HomeMy WebLinkAboutMinutes City Council - 12/15/1966 - SpecialMINUTES
CITY OF CORPUS CHRISTI, TEXAS
SPECIAL COUNCIL Mh17.LING
December 15, 1966
11:00 a.m.
PRESENT:
Mayor McIver Furman
Mayor Pro Tem Jack R. Blackmon
Commissioners:
Patrick J. Dunne
Dr. P. Jimenez
Ken McDaniel
Ronnie Sizemore
Wm. H. Wallace
City Manager Herbert W. Whitney
City Attorney I. M. Singer
City Secretary T. Ray Kring
Mayor McIver Furman called the meeting to order.
City Secretary Ray Kring called the roll of those in attendance.
Mayor Furman announced the purpose c_. the special meeting was for
receiving proposals on the sale of $2,700,000 General Obligation Bonds, and for
the transaction of any other business as may properly come before the Council.
Proposals were opened and read on the sale of $2,700,000 General Obliga-
tion Bonds, Series 1966-A, from the following: First National Bank in Dallas;
Morgan Guaranty Trust Company of New York; Halsey, Stuart & Company, Inc.; First
National City Bank of New York; John Nuveen & Co. Inc. & Rauscher Pierce & Co. Inc.
(Joint Managers); Harris Trust and Savings Bank, Chicago; Rowles, Winston & Company,
Inc.; Republic National Bank of Dallas & Associates; Continental Illinois National
Bank; Merrill Lynch, Pierce, Fenner & Smith, Inc. Corpus Christi & New York; Lehman
Brothers; and Mercantile Trust Company N.A. & Associates.
The foregoing proposals were referred to Director of Finance Harold Gick
and Roger Kirkpatrick for tabulation and recommendation, and a brief recess was
declared for this purpose.
After a brief recess, Mayor Furman reconvened the meeting.
Director of Finance Zick reported that the low bid had been received from
First National Bank in Dallas, Texas, at an effective interest rate of 3.96292857%.
(Bid Tabulation 06-53)
City Manager 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:
Minutes
Special Council Meeting
December 15, 1966
Page 2
"Corpus Christi, Texas
December 15, 1966
"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
January 28, 1961 and June 27, 1964, 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 $2,700,000
General Improvement Bonds as an emergency. 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/ McIver Furman,
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 emergency clause of the
ordinance, The motion was seconded by Commissioner Wallace. The motion was carried
by a unanimous vote by the City Council, viz:
AYES: Commissioners Blackmon, Wallace, Dunne, Jimenez, McDaniel and
Sizemore.
NOES: None.
The Mayor requested that the records show that he voted Aye. This was
done.
Commissioner Dunne moved that the ordinance be passed finally. The motion
was seconded by Commissioner Sizemore. The motion was carried by the following
vote:
AYES: Commissioners Blackmon, Wallace, Dunne, Jimenez, McDaniel and
Sizemore.
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:
Minutes
Special Council Meeting
December 15, 1966
Page 3
ORDINANCE NO. 8278
BY TNN CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR TES ISSUANCE
OF 2,700,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, EERIER
1966-A, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE
LEVY, ASSES3MENT AND COLLECTION OF A TAX SUFFICIENT TO FAX THE INTEREST OK SAID BONDS
AND TO ORLIATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY.
There being no further business to come before the Council, the Special
meeting was adjourned.
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
NOTICE OF SPECIAL MEETING
TO ThE MEMBERS OF TNR CITY COUNCIL, Thi CITY MANAGER, THE CITY SECRETARY
AND Thh CITY ATTORNEY TO VW, 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
day of December , 1966 , for the purpose of
of
o'clock, A.M., on the 15th
receiving proposals for the sale
2,700,000 General Obligation Bonds, and for the transaction of any other business
as may properly come before the Council.
DATED this the 15th , day of
December
rn
MC IVER
City of
CONSENT TO MEi a'ING
, 1966
Mayor
Corpus Christi, Texas
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.
HERBERT W. WHI
19 M. SIN
City Atto uey
T. RA r•i NG
City Stary