Loading...
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