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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.