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HomeMy WebLinkAboutMinutes City Council - 03/10/1971 - Special'i MINUTES CITY OF CORPUS CHRISTI, TEXAS SPECIAL COUNCIL MEETING March 10, 1971 11:00 A.M. PRESENT: Mayor Jack R. Blackmon Mayor Pro Tem Gabe Lozano, Sr. Commissioners: Dick Bradley, Jr. Eduardo E. de Ases Ken McDaniel W. J. Roberts City Manager R. Marvin Townsend City Attorney James R. Riggs City Secretary T. Ray Kring Mayor Jack R. Blackmon called the meeting to order and announced the purpose of the special meeting was for receiving proposals on the sale of $3,000,000 City of Corpus Christi, Texas, General Obligation Improvement Bonds, Series 1971, and the transaction of any other business as may properly come before the Council. He asked that it be noted that a quorum of the Council was present. Proposals were opened and read by Director of Finance Harold F. Zick, on the sale of $3,000,000 General Obligation Improvement Bonds, Series 1971, from the following firms: Harris Trust & Savings Bank (The Northern Trust Company; The First Boston Corporation; The First National Bank of Fort Worth; Shearson, Hammil & Co., Inc.; A. G. Becker & Co., Inc.; and First City National Bank of Houston); Under- wood, Neuhaus & Co., Inc. and Associates; First National Bank in Dallas (Merrill Lynch, Pierce, Fenner & Smith, Inc.; Hornblower & Weeks -Hemphill Noyes; First National Bank of Miami; Girard Trust Bank; Fort Worth National Bank; Paine, Webber, Continental Illinois National Bank & Trust Co; Jackson & Curtis; Texas Commerce Bank N.A.; E. F. Hutton & Company, Inc.);/ Rauscher Pierce Securities Corporation (John Nuveen & Co., Inc.; Rowles, Winston & Co., Inc.; First Southwest Company; Weeden & Company; Ruis & Company, Inc.; Columbian Securi- ties Corp. of Texas; McClung & Knickerbocker, Inc.; Moroney, Beissner & Company, Inc.); Republic National Bank of Dallas and Mercantile National Bank of Dallas; Phelps, Fenn & Company; First National City Bank (Bankers Trust Company; First National Bank of Chicago; Reynolds & Company; Industrial National Bank of Rhode Island; W. H. Morton & Co; and Wells & Christensen, Inc.) The foregoing proposals were referred to Director of Finance Harold Zick for tabulation and recommendation, and a brief recess was declared for this purpose. Director of Finance Zick reported that the low bid had been received from Harris Trust and Savings Bank of Chicago, and Associates, at an effective interest rate of 4.6233 % (Bid Tabulation #14-71) • • Minutes Special Council Meeting March 10, 1971 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: "TO THE CITY COUNCIL "Corpus Christi, Texas CORPUS CHRISTI, TEXAS March 10, 1971 Gentlemen: "The public importance and pressing need for the permanent improvements to be constructed by use of the proceeds of bonds contemplated to be issued pursuant to an ordinance 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 bonds as an emergency measure. You will please consider this request in connection. with the ordinance which is to be introduced for passage by the City Council on this subject. "Yours very truly, /8/ Jack R. Blackmon Mayor" Commissioner Lozano 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. NAYS: None. The Mayor requested that the records show that he voted "Aye. This was done. Commissioner Roberta moved that the ordinance be passed finally. The motion was seconded by Commissioner Lozano. The motion was carried by the follow- ing vote: AYES: Commissioners Bradley, de Ases, Lozano, McDaniel, and Roberts. NAYS: 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 March 10, 1971 Page 3 ORDINANCE NO.10143 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $3,000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS, SERIES 1971, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESS- MENT 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.