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HomeMy WebLinkAbout02892 ORD - 10/03/1950STATE OF TEXAS COUNTY OF NUECES On this the 3rd day of October, 1950, at 4:00 o'clock p.m., the City Council of the City of Corpus Christi, Texas, convened in regular meeting with the following members of said Council present, to -wit: Leslie Wasserman Mayor Jack DeForrest . Sydney E. Herndon Commissioners Barney Cott George L. Lowman C. 1. Vetters City Secretary with the following absent: NONE , constituting a quorum. Also present were: City Manager W. B. Collier, Purchasing Agent William Burke, City Attorney I. M. Singer, and W. G. Graf, City Controller. The following, among other business, was transacted: A motion was made by Commissioner DeForrest, seconded by Commissioner Lowman, and passed, awarding $2,850,000 City of Corpus Christi, Texas various General Obligation Bonds as follows: x •5,000 Municipal Auditorium, Series 1950 -A `!5'50,003 Public Library n " 75,000 Public Park " "'-A 750,000 Storm Sewer " "-A 350,000 Street Improvements " It -A to Halsey, Stuart & Co., Inc., First Southwest Company, Harris, Ball & Company, (Inc.), i w First of Michigan Corporation, Underwood, Neuhaus 4& Co., The Milwaukee Company,- McDougal and Company, Thomas & Company, at a price of par and accrued interest from November 1, 1950 to date of delivery, plus a cash premium of $572.85 on a net effective interest cost of $2.5736 %, as per the following schedule: (1) For all bonds maturing December 1, 1952 through December 1, 1969 at a coupon rate of 2 -3/4% (2) For all bonds maturing December 1, 1970 through December 1, 1974 at a coupon rate of 2 -1/2% Bid of this firm was accepted as the lowest bid received and the bid most advantageous to the City of Corpus Christi. Other bids received were from John Nuveen & Company and Associates at an effective interest cost of 2.5883% and from A. G. Allyn & Company and Associates at an effective interest cost of 2.7303$. Z89 Z THE STATE OF TEXAS COUNTY OF NUECES On this, the 3rd day of October, 1950, at 4:00 o'clock P.M., the City Council of the City of Corpus Christi, Texas, convened in regular meeting with the following members of said Council present, to -wit: Leslie Wasserman Mayor Jack DeForrest Sydney E. Herndon Barney Cott Commissioners George L. Lowman C. W. Vetters City Secretary with the following absent: NONE, constituting a quorum. Also present were: City Manager W B. Collier, Purchasing Agent William Burke, City Attorney I. M. Singer, and W. G. Graf, City Controller. The following, among other business, was transacted: Mayor Wasserman presented for the consideration of the Council an ordinance which was read by the City Secretary, said presentation containing a communication in writing per- taining to the proposed ordinance and 'becoming a part there- of, setting out the emergency of the proposed measure. Commissioner DeForrest made a motion that Charter pro- visions prohibiting ordinances from being passed finally on the day that they are introduced be suspended for the reasons stated in the written request of the Mayor as stated in the emergency clause of this ordinance. The motion was seconded by Commissioner Cott. Council was polled by the City Secre- tary and vote registered as indicated on ordinance. Commissioner Herndon made a motion that ordinance be passed finally, motion was seconded by Commissioner Lowman. Council was polled by the City Secretary and vote registered as indicated on ordinance. Mayor Wasserman requested that the records show that he voted "Aye ". This was done. Mayor Wasserman announced that the ordinance had been Passed. The ordinance is as follows: ORDINANCE N0, 211-V AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEVEN HUNDRED FIFTY THOUSAND ($750,000.00) DOLLARS STORM SEWER BONDS, SERIES 1950 -A; PRESCRIBING THE TERMS AND CONDITIONS THERE- OF; 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 resi- dent electors of said City who own taxable property within said Cit, and who had duly rendered the same for taxation, voting at said election, voted in favor of the issuance of the bonds of said City in the amount of One Million Four Hundred Thousand ($1,400,000.00) Dollars for the purpose of constructing and acquiring storm sewers for said City and acquiring the necessary rights of way therefor, 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 of the City of Corpus Christi by ordinance adopted on the 10th day of January, 1950, authorized the issuance of a first installment of said bonds in the principal sum of Six Hundred Fifty Thousand ($650,000.00) Dollars, and said bonds were duly issued; and WHEREAS, the City is now in need of additional funds for the purpose of constructing and acquiring storm sewers for said City and acquiring the necessary rights of way therefor and the City Council is of the opinion that it is desirable at this time to authorize the issuance of the remaining Seven Hundred Fifty Thousand ($750,000.00) Dollars in principal amount of 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 Seven Hundred Fifty Thousand ($750,000.00) Dollars, to be known and designated as "CITY OF CORPU CHRISTI STORM SEWER BONDS, SERIES 1950 -A ", for the purpose of con - structing and acquiring storm sewers for said City and acquiring th necessary rights of way therefor, under and by virtue of the Consti tution 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 2: Said bonds shall be dated November 1, 1950, shall be numbered from One (1) to Seven Hundred Fifty (750), both inclusive,) shall be in the denomination of One Thousand ($1,000.00) Dollars each, aggregating Seven Hundred Fifty Thousand ($750,000.00) Dollars, and shall become due and payable on the 1st day of December in each of the years and in the respective amounts shown in the following schedule, to -wit: Bond Nos. Maturity Amount 1 - 5 December 1, 1952 $ 5000.00 6 - 10 IP ri 11 - 15 1953 5,000.00 u n r 16 - 20 .r n 1954 x,000.00 21 - 21� 1955 5,000.00 26 - 3p „ �� 1956 5,000.00 1957 5,000.00 31 - 35 " 1958 5,000.00 36 - 45 " " 1959 10,000.00 46 - 50 rr r� 1960 51 - 65 " " 1961 15,000.00 66 - 75 1962 10,000.00 76 - 85 1963 10,000.00 86 - 95 " 1964 10,000.00 96 - 105 " " 1965 10,000.00 106 - 120 " " 1966 15,000.00 121 - 145 " 1967 25,000.00 146 - 170 1968 25,000.00 171 - 260 If If 1969 90,000.00 261 - 350 it If 1970 90,000.00 351 - 450 If 11 1971 100,000.00 451 - 550 If It 1972 100,000.00 551 `" 650 If 1973 100,000.00 651 - 750 it 1974 100,000.00 Section Said bonds shall bear interest as follows: Bonds) Nos. 1 to 260, both inclusive, at the rate of 2.75% per annum; and] Bonds Nos. 261 to 750, both inclusive, at the rate of 2.5% P�X: annum; interest payable on December 1, 1951 and semi- annually thereafter on the 1st day of June and the 1st day of Decem ber of each year until the principal is paid. Both principal and interest on said bonds shall be payable in lawful money of the Uni- ted States of America at The Corpus Christi National Bank, Corpus Christi, Texas, or, at the option of the holders, at Harris Trust & Savings Bank, Chicago, Illinois, upon presentation and surrender of said bonds as they respectively become due and, as to interest falling due on and prior to maturity, upon presentation and surren- der of the interest coupons attached to said bonds as they severall; 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 sign tures 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: !)SM $1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI STORM SEWER BOND, SERIES 1950 -A The City of Corpus Christi, in the County of Nueces, State of Texas, for value received, acknowledges itself indebted to and here by promises to pay to bearer on December 1, lg_, 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 nj , December 1, 1951 and semi - annually thereafter on June 1st and Deceu ber lst of each year until the principal sum shall be paid; both principal and interest are payable at The Corpus Christi National Bank, Corpus Christi, Texas, or, at the option of the holders, at Harris Trust & Savings Bank, Chicago, Illinois, and interest fallin due on and prior to maturity is payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due. This bond is one of a series of seven hundred fifty (750) bonds of like date and tenor except as to number, maturity and in- terest rate, numbered from One (1) to Seven Hundred Fifty (750), both inclusive, in the denomination of One Thousand ($1,000.00) Dol lars each, aggregating Seven Hundred Fifty Thousand ($750,000.00) Dollars, and is issued for the purpose of constructing and acquir- ing storm sewers for said City and acquiring the necessary rights of way therefor, 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 pur- suant 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 mentioned ordinance, is November 1, 1950. It is hereby certified, recited and represented that the ser- ies of bondsof which this bond is a part, was authorized at an elec- tion held in the City of Corpus Christi, Texas, on December 17, 1949, and that all acts, conditions and things rn cessary 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 provision has been made for levying and collecting annually by taxation an amount suf- ficient to pay the interest on these bonds as it falls due, and to provide a sinking fund for the final redemption of said bonds at ma• turity; 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 here- to and this bond to be signed by the Mayor and countersigned by the City Secretary, and the interest coupons hereto attached to be exe- cuted by the facsimile signatures of said Mayor and City Secretary, as of November 1, 1950, Countersigned: i, mayor, uity of Corpus Christ City Secretary, City of Corpus Christi, Texas *(Bonds Nos. 1 to 260, both inclusive, bear interest at the rate of 2.75% per annum; Bonds Nos. 261 to 750, both inclusive, bear interest at the rate of 2.5% per annum). Section 6: The form of coupons to be attached to said bonds shall be substantially as follows: No. On the 1st day of , 19 the City of Corpus 2hristi, in the County of Nueces, State of Texas, promises to pay to oearer at The Corpus Christi National Bank, Corpus Christi, Texas, Dr, at the option of the holders, at Harris Trust & Savings Bank, :hicago, Illinois, the sum of $ in lawful money of ;he United States of America, being the interest due that date on the ;ity of Corpus Christi Storm Sewer Bond, Series 1950 -A, dated Novem- ier 1, 1950, Bond No.. Mayor 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. 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 witil the Constitution and laws of the State of Texas, and that it is a valid and binding obligation upon said City of Corpus Christi, Texa , and that said bond has this day been registered by me. WITNESS my hand and seal of office at Austin, Texas, this day of , 1950. Comptroller of Public 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 hereby 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 taxable 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, lt_her�er is hereby levied for the year 1951, a tax at the rate of ? Cp ` 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 pay- able, there is hereby levied for each of the years while said bonds or any part of the principal thereof or any interest thereon remain outstanding, an annual ad valorem tax upon all taxable property within said City sufficient 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 Gen- eral and, when so approved, shall deliver them to the Comptroller of Public Accounts of the State of Texas for registration. Section 10: 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 imper ative public necessity requiring the suspension of rules and charte 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 -5 R= day of October, 1950. , ciLy or corpus Christi, Texas ATTEST: City Secretary APPROVED AS TO form and legality Prior to passage 'City Attorney/, ttorney (SEAL) Corpus Christi, Texas 007 '� , 1950 TO THE ITMER5 OF THu CITY COUNCIL Corpus Christi, Texas Gentlemene For the reasons set forth in the emergency clause of the fore- going ordinance, a public emergency and imperative necessity exist for the suspension or 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 Councils 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, ?—,9c 2 YOR City of Corpus Christi, Texas The Charter rule was suspended by the following vote: Leslie Wasserman Jack DeForrest Barney Cott Sydney E. Herndon' George L. Lowman % The above ordinance was passed by the following vote: Leslie 'Nassenaa.a Jack 11eForrest Barney Cott 0 Sydney E. Herndon'�°- George L. Lmvman ?—,9c 2