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Home My WebLink AboutMinutes City Council - 06/05/1974 - Special (2)PRESENT: Mayor Jason Luby Commissioners: Rev. Harold T. Branch Thomas V. Gonzales Ricardo Gonzalez Gabe Lozano, Sr. J. Howard Stark MINUTES CITY OF CORPUS CHRISTI, TEXAS SPECIAL COUNCIL MEETING June 5, 1974 11:00 A. M. City Manager R. Marvin Townsend City Attorney James R. Riggs City Secretary T. Ray Kring Mayor Luby called the meeting to order and announced the purpose of the special meeting was for receiving proposals an the sale of $3,900,000 City of Corpus Christi, Texas, General Obligation Improvement Bonds, Series 1974, and for receiving proposals on the sale of $800,000 Certificates of Obligation, Series 1974-A. Proposals were opened and read by Assistant Director of Finance, Charles Daley, on the sale of $3,900,000 General Obligation Improvement Bonds, Series, 1974, from the following firms: Rotan Mosle, Inc. (First City National Bank of Houston); Weeden & Co., Inc. (Capital National Bank, Austin); First National City Bank (Bankers Trust Co.; First National Bank of Chicago; Reynolds Securities, Inc.; Industrial National Bank of R.I.; W. H. Morton & Co.; Bancnorthwest); Republic National Bank of Dallas (Mercantile National Bank at Dallas; Loeb, Rhoades & Co.; Texas Bank & Trust Co. of Dallas; White, Weld & Co., Inc.; Cullen Center Bank & Trust Co.; Hayden Stone, Inc.; Bache & Co.; United Missouri Bank of Kansas City, N.A.; Eppler, Guerin & Turner, Inc.; Stern Brothers & Co.); Goldman, Sachs & Co.; Merrill Lynch, Pierce, Fenner & Smith (National Bank of Commerce); Rauscher Pierce Securities Corp. (John Nuveen & Co., Inc.; Rowles, Winston; Underwood, Neuhaus); First National Bank in Dallas; Morgan Guaranty Trust Co. of N.Y. (Salomon Brothers). The foregoing proposals were referred to Assistant Director of Finance, Charles Daley for tabulation and recommendation, and a brief recess was declared for this purpose. Assistant Director of Finance Charles Daley reported that the low bid had been received from Rotan Mosle, Inc. (First City National Bank of Houston), at an effective interest rate of 5.553996 % (Bid Tabulation #27-74) Mayor Jason Luby presented for the consideration of the Council an ordinance. The ordinance was read by the City Secretary. The Mayor presented to the Council a communication in writing pertaining to said proposed ordinance, as follows: •flufeS Special Council Meeting June 5, 1974 Page 2 "Corpus Christi, Texas "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 pursuant 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 connection with the ordinance which is to be introduced for passage by the City Council on this subject. "Yours very truly, /s/ Jason M. Luby Mayor" Commissioner Ricardo Gonzalez 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 Lozano, The motion was carried by an unanimous vote by the City Council, viz: AYES: Commissioners Branch, Thomas V. Gonzales, Ricardo Gonzalez, Lozano and Stark. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner Branch moved that the ordinance be passed finally. The motion was seconded by Commissioner Thomas Gonzales. The motion was carried by the following vote: AYES: Commissioners Branch, Thomas V. Gonzales, Ricardo Gonzalez, Lozano and Stark. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. The Mayor announced that the ordinance has been passed. The ordinance is as follows: ORDINANCE NO. 12115 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF $3,900,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1974, 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 REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY. •inutes Special Council Meeting June 5, 1974 Page 3 • Proposals were opened and read by Assistant Director of Finance, Charles Daley, on the sale of $800,000 Certificates of Obligation, Series 1972-A, from the following firms: Merrill Lynch, Pierce, Fenner & Smith (National Bank of Commerce); Rauscher Pierce Securities Corp. (Rowles, Winston; Russ Securities); Harris Trust & Savings Bank, Chicago; Republic National Bank of Dallas (Mercantile National Bank at Dallas; Loeb, Rhoades & Co.; Texas Bank & Trust Co. of Dallas; White, Weld & Co., Inc.; Cullen'Center Bank & Trust Co.; Hayden Stone, Inc.; Bache & Co.; United Missouri Bank of Kansas City, N.A.; Eppler, Guerin & Turner, Inc.; Stern Brothers & Co.). The foregoing proposals were referred to Assistant Director of Finance, Charles Daley for tabulation and recommendation, and a brief recess was declared for this purpose. Assistant Director of Finance Charles Daley reported that the low bid had been received from Merrill Lynch, Pierce, Fenner & Smith (National Bank of Commerce), at an effective interest rate of 5.559211 %. (Bid Tabulation #27-74) Mayor Jason Luby presented for the consideration of the Council an ordinance.' The ordinance was read by the City Secretary. The Mayor presented to the Council a communication in writing pertaining to said proposed ordinance, as follows: "Corpus Christi, Texas June 5, 1974 "TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas 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 meetings of the City Council; I, therefore, request that you suspend said 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, /s/ Jason Luby Mayor" Commissioner Stark 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 Branch. The motion was carried by an unanimous vote by the City Council, viz: AYES: Commissioners Ricardo Gonzalez, Branch, Thomas V. Gonzales, Lozano and Stark. viii notes Special. Council Meeting June 5, 1974 Page 4 NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner Thomas V. Gonzales moved that the ordinance be passed finally. The motion was seconded by Commissioner Lozano. The motion was carried by the following vote: AYES: Commissioners Ricardo Gonzalez, Branch, Thomas V. Gonzales, Lozano and Stark. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done. The Mayor announced that the ordinance had been passed. The ordinance is as follows: ORDINANCE NO. 12116 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, AUTHORIZING THE ISSUANCE OF $800,000.00 CIN OF CORPUS CHRISTI TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1974-A; PROVIDING FOR THE LEVY, ASSESSMENT, AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID CERTIFICATES AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; PROVIDING THAT SUCH CERTIFICATES WILL BE PAYABLE FROM AND SECURED BY OTHER REVENUES;' PRESCRIBING THE FORM OF SAID CERTIFICATES OF OBLIGATION; AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT. There being no further business to come before the Council, the Special Meeting was adjourned. THE STATE OF TEXAS COUNTY OF NUECES X X CITY OF CORPUS CHRISTIX TO THE MEMBERS OF THE CITY COUNCIL, THE CITY MANAGER, THE CITY SECRETARY AND THE CITY ATTORNEY TO THE CITY OF CORPUS CHRISTI, TEXAS: NOTICE is hereby given that a special meeting of the City Council of the City of Corpus Christi, Texas, will be held in the City of Corpus Christi, Texas, in the Council Chamber of the City Hall, at 11:00 o'clock, A. M., on the 5th day of June , 1974 , for the purpose of receiving bids for the sale of $3,900,000 General Obligation Bonds, Series 1974, and $800,000 Certificates of Obligation, Series 1974A. DATED this the 5th day of June , 1974 . City of Corpus Christi, Texas CONSENT TO MEETING We, the undersigned members of the City Council, the City Manager, the City Secretary and the City Attorney to the City of Corpus Christi, Texas, hereby accept service of the foregoing notice, waiving any and all irregularities in such service and consent and agree that said meeting shall be at the time and place therein named and for the purpose therein stated. REV. JAMES T. ACUFF, Mayor Pro Tem RICARDO GONZALEZ, C GABE LOZA JAMES R. RIGGS, Cit, ttorney r _z , er:- - N TOWNSEND, City Manager T. RAY I&ING,, City�Secre ■ary