HomeMy WebLinkAbout14176 ORD - 02/15/1978STATE OF TEXAS
Y OF NUECES
OF CORPUS CHRISTI
On this the 15th day of February, 1978, the City
it of the City of Corpus Christi, Texas, convened in
ar Meeting, with the following members of said Council
officials of said City present, to -wit:
Gabe Lozano, Sr., Mayor
Bob Gulley, Mayor Pro -Tem
David Diaz
Ruth Gill
Edward L. Sample Councilmen
Joe Holt
R. Marvin Townsend, City Manager
J. Bruce Aycock, City Attorney
Harold F. Zick, Director of Finance
Bill G. Read, City Secretary
th the following absent:
stituting a quorum, at which time the following among other
iness was transacted.
&vw,"resented for the consideration of
Council an ordinance. The ordinance was read by the City
. The Mayor presented to the Council a communication
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, ppyn��l+
/s/ Gabe Lozano, Sr.
Mayor" KJUi 97MQ
1417s
Ab
Councilman Agv-� 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 Councilman
The motion was carried by a unanimous vote
by the City Council, viz.:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the records show that he
voted Aye. This was done.
Councilman moved that the ordinance
be 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
voted Aye. This was done.
The Mayor announced that the ordinance has been
passed. The ordinance is as follows:
ORDINANCE NO. 14176
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BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $11,000,000 CITY OF CORPUS CHRISTI,
TEXAS, GENERAL IMPROVE14ENT BONDS, SERIES 1978,
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 bonds authorized at elections
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:
DATE OF
AMOUNT
AMOUNT PRE -
AMT.NOW
ELECTION
AUTHORIZED
PURPOSE
VIOUSLY SOLD
OFFERED
06/26/76
$14,400,000
Convention Center
$ 8,000,000
$6,000,000
11/08/77
11,710,000
Sanitary Sewers
-0-
2,530,000
11/08/77
825,000
Airport
-0-
300,000
11/08/77
4,310,000
Parks and Recreation -0-
550,000
11/08/77
1,690,000
Public Buildings
-0-
300,000
11/08/77
915,000
Public Safety Buildings -0-
150,000
11/08/77
3,000,000
Storm Sewer
-0-
285,000
11/08/77
9,425,000
Streets
-0-
885,000
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.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
1. That said City's coupon bonds to be designated
the "City of Corpus Christi, Texas, General Improvement Bonds,
Series 1978" 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 $11,000,000 for the purpose of
providing $6,000,000 for making permanent public improvements,
to wit: a community - convention facility, including an exhibit
, meeting rooms, banquet hall, additional auditorium im-
s, and further acquisition and development of the site,
at the bayfront center for the arts and sciences; $2,530,000 for
constructing improvements to the Sanitary Sewer-System, including
improvements to Broadway, Westside, Oso, Laguna Madre, and
Allison Plants; rehabilitation of McArdle trunk lines; replace-
of Port Avenue trunk lines; extension of Five Points area
trunk lines; extension of laterals in Flour Bluff, Calallen
Annaville areas, and other Sanitary Sewer improvements;
$300,000 for constructing airport improvements at the City's
International Airport, including expansion of terminal
building, parking and access facilities, aircraft parking ramps,
and other airport improvements; $550,000 for improving lands for
purposes and recreation facilities, including Cole Park,
Christi Beach and Bayfront Parks, various neighborhood
parks; marina improvements; parks maintenance facilities; tennis
courts and lighting; Kennedy Causeway facilities; softball fields,
and other park improvements; $300,000 for public buildings,
coliseum and museum improvements, multicultural center in exist-
ing Bayfront Arts and Science Park, and library in northwest area
of City, for cultural enhancement; $150,000 for police and fire
department buildings, animal shelter improvements and related
permanent improvements; $285,000 for constructing drainage im-
provements, including extension of storm sewers in Lincoln
Terrace, Cabaniss Acres, Flour Bluff and Annaville areas and
Dther storm sewer improvements; and $885,000 for improving
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the streets of the City, including various neighborhood streets,
Port Avenue from Agnes to Buford and SH 286 to Ayers; Carroll
Lane from Staples to Gollihar and Padre Island Drive to Tiger
Lane; Everhart Road from Padre Island Drive to Staples; Horne
Road, from Columbia to Old Brownsville Road; Nueces Bay Boule-
vard from IH 37 to Broadway; Airport Road from Morgan to Agnes;
McArdle Road from Ayers to Carroll Lane; Saratoga from Staples
to Weber; Baldwin Boulevard from Highway 44 to Highway 9, and
other street improvements.
2. That said bonds shall be dated February 15, 1978,
shall be numbered consecutively from 1 through 2200, shall be
in the denomination of $5,000 each, and shall mature and become
due and payable serially on February 15 in each of the years,
and in the amounts, respectively, as set forth in the follow-
ing schedule.
YEARS AMOUNTS YEARS AMOUNTS
1979
$300,000
1989
$600,000
1980
.300,000
1990
600,000
1981
350,000
1991
600,000
1982
400,000
1992
600,000
1983
450,000
1993
650,000
1984
500,000
1994
700,000
1985
500,000
1995
700,000
1986
500,000
1996
700,000
1987
500,000
1997
750,000
1988
550,000
1998
750,000
3. That as to said bonds scheduled to mature on
and after February 15, 1989, said City shall have the right and
option to redeem such bonds prior to their scheduled maturities,
in whole or in part, in their inverse numerical order, on Febru-
ary 15, 1988, 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;a, such premium
to be reduced 4 of 1% on February 15 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
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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. Ifl
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 1979 through
Bonds maturing /If� through Mq3 - -- gyp %
Bonds maturing /c through - - -��
Bonds maturing JG f through / V - -- _ �' ®_%
Bonds maturing ZQW through J_ - -- 3, 705' %
with said interest to be evidenced by interest coupons payable
on August 15, 1978, and semiannually thereafter on each Febru-
ary 15 and August 15.
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 National Bank, Corpus Christi,
Texas, or at the option of the holder, at The Chase Manhattan
Bank, N. A., New York, New York, or at Harris Trust and Savings
Bank, Chicago, Illinois, which places shall be the paying agents
for said bonds.
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6. That each of said bonds and interest coupons sha17
be 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 shall be impressed, or
printed, or lithographed on each of said bonds.
7. That the form of said bonds, including the form
of Registration Certificate of the Comptroller of Public Accoun-
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)
NO. $5,01
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BOND
SERIES 1978
On February 15, 19—, the City of Corpus Christi, in t
County 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 % per annum, evidenced by interest coupons payable
August 15, 1978, and semiannually thereafter on each February 15
and August 15 while this bond is outstanding. The principal
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,
upon presentation and surrender of this bond or proper interest
coupon, at the Corpus Christi National Bank, Corpus Christi,
Texas, or, at the option of the bearer, at The Chase Manhattan
Bank, N. A., New York, New York, or at Harris Trust and Savings
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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 2200, of the de-
nomination of $5,000 each, dated February 15, 1978, issued
in the aggregate principal amount of $ 11,000,000 for the pur-
pose of providing $6,000,000 for making permanent public
improvements, to -wit: a community - convention facility,
$2,530,000 for constructing improvements to the Sanitary Sewer
System, $300,000 for constructing airport improvements at the
City's International Airport, $550,000 for improving lands for
park purposes and recreation facilities, $300,000 for public
buildings, $150,000 for police and fire department buildings,
animal shelter improvements and related permanent improvements,
$285,000 for constructing drainage improvements, and $885,000
for improving the streets of the City.
The bonds of this Series scheduled to mature on and
after February 15, 1989, may be redeemed prior to their scheduled
maturities, in whole or in part, in inverse numerical order, at
the option of said City, on February 15, 1988, 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 2h%, such premium to be reduced ; of 1% on February 15 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 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
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for such payment is made, all as provided above, the bonds, whic]
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 Mayor, City of Corpus Christi,
Christi, Texas 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
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Comptroller of Public Accounts of
the State of Texas
•
(FORM OF INTEREST COUPON)
NO. $
I
On 19_, the City of Corpus Christi,
in the County of Nueces, State of 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 Corpus Christi National Bank,
Corpus Christi, Texas, or, at the option of the bearer, at The
Chase Manhattan Bank, N. A., New York, New York, or at Harris
Trust and Savings Bank, Chicago, Illinois, said amount being
interest due that day on the bond, bearing the number hereinaftez
designated, of that issue of City of Corpus Christi, Texas,
General Improvement Bonds, Series 1978, dated February 15, 1978.
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 1978 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
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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
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.
9. (a) That said bonds are hereby sold and shall be
delivered to /,O
- -14"I.-Il , at a price of par and
accrued interest to date of delivery, plus a premium of $& ,50
(b) That the City Manager of said City is hereby authc
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
9
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 for the interest scheduled to come due on
the bonds herein authorized on August 15, 1978 there is hereby
appropriated from City funds lawfully available for such purpose
a sufficient amount of money to pay said interest.
12. 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
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(c), or any regulations or rulings pertaining thereto.
13. The fact that the contemplated use of the proceeds
of the bonds is necessary for the orderly development and growth
of the City of Corpus Christi, Texas, creates a public emergency
an imperative public necessity requiring the suspension of
Charter Rule providing that no ordinance or resolution shall
passed finally on the date it is introduced and that such
inance or resolution shall be read at three several meetings
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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.
14. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the day of February,
1978.
Mayor
City of C p hristi, Texas
ATTEST:
-:Aa e '
-Ci y Secretary
City of Corpus Christi, Texas
The foregoing ordinance was approved prior to passage
as to form and correctness this the / day of February, 1978.
2, &IA Aa
.City Attorney
City of Corpus CWisti, Texas
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THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, City Secretary of the City of
rpus 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 February, 1978, authorizing the issuance of $11,000,000
f City of Corpus Christi, Texas, General Improvement Bonds,
eries 1978, which ordinance is duly of record in the minutes
f said City Council and said meeting was open to the public
s required by law and public notice of the time, place and
urpose of said meeting was given as required by Vernon's
an. Civ. St. Article 6252 -17, as amended.
EXECUTED UNDER MY AND AND SEAL of said City, this
J$Zy day of February, 1978.
(SEAL)
14.1 A�a .
CCCCity Secretary
City of Corpus Christi,
Corpus Christi, Texas
/ day of -rc 6 19��
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,
R
TW CITY F PUS CHRISTI, TEXAS
The Charter Rule was suspended by the following vote:
Gabe Lozano, Sr. Cei
V
Bob Gulley
David Diaz
Ruth Gill
Joe Holt
Edward L. Sample
The above ordinance was passed by the following vote:
Gabe Lozano, Sr. G
Bob Gulley
David Diaz
Ruth Gill
Joe Holt
Edward L. Sample_
141'76
r THE STATE OF TEXAS •
COUNTY OF NUECES `
CITY OF CORPUS CHRISTI
CERTIFICATE CONCERNING OFFICIAL STATEMENT
On behalf of the City of Corpus Christi, Texas,
(the "City ") we the duly appointed and acting City Manager
and Director of Finance of the City do hereby certify that
r
to the best of our knowledge and belief and after reasonable
investigation: i
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(a) Neither the "Official Statement" nor any amend-
ment or supplement thereto pertaining to City of Corpus Christi,'
Texas, General improvement Bonds, Series 1978 contains any
untrue statement of a material fact necessary to make the
statements therein, in light of the circumstances in which
they were made, not misleading;
(b) Since the date of the "Official Statement' no
event has occurred which should have been set forth in an
amendment or supplement to the "Official Statement" which has
not been set forth in such amendment or supplement; and
(c) There has been no material adverse change
in the operation or financial affairs of the City since the
date of such "Official Statement ".
DATED the day of
`! 1rtTtST
Cit Secretary
City of Corpus Christi -, Texas
19 78 .
City Manager
City of Corpus Christi, Texas
Eitre-ctor of Fi ce
City of Corpus Christi, Texas
I
STATE OF TEXAS )K
CORPUS CHRISTI NATIONAL BANK:
COUNTY OF NUECES M
I, Gabe Lozano, Sr., do hereby swear that the signature
below is my usual signature.
GABE-LOZ S
BEFORE ME, the undersigned authority, on this day personally
appeared Gabe Lozano, Sr., and who after being duly sworn by me
deposes and states that the foregoing facts are true and correct.
SWORN TO AND SUBSCRIBED before me, this Zlt*A ay ofA-A wQiry,
1978.
r
NOTARY PUBL in and for
Nueces County, lexas
BEFORE ME, the undersigned authority, on this day personally
appeared Gabe Lozano, Sr., and who after being duly sworn by me
deposes and states that the foregoing facts are true and correct.
SWORN TO AND SUBSCRIBED before me, this /7gay of gg! Pj Y ,
1978.
BI L READ, City Secretary
City of Corpus Christi, Texas