HomeMy WebLinkAbout02684 ORD - 01/12/1950ORDINANCE NO.;21�8¢
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
FIVE HUNDRED THOUSAND ($500,000.00) DOLLARS
CITY HALL BONDS, SERIES 1950; PRESCRIBING
TIE TERMS AND CONDITIONS THERE OF; LEVYING
TAXES TO PAY THE PRINCIPAL AND INTEREST
THEREON; AND DECLARING AN EMERGENCY
v
- TEREAS, 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 Five Hundred Thousand
(9500,000.00) Dollars for the purpose of constructing and equip-
ping a city hall for said city, and the City Council has hereto-
fore canvassed the returns of said election and found that it is
authorized to issue said bonds; and 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 rive Hundred.Thousand
($500,000.00) Dollars, to be known and designated as "CITY OF
CORPUS CHRISTI CITY 51ALL BONDS, SERIES 1950 ", for the purpose of
constructing and equipping a city hall for said city, under and
by virtue of the Constitution and laws of the State of Texas, par-
ticularly 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 500, both inclusive, shall be in the deno-
mination of One Thousand ($1,000.00) Dollars each, aggregating
Five Hundred Thousand (:)500,000.00) Dollars, and shall become due
and payable on the 15th day of January in each of the years and
in the respective amounts shown in the following schedule, to -wit:
a�CO'Ll
Bond Nos. Maturity Amount
6 - to January 15, 1955 $ 5,000
1956 5,000
16 - 20 `; 1957 5,000
1958 5,000
21 - 35 1959 15,000
36 - 5o i96o 15,000
51 - 80 1961 30,000
81 - 110 " 1962 30,000
111 - 14o " " 1963 30,000 !'
141 - 17q- 1964 30,000
171 - 200' 1965 30,000
201 - 230' ' 1966 30,000
231 - 26o 1967 30,000
261 - 290 " 1968 30,000
291 _ 3 20 1969 30,000
321 - 350 1970 30,000
351 - 380 1971 30,000
381 - 410 " " 1972 30,000
411 440 1973 30,000
441 - 470 " 1974 30,000
471 - 500, 1975 30,000
Section 3: Said bonds shall bear interest as follows: Bonds Nos.l
I to 50, both inclusive, at the rate of three (3N) per cent per
annum; Bonds Nos. 51 to 170, both inclusive, at the rate of two
and three - fourths (2 -3/4 %) per cent per annum; and Bonds Nos,
171 to 500, 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 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 farm of said bonds shall be substantially
as follows:
No. $1,000.00
.UNITED STATES OF AMERICA
STATE OF TEXAS
COUDP.CY OF NUECES
CITY OF CORPUS CHRISTI
CITY FALL BCND
SERIES 19950
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, 191 the
sum of
ONE THOUSAND DOLLARS
($1,000.00) in lawful money 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 l5th of each year until the principal 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 five hundred (500) bonds of
like date and tenor except as to number, maturity and interest
rate, numbered from 1 to 500, both inclusive, in the denomination
of One Thousand ($1,000.00) Dollars each, aggregating Five
Hundred Thousand ($500,000.00) Dollars, and is issued for the
Purpose of constructing and equipping a city hall for said city,
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 pur-
suant to an ordinance duly passed and adopted by the City Coun-
cil 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 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 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.
Mayor, City of Corpus Christi, Texas
Countersigned:
City Secretary, city of Cor_uus
Christi, Texas
'(Bonds Nos. 1 to 50, both inclusive, at the rate of
3% per annum;
Bonds Nos. 51 to 170, both inclusive, at the rate
of 2 -3/4% per annum;
Bonds Nos. 171 to 500, 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. 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 Harris Trust L Savings Bank, 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, being the interest due that date
on the City of Corpus Christi City Hall Bonds, Series 1950, dated
January 15, 1950, Bond No.
r
—by Secreuary
Section 7: That the following certificate shall be printed on
the back of each of said bonds:
OFFICE OF THE COMPTROLLER
THE STATE Or 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 thatit 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 , 1 ,050,
Comptroller of Public recounts �
of the State of Texas
Section 8_ 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 taxes are
assessed, levied and collected in each year, a tax upon all taxa-
ble 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 3.S a i --
cents on each w100 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-
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 9: 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 registra-
tion.
Section 10: The sale of said bonds to John ISuveen & Co., Chicago,
Illinois, and associates, at a price equal to the princiaal 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, IBew 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 delivered too 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 j ;�— day of January, 1950.
Y6Y�t
ATTEST:
C' y ecre ary
Approved as to form and legality prior to Dassage,
City At ey
(SEAL)
Mq
Corpus Christi, Texas
v , 194P
TO 23 UMBERS OF THE CITY COIIRCIL
Carpus Christi, Texas
Gentlemrns
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 Comoilf I, therefore, hereby request that you suspend said Charter
sale or requirement and pass this ordinance finally on the date it is
Introduced. or at the present meeting of the City Counoil.
Respectfully,
City of Corpus Christi, Texas
The Charter rule was 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 votes
Leslie Wasserman
Jack DeForrest
Barney Cott`
Sydney E. Herndon 4A
George L. Lowma
1949
E 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 purpose.
Director of nance