The foregoing ordinance was approved prior to passage as to form and correctness this the day of February, 1977. =C., ASST., City Attorney City of Corpus Christi, Texas it THE STATE OF TEXAS COUNTY OF NUECES i IICITY 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 February, 1977, authorizing the issuance of $2,840,000 of City of Corpus Christi, Texas, General Improvement Bonds, Series 1977, which ordinance is duly of record in the minutes of said City Council and said meeting was open to the public gas 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. d EXECUTED UNDER MY AND AND SEAL of said City, this the -( day of February, 1977. d1, Z City Secreta y City of Corpus Christi, Texas (SEAL) r.j CORPUS CHRISTI, TEXAS DAY OF -, 19-22 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, 'I) MAYO THE CITY OF CORPUS CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY T FOLLOWING VOTE: JASON Way DR. BILL TIPTON III EDUARDO DE ASES RUTH GILL BOB GULLEY GABE LOZANO, SR. EDWARD L. SAMPLE THE ABOVE ORDINANCE WAS PASSED BY TH FOLLOWING VOTE: JASON LUBY DR. BILL TIPTON EDUARDO DE ASES RUTH GILL BOB GULLEY GABE LOZANO, SR. EDWARD L. SAMPLE 136 ®9