HomeMy WebLinkAboutMinutes City Council - 02/26/1973 - SpecialMINUTES
CITY OF CORPUS CHRISTI, TEXAS
SPECIAL COUNCIL MEETING
February 26, 1973
11:00 A. M.
PRESENT:
Mayor Pro Tem James T. Acuff
Commissioners:
Rev. Harold T. Branch
Thomas V. Gonzales
Ricardo Gonzalez
J. Howard Stark
Gabe Lozano, Sr.
City Manager R. Marvin Townsend -
Acting City Attorney Jim McKibben
City Secretary Bill G. Read
Mayor Pro Tem James T. Acuff called the meeting to order and announced
the purpose of the special meeting was to receive bids for the sale of $6,800,000
General Improvement Bonds authorized at the election on December 9, 1972. He asked
that it be noted that a quorum of the Council and required Charter Officers were
present to hold a valid meeting. Mayor Jason Luby was absent.
Proposals were opened and read by Director of Finance Harold F. Zick, on
the sale of $6,800,000 City of Corpus Christi, Texas General Improvement Bonds,
Series 1975, from the following firms: Republic National Bank of Dallas and
Associates; John Nuveen & Co., Inc., and Associates; First National Bank in Dallas;
First City National Bank of Houston (Rotan, Mosle Inc., Blyth Eastman Dillon & Co.
Inc.); Weeden & Co., Inc. (Bank of Southwest N.A., Houston, Capital. National Bank,
Houston); Corpus Christi State National Bank; First National City Bank (Bankers Trust
Company, First National Bank of Chicago, W. H. Morton & Co.- Div. of American Express
Co. - Reynolds Securities, Inc. Industrial National Bank of R.I., Bancnorthwest).
The foregoing proposals were referred to the Director of Finance Harold F.
Zick for tabulation and recommendation, and a brief recess was declared for this
purpose.
The meeting was reconvened and Director of Finance Zick reported that the
low bid had been received from Republic National Bank of Dallas and Associates at
an effective rate of 5.5650%. (Bid Tabulation #14-75)
Mayor Pro Tem Acuff presented for the consideration of the Council an
ordinance. The ordinance was read by the City Secretary. The Mayor Pro Tem presented
to the Council a communication in writing pertaining to said proposed ordinance,
as follows:
"Corpus Christi, Texas
"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 bonds contemplated to be ussued pursuant to an .
Minutes
Special Council Meeting
February 26, 1975
Page 2
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,
/s/ JAMES T. ACUFF
Mayor Pro Tem"
Commissioner Branch 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 Pro Tem and stated in the emergency clause of
the ordinance. The motion was seconded by Commissioner Stark. The motion was
carried by an unanimous vote by the City Council, viz:
AYES: Commissioners Gonzalez, Branch, Gonzales, Lozano, and Stark.
NAYS: None.
The Mayor Pro Tem requested that the records show that he voted "Aye." This
was done.
Commissioner Branch moved that the ordinance be passed finally. The motion
was seconded by Commissioner Stark. The motion was carried by the following vote:
AYES: Commissioners Gonzalez, Branch, Gonzales, Lozano, and Stark.
NAYS: None.
The Mayor Pro Tem requested that the records show that he voted "Aye. This
was done.
The Mayor Pro Tem announced that the ordinance has been passed. The ordinance
is as follows:
ORDINANCE NO. 12491
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $6,800,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1975,
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, motion.by Tom
-Gonzales, seconded _by Stark acid passed, that the Special meeting be adjourned at
11:40 a.m., February 26, 1975.
CITY OF CORPUS CHRISTI, TEXAS
BID TABULATION -- $6,800,000 GENERAL IMPROVEMENT BONDS, SERIES 1975
BIDS OPENED: 11:00 A.M. , C. S. T. , FEBRUARY 26, 1975
BIDDER
Effective
Interest
Rate
Republic National Bank of
Dallas and Associates 5.5650
John Nuveen & Co., Inc.,
and Associates
First National Bank in Dallas
First City National Bank of Houston
Rotan, Mosle Inc.
Blyth Eastman Dillon & Co. Inc.
Weeden & Co., Inc.
Bank of Southwest N.A., Houston
Capital National Bank, Houston
5.5875
5.59720
5.646647
5.6592
Corpus Christi State National Bank 5.71536
First National City Back
Bankers Trust Company
First National Bank of Chicago'
W. H. Morton & Co.
(Div. of Amer. Express Co.)
Reynolds Securities, Inc.
Industrial National Bank of R.I.
Bancnorthwest
5.7185
Total
Interest
Cos t
Less
Cash
Premium
$4,420,000.00 $1,360.00
4,437,600.00
4,444,200.00
4,483,600.00
4,495,000.00
1,156.00
21.00
162.00
1,562.00
4,543,000 5,000.00
Net
Interest.
Cos t
$4,418,640.00
4,436, 44400
4,444,179.00
4,483,438.00
4,493,438.00
4,538,000.00
4,547,800.00 7,300.00 4,5 40,500.00