HomeMy WebLinkAboutMinutes City Council - 01/08/1963 - SpecialCITY OF CORPUS CHRISTI, TEXAS
SPECIAL COUNCIL MEETING
January 8, 1963
11:00 a.m.
PRESENT:
Mayor Ben F. McDonald
Commissioners:
Torn R. Swantner
Dr. James L. Barnard
J. R. de Leon
M. P. Maldonado
W. J. Roberts
Jim Young
City Manager Herbert W. Whitney
City Attorney I. M. Singer
City Secretary T. Ray Kring
Mayor Ben F. McDonald called the meeting to order.
City Secretary T. Ray Kring called the roll of those in attendance.
Mayor McDonald announced the purpose of the special meeting for re-
ceiving proposals on the sale of $2,000,000.00 General Obligation Bonds of the
City of Corpus Christi, and such other business as may properly come before the
Council, and announced that the time for receiving sealed proposals was now
terminated.
Proposals were opened and read on the sale of $2,000,000.00 General
Improvement Bonds, Series 1963, from the following: Rowles, Winston & Co. and
Associates; Mercantile Trust Co., First National Bank in Dallas and Associates;
Drexel & Co. and Associates; John Nuveen & Co. and Associates; Lehman Brothers
and Associates; Mercantile National Bank of Dallas and Associates; First South-
west Company of Dallas, Merrill, Lynch, Pierce, Fenner & Smith, Inc. and Associ-
ates; First National City Bank of New York; Harris Trust & Savings Bank, Chicago,
and Associates; Phelps, Fenn & Co. and Associates; Morgan Guaranty Trust Co. of
New York and Associates; and Continental Illinois National Bank & Trust Co. of
Chicago, and Associates.
The foregoing proposals were referred to Director of Finance Harold
Zick and Assistant City Manager R. Marvin Townsend for tabulation and recommend-
ation, and a brief recess was declared for this purpose.
After a brief recess, Mayor McDonald reconvened the meeting
Director of Finance Zick reported that the most advantageous proposal
for the City had been received from First National City Bank of New York at an
effective interest rate of 3.0499%; and City Manager Whitney recommended accept-
ance of the foregoing proposal for the sale of the bonds at a price of par and
accrued interest to date of delivery, plus a premium of $1,048.00. (Bid Tabula-
tion #2 in File).
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City of Corpus Christi, Texas
Special Council Meeting
January 8, 1963
Page 2
Mr. H. W. Whitney presented for the consideration of the Council an
ordinance. The ordinance vas 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
January 8, 1963.
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 the bonds voted at elections held on
October 6, 1956, August 29, 1959 and January 28, 1961, create an emergency and
an imperative public necessity requiring the suspension of rules and Charter pro-
visions 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 $2,000,000.00 General Improvement Bonds as an emer-
gency. You will please consider this request in connection with the ordinance
which has been introduced in the City Council on this subject.
Yours very truly,
/s/ Ben F. McDonald
Mayor."
Commissioner Sweatier moved that the Charter provision prohibiting or-
dinances 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 Commissioner Roberts. The
motion was carried by a unanimous vote by the City Council, viz:
AYES: Commissioners Swantner, Barnard, de Leon, Maldonado, Roberts and
Young.
NOES: None.
The Mayor requested that the records show that he voted Aye. This was
done.
Commissioner Barnard coved that the ordinance be passed ftn.iiy. The
.motion was seconded by Commissioner Young. The motion was carried by the following
vote:
Young.
AYES: Commissioners Swantner, Barnard, de Leon, Maldonado, Roberts and
NOES: None.
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City of Corpus Christi, Texas
Special Council Meeting
January 8, 1963
Page 3
done.
The Mayor requested that the records show that he voted Aye. This vas
The Mayor announced that the ordinance had been passed. The ordinance
is as follows:
ORDINANCE N0. 6747
EY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSU-
ANCE OF $2,000,000.00 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS,
SERIES 1963, BEARING INTEREST AT THE RATES HEREINAPSER SET FORTH, AND PROVIDING
FOR THE LEVY, ASSESSMENT 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.
Mayor McDonald ordered that the good faith checks of the unsuccessful
bidders be returned at this time, and this was done.
There being no further business to came before the Council, the special
meeting was adjourned.