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
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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%
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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.