Press Alt + R to read the document text or Alt + P to download or print.
This document contains no pages.
HomeMy WebLinkAbout13797 ORD - 06/15/1977THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the )th day u�B
y of 1977, the City
Council of the City of Corpus Christi, Texas, convened in q
i
Meeting, with the following members of said Council
and officials of said City present, to -wit:
Jason Luby,
Mayor
Eduardo deAses
Mayor Pro -Tem
David Diaz
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
Bill G. Read,
City Secretary
Alton T. White, Jr.
Tax Assessor - Collector
with the following absent: NOW ,
constituting a quorum, at which time the following among other
business was transacted.
h6sy We e.411 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.
"Yours very truly,
/s/ Jason Luby
Mayor"
�u� Z 19Q0 13797
Councilman _jk Asgs_, —moved that the Charter
vision prohibiting ordinances from being passed finally
the date introduced be suspended for the reasons stated
the written request of the Mayor and stated in the emergency
use.of the ordinance. The motion was seconded by Councilman
(Zfify— ,—. The motion was carried by a unanimous vote
the City Council, viz.:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the records show that he
ted Aye. This was done.
Councilman At A$Eg moved that the ordinance
passed finally. The motion was seconded by Councilman
GVI)EY The motion was carried by the following vote:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the record show that he
Aye. This was done.
The Mayor announced that the ordinance has been
The ordinance is as follows:
ORDINANCE NO. - -� - -_
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $8,000,000 CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BONDS, SERIES 1977 -A,
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
st of the City that bonds authorized at an election
heretofore held in said City be sold at this time, the date
of the election, amount of bonds authorized thereat, purpose,
and the amount now to be sold being as follows:
TE OF AMOUNT AMOUNT PRE - AMT.NOW
ECTION AUTHORIZED PURPOSE VIOUSLY SOLD OFFERED
/26/76 $14,000,000 Convention Center -0- $8,000,000
WHEREAS, it is hereby officially found and determined:
at a case of emergency or urgent public necessity exists which
quires the holding of the meeting at which this Ordinance is
ssed, such emergency or public necessity being that the pro -
eds from the proposed bonds are required as soon as possible
d without delay for necessary and urgently needed public
provements; that this meeting was open to the public as
quired by law; and that public notice of the time, place and
rpose of this meeting was given as required by Vernon's Ann.
v. St. Article 6252 -17, as amended.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CHRIST, TEXAS:
1. That said City's coupon bonds to be designated
the "City of Corpus Christi, Texas, General Improvement Bonds,
Series 1977 -A" are hereby authorized to be issued and delivered
in accordance with the Constitution and the laws of the State of
Texas in the principal amount of $8,000,000 for the purpose
of making permanent public improvements, to wit: a commu-
nity - convention facility, including an exhibit hall,
meeting rooms, banquet hall, additional auditorium improvements,
and further acquisition and development of the site, at the
bayfront center for the arts and sciences.
2. That said bonds shall be dated July 1, 1977,
shall be numbered consecutively from 1 through 1600, shall be
in the denomination of $5,000 each, and shall mature and be-
come due and payable serially on July 1 in each of the years,
and in the amounts, respectively, as set forth in the follow-
ing schedule.
YEARS AMOUNTS YEARS AMOUNTS
1978 $200,000 1988 $400,000
1979 200,000 1989 400,000
1980 200,000 1990 500,000
1981 300,000 1991 500,000
1982 300,000 1992 500,000
1983 400,000 1993 500,000
1984 400,000 1994 500,000
1985 400,000 1995 500,000
1986 400,000 1996 500,000
1987 400,000 1997 500,000
3. That as to said bonds scheduled to mature on
d after July 1, 1988, said City shall have the right and
tion to redeem such bonds prior to their scheduled maturities,
whole or in part, in their inverse numerical order, on
ly 1, 1987, or on any interest payment date thereafter, for
e principal amount thereof plus accrued interest to the
to fixed for redemption, plus a premium of 22%, such premium
be reduced ; of lea on July 1 of each year thereafter.
At least thirty days before the date fixed for any
ch - redemption, the City shall cause a written notice of such
demption to be published at least once in a financial publica-
on printed in the City of New York, New York. By the date
fixed for any such redemption, due provision shall be made with
the paying agents for the payment of the principal amount of the
bonds to be so redeemed, plus accrued interest thereon to the
date fixed for redemption and any premium as required above. If
the written notice of redemption is published, and if due pro-
vision for such payment is made, all as provided above, the
bonds, which are to be so redeemed, thereby automatically shall
be redeemed prior to maturity, and they shall not bear interest
after the date fixed for redemption, and shall not be regarded
as being outstanding except for the purpose of receiving the
funds so provided for such payment.
4. That said bonds shall bear interest from their
date, until maturity or redemption, at the following rates per
annum:
Bonds maturing 1978 through - -- 00
Bonds maturing J_ 4- through / a - - -p
Bonds maturing l through
Bonds maturing _�*_r
Bonds maturing ./4�9/ through
with said interest to be evidenced by interest coupons payable
on January 1, 1978, and semiannually thereafter on each July 1
and January 1.
5. That the principal of and interest on said bonds
shall be payable to bearer, in lawful money of the United
States of America, without exchange or collection charges to
the bearer, upon presentation and surrender or proper bond or
interest coupon at Corpus Christi Bank & Trust, Corpus Christi,
xas, or at the option of the holder, at The Chase Manhattan
nk, N. A., New York, New York, or at Harris Trust and Savings
nk, Chicago, Illinois, which places shall be the paying agents
r said bonds.
6. That each of said bonds and interest coupons shall
ie signed by the imprinted or lithographed facsimile signature
f the Mayor of said City and countersigned by the imprinted or
ithographed facsimile signature of the City Secretary of said
ity, and the official seal of said City shall be impressed, or
rinted, or lithographed on each of said bonds.
7. That the form of said bonds, including the form
)f Registration Certificate of the Comptroller of Public Accounts
)f the State of Texas to be printed and endorsed on each bond,
ind the form of the interest coupons to be attached to said
)onds, shall be, respectively, substantially as follows:
(FORM OF BOND)
RM
$5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BOND
SERIES 1977 -A
On July 1, 19_, the City of Corpus Christi, in the
;ounty of Nueces, State of Texas, promises to pay to bearer
;he principal amount of
FIVE THOUSAND DOLLARS
Lnd to pay interest thereon, from the date hereof, at the rate
)f % per annum, evidenced by interest coupons payable
ranuary 1, 1978, and semiannually thereafter on each July 1
ind January 1 while this bond is outstanding. The principal
>f this bond and the interest coupons attached hereto shall be
)ayable to bearer, in lawful money of the United States of
unerica, without exchange or collection charges to the bearer,
ipon presentation and surrender of this bond or proper interest
.oupon, at the Corpus Christi Bank & Trust, Corpus Christi,
Pexas, or, at the option of the bearer, at The Chase Manhattan
Sank, N. A., New York, New York, or at Harris Trust and Savings
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 1600, of the
denomination of $5,000 each, dated July 1, 1977, issued in the
principal amount of $8,000,000, for the following purpose,
to -wit: a community - convention facility, including an
ilexhibit hall, meeting rooms, banquet hall, additional auditor -
ilium improvements, and further acquisition and development of
lthe site, at the bayfront center for the arts and sciences.
The bonds of this Series scheduled to mature on and
!after July. 1, 1988, may be redeemed prior to their scheduled
i
!maturities, in whole or in part, in inverse numerical order, at
jthe option of said City, on July 1, 1987, or on any interest
'payment date thereafter, for the principal amount thereof plus
accrued interest to the date fixed for redemption, plus a premium
of 2;%, such premium to be reduced k of 1% on July 1 of each
Ij
jyear thereafter. At least thirty days before the date fixed for
Many such redemption the City shall cause a written notice of such
(redemption to be published at least once in a financial publica-
i'tion printed in the City of New York, New York. By the date
l�fixed for any such redemption, due provision shall be made with
paying agents for the payment of the principal amount of the
to be redeemed, plus accrued interest thereon to the date
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
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
City Secretary of said City, and the official seal of said City
has been duly impressed, or printed, or lithographed on this
bond.
City Secretary, City of Corpus
Christi, Texas
Mayor, City of Corpus Christi,
Texas
(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
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,
us Christi, Texas, or, at the option of the bearer, at The
e Manhattan Bank, N. A., New York, New York, or at Harris
t and Savings Bank, Chicago, Illinois, said amount being
rest due that day on the bond, bearing the number hereinafter
gnated, of that issue of City of Corpus Christi, Texas,
ral Improvement Bonds, Series 1977 -A dated June 1, 1977.
No.
City Secretary Mayor
-- I
6. That a special fund or account, to be designated
I!
the "City of Corpus Christi, Texas, General Improvement Bonds,
11Series 1977 -A Interest and Sinking Fund" is hereby created and
all be established and maintained by said City at its official
pository bank. Said Interest and Sinking Fund shall be kept
parate and apart from all other funds and accounts of said
ty, and shall be used only for paying the interest on and
incipal of said bonds. All taxes levied and collected for and
account of said bonds shall be deposited, as collected, to the
edit of said Interest and Sinking Fund. During each year while
y of said bonds or interest coupons appertaining thereto are
standing and unpaid, the City Council of said City shall com-
e and ascertain the rate and amount of ad valorem tax, based
the latest approved tax rolls of said City, with full
owances 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,
+and said ad valorem tax shall be assessed and collected each
{such year and deposited to the credit of the aforesaid Interest
I
and Sinking Fund. Said ad valorem taxes necessary to pay the
(interest on and principal of said bonds, as such'interest comes
I
ldue, and such principal matures, are hereby pledged irrevocably
(;!for such purpose, within the limit prescribed by law.
9. (a) That said bonds are hereby sold and shall be
delivered to ✓�lai� o24�
at a price of par and
laccrued interest to date of delivery, plus a premium of $��-?- .
(b) That the City Manager of said City is hereby autho-
rized to have control of said bonds and all necessary records and
proceedings pertaining to said bonds pending their delivery and
;their investigation, examination, and approval by the Attorney
(General of the State of Texas, and their registration by the
J
IlComptroller of Public Accounts of the State of Texas. Upon
Ilregistration of said bonds, said Comptroller of Public Accounts
I(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
II
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
I
the meeting at which said bonds were authorized was open to the
�I
V
lic as required by law and public notice of the time, place,
Purpose of said meeting was given as required by Vernon's
Civ. St. Article 6252 -17, as amended.
11. That the City covenants to and with the purchasers
the bonds that it will make no use of the proceeds of the
nds at any time throughout the term of this issue of bonds
ich, if such use had been reasonably expected on the date of
livery of the bonds to and payment for the bonds by the
rchasers, would have caused the bonds to be arbitrage bonds
thin the meaning of Section 103(c) of the Internal Revenue Code
1954, as amended, or any regulations or rulings pertaining
ereto; and by this covenant the City is obligated to comply
th the requirements of the aforesaid Section 103(c) and all
plicable and pertinent Department of the Treasury regulations
lating to arbitrage bonds. The City further covenants that
e proceeds of the bonds will not otherwise be used directly or
directly so as to cause all or any part of the bonds to be or
come arbitrage bonds within the meaning of the aforesaid
ction 103(c), or any regulations or rulings pertaining thereto.
12. The fact that the contemplated use of the proceeds
the bonds is necessary for the orderly development and growth
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 15TM__day of June, 1977.
1
Ma �
City of Corpus Christi, Texas
ATTEST:
'City of Corpus Christi, Texas
The foregoing ordinance was approved prior to passage
ias to form and correctness this the A.day of- June, 1977.
I�
/
'fsT City Attorne
/���_ City of Corpus Christi, Texas
STATE OF TEXAS
TY OF NUECES
ITY OF CORPUS CHRISTI
I, the undersigned, City Secretary of the City of
orpus Christi, Texas, do hereby certify that the above and
oregoing is a true, full and correct copy of an ordinance
assed by the City Council of the City of Corpus Christi,
exas, (and of the minutes pertaining thereto) on the 15th
ay of June, 1977, authorizing the issuance of $8,000,000
f City of Corpus Christi, Texas, General Improvement Bonds,
eries 1977 -A which ordinance is duly of record in the minutes
If said City Council and said meeting was open to the public
i
Is required by law and public notice of the time, place and
urpose of said meeting was given as required by Vernon's
n. Civ. St. Article 6252 -17, as amended.
EXECUTED UNDER MY AND AND SEAL of said City, this
SP day of June, 1977.
ity Secreta
City of Corpus Christi, Texas
SEAL)
Corpus Christi, Texas
151-1* day of J ()W , 19 Z L
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 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 CITY OF CORPUS CHRISTI, TEXAS
The Charter rule was suspended by the following vote:
Jason Luby
Eduardo de Ases
David Diaz
Ruth Gill
Bob Gulley /1
Gabe Lozano, Sr. /1
Edward L. Sample
The above ordinance was passed by the following vote:
Jason,Luby
Eduardo de Ases _
David Diaz
Ruth Gill /1
Bob Gulley flw�y
Gabe Lozano, Sr. _
Edward L. Sample _
E�