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HomeMy WebLinkAboutMinutes City Council - 03/21/1973 - Special (2)MINUTES CITY OF CORPUS CHRISTI, TEXAS SPECIAL COUNCIL MEETING March 21, 1973 11:00 A.M. PRESENT: Mayor Ronnie Sizemore Mayor Pro Tem Chas. A. Bonniwell Commissioners: -Roberto Bosquez, M.D. Rev. Harold T. Branch Thomas V. Gonzales J. Howard Stark Assistant City Manager R. Marvin Townsend City Attorney James R. Riggs City Secretary T. Ray Kring Mayor Ronnie Sizemore called the meeting to order and announced the purpose of the special meeting was for receiving proposals on the sale of $6,000,000 General Improvement Bonds, City of Corpus Christi, Series 1973, 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 and required Charter Officers were present to hold a valid meeting. Commissioner Lozano absent. Proposals were opened and read by Director of Finance Harold F. Zick, on the sale of $6,000,000 General Improvement Bonds, Series 1973, from the following firms: Weeden & Co. (Bank of the Southwest, N.A.); First National Bank in Dallas (Merrill Lynch, Pierce, Fenner & Smith, Inc.; Hornblower& Weeks -Hemphill, Noyes; First National Bank of Miami;Girard Bank; Fort Worth National Bank; Paine, Webber, Jackson & Curtis; Texas Commerce Bank N.A.; National Bank of Tulsa; E. F. Hutton & Co., Inc.; McKinney, Rose & Co., Inc.); John Nuveen & Co., Inc. (Rowles Winston & Co., Inc.; Rausher Pierce Securities Corp.; Underwood Neuhaus & Co., Inc.; Corpus Christi State National Bank; Chemical Bank; Bank of the Commonwealth; Russ & Co., Inc.; The Columbian Securities Corp. of Texas; McClung & Knickerbocker, Inc.; Moroney, Beissner & Co., Inc); Harris Trust & Savings Bank,Chicago (The Northern Trust Com- pany; The First National Bank of Fort Worth; Blyth Eastman Dillon & Co., Inc.; A. G. Becker & Co., Inc.; First City National Bank of Houston; Walston & Co., Inc., and Van Kampen Wauterlek & Brown, Inc.); Wilson, White, Belf, Lake & Rocklin & Co.; Corpus Christi Bank & Trust; Republic National Bank of Dallas - Mercantile National Bank at Dallas (Rotan Mosle Inc.; Texas Bank & Trust Co. of Dallas; White, Weld & Co., Inc,; First of Texas, Inc.; Eppler, Guerin & Turner; Dominick & Dominick, Inc.; City Nat'l Bank & Trust Co.); First National City Bank (Bankers Trust Company; First National Bank of Chicago; Reynolds Securities, Inc.; Industrial Nat'l Bank of Rhode Island; W. H. Morton & Co.; Bancnorthwest; Wells & Christensen, Inc.); Salmon Brothers (Morgan Guaranty Trust Co, of N.Y.); Continental Illinois Nat'l Bank & Trust Co. of Chicago & Associates. Minutes Special Council Meeting March 21, 1973 Page 2 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 Weeden & Company, Bank of the Southwest, N.A., at an effective rate of 5.0740%. Bid Tabulation #15-73) Mayor Sizemore 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: "Corpus Christi, Texas March 21, 1973 "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 issued pur- suant 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 connec- tion with the ordinance which is to be introduced for passage by the City Council on this subject. "Yours very truly, /s/ Ronnie Sizemore Mayor" 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 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 Bonniwell, Bosquez, Branch, Gonzales and Stark. NAYS: None The Mayor requested that the records show that he voted Aye. This was done. Commissioner Gonzales moved that the ordinance be passed finally. The motion was seconded by Commissioner Bosquez. The motion was carried by the follow- ing vote: AYES: Commissioners Bonniwell, Bosquez, Branch, Gonzales, and Stark. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Minutes Special Council Meeting March 21, 1973 Page 3 The Mayor announced that the ordinance has been passed. The ordinance is as follows: ORDINANCE NO. 11363 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $6,000,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1973, 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 RE7)EMPTION 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 at 11:40 a.m., March 21, 1973.