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.