HomeMy WebLinkAbout15234 ORD - 11/21/1979}
ORDINANCE NO. ./.5�.3 L�
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $5,950,000 CITY OF CORPUS CHRISTI, TEXAS
TAX AND REVENUE CERTIFICATES OF OBLIGATION,
SERIES 1979; PROVIDING FOR THE LEVY, ASSESS-
MENT AND COLLECTION OF A TAX SUFFICIENT TO
PAY THE INTEREST ON SAID CERTIFICATES OF
OBLIGATION AND TO CREATE A SINKING FUND FOR
THE REDEMPTION THEREOF AT MATURITY; PROVIDING
THAT SUCH CERTIFICATES OF OBLIGATION WILL BE
PAYABLE FROM AND SECURED BY OTHER REVENUES;
PRESCRIBING THE FORM OF SAID CERTIFICATES OF
OBLIGATION; AND ORDAINING OTHER MATTERS
RELATING TO SUBJECT
WHEREAS, on the 31st day of October, 1979, the
City Council of said City passed an ordinance authorizing
and directing notice of its intention to issue the Certif-
icates of Obligation herein authorized to be issued, to be
published in a newspaper as required by Section 8(b) of
Article 2368a.1 of V.A.C.S.; and
WHEREAS, said notice was published as required by
said Section 8(b) on Novemrer 2, 1979, and November 8,
1979; and
WHEREAS, no petition, signed by 5% of the qualified
electors of said City as permitted by said Section 8(b)
protesting the issuance of such Certificates of Obligation
has been filed; and
WHEREAS, the City of Corpus Christi is authorized by
Articles 1269j-4 and 1269j-5, V.A.C.S. to secure and pay
bonds by and from the Pledged Revenues as hereinafter
defined; and
WHEREAS, the Certificates of Obligation hereinafter
authorized are to be issued and delivered pursuant to
Article 2368a.1, V.A.C.S., as amended;
BE IIT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
cram 1
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Section 1. AUTHORIZATION OF CERTIFICATES OF OBLIGA-
TION. That said City's Certificates of Obligation, to be
designated the "City of Corpus Christi, Texas Tax and
Revenue Certificates of Obligation, Series 1979",are hereby
authorized to be issued and delivered in the principal
amount of $5,950,000 for the purpose of paying all or any
part of the contractual obligations to be incurred (1) to
improve the City's community - convention facility, $4,000,000,
(2) to acquire ladder and pumper fire trucks and life-support
communication equipment, $950,000, and (3) to improve the
airport of said City, by constructing parking facilities
at such airport, $1,000,000.
Section 2. DATE, DENOMINATION, MATURITIES. That
said Certificates of Obligation shall be dated November 15,
1979, shall be in the denomination of $5,000 each, shall be
numbered consecutively from 1 through 1,190, and shall
mature serially on November 15 in each of the years, and
in the amounts, respectively, as set forth in the following
schedule:
YEARS AMOUNTS YEARS AMOUNTS
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
$200,000 1990
200,000 1991
200,000 1992
250,,000 1993
425,000 1994
400,000 1995
375,000 1996
300,000 1997
300,000 1998
300,000 1999
$300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
Section 3. RIGHT OF PRIOR. REDEMPTION. That as to said
Certificates of Obligation scheduled to mature on and after
November 15, 1990, said City shall have the right and option
to redeem such Certificates of Obligation prior to their
scheduled maturities, in whole or in part, in their inverse
numerical order, on November 15, 1989, 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. 2-1/2%, such premium to be reduced 1/4 of 1%
on November 15 of each year thereafter.
2
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
publication 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 prin-
cipal amount of the Certificates of Obligation to be so
redeemed, plus
for redemption
written notice
accrued interest thereon to the date fixed
and any premium as required above. If the
of redemption is published, and if due
provision for such payment is made, all as provided above,
the Certificates of Obligation 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.
Section 4. INTEREST. That the Certificates of Obli-
gation shall bear interest per annum from their date until
maturity or redemption at the following
Certificates
Certificates
Certificates
Certificates
Certificates
Certificates
Certificates
Certificates
Certificates
Certificates
Certificates
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
maturing
1980 through
1990 through
1992 through
1993 through
1995 through
1996 through
1997 through
1998 through
- through
- through
- through
3
1989
1991
1994
1999
rates:
7.50 %
6.25 %
6.30 %
6.40 8
6.50 %
6.60 %
6.75 %
5.50 %
with said interest to be evidenced by interest coupons
payable on May 15, 1980, and semiannually thereafter on
each November 15 and May 15.
Section 5. PLACES OF PAYMENT. That the principal of
and interest on said Certificates of Obligation 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 proper Certif-
icate of Obligation 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.
Section 6. FORM OF CERTIFICATE OF OBLIGATION,
COMPTROLLER'S CERTIFICATE AND INTEREST COUPON. That the
form of said Certificates of Obligation, including the form
of Registration Certificate of the Comptroller of Public
Accounts of the State of Texas to be printed and endorsed
on each of said Certificates of Obligation, and the form
of the aforesaid interest coupons which shall appertain
and be attached initially to each of said Certificates of
Obligation shall be, respectively, substantially as follows:
FORM OF CERTIFICATE OF OBLIGATION
NO.
$5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
TAX AND REVENUE CERTIFICATE OF OBLIGATION
SERIES 1979
On November 15, 19 , the City of Corpus Christi, in
the County of Nueces, State of Texas, promises to pay to
bearer the principal amount of
FIVE THOUSAND DOLLARS
4
and to pay interest thereon, from the date hereof, at the
rate of % per annum, evidenced by interest coupons
payable May 15, 1980, and semiannually thereafter on each
November 15 and May 15 while this Certificate of Obligation
is outstanding. The principal of this Certificate of
Obligation 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
Certificate of Obligation 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 & Savings
Bank, Chicago, Illinois, which places shall be the paying
agents for this series of Certificates of Obligation.
This Certificate of Obligation is one of a series of
Certificates of Obligation dated November 15, 1979, issued
in the principal amount of $5,950,000, for the purpose of
paying all or any part of the contractual obligations to be
incurred (1) to improve the City's community - convention
facility, $4,000,000, (2) to acquire ladder and pumper fire
trucks and life-support communication equipment, $950,000,
and (3) to improve the airport of said City, by constructing
parking facilities at such airport, $1,000,000.
The Certificates of Obligations of this series scheduled
to mature on and after November 15, 1990, may be redeemed
prior to their scheduled maturities, in whole or in part, in
inverse numerical order, at the option of said City, on
November 15, 1989, or on any interest payment date there-
after, for the principal amount thereof plus accrued interest
to the date fixed for redemption, plus a premium of 2-1/2%,
such premium to be reduced 1/4 of 1% on November 15 of each
year thereafter. At least thirty days before the date fixed
5
for any such redemption the City shall cause a written
notice of such redemption to be published at least once in a
financial publication printed in the City of New York, New
York. By the date fixed for any such redemption, due pro-
vision shall be made with the paying agents for the payment
of the principal amount of the Certificates of Obligation 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 Certificates of Obligation, 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, recited and covenanted that
this Certificate of Obligation has been duly and validly
issued and delivered; that all acts, conditions and things
required or proper to be performed, exist and be done pre-
cedent to or in the authorization, issuance and delivery of
this Certificate of Obligation have been performed, existed
and been done in accordance with law; that this Certificate
of Obligation is a general obligation of said City,
issued on the full faith and credit thereof; and that
annual ad valorem taxes sufficient to provide for the pay-
ment of the interest on and principal of this Certificate
6
J
of Obligation, as such interest comes due and such prin-
cipal matures, have been levied and ordered to be levied
against all taxable property in said City, and have been
pledged irrevocably for such payment, within the limit
prescribed by law; and that this Certificate of Obligation
is additionally payable from and secured by the Pledged
Revenues as described and defined in the ordinance author-
izing this series of Certificates of Obligation.
The City has reserved the right to issue additional
Certificates of Obligation payable from and secured by the
aforesaid Pledged Revenues.
In witness whereof, this Certificate of Obligation
and the interest coupons appertaining hereto have been
signed with the facsimile signature of the Mayor of said
City and countersigned with the facsimile signature of the
City Secretary of said City, and the official seal of said
City has been duly impressed, or placed in facsimile on
this Certificate of Obligation.
City Secretary, City of Mayor, City of Corpus Christi
Corpus Christi
FORM OF REGISTRATION CERTIFICATE
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Certificate of Obligation
has been examined, certified as to validity, and approved
by the Attorney General of the State of Texas, and that this
Certificate of Obligation has been registered by the Comp-
troller 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 15, 19
7
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, unless due provision has been made for the re-
demption prior to scheduled maturity of the Certificate of
Obligation to which this interest coupon appertains, 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 Certificate of Obligation, bearing the number herein-
after designated, of that issue of City of Corpus Christi,
Texas Tax and Revenue Certificates of Obligation, Series
1979, dated November 15, 1979. Certificate No.
City Secretary Mayor
Section 7. DEFINITIONS. That the terms defined
in
this Section for all purposes of this Ordinance, except
where the context by clear implication shall
quire, shall have the respective meanings as
(a) The term "Certificates" shall mean
otherwise re -
follows, to -wit:
the City of
Corpus Christi, Texas Tax and Revenue Certificates of
Obligation, Series 1979 authorized to be issued and deliv-
ered by this Ordinance.
(b)
The term "Hotel
tax levied on the cost of
furnished by any hotel in
Occupancy Tax" shall mean the
occupancy of every
the City of Corpus
sleeping room
Christi pur-
suant to Article 1269j-4.1 V.A.C.S.
(c) The term "Parking Facilities at the Airport" shall
mean the automobile parking facilities at the Corpus Christi
International Airport, together with all future improvements,
extensions, enlargements and additions thereto and replace-
ments thereof.
8
(d) The term "Parking Facilities at the Community-
Convention Center" shall mean the automobile parking fac-
ilities at the City's Community-Convention Center, together
with all future improvements, extensions, enlargements and
additions thereto and replacements thereof.
(e) The term "Pledged Revenues", as used in this
Ordinance, shall mean (1) a lien on and pledge of a portion
of the revenue derived from the Hotel Occupancy Tax equal
to three-fourths of such Occupancy Tax, subject to liens
that may be hereafter created by the City to secure the
payment of revenue bonds, and (2) a first lien on and
pledge of one-half of the gross revenues received from the
ownership or operation of the Parking Facilities of the
Airport and the Parking Facilities at the Community-Con-
vention Center.
Section 8. INTEREST AND SINKING FUND. The City of
Corpus Christi, Texas Tax and Revenue Certificates of
Obligation, Series 1979 Interest and Sinking Fund, here-
inafter called the "Interest and Sinking Fund" is hereby
authorized and shall be established and maintained in a
depository bank of the City, so long as the Certificates, or
interest thereon, are outstanding and unpaid.
Section 9.' USE OF INTEREST AND SINKING FUND. On or
before the 5th day of the first month to occur following the
date of delivery of the Certificates to the purchasers
thereof and on or before the 5th day of each following month
thereafter so long as any of the Certificates remains
outstanding, there shall be deposited in the Interest and
Sinking Fund an equal amount of money from Pledged Revenues,
with such deposits totaling, together with other amounts in
the Interest and Sinking Fund, not less than the amount of
the installment of interest coming due on the Certificates
on the next succeeding interest payment date, and the amount
of principal, if any, maturing during the succeeding twelve
months.
9
The Interest and Sinking Fund shall be used to pay the
principal of and interest on the Certificates as such
principal matures and such interest comes due.
Section 10. TAX LEVY. All ad valorem taxes levied
and collected for and on account of said Certificates of
Obligation shall be deposited, as collected, to the credit
of the Interest and Sinking Fund. During each year while
any of said Certificates of Obligation or interest coupons
appertaining thereto are outstanding and unpaid, the City
Council of said City shall compute and ascertain a rate
and amount of ad valorem tax which will be sufficient to
raise and produce the money required to pay the interest on
said Certificates of Obligation as such interest comes due,
and to provide and maintain a sinking fund adequate to pay
the principal of such Certificates of Obligation as such
principal matures (but never less than 2% of the original
principal amount of said Certificates of Obligation as a
sinking fund each year); and said tax shall be based on
the latest approved tax rolls of said City, with full
allowance being made for tax delinquencies and the cost of
tax collection. Said rate and amount of ad valorem tax is
hereby levied, and is hereby ordered to be levied, against
all taxable property in said City for each year while any
of said Certificates of Obligation or interest coupons
appertaining thereto are outstanding and unpaid; and said
tax shall be assessed and collected each such year and
deposited to the credit of the aforesaid Interest and Sink-
ing Fund. Said ad valorem taxes sufficient to provide for
the payment of the interest on and principal of said
Certificates of Obligation, as such interest comes due and
such principal matures, are hereby pledged irrevocably for
such payment, within the limit prescribed. by law.
It is specifically provided that to the extent neces-
sary the payments into the Interest and Sinking Fund as
hereinabove required shall be made from funds derived from
10
taxation. However, to the extent that there are available
Pledged Revenues, then the amount of taxes which otherwise
would be required to be levied for that year may be reduced
by the amount of such Pledged Revenues.
Section 11. SECURITY. In combination with the ad
valorem taxes hereinabove levied, the Certificates of
Obligation and all interest thereon are and shall be payable
from and secured by the Pledged Revenues.
Section 12. RATES. The City covenants and agrees with
the holders of the Certificates that it will at all times
levy and collect Hotel Occupancy Taxes and gross revenues
received from the ownership or operation of the Parking
Facilities at the Airport and the Parking Facilities at the
Community Center as will be at least sufficient to provide
Pledged Revenues which will be, together with the funds to
be derived from taxation as hereinabove provided, adequate
to pay promptly all of the principal of and interest on the
Certificates of Obligation, and to make all deposits now or
hereafter required to be made into the Interest and Sinking
Fund created and established by this Ordinance.
Section 13. PLEDGED REVENUES. All Pledged Revenues
shall be collected and held in the City's depository bank
for the uses herein prescribed. The Pledged Revenues shall
be deposited into the Interest and Sinking Fund to the
extent and in the amounts provided hereunder.
Section 14. EXCESS REVENUES. The Pledged Revenues in
excess of those required for deposits pursuant to this
Ordinance may be used for any lawful purpose.
Section 15. SECURITY FOR FUNDS. All Funds created
by this Ordinance shall be secured in the manner and to
the fullest extent permitted or required by law for the
11
security of public funds, and such Funds shall be used
only for the purposes and in the manner permitted or
required by this Ordinance.
Section 16. ADDITIONAL CERTIFICATES OF OBLIGATION.
The City reserves the right to issue additional Certifi-
cates of Obligation payable from and secured by the
Pledged Revenues.
Section 17. SALE OF CERTIFICATES. That the City of
Corpus Christi, Texas Tax and Revenue Certificates of
Obligation, Series 1979, aggregating $5,950,000, are hereby
sold and shall be delivered to First National Bank in
Dallas, Dallas, Texas and Associates
for the principal amount thereof and accrued interest
thereon to date of delivery, plus a premium of $212.75.
Section 18. APPROVAL AND REGISTRATION OF CERTIFICATES.
That the City Manager of said City is hereby authorized to hay
control of said Certificates of Obligation and all neces-
sary records and proceedings pertaining to said Certifi-
cates of Obligation 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 Certificates of Obligation, said
Comptroller of Public Accounts (or a deputy designated in
writing to act for said Comptroller) shall manually sign
the Comptroller's Registration Certificate printed and
endorsed on each of said Certificates of Obligation, and
the seal of said Comptroller shall be impressed, or placed
in facsimile, on each of said Certificates of Obligation.
Section 19. ARBITRAGE. That the City covenants to
and with the purchasers of the Certificates that it will
make no use of the proceeds of the Certificates at any time
throughout the term of this issue of Certificates which, if
such use had been reasonably expected on the date of
12
delivery of the Certificates to and payment for the
Certificates by the purchasers, would have caused the
Certificates 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 regula-
tions relating to arbitrage bonds. The City further
covenants that the proceeds of the Certificates will not
otherwise be used directly or indirectly so as to cause
all or any part of the Certificates to be or become arbi-
trage bonds within the meaning of the aforesaid Section
103(c), or any regulations or rulings pertaining thereto.
Section 20. DECLARATION OF EMERGENCY. The fact that
the contemplated use of the proceeds of the Certificates
is 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 resolu-
tion 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 21. REPEAL. That all ordinances and resol-
utions or parts thereof in conflict herewith are hereby
repealed.
PASSED AND APPROVED thisthe 1 /day of November, 1979.
Mavo±, ty of
ATTEST:
City Secretary, city of Corpus Christi,
Texas
13
Corpus Christi, Texas
The foregoing ordinance was approved prior to passage
as to form and correctness this 5Tday of�p.0549M , 1979.
14
ty Attorney, Ci 1T of Corpus
Christi, Texas
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 21st day of November, 1979, authorizing the issuance
of $5,950,000 City of Corpus Christi, Texas Tax and Revenue
Certificates of Obligation, Series 1979, which ordinance
is duly of record in the minutes of said City Council, and
said meeting was open to the public, and public notice of
the time, place and purpose of said meeting was given, all
as required by Vernon's Ann. Civ. Stat., art. 6252-17, as
amended.
EXECUTED UNDER MY HAND AND SEAL of said City, this
the ./ )-day of 602emilksAelc, 1979.
(SEAL)
Secretary, City of Corpus
Christi, Texas
Corpus Christi, Texas
.z*/ day of
, 1979
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,
The Charter rule was
Luther Jones
Edward L. Sample
Dr. Jack Best
David Diaz
Jack K. Dumphy
Betty N. Turner
Cliff Zarsky
suspended
The above ordinance was
Luther Jones
Edward L. Sample
Dr. Jack Best
David Diaz
Jack K. Dumphy
Betty N. Turner
Cliff Zarsky
OF CORPUS CHRISTI, TEXAS
by the following vote:
passed
by the
following vote:
j52c-4
ft-
-�ic
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI .
On this the 21st day of November, 1979, the City
Council of the City of Corpus Christi, Texas convened in
Regular Meeting, with the following members of said Council
present, to -wit:
Luther Jones, Mayor,
Edward L. Sample, Mayor Pro -Tem,
Dr. Jack Best,
•
David Diaz,
Jack K. Dumphy, Councilmen,
Betty N. Turner,
Cliff Zarsky,
R. Marvin Townsend, City Manager,
J. Bruce Aycock, City Attorney,
Harold F. Zick, Director of Finance,
Bill G. Read, City Secretary,
with the following absent:
Nnnp
constituting a quorum, at which time the following among
other business was transacted:
Mr. Townsend presented for the consideration of the
Council an ordinance. The ordinance was read by the City
Secretary. The Mayor presented to the Council a communica-
tion in writing pertaining to said proposed ordinance, as
follows:
"Corpus Christi, Texas
November 21 , 1979
"TO THE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
"The public importance and pressing need for the
permanent improvements to be constructed by use of the
proceeds of certificates of obligation 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 ordinances 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 certificates of
obligation as an emergency - measure. You will please con-
sider this request in connection with the ordinance which is
to be introduced for passage by the City Council on the
subject,
"Yours very truly,
4s/ Luther Jones
Mayor"
15x,„1
MICRUM MED
Councilman
Diaz 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 emer-
gency clause of the ordinance. The motion was seconded by
Councilman Turner The motion was carried by an
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
Diaz
moved that the ordinance
be passed finally. The motion was seconded by Councilman
Turner
vote:
. The motion was carried by the following
AYES: All present voted Aye.
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:
1,4
City National Bank of Austin
Austin, Texas
CITY OF CORPUS CHRISTI, TEXAS TAX AND REVENUE
CERTIFICATFS OF OBLIrATION, SERIES 1979,
$5,950,000
Gentlemen:
The Issuer and the Purchasers of the captioned series of
Certificates of Obligation have designated your bank as the
place, and as their agent, for the delivery and payment of the
Certificates of Obligation. Upon notice of their registration,
you are hereby authorized and directed to pick up said Certifi-
cates at the Bond Division of the Office of Comptroller of Public
Accounts, and to hold the Certificates for safekeeping pending
said delivery and payment.
When you receive the Certificates of Obligation, please send
Certificate Number One of said series to McCall, Parkhurst &
Horton, Attorneys at Law, Dallas, Texas, for examination and return
to you. Upon your receipt of the final unqualified approving legal
opinion of said Attorneys as to the validity of the Certificates of
Obligation, you are authorized and directed to deliver said Certif-
icates to the Purchasers thereof, to -wit:
First National Bank in Dallas,
Dallas, Texas and Associates,
when you have received payment for the Certificates of Obligation,
in immediately available funds, in the sum of the principal amount
or par value thereof and accrued interest to the date of delivery.
plus a premium of $212.75.
You are further authorized and directed to remit all of the aforesaid
proceeds received from the delivery and payment of the Certificates
of Obligation, immediately upon receipt, and by the fastest means
available, to the credit of the Issuer of the Certificates of Obli-
gation, at its Official Depository, as follows:
, Texas
1
Enclosed herewith are four signed but undated copies of the
Treasurer's Receipt, Signature Identification and No -Litigation
Certificate and Certificate Concerning Official Statement for
said Series. You are hereby authorized and directed to date
all copies of the Receipt and the Certificates concurrently with
the date of delivery and payment of the Certificates of Obliga-
tion. If any litigation or contest should develop pertaining to
the Certificates or any other matters covered by said Signature
Identification and No -Litigation Certificate, the undersigned
will notify you thereof immediately by telephone and telegraph.
with this assurance you can rely on the absence of any such
litigation or contest, and on the veracity and currency of said
Signature Certificate, at the time of delivery and payment of the
Certificates of Obligation, unless you are notified otherwise as
aforesaid. After the receipt and certificates have been dated
in accordance with the foregoing instructions, please send all
copies thereof to McCall, Parkhurst & Horton.
Sincerely yours,
CITY OF CORPUS CHRISTI, TEXAS
By
City anager
ATTEST:
City Secretary
cc: M. E. Allison & Company
1615 National Bank of Commerce
San Antonio, Texas 78205
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
We, the undersigned, hereby officially certify that we
are the Mayor, City Secretary and Director of Finance,
respectively, of said City, and we further certify as follows:
I. That said City is a duly incorporated Home Rule City,
having more than 5000 inhabitants, operating and existing
under the Constitution and laws of the State of Texas and the
duly adopted Home Rule Charter of said City, which Charter
has not been changed or amended since November 8, 1978, the
date of the passage of the ordinance authorizing the issuance
of the most recently dated, issued and outstanding tax obli-
gations of said City.
2. That no litigation of any nature has ever been
filed pertaining to, affecting or contesting: (a) the issu-
ance, delivery, payment, security or validity of the proposed
City of Corpus Christi, Texas Tax and Revenue Certificates of
Obligation, Series 1979, dated November 15, 1979, in the
aggregate principal amount of $5,95n,000; (b) the authority
of the officers of said City to issue, execute and deliver
said certificates of obligation and interest coupons; or
(c) the validity of the corporate existence, the current Tax
Rolls, or the Charter of said City; and that with the exception
of the following cases contesting certain annexation proceed-
ings of the City, which if lost by the City would not reduce
the amount of the 1979 ad valorem tax rolls as shown below,
no litigation is pending pertaining to, affecting or contest-
ing the boundaries of said City, to -wit:
State of Texas ex rel. City of Corpus Christi
vs. Percy A. Hartman, et al, No. 115,034-D,
105th Judicial District Court, Nueces County.
The City of Corpus Christi vs. Percy Hartman,
et al, No. 115,039E, 148th District Court,
Nueces County, Texas.
State of Texas ex rel. Lonnie Glasscock III vs.
City of Corpus Christi, et al, No. 15,776, 36th
Judicial District Court, San Patricio County,
Texas.
3. That on the 31st day of October, 1979, the date an
ordinance was passed authorizing and directing giving notice
of intention to issue Certificates of Obligation, and on the
21st day of November, 1979, the date an ordinance was
passed authorizing the issuance of City of Corpus Christi,
Texas Tax and Revenue Certificates of Obligation, Series
1979, and at the present time, the following persons were
and are the duly elected or appointed and qualified officials
of said City:
Luther Jones,
Edward L. Sample,
Dr. Jack Best,
David Diaz,
Jack K. Dumphy,
Betty N. Turner,
Cliff Zarsky,
R. Marvin Townsend,
J. Bruce Aycock,
Harold F. Zick,
Bill G. Read,
George H. Moff,
Mayor,
Mayor Pro -Tem
Councilmen
City Manager,
City Attorney,
Director of Finance,
City Secretary,
Tax Assessor -Collector
ti
f
4. That the currently effective ad valorem Tax Rolls of
said City are those for the year 1979, being the most recently
approved Tax Rolls of said City; that the City Council of said
City has caused the taxable property in said City to be
assessed as required by law; that the Board of Equalization
of said City has equalized and approved the valuation of taxa-
ble property in said City for said year; that the Tax Assessor
of said City has duly verified the aforesaid Tax Rolls, and
said Board of Equalization has finally approved the same; and
that the valuation of taxable property in said City, and the
aggregate amount of exemptions, and the net effective taxable
value of taxable property in said City, according to the afore-
said Tax Rolls for said year, as delivered to the City Secretary
of said City, and finally approved and recorded by the City
Council of said City, are as follows:
Assessed Value:
Exemptions:
Taxable Values:
$ 2,843,997,358
$ 112,383,270
$ 2,731,614,088
SIGNED AND SEALED this the 21st day of,1bvember, 1979.
City Secretary a3'ror
City of Corpus Christi, exas ty of (drpus Christi, Texas
27
Director
City of Corpus Ch
,(SEAL)
isti, Texas
APPROVED AS TO FORM AND CORRECTNESS this day of
, 1979.
/City Attorney
City of Corp
Christi, Texas
'NON -ENCUMBRANCE CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, Director of Finance of the City of
Corpus Christi, Texas., do hereby certify:
(1) That this certificate is for the benefit of the
Attorney General of the State of. Texas and the holders of
the City of Corpus Christi, Texas Tax and Revenue Certificates
of Obligation, Series 1979, $5,950,000 (hereinafter called the
"Certificates").
(2) That the ordinance authorizing the Certificates
defines Pledged Revenues to mean (1) a lien on and pledge of
a portion of the revenue derived from the Hotel Occupancy Tax
equal to three-fourths of such Occupancy Tax, subject to liens
that may be hereafter created by the City to secure the pay-
ment of revenue bonds, and (2) a first lien on and pledge of
one-half of the gross revenues received from the ownership
or operation of the Parking Facilities of the Airport and
the Parking Facilities at the Community -Convention Center.
(3) That the Pledged Revenues have no+ been pledged
to the payment of or encumbered by any debt or obligation of
the City except in connection with the Certificates.
EXECUTED under my hand and seal of said City this, -thy•
day of November, 1979.
ATTEST:
City Secetary
�/yL�
(SEAL)
Director of Finance
AFFIDAVIT OF PUBLICATION
THE STATE OF TEXAS
" COUNTY OF NUECES
CITY OF CORPUS CHRISTI
BEFORE ME, the undersigned authority, on this day
personally appeared
Elora rodela , who,
having been duly sworn, says upon his oath that he is the
aaccounting clerk of "Corpus Christi Caller (Times)
which is a newspaper of general circulation published in
said City; and that a true and correct copy of the NOTICE OF
INTENTION TO ISSUE CERTIFICATES OF OBLIGATION, a clipping of
which is attached to this Affidavit, was published, in said
newspaper on the following dates:
November 2 , 1979;
November 8 , 1979.
EXECUTED this the 12 day of November , 1979.
1(V. i r, C
SUBSCRIBED AND SWORN TO BEFORE ME, this the 12 day of
November , 1979.
(NOTARY PUBLIC SEAL)
Lois Winn
Notary Public in and for Nueces
County, Texas.
My commission expires:
go
NO 1rE OF-
INTENTIONTOISSUE ,
CERTIF ICATES OF
_-- D[iLIBATION
NOTICE IS HEREBY GIV
EN that It Is the intention of the
City Council of the City of Cor/
pus Christi, Texas, to issue the
Interest bearing certificates of
obligation of the City entitl
('City of Carpus Christi, Texa
Tax and Revenue Certificates
at on, Series 1979", for th
Ji¢11se d paying contractural
bligations to be incurred by tho
City, The City Council tentative-
ly proppses to authorize the Is-
suance of said Certificates of
'Obligation at its regular meet-
ing place in the City Hall at a
regular meeting to commence
at 11.00 o'clock AM., on the
21st day of November, 1979: The
maximum amount of Cbrhfi-
cafes of Obligation Indebtness
that may be authorized for such
purpose is s5,954col The City
Council presently probes to
provide for payment of such
Certificates cf Obligation by the
levy of taxes and from certain
revenues derived from the hotel
occupancy tax collected by thei
City and the parking facilities of
the City at the City's airport and
at the community - conventions
adilify. '
ISSUED UNDER my hand and
seal of the Gty of Corpus
Christi, Texas',this 3101 day of
October, 1979.
-s-Bail G. Read
• City Secretary
~ Corpus Christi,
_Texas
6