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HomeMy WebLinkAboutMinutes City Council - 12/03/1969 - SpecialMINUTES CITY OF CORPUS CHRISTI, TEXAS SPECIAL COUNCIL MEETING December 3, 1969 11:00 A. M. PRESENT: Mayor Jack R. Blackmon Mayor Pro Tem Gabe Lozano Commissioners: Dick Bradley, Jr. Eduardo E. de Ases Ken McDaniel 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 $2,100,000 General Obligation Bonds, Series 1969-A, and $1,340,000 Waterworks Revenue Bonds, Series 1969-A, 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 Director of Finance, Harold Zick, on the sale of $2,100,000 City of Corpus Christi General Obligation Bonds, Series 1969-A, from the following firms: Republic National Bank of Dallas, and Mercantile National Bank of Dallas & Associates; Harris Trust & Savings Bank, Chicago; Rolls Winston & Company, Inc.; First National Bank in Dallas; and Underwood Neuhaus & Company, Inc. & Associates. The foregoing proposals were referred to Director of Finance Harold Zick for tabulation and recommendation. Bids were opened by City Secretary T. Ray Kring, and read by Director of Finance Harold Zick, on the sale of $1,340,000 Waterworks Revenue Bonds, Series 1969-A, from the following firms: Underwood Neuhaus and Company, Inc. & Associates; Rauscher & Company, Inc.; and Lehman Brothers. The foregoing proposals were referred to Director of Finance Harold Zick for tabulation and recommendation. Mayor Blackmon declared a brief recess to await tabulation of the fore- going bids. The meeting was reconvened, and Director of Finance Harold Zick reported that the low bid had been received from Republic National Bank of Dallas, and Mer- cantile National Bank of Dallas & Associates on the General Obligation Bonds at an effective interest rate of 6.3636%; that the low bid had been received from Under- wood Neuhaus & Company, Inc. & Associates, on the Waterworks Revenue Bonds at an effective interest rate of 6.43111% • Minutes Special Council Meeting December 1, 1969 Page 2 Motion by Bradley, seconded by Lozano and passed, that the sale of $2,100,000 General Obligation Bonds, Series 1969-A, be awarded to Republic National Bank of Dallas, and Mercantile National Bank of Dallas & Associates at an effective interest rate of 6.3636% (Bid Tabulation #30-69); and that the sale of $1,340,000 Waterworks Revenue Bonds, Series 1969-A, be awarded to Underwood Neuhaus & Company, Inc. & Associates, at an effective interest rate of 6.43111%. (Bid Tabulation #31-69) City Manager Townsend presented for the consideration of the Council an ordinance. The Mayor presented to the Council a communication in writing pertain- ing to said proposed ordinance, as follows: "Corpus Christi, Texas December 3, 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 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 McDaniel. The motion was carried by a unanimous vote by the City Council, viz: AYES: Commissioners Bradley, de Ases, Lozano, McDaniel, and Roberts. Sizemore absent. NOES: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner de Ases moved that the ordinance be passed finally. The motion was seconded by Commissioner Lozano. The motion was carried by the following vote: AYES: Commissioners Bradley, de Ases, Lozano, McDaniel and Roberts. Sizemore NOES: None. The Mayor requested that the records show that he voted Aye. This was done. absent. • • Minutes Special Council Meeting December 3, 1969 Page 3 follows: The. Mayor announced the ordinance had been passed. The ordinance is as ORDINANCE NO. 9564 AUTHORIZING THE ISSUANCE OF FIRST MORTGAGE WATERWORKS REVENUE BONDS IN THE AMOUNT OF $1,340,000, FOR THE PURPOSE OF IMPROVING AND EXTENDING THE CITY'S WATERWORKS SYSTEM; PLEDGING THE NET REVENUES OF THE CITY'S WATERWORKS SYSTEM; AUTHORIZING THE EXECUTION AND DELIVERY OF A DEED OF TRUST FURTHER SUPPLEMENTING THE DEED OF TRUST SECURING CITY OF CORPUS CHRISTI FIRST MORTGAGE WATERWORKS REVENUE REFUNDING BONDS, SERIES 1953, AND THE SUPPLEMENT TO SAID DEED OF TRUST SECURING CITY OF CORPUS CHRISTI, TEXAS, FIRST MORTGAGE WATERWORKS REVENUE BONDS, SERIES 1969,.SUCH SUPPLEMENTAL DEED OF TRUST PROVIDING THE SECURITY FOR THE BONDS AUTHORIZED BY THIS ORDINANCE; ORDAINING OTHER MATTERS RELATING TO THE SUBJECT AND DECLARING AN EMERGENCY. City Manager Townsend presented for the consideration of the Council an ordinance. The Mayor presented to the Council a communication inwriting pertaining to said proposed ordinance, as follows: "Corpus Christi, Texas December 3, 1969 "TO THE CITY COUNCIL Corpus Christi, Texas Gentlemen: "The public importance and pressing need for the permanent improve- ments to be constructed by use of the proceeds of the bonds voted at elections held on June 27, 1964, January 28, 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. "I, therefore request that the City Council pass thee proposed ordinance authorizing the issuance of $2,100,000 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 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 Lozano. The motion Was carried by a unanimous vote by the City Council, viz: AYES: Commissioners Bradley, de Ases, Lozano, McDaniel, and Roberts. Size- more absent. NOES: None. The Mayor requested that the records show that he voted Aye. This was done. • Minutes Special Council Meeting December 3, 1969 Page 4 Commissioner McDaniel moved that the ordinance be passed finally. The motion was seconded by Commissioner de Ases. The motion was carried by the follow- ing vote: absent. done. AYES: Commissioner Bradley, deAses, Lozano, McDaniel and Roberts. Sizemore NOES: None The Mayor requested that the records show that he voted Aye. This was The Mayor announced the ordinance been passed. The ordinance is as follows: ORDINANCE NO. 9565 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $2,100,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1969-A, 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. There being no further business to come before the Council, the Special meeting was adjourned.