HomeMy WebLinkAbout02688 ORD - 01/12/1950a f .yV
ORDINANCE NO.2a s
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
ONE HUNDRED THOUSAND ($100,000.00) DOLLHS
STREET TRAFFIC CONTROL SYSTEM BONDS, SERIES
1950; PRESCRIBING THE TERMS AND CONDITIONS
THEREOF; LEVYING AXES TO PAY THE PRINCIPAL,
AND INTEREST THEREON; AND DECLARING AN EXER-
GENCY
1111HEREAS, at an election held in the Cit-; 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
bends of said city in the amount of One Hundred Thousand
($100,000.00) Dollars for the purpose of purchasing and install-
ing a street traffic control system 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 therefore
BE ST 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 One Hundred Thousand ($100,000.0 )
Dollars, to be known and designated as "CITY OF CORPUS CHRISTI
STREET TRAFFIC CONTROL SYSTEM BONDS, SERIES 1950 ", for the pur-
pose of purchasing and installing a street traffic control system
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,
Revised Civil Statutes of Texas, 1925, as amended, and the City
Charter of the City of Corpus Christi.
Section ^c: Said bonds shall be dated January 15, 1950, shall
be numbered from 1 to 100, both inclusive, shall be in the deno -
minationof One Thousand ($1,000,00) Dollars each, aggregating
One Hundred Thousand (+$'100,000.00) 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 -witj
Bond Nos. Maturity Amount
1 - 5 January 1p, 1952 $ 5,000
6 - 10 1953 5,000
11 - 15 1954 5,000
16 20 - 1955 5,000
21 - 25 1956 5,000
26 - 30 1957 5,000
31 - 35 1958 5,000
36 - 4o " " 1959 5,000
41 - 45_ 1960 5,000
46 - 50 1961 5,000
51 - 55 " " 1962 5,000
56 - 6o 1963 5,000
61 - 6� 1964 5,000
J6 - 70 1965 5,000
71 - 7� 1966 5,000
76 - 80 1967 5,000
81 - 85 1;68 5,000
86 - 90 " 1969 5,000
91 - 95 " 1970 5,000
96 - loo 1971 5,000
Section 3 Said bonds shall bear interest as follows: Bonds NTos
1 to 45, both inclusive, at the rate of three (3) per cent per
annum; Bonds Nos. 46 to 65, both inclusive, at the rate of two
and three - fourths (2 -341) per cent per annum; and Bonds Nos,
66 to 100, both inclusive, at the rate of three -and one- fourth
(3 -1/4Y) per cent per annum; 'interest payable on January 15, 1951
and semi - annually thereafter on the 15th f#y of July and the 15,
day of January of each year until the principal is paid. Boih
principal and interest on said bonds shall be pa.:able in lawful
money of the IInited ,States of America _-.arris Trust U Savings
Bank, Chicago, Illinois, or, at the option of the ho- _tiers, at
the Corpus Ghrioti Dlational Dank, Corpus Christi, Texas, upon
presentation and surrender of said bonds as they respectively
become due, and, as to interest falling due on and pr'_or 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
1
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
UNITED STATES OF AFRICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS C RISTI
STREET TRA_aFIC CONTROL SYSTEM BOND
SERIES 1950
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, 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 ( * &) per annum, payable
January 15, 1951 and semi - annually thereafter on July 15th and
January 15th of each year until the print' -pal 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 one hundred (100) bonds of
like date and tenor extent as to number, maturity and interest
rate, numbered from 1 to 100, both inclusive, in the denomination
of One Thousand ($1,000.00) Dollars each, aggregating One Hundred
Thousand (x`100,000.00) Dollars, and is issued for the purpose of
purchasing and installing a street traffic control system 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 pursuant to an ordinance duly passed and adopted by the City
Council of said city, which ordinance is of record in the Min-
utes 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 Day 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 issuecf 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.
Countersigned; Mayor, C.y i of Corpus Christi, Texas
City Secretary, City of Corpus
Christi, Texas
*(Bonds Nos. 1 to 45, both inclusive, at the rate of
3% per annum;
Bonds Nos. 46 to 65, both inclusive, at the rate
of 2 -3/4% per annum;
Bonds Nos. 66 to 100, both inclusive, at the rate
of 3- 1/4,41 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 $ in lawful money
of the United States of America, being the interest due that date
on the City of Corpus Christi Street Traffic Constrol System Bonds,
Series 1950, dated January 15, 1950, Bond No. ,
Mav'or
City ecretary
Section 7: That the following certificate shall be printed on
the back of each of said bonds:
OFFICE OF THE COMPTROLLER
THE STATE OF TEXAS REGISTER NO,
1 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 Stateof 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 is Accounts
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 assessedand 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 slid
bonds and create said sinking fund, there is hereby levied for
the current year 1950, a tax at the rate of 0 - _/ G 9 51 �r
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 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 registration
Section 10: The sale of said bonds to John Nuveen I Co., Chicago
Illinois, and associates, at a price equal to the principal amoun
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, 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 Comptroller of Public
Accounts of the State of Texas, they shall be delivered to the
purchasers upon receipt of the purchase price. The Mayor, Cite
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 /;Z day of January, 1950.
WC9 BM TEmc:ity og7Eorpus C isti, Texas
ATTEST:
City Secretary
Approved as to form and legality prior to passage.
t or
(SEAL)
Corpus Christi, Texas
aan v I - 1944)
TO ME MMEH8 OF TEE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
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 ordinanoe finally on the date it is
introduced, or at the present meeting of the City Council.
Respectfully,
G-
ED —TEN
0-ity of Co a Christi, Texas
The Charter rule was suspended by the following vote:
Leslie Wasserman
Jack DeForrest
Harney Cott
Sydney B. Herndon
George L. Lowman
The above ordinance was passed by the following vote:
Leslie Wasserman —
Jack DeForreet
Barney Cott
Sydney E. Herndon
George L. Lowman �„ O