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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�