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