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HomeMy WebLinkAbout02893 ORD - 10/03/1950STATE OF TEDS COUNTY OF NUECES On this the 3rd day of October, 1950, at 000 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 -wits Leslie Wasserman Mayor Jack DeForrest a Sydney E. Herndon Commissioners Barney Cott . George L. Lowman C. N. 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 4. w BF*ds *.follows: ' 14325,000 Municipal Auditorium, Series 1950 -A 3,000 Public Library n n 75,000 Public Park " " - A 750,000 Storm Sewerm. 350,000 Street Improvements ,° "_A, to Halsey, Stuart & Co., Inc., First Southrest Company, Harris, Hall & C a e �P �'� First of Michigan Corporation, Underwood, Neuhaus & Co., The Milwaukee Company, McD%ugal 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. C. Allyn & Company and Associates at an effective interest coat of 2.7303 %. � r 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 NO. Y $ AN ORDINANCE AUTHORIZING THE ISSUANCE OF THREE HUNDRED FIFTY THOUSAND ($350,000.00) DOLLARS STREET IMPROVEMENT BONDS, SERIES 1950 -A; PRESCRIBING THE TERMS AND CONDI- TIONS THEREOF; LEVYING TAXES TO PAY THE PRINCIPAL AND INTEREST THEREON; AND DE- CLARING 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, voting at said election, voted in favor of the issuance of the bonds of said City in the amount of Six hundred Thousand ($600,000.00) Dollars for the purpose of constructing, improving and repairing the roads, bridges and streets of 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 Two Hundred Fifty Thousand ($250,000.00) Dollars, and said bonds were duly issued; and WHEREAS, the City is now in need of additional funds for the purpose of constructing, improving and repairing the roads, bridges and streets of said City and acquiring the necessary rights of way therefor and the City Council is of the opinion that it is desirabl at this time to authorize the issuance of the remaining Three Hun- dred Fifty Thousand ($350,000.00) Dollars in principal amount of said bonds; Therefore BE IT ORDAINED by the City Council of the City of Corpus Christi, Texas: Section l: That the bonds of the City of Corpus Christi, Texas, be issued in the principal sum of Three Hundred Fifty Thousand ($350,000.00) Dollars, to be known and designated As "CITY OF CORPU CHRISTI STREET IMPROVEMENT BONDS, SERIES 1950 -A ", for the purpose of constructing, improving and repairing the roads, bridges and streets of said City and acquiring the necessary rights of way therefor, 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 2: Said bonds shall be dated November 1, 1950, shall be numbered from One (1) to Three Hundred Fifty (350), both inclusive, shall be in the denomination of One Thousand ($1,000.00) Dollars each, aggregating Three Hundred Fifty Thousand ($350,000.00) Dollar , 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 $ 5,000.00 6 - 10 " 11 1953 11 - 15 11 11 1954 5,000.00 16 - 25 it ,; 1 5,000-00 26 - 35 „ �� 955 10,000.00 1956 10,000.00 46 - 45 1957 .10,000.00 55 " 1958 10,000.00 56 - 60 1959 5,000.00 61 - 70 1960 10,000.00 86 - 85 " it 1961 5,000.00 1962 10,000.00 95 it 1963 10,000.00 96 - 105 it 11 1964 10,000.00 106 - 115 it it 1965 10,000.00 116 - 125 it " 1966 10,000.00 126 - 155 it 1967 30,000.00 156 - 185 11 1968 30,000.00 186 - 215 " 1969 30,000.00 216 - 245 " " X970 246 - 28o it „ 1971 30,000.00 281 - 315 It :1 1972 35,000.00 1 316 - 350 n n 35,000.00 1973 35,000.00 Section 3: Said bonds shall bear interest as follows: Bonds Nos. 1 to 215, both inclusive, at the rate of 2.75% per annum; and Bonds Nos. 216 to 350, both inclusive, at the rate of 2.5% per annum; in- terest payable on December 1, 1951 and semi - annually thereafter on the lst day of June and the 1st day of December 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 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 res pectively become due and, as to interest falling due on and prior to maturity, upon presentation and surrender of the interest coupon 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, en- graved 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 Z That the form of said bonds shall be substantially as follows: No. $1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI STREET IMPROVEMENT 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 hereby promises to pay to bearer on December 1, 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 December 1, 1951 and semi - annually thereafter on June 1st and Decem- ber 1st 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 fall- ing due on and prior to maturity is payable only upon presentation and surrender of the interest coupons hereto attached as they sever- ally become due. This bond is one of a series of three hundred fifty (350) bon (e of like date and tenor except as to number, maturity and interest rate, numbered from One (1) to Three Hundred Fifty (350), both in- clusive, in the denomination of One Thousand ($1,000.00) Dollars each, aggregating Three Hundred Fifty Thousand ($350,000.00) Dollar , and is issued for the purpose of constructing, improving and repair ing the roads, bridges and streets of said City and acquiring the necessary rights of way therefor, 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 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 bonds of 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 necessary to be done pre- cedent 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 sufficient 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 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 con- stitutional 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: ..,.j —, ­.Y — "Vt•yua "r1r7.sL1, City Secretary, City of Corpus Christi, Texas *(Bonds Nos. 1 to 215, both inclusive, bear interest at the rate of 2.75% per annum; Bonds Nos. 216 to 350, both inclusive bear inter- est at the rate of 2.5% per annumj. 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 Christi, in the County of Nueces, State of Texas,'promises to pay to bearer at The Corpus Christi National Bank, Corpus Christi, Texas FN or, at the option of the holders, at Harris Trust & Savings Bank, Chicago, Illinois, 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 Improvement Bond:, Series 1950-;, dated November 1, 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 NO. 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 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 sai sinking fund, there is hereby levied for the year 1951, a tax at th, rate of "z , /J-/ 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 principal thereof or interest thereon remain outstanding, an annual ad valorem tax upon all taxable prop- erty within said City sufficient therefor and said taxes, when col- lected, 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 ah 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 pas and take effect immediately as an emergency measure, and such rules and provisions are hereby suspended and this ordinance is passed an shall take effect as an emergency measure, and shall be in full force and effect immediately upon its passage. PASSED and APPROVED this -M Rb da3 of October, 1950. PIT�EST: Mayor, City of Corpus Christi, Texas City Secretary APPROVED AS TO form and legality priori to passage ll , City At�Urney (SEAL) Corpus Christi, Texas Mkt,, 6_, 1950 TO THE NELMERS OF TES 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 ordinance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, City of Corpus Christi; Texas The Charter rule was suspended by the following vote: Leslie Wasserman %�0� Jack DeForrest "` 019- Barney Cott ni D , Sydney E. Herndon `� George L. Lowman J�f The above ordinance was passed by the following vote: Leslie Ausseiwan Jack DeForrest Barney Cott Sydney E. Herndon George L. Lowman U17-3