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HomeMy WebLinkAbout02237 ORD - 03/09/1948AN oRDiNANCE YO. 2237 DECLARING THE AUTHORITY INVESTED IN THE CITY COUNCIL OF THE. CITY OF CORPUS CHRISTI TO ISSUE BONDS BY VIRTUE OF APT ELECTION HELD IN THE CITY OF CORPUS CHRISTI, TEXAS, ON THE 4TH DAY OF OCTOBER, A. D.. 1947, FOR THE PURPOSE OF AUTHORIZING THE CITY COUN- CIL TO ISSUE TYVO MILLION FIVE HUNDRED THOUSAND ($2,500,000.00) DOLLARS OF STORM SEWER IMPROVEMENT BONDS; SEVEN HUNDRED AND EIGHTY -FIVE THOUSAND ($785,- 000.00) DOLLARS OF STREET IMPROVEMENT.BONDS; NINE HUNDRED AND FIFTY THOUSAND (050,000.00) DOLLARS OF SANITARY SEWER IMPROVEMENT BONDS; ONE HUNDRED THOU- SAND.($100,000.00) DOLLARS OF AIRPORT IMPROVEMENT BONDS; SIXTY THOUSAND. {$60,000.00) DOLLARS OF PUBLIC BUILDINGS CONSTRUCTION AND IIAPROVEMENT BONDS; ONE_ HUNDRED AND FIFTY THOUSAND 0150,000.00) DOLLARS OF PARK 114PROVEMENTS AND PARK BUILDING CONSTRUCTION BONDS; FIFTEEN THOUSAND (015,000.00). DOLLARS OF BAY- FRONT L =HEAD AND BAYFRONT T -BEAD IMPROVEMENT BONDS AND TYPO HUNDRED AND FORTY THOUSAND (.0,000.00) - DOLLARS OF SWIMMING POOL CONSTRUCTION BONDS TO BE CANCELLED, HELD FOR NAUGHT, OF NO FORCE AND EFFECT, TERMINATED, REVOKED AND THE SAPS TO BE NULL AND VOID AND DECLARING ALL ACTS..AND ORDINANCES PASSED IN COMIECTION WITH SAID BOND ELECTION TO BE REPEALED, REVOKED, TERMINATED AND OF NO FORCE AND EFFECT-AND HEREIN DECLARED NULL AND VOID AND ORDAINING THAT NONE OF SAID.BONDS SHALL BE ISSUED BY VIRTUE OF THE AUTHO- RITY GRANTED SAID CITY COUNCIL BY THE ELECTION ,ABOVE MENTIONED; CONTAINING A SEVERABILITY CLAUSE AND DECLARING AN EMERGENCY. WHEREAS, heretofore on the 16th day of September, A. D. 1947, the City Council of the City of Corpus Christi, Texas, passed an Ordinance, same being Ordinance No. 2150, calling an election to be held in said City on the 44th day of October, A. D. 1947, on the following propositions; PROPOSITION NUMBER 1 "Shall the City Council of the City of Corpus Christi be authorized to issue the bands of said City in the sum of Two Million Five Hundred Thousand Dollars (12,500,000.00), maturing serially in such install- ments as the City Council may prescribe within a period of not exceeding thirty (30) years from the date of the issuance of said bonds, bearing interest at a rate or rates not to exceed three (3/) per cent per annum, payable semi - annually, and to levy a tax on all of the taxable property within the City sufficient to pay the annual interest and provide a sinking fund to pay then bonds at maturity, for the purpose of improving, enlarging, and extending the Storm Water Sewer Systems in and for said City, as authorized by the Constitution and the laws of the State of Texas and the Charter of said City ?" PROPOSITION NUMBER 2 "Shall the City Council of the City of Corpus Christi be authorized to issue the bonds of said City in the amount of Seven Hundred and aghty- five Thousand Dollars ($785,000.00), maturing serially in such install- ments as the City Council may prescribe within a period of not exceeding twenty (20) years from the date of the issuance of said bonds, bearing interest at a rate or rates not to exceed three (3j) per cent per annum, payable semi - annually, and to levy a tax on all taxable property within said City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity, for the purpose of making permanent street improvements within the City, as authorized by the Constitution and the laws of the State of Texas and the Charter of said City ?" a_� �7 =, PROPOSITION NMMER 3 "Shall the City' Council of the City of Corpus Christi be authorized to issue the bonds of said City in the sum of Nine Hundred and Fifty Thousand Dollars ($950,000.00), maturing serially in such install- ments as the City Council may - prescribe within a period of not exceeding thirty (30) years from the date of the issuance of said bonds, bearing interest at a rate or rates not to exceed three (3 %) per cent per annum, payable semi - annually, said bonds to be redeemable at the option of the City at any interest paying date after the end of twenty (20) years from the date of issuance, and to levy a tax on all taxable property within said City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity, for the purpose of improving, enlarging and extending the sanitary sewer systems in and for said City, as authorized by the Constitution, and the laws of the .State of Texas and the Charter of said City ?" PROPOSITION NmER 4 "Shall the City Council of the City of Corpus Christi be authorized to issue the bonds of said City in the sum of One Hundred Thousand Dollars ($100,000.00), maturing serially in such installments as the Cit Council may prescribe within a period of not exceeding twenty (Z years from the date of the issuance of said bonds, bearing interest at a rate or rates not to exceed three (3 %) per cent per annum, payable semi- annually, and to levy a tax on all of the taxable property within the City sufficient.to pay the annual interest and provide a sinking fund to pay the bonds at maturity, for the purpose of aonstruoting-im- provembnts to. the'munioipal airport of said City, extending and improving the drainage systems thereof, and purchasing the necessary sites and right of ways therefor as authorized by the Constitution and the laws of the State of Texas and the Charter of said City ?" PROPOSITION NMER 5 "Shall the City Council of the City of Corpus Christi, Texas, be authorized to issue the bonds of said City in the sum of Sixty Thousand Dollars ($60,000.00), maturing serially in such installments as the City Council may prescribe within a period not exceeding ten (10) years from the date of the issuance of said bonds, bearing interest at the rate or rates of not to exceed three (31.) per cent per annum, payable semi. - annually, and to levy a tax on all of the taxable property within the City sufficient-to pay tho.annual interest and provide a sinking fund to pay the bonds at maturity, for the purpose of building, constructing, improving, altering, and repairing municipal public buildings and acquiring necessary lands and sites therefor, within the corporate limits of the City of Corpus Christi, Texas, as authorized by the Constitution and the laws of the State of Texas and the Charter of-said City ?" PROPOSITION NUMBER 6 "Shall the City Council of the City of Corpus Christi, Texas, be authorized to issue the bonds of said City in the sum of One Hundred and Fifty Thousand Dollars ($150,000.00), maturing serially in such installments as the.City Council may prescribe within a period of not exceeding twenty (20) years from the date of the issuance of said bonds bearing interest at the rate or rates of not to exceed three (3%) per cent per annum, payable semi - annually, and to levy a tax on all.of the taxable property within the City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity, for the pur- pose of the following permanent improvements, to�wit. constructing, building, equipping and improving pleasure grounds, parks and playgrounds in and for said City, for securing and acquiring the necessary lands and sites therefor and for improving, extending and equipping pleasure grounds, parks and playgrounds now owned by said City, as authorized by the Constitution and the laws of the State of Texas and the Charter of said City ?" -2- PROPOSITION NULdBER 7 "Shall the City Council of the City of Corpus Christi, Texas, be authorized to issue the bonds of said City in the amount of Fifteen Thousand Dollars (015,000.00), maturing serially in such installments as the City .Council may prescribe within a period of not exceeding ten (10) years from the date of the issuance of said bonds, bearing interest at the rate or rates of not to exceed three (3%-) per cent per annum, payable semi - annually, and to levy a tax on all taxable property, within said City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity, for the purpose of paving, providing roadways, parking areas, and other permanent fmpfovements on, about or adjacent to the Bayfront T Heads and the Bayfront L -Head within and owned by the City of Corpus Christi, Texas, as authorized by the Constitution and the laws of the State of Texas and the Charter of said.City ?" PROPOSITION NUMBER 8 "Shall the City Council of the City of Corpus Christi, Texas, be authorized to issue the bonds of said City in the sum of Two Hundred and .Forty Thousand Dollars .($210,000.00), maturing serially in such installments as the City Council may prescribe within a period of not exceeding Twenty (20) years from the date of the issuancs of said bonds, bearing interest at the rate or rates of not to exceed three (3f) per cant per annum, payable semi - annually, and to levy a tax on all taxable property within said City sufficient to pay the annual interest and provide a sinking fund to pay the bonds at maturity, for the purpose of the following permanent improvements, to-wit- constructing and equipping.swiumxing pools in and for said City and for securing and acquiring the necessary lands and sites therefor as authorized by the Constitution and the laws of the State of Texas and the Charter of said City ?" and, WHKREU, on the 4th day of October, A.' D. 1947, said election was held; and, 'MREAS, on the 7th day of October, 1947, a canvass was made of . said election "pis evidenced'by Ordinance No. 2160 passed and approved by the City Council on aforesaid date, setting out the results of said eleo- tion and by virtue of said ordinance it was ordained that% "1. That the propositions to issue Storm Sewer Improvement Bonds, Street Improvement Bonds, Sanitary Sewer System Improvement Bonds, Public Buildings Construction and Improvement Bonds, Park Improvement and park Buildings Construction Bonds and Bayfront L -Head and Bayfront T- Head Improvement Bonds, above mentioned, were sustained by a majority of the resident, qualified electors who own taxable property in said City and who have duly rendered the same for taxation, voting at said election and the City Council of the City of Corpus Christi, Texas, is hereby authorized to issue said bonds in accordance with the said propositions. "2. That the propositions to issue Airport Improvement Bonds and Swimming Pool Construction Bonds failed to carry by a majority vote �3_ of the resident, qualified electors who own taxable property in said City and who have duly rendered the same for taxation, voting at said election" and, WHEREAS, no bonds authorized by said election have been issued by the City Council of the City of Corpus Christi; and, REREAS, a portion of said bonds authorized by said election were offered for sale and no bids were received on same; and, AREAS, it is impossible to sell said bonds at an interest rate of three (3y) per cent or less as was authorized in said election; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. That the preamble to this Ordinance is hereby ordained to be a part of same. SECTION 2. That the authority invested in the City Council by virtue of an election held on the 4th day of October, A. D. 1947, as canvassed and set out in Ordinance No. 2160, passed and approved by the City Council of the City of Corpus Christi on the 7th day of October, A. D. 1947, is hereby declared and ordained to be cauoelled; terminated, held for naught, of no force and effect, is a nullity and is to be null and void and that all acts and ordinances in connection with said eleo- tion.and said authority invested in the Council-by vir;tue.of said 61e0tion are hereby declared to be null and void, of no further force and effect and are hereby repealed and declared a nullity. SECTION 3. It is hereby ordained that the Storm Sewer Improvement Bonds, Street Improvement Bonds, Sanitary Sewer System Improvement Bonds, Public Buildings Construction and Improvement Bonds, Park Improvement and Park Buildings Construction Bonds and Bayfront L -Head and Bayf rout T »Head Improvement Bonds, authorized to be issued by virtue of the election held on October 4. 1947, as aforesaid shall not be issued, and the authority and right to issue same is hereby terminated by this Ordinance. That no tax shall be levied for payment.of said bonds or interest thereon. SECTION 49" It is further ordained that none of the bonds above mentioned nor any portion of them shall ever be issued by the City of Corpus -4- Christi, Texas, but that the proceedings incident to and connected with the calling of the election and the election on such bonds are hereby ordained to be repealed, to hereafter be void and of no further force and effect. SECTION 5. If any section, paragraph; subdivision, clause, phrase or provision of this Ordinance shall be adjudged invalid or held unconstitutional, the same shall not affect the validity of this Ord!- nance as a whole or any part or provision thereof other than the part so decided to be invalid or unconstitutional. SECTION 6. The fact that it is impossible to market the bonds set out in this ordinance which were authorized to be issued by an elec- tion held on the 4th day of October, A.D. 1947, because of the fact that no buyers:, *ill purchase the bonds at par and accrued interest at the rate of three (3j) per cent per annum and the fact that bonds .should be issued at this time in order to do necessary improving in the City of Corpus Christi to promote the health, safety and general welfare of the citizens of Corpus Christi and the fact that it is necessary to issue new bonds with a higher rate of interest than three (3%) per cent per annum in order to make such needed improvements creates a public emergency and public imperative necessity requiring the suspension of the Charter rule. that no ordinance ors 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 such Charter rule be suspended, and that this ordinance be passed finally on the date of its introduction and take effect and be in full force and effect from and after its passage, IT IS ACCORDINGLY SO ORDAINED. PASSED AND APPROVED this -7?— day of FelarueaW, A. D. 194B. ATTEM City of Corpus Christi, Texas i Corpus Christi, Texas Pelar-M 1948 TO THE 1EMBERS OF THE CITY COUNCIL Corpus Christi, Texas Gentlemen: 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; T, therefore, hereby 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, Y City of Corpus Christi, Texas The Charter rule was suspended by the following vote: Wesley E. Seale George R. Clark, Jr. John A. Ferris R. R. Henry Joe T. Dawson The above ordinance was passed by the ollowing vote. Wesley E. Seale George R. Clark, Jr. John A. Ferris R. R. Henry Joe T. Dawson