HomeMy WebLinkAbout02687 ORD - 01/12/1950ORDINANCE NO.Z-G8 7
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
SEVENTY FIVE THOUSAND ($75,000.00) DOLLARS
PUBLIC PARK BONDS, SERIES 1950; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF; 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 Hundred Fifty Thousand
($150,000.00) Dollars for the purpose of purchasing and improving
lands for park purposes 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; and
WHEREAS, the City Council is of the opinion that it is
desirable at this time to authorize the issuance of only
Seventy Five 'Thousand ($75,000.00) Dollars of said bonds, leav-
ing the remaining Seventy rive Thousand ($75,000,00) 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 l: That the bonds of the City of Corpus Christi, Texas
be issued in the principal sum of Seventy Five Thousand ($75,000.00
(Dollars, to be known and designated as "CITY OF CORPUS CHRISTI
iPUBLIC PARK BONDS, SEISES 1950 ", for the purpose of purchasing
and improving lands for park purposes 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 75, both inclusive, shall be in the deno-
mination of One Thousand ($1,000.00) Dollars each, aggregating
Seventy Five Thousand ($75,000.00) 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:
Bond Nos, Maturity Amount
6 - 50 January 1�, 1951 $ 5,000
1952 5,000
11 15 1953 5,000
16 - 20 " 1954 5,000
26 Y 25 1955 5,000
- 30 1956 5,000
31 - 35 1957 5,000
36 - 4o 1958 5,000
41 - 45 1959 5,000
46 - 50_ 1960 5,000
51 - 55 1961 5,000
56 - 6o 1962 5,000
61 - 65 1963 5,000
66 - 70 " 1964 5,000
71 - 75 1965 5,000
Section 3: Said bonds shall bear interest as follows: Bonds Nos.
1 to 50, both inclusive, at the rate of three (3,�' ,) per cent per
annum; Bonds Nos. 51 to 70, both inclusive, at the rate of two
and three- fourths (2 -3/4 %) per cent per annum; and Bonds Nos.
71 to 75, 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 x 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.
$1,000.00
UPiITED STATES OF AMERICA
STATE O- TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRIST!
PUBLIC PARK BOND
SERIES 1950
The City of Corpus Christi, in the County of D7ueces, 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 thereon from date at the rate of ( *r) per annum, payable
January 15, 1951 and semi - annually thereafter on July l5th and
January 15th of each year until the principal sum shall be paid;
both principal and interest are payable at Harris Trust w 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 seventy five (75) bonds of
like date and tenor except as to number, maturity and interest
rate, numbered from 1 to 75, both inclusive, in the denomination
of One Thousand (1,000,00) i)ollars, each, aggregating Seventy
Five Thousand ($75,000.00) Dollars, and is issued for the pur-
pose of purchasing and improving lands for park purposes for
said city, under and in strict conformity vrith the Constitution
and laws of the State of Texas, particularly Chanters 1 and 7 of
Title 22. _ Vernon's Civil Statutes of the State of 4e7,as, 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 Council
of said city, which ordinance iso_° record in the Minutes of said
City Council.
The date of this bond, in conform-"y 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, 19$5, 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.
ITS WITNESS WI-L REOF, 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 Chr sti, Texas
Countersigned:
City Secretary, City of Corpus
Christi, Texas
- (Bonds Nos, 1 to 50, both inclusive, at the rate of
3�_, per annum;
3onds Nos. 51 to 70, both inclusive, at the rate of
2 -3/4% per annum;
Bonds Nos. 71 to 75, both inclusive, at the rate of
3 -1/4b 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 nay
to bearer at Harris Trust L Savings Bank, Chicago, Illinois, or,
at theoption 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 Public Park 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 140.
THE STATE OF TEXAS
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 u lic Accounts
of the State of 'Texas
Section 8: While said bonds, or any part 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 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 princip� as it matures; and to pay the interest on said
bonds and Great said sinking fund, there is hereby levied for
the current year 1950, a tax at the rate of 0. R 9 3 .S
cents on each $100 valuation of taxable property
within said city, and the same shall be assessed and collected an(
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
I
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 collect, shall be applied
to the payment of principal and interest on said bonds, and to
no other purpose.
Section ^hat 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 Como -
troller of Public Accounts of the State of Texas for registration.
Section 10: The sale of said, bonds to John Nuveen 8� 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''7exas
and Vandewater, Sykes, Heckler w Galloway, Attorneys at iaw,
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 Conptroller of Public
Accounts of the State of Texas, they shall be delivered to the
purchasers upon receipt of the purchase price. `Phe 44aycr, 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 perinanent 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 APPEOVED this the 1'2-day of January, 1950°
- -k ity0' x
Corpus Christi, Teas
ATm„ S`
A
Ci y
Secretary
Approved as to form and legality prior to passage.
't Attor y
(SLAL�
Corpus Christi, Texas
1 Y 19ja
TO THE MEM ERS OF THE 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 pass this ordinance finally on the date it is
introduced, or at the present meeting of the City Council.
Respectfully,
'(• TEIi
City of Corps Christi, Texas
The Charter rule was suspended by the following vote:
Leslie Wasserman
l
Jack DeForrest^
Barney Cott
Sydney E. Herndon
George L. Lowman
44
The above ordinance was paused
by the following vote:
Leslie Wasserman
Jack DeForrest
/y VL
Barney Cott
Sydney E. Herndon
George L. Lowman
19+9
Y 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 Finance