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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). • 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. • , • 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.