HomeMy WebLinkAbout02329 ORD - 07/27/1948THE STATE OF TES•A9 z
COONTY OF NUEOW
CITY OF CORPUS CM=
Oa this the2,.Ldey of July. 1948. // the City Council of the
City of Corpus Christi, Teams, convened in ..G.i P7aeting, with the fallowing
members of said Council present, to -wits
Wesley E. Seale, Mayes'.
George R. Clark, Jr., .
John A. Ferris, s Camnl—1 —rs,
R. R. Newry, s
I
'ill s
X. A. Cage, Jr., City Secretary,
with the following absents _ hAWJ40A1 , constituting a quorum, at
which time the following other business was transacted:
Mr,
,presented for the consideration of the
Council an Ordinance. The ordinance was read by the City Secretary. The Mayor
presented to the Council a cODOminicatioa in writing pertaining to said proposed
Ordinance, as followa:
Gorp Christi, Texas,
TO TH8 hS OF THR CITY Cf&fi�IL,
?� 1948.
Corpus Chriati, Texas.
Gentleman.
For the reasons set forth in the emergency clause of the,
foregoing ordinance, a public emergency and imparative necessity exist
for the suspension of the Charter Hale or requirement that no ordinance or
resolution shall be passed finally on the date it is introduced, and that
each ordinance or resolution sha11 be read at three meetings of the City Council;
I, therefore, hereby request that you suspend said Charter role or requirement
and pass this ordinance finally on the date it is introduced, or at the present
meeting of the City Council.
/ tfnlly��
Mayor,
City of Corpus Christi, Texas.
a
Commissioner made a motion that the Charter
Provisions prohibiting ordinances from being passed finally on the date
introduced be suspended for the reasons stated in the written request of the
Neyor and stated the emergency 01-- of the Ordinance. The motion was
seconded by Xr. The motion was carried by a ..adman vote
of the City Council, vies
AYESs Commissioners Clark, Ferris, Henry.and-Beweeay
WA None.
Mr. made a motio that the ordinance be
passed finally. The motion was seconded by Mr. , The motion
was carried by the following vale:
AYffis Commiaeion Clark, Ferris, Henry and - Bewmrne
This vas done.
RAM: None.
The Mayor requested that the records show that he voted Aye.
The Mayor announced that the Ordinance had been passed.
The Ordinance is as follows:
PRESCRIBIW FMSM UNTA c FOR THE ISSUANCE CF
CITY OF CORPUS CHRISTI WATffizIMM RSVW0 BONDS,
SER.ICti9 1940 -A, IN THE AMOUNT OF $2,550,000.00,
MU DING SPECIFICATIONS AS TO INITUW RATES,
COUPONS, AND PI,ACEl4 OF PAYNENT,AND DMIdRING AN
11OY.
WHEREAS, Ordinance No. 2294 was passed finally by the City
Council on June 15, 1940, identified by its caption as follows:
nIMMIZING TEE ISSUANCE OF WATEHNOBH,S BSPWE BONDS
IN THE AMUNT OF $2,550,000.00 FOR THE PURPOSE OF
NA1r3B1G DI-ROVELOWS, E%'1'SNSIONS, BBPAM OR MTLACli �B PTS
OF AND TO THE WA7ERWOHH3 SYSTEH= PIEDMG THE NET
=MCES OF THE CITY'S WAMMIORRS SYSTEM; AUTHORIZING
THE EXECUTION AND DELIVERY OF A EM OF TRUST SUPFLMNTAL
TO THE ME OF TRUST SEWRING CITY OF DOHPUS CHRISTI
WATEtiTEKS REVENUE BONDS, SEttI&4 1948, WHICH WERE
AUTHORIZED FOR THE PURPOSE OF PAYING THE WNEF JUDMW
AWARDED AGAINST THE CITY IN THE CASE OF FRED P. HAYWARD
ET AL VS CITY OF CORPUS CHRISTI, SUCH SOPPLiWWA-L DEED
OF TRUST PROVIDING THE SEDU= FOR TEE BONDS AUTHORIM
BY THIS. ORDINANCE] AMID ORDATMING OTHER MATTERS BWAT33G
TO THE SUBJECT.:
i s and
WHOM, Section 5 of said ordinance contains the following
provision:
a5. 'That the Honda aha11 bear interest payable on December 1,
1948 and thereafter eami- annually on June 1 and December 1,
at such rate or rates not greater than 5% per annum as may
be fixed 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.n
3 and
wHWM, thereafter on July 6, 1948 the City Council passed
an emergency ordinance No. 2310 awarding the bonds in the amount of $2,550,000.00
i
to the purchaser thereof, with the stipulation than
=Said bonds shall bear interest at the rate of 4-1/4% per
annum until June 1, 1949, and thereafter shall bear interest
at the rate of 3-1/8% per annum 0
s and
WERWAS, thereafter cm July 6, 1948 the City Council adopted
an emergency resolution identified by its caption as follows:
cPftlMMG AN AMIT[ONAL PLACE OF PAYMENT AT THE
OPTION OF THE HOLM ABID FRIS IBIftG THx IBPLERS4P
HATffi TO BE BOBNCa BY CITr OF Ooapus CHBIsm wATEa mm
HEVMM BONDS, SEB.'!89 1948 -A. IN THE MOUNT OF
$2,550,000.00, ADTHOBI7.BD BY ORDINANCE PAssMD fiTmn=
BY THE CITY ODDWIL ON JUN& 15, 1948, AND MCLAPT^uG
AN ZMMMCY.0
prescribing the interest rates to be borne by the bonds in accordance with the
ordirmnoe awarding the bonds to the purchaser= and
wHEBEAS, it is now considered to be to the best interest of
the City of Corpus Christi, Tmms, that the interest which will mature on all
of said 62,550,000.00 of bonds respectively on December 1, 1948 and June is 1949
be represented by two coupons instead of one coupon, but aggregating an amount
equivalent to interest at the rate of 4-1/4% per antmm, and that interest
maturing seam- arzmlly thereafter on all of the bonds be represented in each
such instance by a single coupon, and that an emergency ordinance be passed
making specific provision for such arrangement as to coupons, and prescribing
other details in connection with the bonds and the interest thereon, and to
prescribe an additional bank of payments
BE IT ORDAINED BY THE CM CCUMXL OF THIS 03TY OF
COBPD3 CMUTI, TSSAS:
36 That the findings and statements contained in the
Is of this ordinance are true and correct.
2. fiat as to the $2,550;000600 of City of Corpus Christi
orks Revenue Bonds, Series 194"# authorized by said Ordinance No. 2294:
(a) Honda Nos. 1 to 45, both inclusive, scheduled to mature
June 1, 1949,in the principal amount of $45,000.00, shall
bear interest from date at the rate of 44/4% per anrmm
until paid;
ICI (b) Bonds Nos. 46 to 2550, both inclusive, scheduled to mature
in installments on June 1 in each of the years 1950 to 1978,
I
i'
both inclusive, in the amwmts and having the serial numbers
ae shotm in said Ordinance No. 2294 and in the form of Dead
of Trust incorporated therein, sha11 bear interest from date
at the rate of 4-1/4% per nm= until Jima 1, 1949; and at the
I� rate of 3-1/9% per annum tram, June 12 1949 until paid.
(o) Ittoreat maturing on December 1, 1949 is represented by two
conponathereto attached, one for $15.62 and one for $5.63;
interest maturing on June 19 1949 is represented by two coupons
thereto attached, one for 015.63 and the other for 85.62.
Llther of the two coupons scheduled to mature on each of said
several interest payment dates may be presented and will be
I
Paid apart from the other. Interest maturing on December 1
of each year thereafter is represented by a single coupon
for $15.62, and interest maturing on June 1 of each year
I
thereafter is represented by a single coupon for $15.63,
(d) Both principal of and merest on the bonds shall be payable
in,lawfal money of the United States of erica at Mercantile
National Bank at Dallas, Dallas, Terms, or at the option of the
holder at Chemical Bank & Trust Company, New York, New York;
(6) Interest maturing on and prior to scheduled maturity
date of the bonds ehaLl be payable only upon presentation
and surrender of the interest coupons thereto attached
as snob coupons severally become dung
3. To give effect to the other provisions of this Ordinance
ing modifications are made in the form of bond and of the appurtenant
ascribed in the Supplemental Deed of Trust incorporated in said
Ordinance No. 2294s
(a) The first paragraph of the bond form insofar as Bonds
Nose 1 to 45, both inclusive, are concerned, aball be substantially as follows:!
"No.— $1,000.00
THE C= OF CORPUS MMISTI) a lawfully created and existing
municipal corporation in NUDES COUNPY, TUAS, out of revenues hereinafter
specified, and from no other source, FOR VALUB FM;FXM, hereby promises to
PAY to bearer, or, if this Bond be registered as to principal, to the
registered holder thereof, on Duns 10 19_1 the principal am of
ONE THOUSAND DOLLARS
($1,000s00), end, from said revenues to pq interest thereon from the
date hereof until the principal amount of this Bond shall have been paid at
the rate of 4 -1/4% per anon, payable on December 1, 1946 and thereafter
l
smai- annually on June 1 and December 1• Interest maturing on December 1,
1946 is represented by two coupons hereto attached, one for 115.62 and
the other for $5.631 and interest maturing on Jmde 1, 1949 is represented
by two coupons hereto attached, one for $15.63 and the other for $5.62•
Either of the two coupons scheduled to mature on each of said several
interest payment dates may be presented and mill be paid apart from the
other. Both principal of and interest on this Bond are payable in lawful
money of the United States of America, at Mercantile National Bank at
Dallas, Dallas, Texas, or at the option of the holder at Chemical Bank
& Treat Company,New York, New York. Interest maturing on and prior to
the scheduled maturity date of this Bond is payable only upon presentation
and surrender of the interest coupons hereto attached as they severally
become due."
(b) As to coupons maturing on all of the bonds respectively I
on December 1, 1948 and Jima 1, 1949, they shall be sdbstantielly as followstj
I
On the let day of 19_, the City of Corpus
Christi, Texas, IIuaces County, Texas, mill pay to bearer at the
Mercantile National Bank at Dallas, Dallas, Terre, or at the option
of the holder at Chemioal Back & Trust Company, New York, New York,
the arm of (4 ) Dollars, in
lawful money of the United States of America, payable out of the
revenues specified in the Bond to which this coupon is attached,
for interest to that amount than due on its Waterworks Revenue Bonds,
Series 194& —A, and numbered . The holder of this coupon
shall never have the right to demand payment thereof out of any fonds
raised or to be raised by taxation.
Mawr.
City 8 eoretary.
(c) The first paragraph of the bond form insofar as
Bonds Nos. 46 to 2550, both inclusive, are concerned, shall be substantially
as follower
"ND•_.___ $1,COO.00
THE CITY OF CORPUS ORR=, a lawfully created and existing
— inipsl corporation in NCE= COUNTY, T&SAS, out of revenues
hereinafter specified, and from no other source, FM VAM mmms
hereby promises to pay to bearer, or, if this Bond be registered as
to principal, to the registered holder thereof, on June 1, 19_,
the principal ssm of
ONE THOUSAND DOLI"S
(#1s000.00)s and, from said revenues to pay interest thereon from the
date hereof at the rate of 4r1/4% per auntrm until June 1, 1949,
I
aW at the rate of 3-1/8% per MMM from June 1, 1949 until the
principal amount of this bond shall have been paid. raterest mataring
oa December 1, 3.948 is represented by two ocup.— hereto attached,
one for 615.62 and one for 65.63; interest maturing on June 1, 1949
is represented by two coupons hereto attached, one for $15.63 and the
other for 65.62. Either of the two coupons scheduled to mature on
each of said several interest payment dates may be presented and will
be paid apart from the other. Interest maturing on December 1 of
each year thereafter is represented by a single Coupon for X15.62,
end interest maturing on June 1 of each year thereafter is
represented by a single coupon -for 615.63. Both principal of and
interest on this Boni are payable in lawful money of the United States
Of America, at Mercantile Stational Bank at Dallas, Dallas, Texas,
or at the option of the holder at Chemical Bank & Trost Commmy,
New York, New York. Interest maturing an and prior to the scheduled
maturity date of this Bond is payable only upon presentation and
surrender of the interest coupons hereto attached as they severally
become due.o
(d) U to coupons maturing on December 1, 1949 and
thereafter on Bonds Nos. 46 to 2550, both inclusive, they shall be
substantially as follows:
°ND•_. 6
On the let day of 19",, the City of Corpus
Christi, Texas. Nnmee County, Texas, will pay to bearer at the
Meroantila National Bank at Dallas, Dallas, Texas, or at the option
of the holder at Chemical Bank & Trost Company, Now York, New York,
the am of (6 ) Dollars, in lawful
money of the United States of America (unless the Bond to which this
coupon is attached is previously called for redemption as therein
provided and provision for the redemption thereof made)* payable out
of the revenues specified in the Bond to which this coupon is
attached, for the oami— annu=l interest iu that amount then due on
Its Waterworka- Revenue Bond, Series 19484, and mmbered .
The holder of this coupon shall never have the right to demand payment
thereof out of any foods raised or to be by tamation.
*(This parenthetical provision should be inserted only in coupons
maturing subsequent to June 1, 195p: which are attached to bonds
Nos. 114466 to 2550, both inelusive.)s
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, Taws, creates a public emergency and
as imperative public necessity requiring the suspension of the Charter Role
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 declared that
such public emergency and imperative necessity wrist, and having regaested
that said Charter Rule be suspended and that this ordinance take effect and be
in fan force and effect from and after its passage, it is accordingly so
o...leinail
PAS= AM APPR091M this the d of July, 1948.
Oft y'09 Corpus Christi,
Twins.
ATTEST:
ity earetar9, y (orpns
Christi, Te a.
WASTOinance has been approved as to form and correctness
this '_daffy of July, 1948. t
V
City. ttorney.
Cow Christi, Teases
L-
1946.
TO THE MMM OF TO CITY COUMn
Corpus Christi, Texas.
Gentlemen¢
For the reasons set forth in the emergency clause of the
foregoing ona^.cs, a public emergency and imperative necessity exist for the
$oapOnsion of the Charter rule or requirement that no ordinance or resolution
shall be passed finally on the date it is introduoeds and that each ordinance !,
or resolution shall be read at three Beatings of the City Council; Is 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,
tful�ly �
Mayor.
City of Corpus 6hrlati, Texas.
The Charter ]rule was snspeffied by the following vote: ,
Wesley E. Seale
George R. Clark, Jr.
John A. Ferris,
R. S. Henry
Joe T. Daxeou
The above ordinance was passed by the following votes
Wesley S. Seale
George R. Clarks Jr,
John A. Pbrrie,
t
R. H. teary
Jo
Joe T. Dawson
;
,i, auTfS
Pin£ OTt Mayor Wesley E. Seale; C— iseionara George R.
Clark, Jr., Jobn A. Ferric, R. B. Henry and Joe T. Dawson; City Manager
H. H. Allen; City Attorney Tillman Smith; Assistant City Attorney J. P.
Rutherford; City Secretary M. A. Cage, Jr.; Director of Finance Franklin
Hatter; planning �+nser Wm. Anderson and purchasing Agent Wm. J. Barka.
ABSM: How.
Mayor Seale called the meeting to order.
The following ordinance was read.
CBDDMMZ NO. G
Prescribing further details for the issuance of
City of Corpus Chrleti Waterworks Revenue Bonde,
Series 1948 —A, in the amount of $2,550,000.00,
Including specifications ae to interest rates,
coupons and places of payment and deolaring an
li emergency.
Commissioner made s motion that the Charter
III pra%isions prohibiting the final passage of an ordinance at its first reading
be suspended for reasons stated in the Mayor's .o 4 - -tioa in - iting.
The motion was seconded by Commissioner The notion was carried
by the following votes }�
nn
NAPES: None.
Commissioner `made a motion that the ordinance
/ ,
be passed finally. The motion was seconded by C—M miote r ����pppp v ,
The motion carrying with it the final passage of the ordinance prevailed by
the following votes
AYES:sR.w
NAYE9: Hone.
•The" being no farther b-in eas upon motion of Commissioner
—, seconded by Commissioner g/,(q�.,,w,l the meeting was adorn ed.
r, City of Corpus Christi,
ATTBST: TeoBS.
City Secretary.
TEX SPA22 OF =AS =
Coum OF Nam
CITY OF CoEPUS MMLWr =
I, the "dereiguel, City escretarg of the City of Corpus
Christi, Texas, do hereby certify that the above and foregoing is a true,
1LU and correct copy of an ordinance passed by the City Council of the
City of Corpus Christi, Texas, (and of the minutes pertain thereto) on
the day of Ju4s 1948, prescribing further details for the issuance
Of City of Corpus Christi Waterworks Bevenne Bonds, Series,1948 -A,
in the amount of $2,550,000.00, including specifications as to interest rates,
coupons, and plaoss of payment and declarlmg an enargmmys whi*h oxdinanos
is duly of record in the m4- ge of the City Council.
)OCCUUTT80 IWIR Mr HAM and seal of said City, this the _.
day of July, 1948.
m
a3��
C:Lty ity of orpn's�
Christi, Texas.