HomeMy WebLinkAbout02681 ORD - 01/12/1950b
ORDINANCE NO. ?,&a!
AN ORDINANCE AUTHORS -ZING THE ISSUANCE OF
SIX HUNDRED FIFTY THOUSAND ($650,000.00)
DOLLARSSTOP.M SEWER BONDS, SERIES 1950;
PRESCRIBING THE TERMS AND CONDITIONS THERE-
OF; LEVYING TAXES TO PAY THE PRINCIPAL AND
INTEREST THEREON; AND DECLARING AN EMERGENCY
WHEREAS, at an election held in the City of Corpus Christi
on December 17, 1949, more than a majority of the duly qualified
resident electors of said city who own taxable property within
said city and who had duly rendered the same for taxation, vot-
ing at said election, voted in favor of the issuance of the
bonds of said city in the amount of One Million Four Hundred
Thousand ($1,400,000.00) Dollars for the purpose of constructing
and acquiring storm sewers for said city and acquiring the neces-
sary rights of way therefor, and the City Council has heretofore
canvassed the returns of said election and found that it is au-
thorized to issue said bonds; and
WHEREAS, the City Council is of the opinion that it is
desirable at this time to authorize the issuance of only Six
Hundred Fifty Thousand (:650,000.00) Dollars of said bonds, leav-
ing the remaining Seven Hundred Fifty Thousand ($750,000.00)
Dollar bonds to be sold and delivered as additional funds are
needed; Therefore
BE IT ORDAINED by the City Council of the City of Corpus
Christi, Texas:
Section 1: That the bonds of the City of Corpus Christi, Texas
be issued in the principal sum of Six Hundred Fifty Thousand
($650,000.00) Dollars, to be known and designated as "CITY OF
CORPUS CHRISTI STORM SE14ER BONDS, SERIES 1950 ", for the purpose
of constructing and acquiring storm sewers for said city and ac-
quiring the necessary rights of way therefor, under and by virtue
of the Constitution and laws of theState of Texas, particularly
Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas,
1925, as amended, and the City Charter of the City of Corpus Chris
�,c�gl
Section 2: Said bonds shall be dated January 15, 1950, shall
be numbered from 1 to 650, both inclusive, shall be in the deno-
mination of One Thousand (31,000,00) Dollars each, aggregating
Six Hundred Fifty Thousand (5650,000.00) Dollars, and wall be-
come due and payable on the 15th day of January in each of the
years and in the respective amounts shown in the following sche-
dule, to -wit:
Bond
Nos.
Maturity
amount
1
- 5
January 15, 1953
5.000
6
- iv
1954
5,000
11
- 15
1955
5,000
16
- 25
1956
10,000
26
36
- 35
- 6o
1957
10,000
61
- 8o
1958
1:59
25,000
20,000
81
- 105_
1960
25,000
106
- 115
' 1961
10,000-
116
= 135
T 1962
20,000
136
- 155
IT .` 1963
20,000
156 -
175
° 1964
20,000
176
- 195
1965
20,000-
196 -
225
1966
30,000
226
- 255
" 1967
'0,000
256
- 285
1968
30,000
286 -
315
" i�6o
30,000
316 -
340
" 1970
,000
341
- 36o
" 1971
20,000
;6,
- 410
,. 1 >72
ti0, coo
411 -
490
1973
30,000
491 -
570
1974
60,000
571 -
650
1975
80,000
Section 3: Said bonds shall bear interest as follows: Bonds Pros.
1 to 105, both inclusive, at the rate of three (3 ") per cent per
annum; h'onds ldos. 106 to 175, both inclusive, at the rate of two
and three- fourths (2 -3/+-) per cent per annum; and Bonds Nos,
176 to 650, both inclusive, at the rate of three and one - fourth
(3 -1/4 per cent per annum; interest payable on January 15, 1951
and semi - annually thereafter on the 15th day of July and the 15th
day of January of each year until the principal is paid. Both
principal and interest on said bonds shall be payable in lawful
money of the United States of America at Harris Trust & Savings
Bank, Chicago, Illinois, or, at the option of the holders, at
the Corpus Christi National Bank, Corpus Christi, Texas, upon
presentation and surrender of said bonds as they respectively
become due and, as to interest falling due on and prior to matur-
ity, upon presentation and surrender of the interest coupons
attached to said bonds as they severally become due.
Section 4: That each of said bands shall be signed by the Mayer
and countersigned by the City Secretary and the corporate seal
of the city shall be impressed upon each of them. The facsimile
signatures of the Mayor and City Secretary may be lithographed,
engraved or printed on the coupons attached to said bonds, and
shall have the same effect as if they had been signed by said
officers.
Section 5: That the form of said bonds shall be substantially
as follows: -
No. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
STORM SEWER BOND
SERIES 1950
The City of Corpus Christi, in the County of Nueces, State
of Texas, for value received, acknowledges itself indebted to
and hereby promises to pay to bearer on January 15, 19 the
sum of
ONE THOUSAND DOLLARS
($1,000.00) in lawful money of the United States of America, with
interest I thereon from date at the rate of (--) per annum, payable
January 15, 1951 and semi - annually thereafter on July 15th and
January 15th of each year until thenrinc` pal sum shall be paid;
both principal and interest are payable at Harris Trust & Savings
Bank, Chicago, Illinois, or, at the option of the holders, at the
Corpus Christi National Bank, Corpus Christi, Texas, and interest
falling due on and prior to maturity is payable only upon presen-
tation and surrender of the interest coupons hereto attached as
they severally become due.
This bond is one of a series of six hundred fifty (650) bonds
of like date and tenor except as to number, maturity and interest
rate, numbered from 1 to 650, both inclusive, in the denomination
of One Thousand ($1,000.00) Dollars each, aggregating Six F.undred
Fifty Thousand ($650,000.00) Dollars, and is issued for the pur-
pose of constructing and acquiring storm sewers for said city
and acquiring the necessary rights of way therefor, under and in
strict conformity with the Constitution and laws of the State of
Texas, particularly Chapters 1 and 7 of Title 22, Vernon's Civil
Statutes of the State of Texas, 1925, as amended, and the Charter
of the City of Corpus Christi, and pursuant to an ordinance duly
passed and adopted by the City Council of said city, which ordin-
ance is of record in the Minutes of said City Council.
The date of this bond, in conformity with the above men-
tioned ordinance, is January 15, 1950.
It is hereby certified, recited and represented that the
series of bonds of which this bond is a part, was authorized at
an election held in the City of Corpus Christi, Texas, on Decem-
ber 17, 1949, and that all acts, conditions and things necessary
to be done precedent to and in the issuance of these bonds, in
order to make them legal, valid and binding obligations of said
city, have been done, have happened and been performed in regular
and due time, form and manner as required by law; that due pro-
vision has been made for levying and collecting annually by taxa-
tion an amount sufficient to pay the interest on these bonds as
it falls due, and to provide a sinking fund for the final re-
demption of said bonds at maturity; and that the issue of bonds,
of which this one is a part, together with all other indebtedness
of said city, does not exceed any constitutional or statutory
limitation.
IN WITNESS WhEREC.P. the City Council of the City of Corpus
Christi, Texas, has caused the seal of said city to be affixed
hereto and this bond to be signed by the Mayor and countersigned
by the City Secretary, and the interest eouoons hereto attached
to be executed by the facsimile signatures of said P7ayor and
City Secretary, as of January 15, 195C.
ayor, Clty oz Corpus Christi, texas
Countersigred:
City Secretary, City of Corpus
Christi, Texa„
*(Bonds trios. 1 to 105, both inclusive, at the rate of
per annum;
ponds Nos. 100' to 115, both inclusive, at the rate
of 2 -3/4�L per annurf,;
Bonds Nos, 176 to 650, both inclusive, at the rate
of 3 -1/4y per annum)
Section 6: The form of coupons to be attached to said bonds shall
be substantially as follonrs:
No
"v
On the 15th day of 19 +, the City of Corpus
Christi, in the County of _Nueces, State of Texas, promises to pay
to bearer at Farris Trust Savings Lank, Chicago, Illinois, or,
at the option of the holders, at the Corpus Christi National Bank,
Corpus Christi, Texas, the sum of $. in lawful money
of the United States of America, beirg the interest due that date
on the City of Corpus Christi Storm Sewer Bonds, Series 1950,
dated January 15, 1950, Bond 11c.
City Secretary
Section 7: That the following certificate shall be printed on
the back of each of said bonds: -
OFFICE OF THE COMPTROLLE11,
THE STATE OF Tom: AS REGISTER NO.
I hereby certify that there is on file and of record in my
office a certificate of the Attorney General of the State of
Texas to the effect that this bond has been examined by him as
required by law, and that he finds that it has been issued in
conformity with the Constitution and laws of the State of Texas,
and that it is a valid and binding obligation upon said City of
Corpus Christi, Texas, and that said bond has this day been re-
gistered by me.
WITNESS my hand and sea! of office at Austin, Texas, this
day of , 1950.
Comp roller of Pub is Accoun s
of the State of Texas
Section S: While said bonds, or any part of the principal thereof
or interest thereon, remain outstanding and unpaid, there is here-
by levied and there shall be annually assessed and collected in
due time, form and manner and at the time other city tares are
assessed, levied and collected in each year, a tax upon all tax-
able property in said City of Corpus Christi, Texas, sufficient to
pay the current interest thereon and -to create a sinking fund to
pay the principal as it.matures; and to pay the interest on said
bonds and create said sinking fund, there is hereby levied for
the current year 1950, a tax at the rate of _�:$"" / 7
-- cents on each $100 valuation of taxable property
within said city, and the same shall be assessed and collected and
applied to the purpose named; and for the purpose of providing a
fund for the payment of principal and interest on said bonds as
they respectively become due and payable, there is hereby levied
for each of the years while said bonds or any part of the princi-
pay thereof or any interest thereon remain outstanding, an annual
ad valorem tax upon all taxable property within said city suffi-
cient therefor and said taxes, when collected, shall be applied
to the payment of principal and interest on said bonds, and to
no other purpose.
Section g: That the Mayor shall take and have charge of said
bonds pending 'their investigation and approval by the Attorney
General and, when so approved, shall deliver them to the Comn-
troller of Public Accounts of the State of Texas for registration.
Section 10: The sale of said bonds to John Nuveen & Co., Chicago,
Illinois, and associates, at a price equal to the principal amount
of said bonds plus accrued interest thereon from the date of said
bonds to the date of actual delivery, subject to the unqualified
approving opinion as to legality by the Attorney General of Texas
and Vandewater, Sykes, Heckler Galloway, Attorneys at Law,
New York, New York, is hereby authorized, approved, ratified
and confirmed. When said bonds have been approved by the Attorney
General of Texas, and registered by the Comptroller of Public
Accounts of the State of Texas, they shall be de�lvered to the
purchasers upon receipt of the purchase price. The Mayor, City
Secretary and City Treasurer are authorized and directed to do
any and all things necessary and /or convenient to carry out the
provisions of this ordinance.
Section 11: That the great public importance and the great press-
ing need for the permanent improvements to be constructed by use
of the proceeds of sale of said bonds create an emergency and an
imperative public necessity requiring the suspension of rules
and charter Provisions requiring same to be considered and voted
upon at three regular meetings, and such facts require that this
ordinance be passed and take effect immediately as an emergency
measure, and such rules and provisions are hereby suspended and
this ordinance is passed and shall take effect as an emergency
measure, and shall be in full force and effect immediately upon
its passage.
PASSED and APPROVED this the / day of January, 19C.
MAYO PRO ry City of 'pus Christi, Texas
ATTEST:
City Secretary
Approved as to form and legali` prior topassage.
ity P rrey
(SEA -,)
Corpus Christi, Texas
TO THE )WEBS OF ME CITY COUNCIL
Corpus Christi, Texas
Gentleman:
For the reasons set forth in the emergency clause of the fore-
going 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 page this ordinance finally on the date it is
introduced, or at the present meeting of the City Council.
Respectfully,
$a /�
o em
I ity of Corpus Christi, Texas
The Charter rule was suspended by the following vote
Leslie Wasserman
'
Jack DeFOr rest
Barney Cott
Sydney E. Herndon
n
George L. Lawman
The above ordinance was passed by the following vote:
Leslie Wasserman -
+ 4iL4~
Jack DeForrest
Harney Cott
Sydney E. Herndon
George L. Lowman
Ac" ?l
1949
I certify to the City Council that the money required
for the contract, agreement, obligation, or expenditure contemplated
in the above and foregoing Ordinance is in the Treasury of the City
of Corpus Christi to the credit of Fund No.
from which it is proposed to be drawn,
and such money is not appropriated for any other purposes
Director of inane
I