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HomeMy WebLinkAbout02682 ORD - 01/12/19505 0RDINANCE NO, aj AN ORDINANCE AUTHORIZING THE ISSUANCE OF TWO HUNDRED FIFTY THOUSAND ($250,000,00) DOLLARS STREET IMPROVEMENT BONDS, SERIES 1950; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE PRINCIPAL AND INTEREST T11E-MEON; AND DECLARING AN E1,1ERGENCY 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 _°endered 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 Six Hundred Thousand ($600,000000) Dollars for the purpose of constructing, improving and repairing the roads, bridges and streets of said city and acquiring the necessary rights of way therefor, and the City Council has heretofore canvassed the returns of said election and found that it is authorized 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 Two Hundred Fifty Thousand ($250,000.00) Dollars of said bonds, leav- ing the remaining Three Hundred Fifty Thousand ($350,000.00) 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 Two Hundred Fifty Thousand laws Of the State 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 Christi. Section 2: Said bonds shall be dated January 15, 1950, shall be numbered from 1 to 250, both inclusive, shall be in the deno- mination of One Thousand ($1,000.00) Dollars each, aggregating Two Hundred Fifty Thousand ($250,000,00) Dollars, and shall 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, 1954 $ 5,000 11 15 6 - 10 1955 5,000 - 1956 16 - 20 �� 5,000 -21 - 30 „ �� 1957 5,000 31 45 1958 10,000 1959 15,000 46 - 60 1960 15,000 61 - 75 " 1961 15,000 76 - 90 1962 91 - 105 9 15,000 106 - 120 ,� ,� 1963 15,000 ' 1964 15.,000 121 - 135 ' 1965 15,000 136 - 150 1966 15,000 151 - 165 " " 1967 15,000 166 - 18o 1968 15,000 196 - 195 „ 1969 15,000 211 230 k97o 15,000 1971 20,000 231 - z5o 1972 6,000 Section 3: Said bonds shall bear interest as follows: Bonds Nos, 1 to 6C, both inclusive, at the rate of three (30) per cent per annum; Bonds Nos, 61 to 120, both inclusive, at the rate of two and three - fourths (2- 3/4�b) per cent per annum; and Bonds Nos. 121 to 250, 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 cou_oons attached to said bonds as they severally become due. Section 4: That each of said bonds shall be signed by the Mayor 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 D'Iayor and City Secretary may be lith.00raphed, 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 That the form of said bonds shall be ,substantially as follows: �Yi,000.00 u'ic__dJ STATES O' A;''.ERIC:? S'PAi OF TEXAS COUiv` °v of NU& ES CIT_ OF CCRPOS STREET i�iPROVEVIENT BOP;D - SEHIES 1950 The City of Corpus Christi, in the County of Nueces, State of Texas, for value received, acknolaledges itself indebted to and hereby promises to pay to bearer on January 15, 19 , the sum of OiV "3 THOUSAND DOLiA:?S (q-11,000.00) in lawful money of the United States of America,,%ith interest 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 the principal sum shall be paid; both principal and interest are payable at Harris Trust E= Savings Bank, Chicago, Illinois, or, at the option of the holders, at the Corpus Christi National Eank, 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 two hundred fifty (250) bonds of like date and tenor except as to number, maturity and inter- est rate, numbered -from = to 250, both inclusive, in the denomin- ation of One Thousand (51,000.00) Dollars each, aggregating Two Hundred 2if ; 'Thousand (,.250,000.00) Dollars, and is issued for the purpose of constructing, improving and repairing the roads, bridges and streets of 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 Chap- ters 1 and 7 of Title 22, Vernon's Civil Statutes of the State of Texas, 1x25, 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 ordinance 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 "pond 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 WHLFEOF, 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 coupons hereto attached to be executed by the facsiaLe signatures of said Mayor and City Secretary, as of January 15, 1950. PYay or, Countersigned: —by of Corpus ' ris i Texas City Secre dry, City of Corpus Christi, Texas *-(Bonds Nos. 1 to 60, both inclusive, at the rate of 3;s per annum; Bonds Nos. 61 to 120, both inclusive, at the rate of 2-3/4% per annum; Bonds Nos. 121 to 250, both inclusive,at the rate of 3 -1 !4 °� per annum) Section 6: The form of coupons to be attached to said bonds shall be substantially as follows: No. 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 Harris Trust & Savings Bank, Chicago, Illinois, or, at the option of the holders, at the Corpus Christi National Bank, Corpus Christi, Texas, the sum of :p in lawful money of the United States of America, being the interest due that date on the City of Corpus Christi Street Improvement Bonds, Series 1950, dated January 15, 1950, Bond No. , Mayor City Secretary Section 7: That the following certificate shall be printed on the back of each of said bonds: OFFICE OF THE COMPTROLLER REGISTER N0, THE STATE OF TEXAS i 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 seal of office at Austin, Texas, this day of , 1950, Comptroller of Public Accounts of the State of Texas Section 8: -while said bonds, or any Dart of the principal thereo] 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 taxes are assessed, levied and collected in each year, a tax upon all tax- able property in said City of Corpus Christi, Texas, sufficient t: pay the current interest thereon and to create a sinking fund to nay the principal as it matures; and to pay the interest on said bonds and create said sink irg fund; there is hereby levied for the current year 1950, a tax at the rate of /_ 7 6 _-Z 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 rrinci- pal 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 j: That the Mayor shall take and have charge o° said bonds pending their investigation and approval by the Attorney General and, vrhen so approved, shall deliver them to the Comu- troller of Public Accounts of the State of Texas for registration. Section 10: The sale of said bonds to is;-, Sduveen Co„ Chic- o, Illinois, end associates, at a price equal to the principal amour, of said bonds inns accrued interest thereon from the date of bonds to the date of actual de-_'ivery, subject to the unqualif'2d approving cpinion as to legality by the �'torney Gene G_ f - _ c Texas and dandewater, Sykes, Heckler � Galloway, rttorneys at Law, :Jew York; New York, is hereby authorized, approved, ratified and confirmed. ;;pen said bonds have been approved by the Attorne- General of Texas, and ^eg- stered by the Ccmotroller public Accounts of the State of Texas, they shall be delivered to the purchasers upon receipt of the purchase price, The Rayor, 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: 'hat the great public imnortance and the great press- ing need for the permanent improvements to be constracted 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 arehereby suspended and e 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 eanuary,'1550. • Sdhc9C MAYS amity of o pus ChrisTexas ATTEST: `�' t,� :,ecre�ary Approved as to form and legality prior to passage. C1ty torney {SEAL) C' /o�nrjpua Ch�r�t /a /t i�,,'' +Texas 1b THE 11M8ERS OF ffi CITY COIIACIL Corpus Christi, Texas Gentlemen. - For the reasons set forth in the emergency clause of the fors - 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, 1, 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. Respectfully, Bugg ' ' o em ity of Corpus >.risti, Texas .The Charter rule was suspended by the following votes Leslie Wasserman Jack DeForrest Barney Cott Sydney R. Herndon George L. Lovsan The above ordinance was passed by the following vote: Leslie Wasserman .(.6�� Jack De Forrest Barney B. H Sydney B. Herndon George L. Lowman n Bugg '