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Home My WebLink AboutMinutes City Council - 04/01/1969 - SpecialMINUTES CITY OF CORPUS CHRISTI, TEXAS SPECIAL COUNCIL MEETING April 1, 1969 11;00 A. M. PRESENT: Mayor Jack R. Blackmon Mayor Pro Tem Ronnie Sizemore Commissioners; Dick Bradley, Jr. Gabe Lozano, Sr. W. J. Roberts City Manager R. Marvin Townsend City Attorney I. M. Singer City Secretary T. Ray Kring Mayor Jack R. Blackmon called the meeting to order. City Secretary T. Ray Kring called the roll of those in attendance. Mayor Blackmon announced the purpose of the special meeting was for receiving proposals on the sale of $3,430,000 General Improvement Bonds, and $3,500,000 Water Revenue Bonds, and for the transaction of any other business as may properly come before the Council. Bids were opened by City Secretary T. Ray Kring, and read by Finance Director Harold Zick, on the sale of $3,430,000 City of Corpus Christi, Texas, General Improvement Bonds, Series 1969, from the following firms: First National City Bank of New York; Continental Illinois National Bank & Trust Co. of Chicago; First National Bank in Dallas & Associates; Underwood Neuhaus, Inc.; Morgan Guaranty Trust Company of New York; Republic National Bank of Dallas; Harris Trust and Savings Bank; John Nuveen and Company, Inc.; and Lehman Brothers. The foregoing proposals were referred to Director of Finance Harold Zick for tabulation and recommendation. One bid was opened by City Secretary T. Ray Kring, and read by Finance Director Harold Zick, on the sale of $3,500,000 First Mortgage Waterworks Revenue Bonds for the purpose of extending the City's Waterworks System, from the follow- ing firm: Underwood, Neuhaus & Co., Inc. The foregoing proposal was referred to Director of Finance Harold Zick for tabulation and recommendation. Mayor Blackmon reconvened the meeting. Director of Finance Zick reported that the low bid had been received from First National City Bank, New York & Associates on the General Improvement Bond at an effective interest rate of 5.2387% Motion by Roberts, seconded by Bradley and passed, that the sale of $3,430,000 General improvement Bonds, Series 1969, be awarded to First National City Bank of New York. (Idd Tatulation #9-69) • • Minutes Special Council Meeting April 1, 1969 Page 2 City Manager Townsend presented for the consideration of the Council an ordinance. The Mayor presented to the Council a communication in writing pertaining to said proposed ordinance, as follows: "Corpus Christi, Texas April 1, 1969 "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 June 27, 1964, January 26, 1967, and July 13, 1968, 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, 1, therefore request that the City Council pass the proposed ordinance authorizing the issuance of $3,430,000 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/ Jack R. Blackmon, Mayor." Commissioner Roberts 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 Lozano. The motion carried by a unanimous vote by the City Council, viz: AYES: Commissioners Sizemore, Bradley, Lozano and Roberts. NOES; None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner Sizemore moved that the ordinance be passed finally. The motion was seconded by Commissioner Bradley. The motion was carried by the follow- ing vote; done. AYES: Commissioners Bradley, Sizemore, Lozano and Roberts. NOES: None The Mayor requested that the records show that he voted Aye. This was The Mayor announced that the ordinance had been passed. The ordinance is as follows: Minutes Special Council Meeting April 1, 1969 Page 3 ORDINANCE NO. 9304-A • BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $3,430,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1969, BEARING INTEREST AT THE 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 THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND DECLARING AN EMERGENCY. Director of Finance Harold Zick reported that the bid received on the First Mortgage Waterworks Revenue Bonds from Underwood, Neuhaus & Co., Inc., was bid at an effective rate of 5.37789%. Motion by Sizemore, seconded by Lozano and passed that the sale of $3,500,000 First Mortgage Waterworks Revenue Bonds, Series 1969, be awarded to Underwood, Neuhaus & Co., Inc. (Bid Tabulation #10-69) City Manager Townsend presented for the consideration of the Council an ordinance. The Mayor presented to the Council a communication in writing per- taining to said proposed ordinance, as follows; "Corpus Christi, Texas April 1, 1969 "TO THE CITY COUNCIL Corpus Christi, Texas Gentlemen: 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, hereby 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, /s/ Jack R. Blackmon, Mayor." Commissioner Bradley 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 Sizemore. The motion was carried by the unanimous vote of the Council, viz; AYES; Commissioners Sizemore, Bradley, Lozano and Roberts. NOES; None The Mayor requested that the records show that he voted "Aye." This was done. Minutes Special Council Meeting April 1, 1969 Page 4 • Commissioner Lozano moved that the ordinance be passed finally. The motion was seconded by Commissioner Roberts. The motion was carried by the following vote: AYES: Commissioners Bradley, Sizemore, Lozano and Roberts. 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: ORDINANCE NO. 9304-B AUTHORIZING THE ISSUANCE OF FIRST MORTGAGE WATERWORKS REVENUE BONDS IN THE AMOUNT OF $3,500,000, FOR THE PURPOSE OF IMPROVING AND EXTENDING THE CITY'S WATERWORKS SYSTEM; PLEDGING THE NET REVENUES OF THE CITY'5 WATERWORKS SYSTEM; AUTHORIZING THF EXECUTION AND DELIVERY OF A DEED OF TRUST FURTHER SUPPLEMENTING T.E.6 DEED OP TRUST SECURING CITY OF CORPUS CHRISTI FIRST MORTGAGE WATERWORKS REVENUE REFUNDING BONDS, SERIES 1953, SUCH SUPPLEMENTAL DEED OF TRUST PROVIDING THE SECURI'T'Y FOR THE BONDS AUTHORIZED BY THIS ORDINANCE; ORDAINING OTHER MATTERS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY. There being no further business to come before the Council, the Special meeting was adjourned. THE STATE OF TEXAS COUN^Y ,OF NJECES NOTICE OF SPECIAL MEETING •CITY OF CORPUS CHRISTI : TO '1'tL MEMBERS OF THE CITY COUNCIL, ,TIS CITY.MANAGER, EFtE CITY SECRETARY AND THE 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 11:00 o'clock, A.M., on the 1st day of April , 19 69 , for the purpose of receiving proposals for the sale of $3,430,000 Generalq0bligation Bonds, and $3,500,000 Water Revenue Bonds, and for the transaction of any other business as may properly come before the Council. DATED this the 1st day of April , 1969 . BLAC> ` •N, MAYOR City of Corpus Christi, Texas CONSEP TO M. '1'II G 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 therein named and for the purpose therein sta SSIOSER , COMMISSIONER VffSSIO EX 1,0 vv, SR., CO3•I.IISSIONSE I M. NG , CIA A4OR:EX iC DA? COMMISSIONER lC� stiA-� R. MAIWI - TOWNSEND, CITY MAN AG ,