HomeMy WebLinkAbout02311 ORD - 07/06/1948THE STATE OF Th'8AS
OMM OF MES
CITY OF Costae CMMI d
Ca this the 6th day of JLu&, 19W, the City Council of-the City
Of Corpus Christi, Texas, convened in Regular meeting with the following
members of said Council present, to -wits
wasley R. Seale, mays.
George R. Clark, Jr. ¢
& R. Herr Commissioners
Joe T. Dario ¢
M. A. Cage, Jr. City Secretary,
with the following absents Constituting a quorum, at
which time the foll other business was transacted,
M'• aaatad, for the consideration of the
Council, a resolution. The resolution was read by the City Secretary.
The Mayor presented to the Council a comomnioation in writing pertaining
to said 'proposed resolution, as follows,
Corps Christi, Texas
July a
TO THE MKWW OF TRS CITY COMOIL
c Corpus Christi. Texas
Gentlemen&
For the reasons set forth in the emergency clause of the foregoing
resolution, a publio emergency and imperative necessity exist for the suspension
Of the Charter rule or requirameut that no ordinance or resolution shall be
Petaled finally on the date it is introduced, and that such ordinance or resolu-
tion shall be read at three metings of the City Counoilj I, therefore, hereby
request that yon suspend said Charter rule or requirement and pass this resolu-
tion finally on the date it is introduced, or at the present meeting of the
City Counoil.
Respectfully,
Ae�
City of Corpus Christi, Texas
a341
Commiseionar made a motion that the Charter
provisions prohibiting ordinances sad resolutions from being passed finally
am the date introduced by suspended for the reasons stated in the written
request of the Mayor end stated in the emergency olause of the resolution.
The motion was seconded by Mr. The motion was carried by a
unanimous vote by the City Co®cil, .
AYR Bt C— U.i=ars 01ark. 4;mpmyA6 31-7 and Howson
NAYESt None.
M'•_&� /_roads a motion that the resolution be passed
finally. The motion wain neoondod by ffir.�. The motion was
carried by the following vote.
AYSSt Coaaniesioners Clark,lvjjft Henry and Dawson
awl Done
Rho Mayor rogneatsd tbat the reoords show that be vote fie. This
was done.
The idayor announced that the resolution had been passed. The
Resolution is as follows.
RESOLUTION 2),. Z-3//
Prescribing An Additional Place Of Payment
At The Option Of The Holder And Prescribing
The Interest Rates To Be Borne By City Of
Corpus Christi Waterworks Aavenr®'Bonds,
series 1948A, In the Amount Of $2,550,000.003
Authorized By ordinance-Passed Finally By The
City Council on June 151 1948) And Declaring
An fimergencyi
wHEREA4, heretofore an June 15, 19483 the City Council passed fina,_y
an ordinance having a caption as follows:
"Authorizing the iasuance'of Waterworks Revenue
Bonds in the amount of $20509000.00 for the pur-
pose of making improvements, extensions, repairs
or replacements of and to the Waterworks system;
pledging the net revenues of the City-. Waterwarke
system; authorizing the execution and delivery of
a deed of trust supplemental to the deed of trust
securing City of Corpus Christi Waterworks Revenue
Boade, Series 1948 , Which were authorized for the
purpose of paying the money judgment awarded against
the city in the case of Fred P. Hayward, et. al., vs.
City of Corpus Christi, such supplemental deed of
trust providing the security for the bonds authorized
by this ordinance; and ordaining other matters relat-
ing to the subjects
Which is duly df record in the minutes of the City Council in Volume
at pages 4�2 ;a et. sec.; and
WHEREAS, Section 5 of said ordinance provides that said bonds shall
bear interest payable on December 1, 1948, and thereafter semiannually on
June lat and December let, at such rate or rates not greater than 4% per
annum, as may be fined in a resolution to be adopted by 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 6 of said ordinance provides that both principal
interest shall be payable in lawful money of the United States of America
at Mercantile National Bank, at Dallas. Tax., or at the option of the
holder 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 sex
render of proper bonds and coupons; and
-1-
SAS, on this date the City Council has passed an ordinance award-
ing said bonds to the purchaser and therein has agreed that said bonds shall
bear interest at rates as followst
Buds Nos. 1 to 2,550, both inclusive, 4 -1/4% per annum for
the year ending 6/1/49;
Bands Nos. 46 to 2,550, both inclusive, 3 -1/§% per annum for
each year to their respective maturity
date. mmencing with the year ending
BE IT RESOLVED Dr THE CITY COUNC11 CF M CITY OF CORPUS CHRISTI,
TB%nSt
L 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, Dallas, Tax., or at the option of the holder at Chemical
Bank & Trust Company, New York, N. Y:
2. That the bond. shall bear interest, payable on December 1,
1948, and thereafter semiannually on June let and December let at the
following ratest
Bonds Nos. 1 to 20501 both inclusive, 4 -1/4% per annum for
the year ending 6/]./49;
Bonds Nos. 46 to 2,550, both inclusive, 3 -1/8% per annum for
each year to their respective maturity
dates commencing with the year ending
6/1/50.
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 contemplated use of the proceeds of the
Waterworks Revenue Bonds are necessary for the orderly development and
growth of the City of Corpus Christi, Tax., creates a public emergency
end an imperative public necessity requiring the suspension of the Chart -
Rule providing that no ordinance or resolution shall be passed finally oa
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
clered that such public emergency and imperative necessity exist, and hav
ing requested that said Charter Rule be suspended and that this resolutim.
take effect and be in full force and effect from and after its passage,
it is accordingly so resolved.
ADOPTED AND APPROVED THIS THE 6TH DAY 4JM=LUY, 8.
ATMSTt orp u���..
City Drat , y o+ corpus lm-,
Tex. -�
The foregoing Resolution bas bees approved as to form and
earreotmess this 6th day of July, 1948.
I I