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HomeMy WebLinkAbout02238 ORD - 03/09/1948s AN ORDINANCE NO. 2238 DECLARING THE AUTHORITY INVESTED IN THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI TO ISSUE BONDS BY VIRTUE OF AN ELECTION HELD IN THE CITY OF CORPUS CHRISTI TEXAS, ON THE 4TH DAY OF OCTOBER, A. D. 1; 7, FOR THE PURPOSE OF AUTHO- RISING THE CITY COUNCIL TO ISSUE TiVo MILLION SIX HUNDRED AND THIRTY THOUSAND ($2,630,000.00) DOLLARS IN REVENUE B01IDS PAYABLE OUT OF REVENUES OF THE WILTERWORKS SYSTEM, TO BE CANCELLED, HELD FOR NAUGHT, OF NO FORCE AND EFFECT, TERMINATED, REVOSED AND THE SAM TO BE NULL AND VOID AND DECLARING ALL ACTS INCIDENT TO SAID BONDS AFORE - SAID AND ORDINANCES PASSED IN CONNECTION WITH SAID BOND ELECTION TO BE REPEALED, REVOKED, TER- MINATED AND. OF NO FORCE AND EFFECT AND HEREIN DECLARED NULL AND VOID AND ORDAINING THAT NONE OF THE SAIDIBONDS SHALL BE' ISSUED BY VIRTUE OF THE .AUTHORITY GRANTED THE SAID CITY COUNCIL BY THE ELECTION ABOVE MENTIONED; CONTAINING A SEVERABILITY CLAUSE AND DECLARING Aul EMERGENCY. WH REM, 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. 2152, calling an election to be held in said City on the 4th day of October, A. D. 1917, on the following proposition; PROPOSITION 11B11 "Shall the City Council of the City of Corpus Christi, Texas, be authorized to issue revenue bonds for said City in the sum of Two Ba llion Six Hundred and Thirty Thousand Dollars ($2,630,000.00), payable serially, within not to exceed twenty (20) years from the date of such bonds, bearing interest not to exceed three(3%) per j 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 ten (10) years from the date of issuance, for the purp4se.of - making improvements, extensions, repairs or replacements of and to the waterworks system in aforesaid City, to the extent and in the manner expressly permitted by, and in accordance with the linita- tions contained in the Ordinance which shall have been previously passed by the City Council of the City of Corpus Christi, Texas, authorizing the issuance of bonds against the waterworks system of the City of Corpus Christi in the sum of Two Million One Hundred and Twenty Thousand Dollars 02,120,000.00), for the payment of the judgment in the case of Fred P. Hayward, at al, vs. The City of Corpus Christi, at a1, No. 2666 on the docket of the Court of Civil Appeals, 10th Supreme Judicial District, Waco, Texas," and as authorized by the Charter of the City of Corpus Christi and the general laws of the State of Texas and in pursuance of Article 1110a of Vernon's Annotated Civil Statutes of Texas, as passed by the 19th Legislature, Acts of 1945, Page 605, Chapter 349, and in accordance with Article 1111 and ,Articles 1113 to 1118, both inclusive, of the Revised Civil Statutes of Texas as amended, said bonds to be payable solely out of and secured by a pledge of the revenues of the waterworks system of the City of Corpus Christi, which shall include all properties and everything pertaining thereto, owned or thereafter acquired, said bonds to be issued for the purpose of improvements, extensions, re- pairs or repiaoements.of and to the said waterworks system to be secured by a pledge of the revenues of such system, and lien upon the properties constituting the system and upon the franchise thereof of equal dignity with the pledge and liens securing said bonds issued to pay off the said Hayward Judgment under the ordinance hereinabove mentioned ?" r - and, TEERPM, on the 4th day of October, A. D. 19470 said election Was held; and, WHEREAS, on the 7th day of October, 1947, a canvass was made of said election as evidenced by Ordinance No. 2162, passed and approved by the City Council on aforesaid date, setting out.the results of said election and by virtue of said ordinance it was ordained that: 111. That the proposition to issue the said bonds was sus- tained 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 said proposition," and, WEEREAS, no bonds authorized by said election have been issued by the City Council of the City of Corpus Christi; and, &MREAS, a- portion of said bonds authorized by said election were offered for sale and no bids were received on same; and, WHEREAS, it is impossible to sell said bonds at an interest rate of three (3%) per cent or less as was authorized in said election; NOTI, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEW :- 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 an the lath day of October, A. D. 1947, as convassed and set out in Ordinance. No. 2162, 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 cancelled, 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 elec- tion and said authority invested in the Council by virtue of said election are hereby declared to be null and void, of no further force and affect and are hereby repealed and declared a nullity. SECTION 3. It is hereby ordained that the revenue bonds in the sum of Two Million Six Hundred and Thirty Thousand ($2,630,000.00) Dollars -2- for the purpose of making improvements, extensions,. repairs or replace- ments of and to the Waterworks System of the City, 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. SECTION 4. 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 Christi, Texas, but that the proceedings incident to and oonnected 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 rj. 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 Ordi- nano@ 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 the bonds above described in this instrument could not be sold at par and accrued interest of three (31.) per cent per annum and the fact that it is necessary that proper finances be had in order to make improvements, extensions, repairs or replacements of- and to the. Waterworks System of the City which are badly needed to protect the health and general welfare of the citizens creates a public emergency and public imperative necessity requiring the suspension of the Charter rule 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 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. (Ordinance No. 22,a PASSED AND APPROVED this day o , A. D. 1948• MAYOR City of Corpus Christi, Texas Corpus Christi, Texas 1948 TO THE 10MBERS 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; I,-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, R 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 ollawing vote: Wesley E. Seale George R. Clark, Jr. John A. Ferris R. R. Henry Joe T. Dawson