HomeMy WebLinkAbout02298 ORD - 06/15/1948TTW- STATE OF TEXAS
COMITY C'P iZ ECES
CTTY Og CORPUS Ci3R.TSTI
On this the ljth day - June, 1948, the City Council of the City
of Corpus Christi, Texas convened. in RegE lar Yeeting xith the following
members of said Council present, to -wit:
.ees1 j E. Seale, - r
Geor .-e R. Clark, Jr.
John A. Ferris ,
Co,' ,nissioners
R. '. Henn- .
Joe T. Dawson ,
TaI.A. Cage, Jr. City Secretary,
with the following absent:
b L constituting a
quorum, at which t'. the f.11—i.:; among other business was transacted:
` presented, for the consideration of
the Council, a resolution. The resolution was read by the City Secretar;.
The "ayor presented to the Council a caomunication in writing pertaining
to said proposed resolution, as follows,
Corpus Christi, Texas
June 15th, 1948
TO Tun. '=B= O" .T7- CCUNCIL
Corpus Christi, Texas
sentlax en:
For the reasons set forth in the emergency clause of the
foregoing resolutio.7, a public emergency and imperative necessi`.y
exist for the suspension of the Charter rule or requirement that no
ordinanc° or resolution shall be passed finally on th= date it i s
introduced, and that such ordinances or resolution shall bs read at
threemeetings of the City Council; I, th .refore, hereby request that
you suspend said Charter rule or requirement and pass this resolution
finally on the date it is introduced, or at the present meetin {; of the
City Council.
Respectfully.,
;dayor
City of Corpus Christi,
Texas
4 �w
J
Co�mnissioner,� °ado a motion that the Charter
and resolutions
provisions 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��''//t,//__hhe emergency chase of the resolution. The motion
was seconded by Mr. =; The notion was carried by a
unanimous vote by the City Council, viz:
y_rg5: co=issioners Clark, Ferris, Hgnr,,. and Dawson
Nayes: Ilona.
*/��,�✓�made a motion that the resolution be passed
finally. 'The motion was seconded by 1Ar, the motion was
carried by the fo'lcrring, vote:
�1 Covnissioners Clark, Ferris, fie and Dawson
,;A7 -_--3S: None
The nayor requested that tae records show that he vote Nye.
This was done.
The °ts8or a-u anoad that the resolution had been passed. The
Be solution is as £ollrnvs.
RESOLUTION /6 - ', �, / d
PRESCRIBING AN ADDITIONAL PLACE OF PAYMENT '
AT THE OPTION OF THE HOLDER AND PRESCRIBING
THE INTEEST RATES TO BE BORNE BY CITY OF
CORPUS CHRISTI WATERWORKS REVENUE BONDS,
SERIES 1948 IN THE A130UNT OF $2,200,000.00,
AUTHORIZED BY ORDINANCE PASSED FINALLY BY THE
CITY CCUNCIL ON APRIL 27, 1948, AND DECLARING
AN EMERGENCY.
WHMM heTetofor^ on April 27, 1948, the City Council passed finally
an ordinance having a caption as follows:
"Authorizing the issuance of Waterworks Revenue
Bonds for the Ourpose of paying a money judgment
rendered against the City of Corpus Christi, in
the case of Fred P. Hayward, at al., vs. City of
Corpus Christi, at all designated in the Court of
Civil Appeals for the Tenth Supreme Judicial District
Of Texas as Cause No. 2666, pledging the net revenues
Of the City's Waterworks System and authorizing the
execution and delivery of a deed of trust on the physical
properties of such system as defined in the ordinance,
including the grant of a franchise for the operation
thereof in the event of default and sale under such
deed of trust; prescribing the limitations under which
additional waterworks revenue bonds may be issued;
ordaining other matters relating to the subject."
which is duly of record in the minutes of the City Council in Volume
I! �q
i; at pages at seq; and
WHEREAS, Section 4 of said Ordinance provides that said bonds shall
bear interest payable on December 1, 1948 and t,a —after menu- annually
on June 1 and December 1, at such rate or rates not greater than 4% per annum,
as may be fixed in a resolution to be adopted b the City Council after the
sale of the bonds has been made, and to be based on the rate or rates specified
in the bid for purchase of the bonds which shall have been accepted by the
City; and
WHEREAS, Section 5 of said Ordinance provides that both princinal
and interest shall be payable in lawful money of the United States of America
at Mercantile National Bank at Dallas, Texas, or at the option of the holder
1 at a bank within the City of New York, in the State of New York, to be designated
in a resolution to be adopted by the City Council after the sale of the bonds
shall have been made, upon the presentation and surrender of prooer bonds and
coupons; and
WHRRLILS, on this date the C ity Council has passed an ordinance
awarding said bonds to the purchaser and therein has agreed that said
bonds shall bear interest at rates as follows:
Bonds Nos. 1 to 210, both inclusive, 4%; per annum;
Bonds Nos. 211 to 530, both inclusive, 2 -3/4%, per annum;
Bonds Noe. 531 to 2200, both inclusive, 3- 1/4;6, per annum;
BE rr RESOLVED BY THE CITY COUNCIL OF THE CITY OF COF.PUS CHPSSTI,
TEXAS:
1. That the principal of and interest on said bonds shall be
payable in lawful money of the United States of America at Mercantile National
Bank at Dallas, Dallas, Texas, or at the option of the h-ider at Chemical
Bank & Trust Company, New York, New York.
2. That the bonds shall bear interest, payable on December 1, 1948
and thereafter aemi- annually on Juns 1 and December 1 at the following rates:
Bonds Nos. 1 to 210, both inclusive, 4% per annum;
Bonds Nos. 211 to 530, both inclusive, 2-3/4% per annum;
Bonds Nos. 531 to 2200, both inclusive, 3-1/4% per annum.
3. That in preparing the deed of trust and the bonds that effect
be given to the provisions of this resolution.
4. The fact that the om templated use of the proceeds of the
waterworks revenue bonds are necessary for the orderly development and
growth of the City of Corpus Christi, Texas, creates a public emergency
and an imperative oublie necessity requiring the suspension of the Charter
Rule providing 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
II
declared that such public emergency and imperative necessity exist, and
j
having requested that said Charter Rule be suspended and that this
reaolution take effect and be in full force and effect from and after its
passage, it is accordingly so resolved.
ADOPTED AND APPROVED this the 15 a of June, 1948.
r, C y of Corpus Ch e£i, -'feza
1 ATTEST:
APPROVED AS TO LP)sAL FORM;
f
city Sebret r of Corpus
Christi, T . Ci ✓.`
orasy
i
i
ooney
The foregoing Resolutimnras been approved as to form and
correctness this 15th day of June, 1949.
1
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