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
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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 %.
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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