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.