HomeMy WebLinkAbout02683 ORD - 01/12/1950ORDINANCE NG.;Z_(�$j
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
TWO HUNDRED FIFTY THOUSAND ($250,000.00)
DOLLARS POLICE BUILDING BONDS, SERIES 1950 -;
PRESCRIBING TIE TERNS AND CONDITIONS THERE-
OF; LEVYING TAXES TO PAY THE PRINCIPAL AND
INTEREST THEREON; AND DECLARING All 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 Two Hundred Fifty Thousand
($250,000.00) Dollars for the purpose of constructing and equip-
ping a police building for said city, and the City Council has
heretofore canvassed the returns of said election and found that
it is authorized to issue said bonds; 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
($250,000,00) Dollars, to be known and designated as 'CITY OF
CORPUS CHRISTI POLICE BUILDING BONDS, SERIES 1950 ", for the Dur-
Dose of constructing and equipping a police building for said
city, under and by virtue of the Constitution and laws of the
State of Texas, particularly Chapters 1 and 7 of Title 22, Re-
vised 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, 1952 $ 5,000
6 - to 1953 5,000
16 - 20 ;; 1954 5,000
1955 5,000
21 - 25 " " 1956 5,000
^6 - 30 1957 5,000
46 - 60 1958 15,000
1959 15,000
61 75 196o 15,000
76 - 90 ig61 75,000
91 - 105 1862 15,000
106 - 120 " " 1963 15,000
121 - 1355 ' 1964 15,000
136 - 15b_ 1965 15,000
15 165 " 1966 15,000
166 - 18o " 1967 15,000
181 - 195 1968 15,000
196 - 210 ' 1969 15,000
211 - 230 " 1970 20,000
231 - 250 " ° 1971 20,000
Section 3: Said bonds shall bear interest as follows: Bonds
1 to 75, both inclusive, at the rate of three (3s) per cent oer
annum; Bonds _cos. 76 to 135, both inclusive, at the rate of two
and three - fourths (2 -3/4 %) per cent ner annum; and Bonds :dos.
136 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 Parris ^_rust ?N 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 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 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. X1,000.00
UNITED STATES OF A1�12HICA
STATE 01, TEXAS
COUNTY On NUECES
CITY ON CORPUS CKRIETL
POLICE BUILDING EOt ?D
SERIES 1950
The City of Ccrous Christi, in the County of dueces, State
of Texas, for value received, acknowledges itself indebted to
and hereby promises to Day to bearer on January 15, 19_, the
sum of
ONE THOUSAND DOLLARS
($1,000.00) in lawfulmoney of the united States of America, with
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 & Savings
Bank, Chicago, Illinois, or, a, 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
interest rate, numbered from 1 to 250, both inclusive, in the de-
nomination of One Thousand ($1,000,00) Dollars each, aggregating
Two Hundred Fifty Thousand ($250,000,00) Dollars, and is issued
for the purpose of constructing and equipping a police building
for said city, under and in strict conformity with the Constitu-
tion 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 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 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 Dro-
vision has been made fortd�evying 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 Dart, together with all other indebtedness
of said city, does not exceed any constitutional or statutory
limitation.
IN WITNESS WHEREOF, 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 facsimile signatures of said Mayor and
City Secretary, as of January 15,1950.
Countersigned: HATCR Ci y al Corpus Christi, Texas
City ecre ary, C y o Corpus
Christi, Texas
*(Bonds Nos. 1 to 75, both inclusive, at the rate of
3% per annum;
Bonds Nos. 76 to 135, both inclusive, at the rate
Of 2 -3/4% per annum;
Bonds Nos. 136 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.
4
On the 15th day of 1g_, the City of Corpus
Christi, in the County of Nueces, State of Texas, promises to pay
to bearer at Harris Trust M Savings Bank, Chicago, Illinois, or,
at the option of the holders, at the Corpus Christi Pdational Bank,
Corpus Christi, Texas, the sum of $ in lawful money
of the United States of America, being the interest due that date
on the City of Corpus Christi Police Building Bonds, Series lc50,
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
'PEE STATE OF TEXAS 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 seal of office at Austin, Texas, this
day of - 195G,
Comptroller of Pu c ccounts
of the State of Texas
Section 8: While said bonds, or any part of the principal thereof
or interest thereon, rema'n 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 lime 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, Buff'cient to
pay the current interest thereon and to create a sinkinc 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 6 2 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 princ "pal 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-
pal thereof or any interest thereon remain outstanding, an annual
ad valorem tax unon all taxable property- within said city suffi-
cient therefor and said taxes, when collected, shall be applied
to the payment of orincipal 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 Comp-
troller of Public Accounts of the State of Texas for registration.
Section 10: The sale of said bonds to John PSuveen & Co., Chicago,
Illinois, and associates, at a price equal to the pr'ncipal 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 £a Galloway, Attorneys at Law,
New York, New York, is hereby authorized, approved, ratified
and confirmed. when said bonds have been approved by the Attorne
General of Texas, and registered by the Comptroller of Public
Accounts of the State of Texas, they shall be delivered to the
purchasers upon receipt of the purchase price. The Mayor, City
Secretary and City Treasurer are ?. uthorized 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 PROVED this the �� day of January, 1950.
MAYOR -1Ep[ City of rpus C is Texas
3 i-
Ci y Secre ary
Approved as to form and legalit prior to nassage.
At eny-
(SEAL) (/
Corpus Christi, Texas
TO TB$ IL® ®EBS OF TEE CITY COIMCIL
Corpus Chri sti, Texas
Gentlemen:
For the reasons set forth in the emergency clause of the fore-
. going ordinanoe, a public emergency and imperative neoessity 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 mestings of the
City Council, I, 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,
George L. Lowman
The above ordinance was passed by the following vote:
Leslie Wasserman
/ ,v<
AAYq9M0 TEN
City of Corpus Christi, Texas
The Charter rule vas suspended
by the following votes
Leslie Wasserman
Jack DeForrest
Barney Cott
Sydney E. Herndon
George L. Lowman
The above ordinance was passed by the following vote:
Leslie Wasserman
Jack DeForrest
Barney Cott
Sydney E. Herndon
George L. Lowman O
C� ("q3
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 ce