HomeMy WebLinkAboutMinutes City Council - 09/24/1963 - Special•
PRESENT:
Mayor James L. Barnard
Commissioners:
Jim Young
Jack R. Blackmon
J. R. de Leon
M. P. Maldonado
W. J. Roberts
CITY OF CORPUS CHRISTI, TEXAS
SPECIAL COUNCIL MEETING
September 24+, 1963
11:00 a.m.
City Manager Herbert W. Whitney
City Attorney I. M. Singer
City Secretary T. Ray Kring
Mayor James L. Barnard 'wiled the meeting to order.
City Secretary T. Ray Kring called the roll of those in attendance.
Mayor Barnard announced the purpose of the special meeting for re-
ceiving proposals on the sale of $3,750,000.00 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 $3,750,000.00 General
Improvement Bonds of the City of Corpus Christi, Texas, Series 1963A, from the
following: Rowles, Winston & Co. and Associates; First National Bank in Dallas
and Associates; Drexel & Co. and Associates; John Nuveen & Co. and Rauscher,
Pierce & Co., Inc., Joint Managers, and Associates; Lehman Brothers and Associ-
ates; First Southwest Company and Associates; First National City Bank of New
York, and Associates; Harris Trust & Savings Bank and Associates; Phelps, Fenn
& Co. and Associates; Morgan Guaranty Trust Co. of New York and Associates;
Continental Illinois National Bank & Trust Co. of Chicago, and Associates; and
Republic National Bank, Mercantile National Bank, White, Weld & Co., Joint Man-
agers, and Associates.
The foregoing proposals were referred to Director of Finance Harold
Zick for tabulation and recommendation, and a brief recess was declared for this
purpose.
After a brief recess, Mayor Barnard reconvened the meeting.
Director of Finance Zick reported that the most advantageous proposal
for the City had been received from First National City Bank, New York, and Asso-
ciates at an effective interest rate of 3.1772%; and City Manager Whitney recom-
mended acceptance of the foregoing proposal for the sale of the bonds for the
principal amount and accrued interest to the date of delivery, plus a premium
of $1,113.75. (Bid Tabulation #73).
`i
City of Corpus Christi, Texas
Special Council Meeting
September 24, 1963
Page 2
Mr. Whitney 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
September 24, 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 $3,750,000_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/ James L. Barnard
/s/ James L. Barnard,
Mayor."
Commissioner Blackmon 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 Commissioner Roberts.
The motion was carried by a unanimous vote by the City Council, viz:
AYES: Commissioners Blackmon, de Leon, Roberts, Young and Maldonado.
NOES: None.
The Mayor requested that the records show that he voted Aye. This was
done.
Commissioner Roberts moved that the ordinance be passed finally. The
motion was seconded by Commissioner Maldonado. The motion was carried by the
following vote:
AYES: Commissioners Blackmon, de Leon, Roberts, Young and Maldonado.
NOES: 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,
t•
City of Corpus Christi, Texas
Special Council Meeting
September 24, 1963
Page 3
ORDINANCE NO 7030
•
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSU-
ANCE OF $3,750,000.00 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS,
SERIES 1963-A, BEARING INTEREST AT 'rtth RATES HEREINAFTER 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 ThEtet,OF ATOM ITYr RE-
PEALING ALL ORDINANCES IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY.
Mayor Barnard 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 come before the Council, the special
meeting vas adjourned.
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI .
NOTICE OF SPECIAL MEETING
TO THE MEMBERS OF THE CITY COUNCIL, THE CITY MANAGER, THE CITY SECRETARY
AND 1111; CITY ATTORNEY TO THE CITY OF CORPUS CHRISTI, TEXAS:
NOTICE is hereby given that a special meeting of the City Council of the
City of Corpus Christi, Texas, will be held in the City of Corpus Christi, Texas,
in the Council Chamber of the City Hall, at 11 o'clock, A.M.;, on the 24
day of September , 1961_, for the purpose of receiving proposals for the
sale of $3,750,000 City of Corpus Christi, Texas, General Improvement Bonds, Series
1963A, and such other business as may properly come before the Council.
DATED this the 24 , day of Sept. , 196 3 .
AMTS ARD, Mayor
City of Corpus Christi, Texas
CONSENT TO MEETING
We, the undersigned members of the City Council, the City Manager, the
City Secretary and the City Attorney to the City of Corpus Christi, Texas, hereby.
accept service of the foregoing notice, waiving any and all irregularities in such
service and consent and agree that said meeting shall be at the time and place there-
in named and for the purpose therein stated.
M G112144
ONADO
W. J. ROBERTS
W. H. WALLACE, JR.
HERBERT W. WHITNEY
City Manager
T. RAY/HItING
City cretary
. M. SINGER
City Attorney