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HomeMy WebLinkAbout01694 ORD - 07/08/1944AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, AUTHORIZING THE ISSUANCE OF BONDS IN THE PRINCIPAL SUM OF ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($125.000.00) FOR THE PURPOSE OF PURCHASING SITES AND BUILDING FIRE STATIONS AND ACQUIRING FCR THE CITY FIRE DEPARTMENT FIRE APPARATUS, EQUIPMENT, VEHICLES AND ACCESSORIES; AND PROVIDING FOR THE LEVY. ASSESSMENT AND COLLECTION OF TAE SUFFICIENT TO PAY THE INTEREST AND CREATE A SINGING FUND FOR REDEMPTION OF SAID BONDS; PRESCRIBING THE FORM OF BOND; AND DECLARING AN EMERGENCY, WHEREAS. on the 25th day of April, 19li4, the City Council of the City of Corpus Christi; passed an ordinanoe 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 One Hundred Twenty -five Thousand Dollars ($125,000"00) Fire Department Improvement Bonds and the levy of a tax in payment thereof; and WHEREAS" said election was duly and legally held in the City of Corpus Christi, Texas, on the 20th day of May, 1914. 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 "FORTES ISSUANCE OF FIRE DEPARTMENT IMPROVEMENT BONDS" 855 Votes "AGAINST THE ISSUANCE OF FIRE DEPARTMENT IMPROVE - MENT BSS" 267 Votes Majority "FOR THE ISSUANCE OF FIRE DEPARTMENT IMPROVE- MENT BONDS" 588 Votes as is reflected in the election returns heretofore filed with the City Secretary. "1' I(0C14 NON, THEREFORE. BE IT OBD0INED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI: SECTION 1. That the bonds of said City to be called " City of Corpus Christi Fire Department 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 purchasing sites and building fire stations and acquiring for tha City Fire Department fire apparatus, equipment, vehicles and aooesaoriea in and for said City to the prin- oipal sum of One Hundred Twenty -five Thousand Dollars ($125.000.00). SECTION 2. That said bonds shall be numbered oonseoutively from one (1) to one hundred twenty -five (125) both inclusive, and shall be of the denomination of One Thousand Dollars (1,000.00) each, aggregating One Hundred and Twenty -five Thousand Dollar. ($125,000.00) SECTION 3. That they shall be dated the first day of June, 1944, and atoll become due and payable aerially as follows' N0. DATE OF MATURITY AMOUNT 1 to 4 Incl. June 1, 19145 $ 4,000.00 5 to 8 ° 1946 4.0o0.00 9 to 12 °. 1947 4 000.00 13 to 16 " - 1948 14000.00 17 to 20 - 1949 4,000.00 21 to 25 1950 5,000.00 26 to 30 7 " 1951 5,000.00 31 to 35 " " 1952 5,000.00 36 to 40 " " 195 5,000.00 1. to 45 e " 19514 5,000.00 46 to 50 " 1955 5,x.00 51 to 55 7 " 1956 5,000.00 56 to 60 7 " 1957 5,000.00 61 to 65 " " 1958 5,000.00 66 to 70 " 1959 5,000.00 71 to 75 196o 5,000.00 76 to 80 " 1961 5,000.00 81 to 85 " 1962 5,000.00 86 to 90 1963 5,000.00 91 to 95 1961, 5,000.00 96 to 101 1965 6,000.00 102 to 107 1966 _ 6,000.00 108 to 113 " 1967 6,000.00 114 to 119 1968 6,000.00 120 to 125 " 1969 6,000.00 SECTION 4. That they shall bear interest at the rates as follows, Bonds maturing on June 1, 1945 to June 1, 1962, both inclusive. two and one -half per cent (2b,) interest per annum:: Bonds maturing June let, 1963 to June 1, 1969, both inclueive, two and one -fourth per cent (2}1) interest per annum. Interest shall be payable June let, 1945. 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 bonds shall be payable upon the presentation and surrender of bond or proper coupon at the office of the Corpus Christi National Bank, Corpus Christi, Texas. SECTION 6. That each of said bonds shall be signed by the Mayor, countersigned by the City Secretary and registered by the City Treasurer, and the oorporate 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 Secretary may be lithographed, engraved or printed on the coupons attached to said bonds, and said facsimile signatures shall have the same effect as if they had been executed manually by said officials. SECTION 8. The form of said bonds shall be substantially as follower NO. $1,000.00 UNITED STATES OF AMERICA STATE. OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI CITY OF CORPUS CHRISTI, TEXAS, FIRE DEPARTMENT BOND, SERrS 1944 The City of Corpus Christi, in Rueoes County, State of Texas, a municipal corporation, duly incorporated under the laws of the State of Texas, for value received hereby promiees 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 ( ,4). per cent per annum, interest payable June 1st, 1945, and semi- annually thereafter on the first day of June 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 of Corpus Christi National Bank, Corpus Christi, Texas. This City of Corpus Christi is hereby held and firmly bound, and its faith and credit and all taxable e- 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 one hundred and twenty -five (125) bonds numbered consecutively from one (1) to one hundred and twenty -five (125) both inclusive, each being in the denomination of One Thousand Dollars ($1,000.00), aggregating One Hundred Twenty - five Thousand Dollars ($125.000.004 each issued by the City of Corpus Christi for the purpose of purchasing sites and building fire stations and acquiring for the City Fire Department fire apparatus, equipment vehicles and accessories in and for said City, under and by virtue of the Constitution and laws of the State of Texas and the Charter of eaid City, pursuant to an ordinance passed by the City Council of the City of Corpus Christi, which Ordinance is of record in the minutes of said City Council. All of said bonds are of like tenor and effect.excapt as to interest rate and maturity date. The date of this bond, in conformity with the ordinance above mentioned, is the first day of dune, 1944. AND IT I8 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 tamable pro- perty in said City and who had duly rendered the same for taxation in the City of Corpus Christi, Texas, voting at an election held for that purpose within said City on the 20th day of Nay, 1944; that all acts, 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 law; that sufficient and proper pro- vision for the levy and collection of taxes has been made, which, when collected, 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 annexed,, as the same shall become due; that the ind!n of _1ni8 C1t9 pf a"V" 411.4/414 '212214 l'1°1ud� '0* e,4"5 yet =" �emd4 cY 7644 '60 " 111: 4ce 9mae4i l a 81s4+d�or9 urr1 3114"Soa• ' '6Qii�: t4t6 89,4I? NYC 4118 W+ri1444 �a• 4$1 00 *.1..t. tie11 40 11 *ftil"k by lfif1 014 boimaA bi� �s°1B� �„ 4� 6i SECTION 10e Substantially the following aortifioate shall be printed oa the back of eaoh bonds OFFICE OF COMPTROLLER BUTE OF TEARS I HEREBY CERTIFY that there in on file and of record in my office a certificate of the Attorney - General of the State of Teas to the effect that this bond has been examined by him as required by lam, and that he Mule that it has been issued in conformity with the Constitution and laws of the State of Teas and the Charter of said City, and that it is a valid and binding obligation upon said City of Corpus Christi, Teas, and said bond has thin day been registered by me. WITNESS NY HAND AND SEAL OF OFFICE at Austin, Teas. thin the _ day of • 19 • Domptroller of Publio Accounts of the State of T E X A S. SECTION 11. That a special fund. to be designated "City of Corpus Christi Fire Department Ronde, Series 19144., Sinking Fond° shall be created. and is hereby oreated, and the proceeds of all tame oolleoted for and an account of this eerier of bonds shall be credited to said fund for the redemption of Said bonds and interest thereon at maturity; and said fund shall be used for no other purpose; that to create said fund a tax of One and Seven- tenths Cents (1.7) an the one hundred dollar (0100.00) valuation of taxable property in the City of Corpus Christi is hereby levied for the year 1911; 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 yearn there shall be oomputed and ascertained what rate of tax, based upon the latest approved tax rolls of said City. will be necessary, requisite and sufficient to fully make, raise and produce in each of midyears 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 02.50) on the one hundred dollars (0100.00) valuation .ball be levied, assessed and Collected during each of said years, and said tax is hereby levied and ordered to be aeeeeeed and collected. 'and that the taxes oolleoted shall be applied to said purpose and to no other purpose. 8ECTI0R 12. Be it further ordained that A. 0. McCaughan, Mayor of said City, .hall be authorized to tale and have Charge of all necessary records and the bonds, pending investigation by the Attorney - General and regietratian by the Comptroller of Public Accounts. SECTIOR 13. The fact that the contemplated improvements to the Fire Department are necessary immediately by reason of the unprecedented growth of the City of Oorpce Christi and for the orderly development and growth of the City of Corpus Christi creates a public emergency and an imperative public necessity requiring the e uspeaeion of the Charter Rule providing that no ordinance or Reeo- lstion shall be passed finally an the date it ie introduced, and that such Ordinance ar Resolution shall be read at three several meetings of the City Council, and, the Mayor having declared that such pnblio emergency and imperative necessity exist, and having requested that said Charter Rule be suspended, and that this Ordinance tale effeot and be in full force and effect from and after its passage, IT IN ACCORDINGLY 80 ORDAINED. PASSED AND APPROVED this the sf day of ATTEST: City / story L 1 - APPROVED AS TO I°G8I FORIC/ -7- MAYOR. City of Corpus Christi, Texas TO THE REBUS OF THE CITY CODUCIL ,OF THE CITY OF. CORPUS CHRISTI. Corpus Christi. Tease CentlemenI Corpus Christi. Texas For the reasons set forth in the emergency clause. Section 13, of an Ordinance entitled °An Ordinance by the City Council of the City of Corpus Chrieti. Terse, authorizing the issuance of bonds in the principal emus of One Hundred Twenty -five Thousand Dollars ($1250000.00) For the Purpose of Purchasing Sites and building Fire Stations and acquiring for the City Fire Department Fire Apparatus, equipment, vehicles and aeceseorieet and providing for the levy. assessment and oolleotion of a tax for redempption of said the Bonds preeo fund er ribing the form of Boned and Deolaring an Emergeneyep I hereby declare that a public tus Ordinance exists requiring that the Charter Rule providing or Resolution shall to passed finally an the date it is introdu°ed, so that it shall take effect and be in full force and effect from and after its passage. Yours very truly, M4YOR, City of Corpus Christi. T e m a 0. The Charter rule sae suspended by the following vote. A. 0. McCaughan Jos. Mirour Ed. P. Williams D. A. Segreet St G. Moffett The above Ordinance use passed by ollawing votes A. 0. McCaughan Joe. /drone Ed. P. Gilliam. D. A. Segreat B. G. Moffett 1 VI