HomeMy WebLinkAbout01693 ORD - 07/08/1944AN ORDINANCE
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEM. AUTHORIZING THE ISSUANCE OF BONDS IN THE
PRINCIPAL SUM OF WO HUMM SEVEETY FIVE THOUSAND
DOLLARS ($M.000.06) FOR THE PURPOSE OF BS MING,
IMPROVING. AND REHABILITATING TBE GAS DISTRIBUTION
SYSTEM OF THE CITY. OF CORPUS CHRISTI; AND PROVIDING
FOR THE LEVY, ASSESSMENT AND COLIRCTICN OF A TAX
SUFFICIENT TO PAY TBE INTEREST 40 MUTE A SINKING
FUND. FOR THE REDEMPTION THEREOF; PROVIDING A NAME
FOR SAID BONDiq;PRESCRIBING THE FORM OF BOND; AND
DECLARING. AN EMERGENCY.
g.
, . on the 25th day of April, 1944, the City Council
of the City of Corpus Christi, passed an ordinance calling an
election to be held in the City of Corpus Christi, Texas, on the
20th day of May, 1944, on the question of the issuance of Two Hundred
Seventy -five Thousand Dollars (*275,o0G.00) Gas Distribution System
Improvement Bonds and the levy of a tax in payment thereof; and
11HEREAS. said election was duly and legally held is the City
of Corpus Christi. Texas, on the 20th day of May, 1944, at which
election a majority of the legally qualified electors, owning taxable
property in said City and who had duly rendered the same for taxation,
voting at said election, sustained the proposition to issue the bonds
hereinafter described by the following votes
"FOR THE ISSUANCE OF GAS DISTRIBUTION SYSTEM
IMPROYMEW BONDS". . . . . . . . . . . . 830 Votes
"AGAINST THE ISSUANCE OF GAS DISTRIBUTION SYSTEM
IMPROVEMENT BONDS ". . . . . ... . . . . . . . 299 Votes
Majority "FOR THE ISSUANCE OF GAS DISTRIBUTION SYSTEM TM-
PROVEMENT BONDS " . . . . . . . . . . . . . . . . . . .. 531 votes
as is reflected in the election returns heretofore filed with the City
Secretary.
I W l
NOW. TMWGRE, BE IT ORDAINED BY THE CrrT COUNCIL OF THE CITY OF
CORPUS CBRISTU
SECTION 1. That the bonds of said City to be called t "City
of Corpus Christi# Texas, Gas Distribution System Extension, Improve-
ment and Rehabilitation Bonds, Series 1944" be issued under and by
virtue of the Constitution and Laws of the State of Texas and the
Charter of said City for the purpose of extending, improving and
rehabilitating the gas distribution system in and for said City in
the principal sum of Two Hundred Seventy -five Thousand Dollars ($275,000)•
BECTICH 2. That said bonds shall be numbered consecutively
from one (1) to two hundred seventy -five (275), both inclusive, and shall
be of the denomination of One Thousand Dollars ($10000) each, aggregating
TWO HUNDRED SEVENTY -FIVE THOUSAND DOLLARS ($275,000.00).
.SECTION 3. That they shall be dated the first day of June. 1944.
and shall became due and payable, serially as follows
BOND NUMBERS MLTORITY DATES AMOUNTS
1 to 8, both incl. June 1, 1945
$ 8,000.00
9 to 16,
- 1946
8,000.00
17 to 24. "
1947
8,000.00
25 to 33,
1948
91000.00
tto W.
1949
9,000.00
ly3 to 51,
1950
9.000.00
52 to 60. w
1951
9,000.00
61 to 70.
1952
10,DDO.00
71 to 80, _
1953
10,000.00
e1 to 9o.
1954
10,ODO.00
91 to 100,
1955
10,DOO.00
101 to 110,
1956
10,000.00
111 to 122, "'
1957
12.000.00
123 to ]-Al.. °
1958
12,000.00
146, "
1959
12,000.00 -
to 158, _
T 7to
1960
12,000.00
159 to 171,
1961
13.000.00
172 to 184, "
1962
13,000600
185 to 197. "
196j
13,000.00
198 to 210,
1964
13.000.00
211 to 223, _
1965
13,000.00
224 to 236,
1966
13,000.00
237 to 249,
1967
13,000.00
250 to 262,
1968
13,000.00
263 to 275,
1969
13,000.00
SECTION 4.
That they shall bear interest at the rates se follows
Bonds maturing on June 1. 1945, to June 1, 19628 both inclusive, two and ons-
half per cent (2 1M) interest per annums bonds maturing June let, 1963
to June It 1969, both inclusive. two and one - fourth per cent (2 IM) interest
per annum,payable June lat, 19115, and eemi- annually thereafter on the
first day of June and the first day of December of each year*
SECTION 5. That the principal and interest of said series of
Sunda shall be payable upon the presentation and surrender of bond or
proper coupon at the office of the Corpus Christi National Bank, Corpus
Christi, Texas6
SECTION 6. That each of said bonds shall be signed by the
Mayors countersigned by the City Seoretsry and registered by the City
Treasurer, and the corporate seal of the City of Corpus Christi, Texas,
shall be impressed upon each of them.
SECTION 7. That the facsimile signatures of the Mayor and
City Searstary may be lithographed, engraved or printed on the o0upons
attached to said bonds, and said facsimile signatures shall have the
as= effect as if they had been executed manually by said officials.
SECTION S. The farm of said bonds shall be subetantially
as followes
NO. $1,000.00
UNITED STATES OF .AVER
STATE. OF TRW
COUNTY OF NUECES
CITY OF, CORPUS CHRISTI
CITY OF CORPUS CHRISTI. TEXAS, OAS DISTRIBUTION
SYSTEM EIMSION, IIdPR07MENT AND RRHSBILITA'
TION = BOND -. SERIES 1944
The City of Corpus Christi. in Nueoes County, State of
Texast a mmiaipal corporation. duly incorporated under the laws
of the State of Texas, for value received hereby promises to pay
to the bearer hereof on the first day of June, 19 , the sum
oft ONE THOUSAND DOLLARS
in lawful money of the United States, with interest thereon from
date hereof at the rate of
per sent per annum, interest payable June let, 1945, and semi-
annually thereafter on the first day of Jima and the first day of
December of each year, both principal and interest payable upon
presentation and surrender of bond or proper coupon at the office
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of Corpus Christi National Banks Corpus Christi, Texas. The
City of Corpus Christi is hgreby held and firmly bound, and its
faith and credit and all taxable property in said City, are here-
by pledged for the prompt payment of the principal of this bond
at maturity and the interest thereon as it accrues,
This bond is one of a series of two hundred and seventy -five
(275) bonds numbered consecutively from one (1) to two hundred and
seventy-five (275) both inclusive. each being in the denomination
of One Thousand Dollars (=1,000j00), aggregating Two Hundred Seventy -
five Thousand Dollars ($275&000,00)o each issued by the City of Corpus
Christi for the purpose of extending, improving and rehabilitating
the gas distribution system of the City of Corpus Christi, under and
by virtue of the Constitution end laws of the State of Texas and
the Charter of said City, pursuant to an Ordinance passed by the City
Council of the City of Corpus Christi, which Ordinance is of record
is the minutes of said City Council. All of said bonds are of like
tenor and effect except as to interest rate and maturity date.
The date of this bond, in conformity with the Ordinance above
mentioned, is the first day of Jura, 19"
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of
this bond, and the series of which it is a part, is duly authorised
by law and by a vote of the resident qualified electors who own tax-
able property in said City and who had duly rendered the same fo"r tax-
ation in the City of Corpus Christie Texas, voting at an election held
for that purpose within said City on the 20th day of May. 1944; that
all sets, conditions and things required to be done precedent to and
in the issuance of this series of bonds, and of this bond, have been
properly done and performed and have happened in regular and due time.
form and manner, as required by laws that sufficient and proper pro-
vision for the levy and collection of taxes has been made, whichs when
colleoteds shall be appropriated exclusively to the payment of this bond
and of the series of which it is a part. and to the payment of the
interest coupon hereto a edv as the same shall become due; that the
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total indebtedness of said City of Corpus Christi, Texas, including
the entire series of bonds of which this is one, does not exceed
any Constitutional, Statutory or Charter limitation.
IN WITNESS WHEREOF, the City of Corpus Christi, Texas, by its
City Council has caused its corporate seal to be affixed hereto and
this bond to be signed by its Mayors countersigned by its City Sec
rotary and registered by its. City Treasurer, and the interest coupon
hereto attached to be executed by the lithographed, engraved or printed
facsimile signatures of the Mayor and City Seoretary, as of the date
last above written.
COUNTERSIONNDs
city secretary of the City of
Corpus Christi, Texas
MLYCH. City of Corpus Christi,
T a x a e.
REGIST$Hffi)I
City Treasurer of the City of
Corpus Christi, Texas
*Bonds Not. one (1) to one hundred eighty -roar (%S4), both inclusive.
bear interest at the rate of two and one -half (2j%) per tent per
annus.
Bonds Nos, one hundred eighty -five (165) to two hundred seventy -five
(275). both inclusive, beer interest at the rate of two and ous-
fourth (2j%) per cent per sinuses
SECTION % The form of coupon shall be substantially an followes
NO. $
09 THE DAY OF , 19
The City of Corpus Christi, Texas. will par to bearer, at the
office of Corpus Christi National Bank, Corpus Christi, Texas, the
sum of Dollars (# )
in lawful money of the United States of America, being
months' interest due that day on the City of Corpus Christi, Texas, Gas
Distribution System Extension, Improvement and Rehabilitation Band,
Series 1914, dated June 1. 191t4, 10.
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City Secretary, City of Corpus Mayor, City of Corpus Christie
Christi, Texas Texas.
SECTION 10. Substantially the following certificate shall be
printed on the back of each bondt
OFFICE OF COMPTRMM }
STATE OF TEUS )
I hEREBY CERTIFY that there is on file and of record
in my office a certificate of the Attorney- General of the State
of Texas to the affect that this bond has been examined by him
as required by law, and that he finds that it has been issued in
conformity with the Constitution and laws of the State of Texas
and the Charter of said City, and that it is a valid and binding
obligation upon said City of Corpus Christi, Texas. and said bond
has this day been registered by me.
WITNESS MY NANO AND SEAL OF OFFICE at Austin, Texas, this the
day of , 19
Comptroller of public Accounts of the State
of TEXAS.
SECTION kl. That a special fund, to be designated "City of
Corpus Christi Gas Distribution System Exteuaion, Improvement and Re-
habilitation Bonds, Series 1914. Sinking Fund° shall be created, and is
hereby created, and the proceeds of all texas collected for or ou account
of this series of bonds shall be credited to said fund for the redemption _
of said bands and interest thereon at maturity; and said fund shall be used
for no other purpoee;,that to create said fund a tax of Three and Seven- tentba
Cents (3e71) on the one hundred dollar ( =100,00) valuation of taxable property
in the City of Corpus Christi is hereby levied for the year I" and for each
year thereafter while any of said bonds or interest are unpaid, and at the
time other City taxes are levied during said years there shall be computed
end ascertained what rate of tax, based upon the latest approved tax rolls
of said City, will be necessary, requisite and sufficient to fully make.
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raise and produce in each of said years the current interest and the
required amount of the principal for such year, or a proportionate
part thereof, and a tax at such rate within the permitted rate of Two
Dollars and Fifty Cents (12.50) on the one hundred dollars ( =100.00)
valuation shall be levied, assessed and collected during each of said
years, and said tax in hereby levied and ordered to be assessed and
collected, and that the taxes collected shall be applied to said purpose
and to no other purpose.
SECTION 12. Be it further ordained that A. C. McCaughan,
Mayor of said City, shall be authorised to take and have charge of
all necessary records and the bonds, pending investigation by the
Attorney - General and registration by the Comptroller of Public Accounts.
SECTION 13. The fact that the contemplated improvements to
the Gas Dietribution System are necessary immediately by reason of
the unprecedented growth of the City of Corpus Christi and for the
orderly development and growth of the City of Corpus Christi Orestes a
public emergency and an imperative public necessity requiring the "-
pension of the Charter Rule providing that no ordinance or resolution
shall be passed finally on the date it is introduced, and that such
Ordinance or Resolution shall be read at three several meetings of the
City Council# and, the Mayor having declared that such public emergency
and imperative necessity exist, and having requested that said Charter
Rule be suspended, and that this Ordinance take effect and be in full
force and effect from and after its passage, IT IS ACCORDINGLY SO
ORDAI4fED.
PASSED AND APPROVED this the day of
1944.
MAYCR, City of Corpus Christi, Texas
ATTTEESTSTS
4
aTY
OVED AS TO LEGAL FdRmt
city A or y -7-
Corpus Christi, Tome
1944
TO THE M8MBW CF TEE CITY CODICIL
OF TEE CITY OF COBPDS CHRISTI
Corpus _Christi. Texas. -.
Gentlement
For the reasons net forth in the emergency clause, Section
lj of an.Ordinance entitled °An ordinance by the City Council of the
City of Corpus Christi, Texas, authorizing hhe so0s O bonds in sue)
the principal sun of Two'.Hundred seventy-five d rehabilitating the Gas
for the purpose of extending, improving
Distribution System of the City of Corpus Christi; and providing for
the levy, assessment and collection of a tax sufficient to pay the
Interest and create a .inking fund for the redemption thereof; pro-
viding a name for said bond; prescribing the form of bond; and declaring
an emergency, I hereby declare that a public emergency exists requiring
that the be passed finally Rule the da�ttietintr introduced, so so thatsit shall tasks
effect and be in full force and effect from and after its passage*
Yours very truly.
M6YOB, City of Corpus Christi,
T exa a.
The Charter rule was suspended by the following vote%
A. C. McCaughan
Jos. Mirenr
V. P. Williams
D. A. Segrest
B. G. Moffett
The above ordinance was passefthe ll owing Total
A• C. McCaughan
Joe. Mirsur
Ed. P. Williams
D. A. Segreat
B. G. Moffett
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