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Home My WebLink About01768 ORD - 01/19/1945AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR, CITY SECRETARY, AND CITY CONTROLLER OF. THE CITY OF CORPUS. CHRISTI, TEXAS, TO EXECUTE A, CONTRACT BY AND BETWEEN THE CITY, OF CORPUS CHRISTI AND SHIELDS & COITANY; COFFIN & BURR, INC.; HORN - BLOtifFvZ & WERIiS;- DEMPSEY & CO.; MILLER, KENCM & CO.; MULLANEY. ROSS & CO.; BVJ" & MAIN; NEWHARD, COOK & CO.; J. Y. DAM & CO.; AND EMERSON & COMPANY FOR THE SALE AND PURCHASE OF $1,500,000.00 CITY OF CORPUS CHRISTI, TEXAS STATE -AID SE&WALL AND HRF &a;v&TER BONDS; AND DECLARING AN EMERGENCY BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS C?LRISTI, TEXAS; Section 1. That the Mayor, City Secretary, and City Con- troller of the City of Corpus Christi, Texas, be, and they are hereby, authorised and directed to execute for and on behalf the City of Corpus Christi a contract by and between the City of Corpus Christi and Shields & Company; Coffin & Burr, Inc.,; Horriolower & Weeks; Dempsey & Company; Miller, Kenower & Company; Mullaney, Rose & Company; Hallman & Main; Newhard, Cook & Company; J. M. Dain & Company; and aa:rson & Company For the sale and purchase of the $1,500,000.00 City of Corpus Christi, Texas State -Aid Seawall and Breakwater Bonds, a copy of such contract being attached hereto and reading as follows, tom dt; II_d -� TU am" OF TMH 4 commy ar Nuavaa TIIIS CONTSW made and entered into this 19th "Y Of January, 1945. by and between the City of Coma Christi, Yeas, hezwinaftsr cal;lad "SwIlera. end Shields & Caa -W; Coffin & burr, Isa.i sbieeer & lewd Dowpeey & Cowpurs Miller, iaemww & CampasY] Jbllsney. Ross & Comgamyi Belleau & Hein; Nsebard. Cook & Compaapi J. M. Dain & Company: and Emerson ComgwW. hereinafter called wParohasere" W 1 T N E S S S T D s That seller agrees to sell and deIirer to purchase". and purchasers agree to accept and pay for $1,500.090.00 City of Corpus Christi, Teas, State Aid Seawall and Breakwater bonds as described in said notice of sale dated December 1, 1944, .. bearing interest at two per cent (2µ) per anmffi in aouordanm with the written proposal of purchase addressed to the Mayor of the City of Corpus Christi, dated January 13. 1945, which said written proposal has annexed thereto and marls apart thereof the notice of the sale of said bonds. and which said written proposal and annezed notice of sale is hereby made a part of this contract and attached hereto. It is oontomplated, by the parties hereto that delivery of said bonds and action of said sale will be oaaplettsid an or about January 23. 1945. 1rMW the hands of the parties hereto this 19th day of Jsmary, 1945. THE Crri OF Cow= CSl ZTI, TESAS (Se1:ar) COUIFTERSIGHEOs BY NWW of the MY, 7 Corpus owl stl City Controller R s x a a ATTEST. SHIBLDc & COMPAtI YOIJ.6HET. am & Co. OOFFIff & MR. INC. BWON & R IN IRRIMLOWR & WKSNS NHiSAED. GO= & Co. City cry ASM= a C9MPAMT J. H. PAIN & CO. MILiXR, KMOMM & CO. EMMM & Comp"Y APFRCM AS TO LEGAL FORM. (Purchasers) n January 13, 1915 The Honorable Mayor Of the City of Corpus Ohri.ti Corpus Christi, Texas Dear Sir¢ Subject to the provisions of the annexed Notice of Sale which is made a part of this bid, we offer to purchase all, but not any pert of, $1,500,000 CITY OF COP.PUS GHP.ISTI, TEXAS State Aid Seawall and Breakwater Bonds as described in said notice, dated December 1, 1944, to bear interest at two per cent (2%) per annum, and to pay therefore One hundred two 28211000 - - - - dollars ($ 102.282) per $00 par value, together with aoerued int- erest from date of bonds to date of delivery. We enclose herewith a cashier's check to the order of the mayor of the City of Corners Christi for $30,000, being the amount called for in the Notice of Sale and to be applied as pro- vided in said Notice. Very truly yours, Shields & Company Coffin & Burr, Inc. Hornblower & Neeks Dempsey & Co. Miller, Benower & Co. Mullaney, Ross & Company Hallman & Main Fewhard, Cook & Co. J. M. Dain & Co. Emerson & Company BY: EMERSON & COMPANY /a/ E. S. Emerson ew $1, 506, COO. 00 C I'PY OF C CRPUS CHMTI, TEXAS, STATE AID SEAWALL AND BR.EAIMATER 2% BONDS Sealed proposals will be received by the City Council of the City of Corpus Christi, Texas, on the 18th day of January, 1945, at three o'clock, P.M., for the purchase of the following desorZed bonds: X15";00,000.00 City of Corpus Christi, Texas, State -Aid Seawall and Breakwater 2% Coupon Bond of the denomination of $1000.00 each, dated December 1, 1944, Due: 6250,000.00 June 1, 1945; 250,000.00 June 1, 1946; 50,000.00 June 1, 19471 50,000.00 June 1, 1948; 50,000.00 June 1, 1949; 50,000.00 June 1, 1950; 501 000.00 June 1, 1951; 100,000.00 June 1, 150,000.09 June 1, 1953; 150,000.00 June 1, 1954; 175,0MOt,June 1, 1955; 175,000.00 June 1, 1956; Bonds maturing June 1, 1952 to June 1, 1956, inclusive, are callable at par and accrued interest on any interest paying date on and after June 1,1951, upon 30 days published notice. Interest will be payable. June 1, 1945 and semi - annually thereafter on June lot and December ]st at Corpus Christi National. Bank, Corpus Christi,Texas. Proposals should be addressed to the Mayor of the City of Corpus Christi, Texas, and each proposal must be accompanied by a Cashierls Cheek for $30,000.00, payable unconditionally or endorsed payable unconditionally to the order of the Mayor of the City of Corpus Christi. No interest will be allowed on such checks. In addition to the price bid, the purchaser must pay accrued interest from the date of the bonds to the date of payment of the purchase price. The check of the successful bidder will be held encashed as security for the performance of the accepted bid, but in the event the purchaser shall fail to comply with the terms of such bid the cheek shall be cashed by the City and the proceeds thereof retained as fully liquidated damages. Whenever the terms of the bid shall have been complied with fully, or if it shall be found impossible by the City to issue and deliver the bonds in accordance with such accepted bid the check will be returned by the City. By January 18, 1945, the executed bonds having been approved by the Attorney General of the State of Texas, and having been registered by the Comptroller of Public Accounts of the State of Texas, will be ready for delivery to the purchaser at the Capitol National Bank in Austin, Texas., without service charge to the City. The bonds will be approved as to their legality also by John D. McCall of Dallas, Texas, and Messrs. Vandewater, Sykes and Galloway of New York City, whose opinions will be furnished to the purchaser without charge. The City reserves the right: to reject any or all bids; to adjourn and later reconvene the meeting at which bids are to ba considered; to reject bids not complying with the provisions hereof; or to waive irregularities in bids. This notice is given pursuant to authorization by the City Council of the City of Corpus Christi, Texas, CITY OF CORPUS CHUSSTI, TEXAS 4 City Controller Section 2. The facts that it is to the great and beneficial interest of the City of Corpus Christi that improvement be immediately begun and that such improvements will protect the Rayfront of the City of Corpus Christi from storms and other damages, and that such improvements are badly needed, and that funds are needed to pay for such improvements, create a public emergency and an imperative public necessity and requires the suspension of the Charter rule that no Ordinance or Resolution be passed finally on the date of its introduc- tion and that said Ordinance and Resolution shall be read at three several meetings of the City Council azd the Mayor, in writing, having declared that said emergency and imperative public necessity exist, and having requested that said Charter rule be suspended, and that this Ordinance be passed finally on the date of its introduction, and that it be in effect from and after its passage, IT 13, ACCORDINGLY, SO ORDAINED. PASSED AND APPROVED this 7' day of January, A. D., 1945. MAYOR City of Corpus Christi, Texas ATTESTS., ".k/, City SeoretAry v APPROVED AS TO LEGAL FCRWe *i y A o y Corpus Christi, Texas January 19, 1945 TO TIME MEMBERS OF THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI Corpus Christi, Texas Gentleman: For the reasons set forth in the emergency clause of the foregoing Ordinance, a public emergency and imperative necessity exist for the suspension of the Charter rule or requirement 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, I, therefore, hereby request that you suspend such Charter rule or requirement and pass this Ordinance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, for of i y Of pus Christ's T e x a s The Charter rule was suspended by the following vote= A. hen beer Jos. Mireur Ed. P -. Williams D. A. Segrest = =� B. G, Moffett The above Ordinance was pass by the follaxiag vote: A. C. McCaughan C.Zy,F Jos. Mireur T_ Ed. P. Williams D. A. Segrest B. G. Moffett.= �y — 61