HomeMy WebLinkAbout02895 ORD - 10/03/1950STATE OF TEM
COUNTY OF NUECES
On this the 3rd day of October, 1950, at 4300 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
Oommissionera
Barney Cott
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:
A motion was made by CommissionerDeForresty seconded by Commissioner Lowman,
and passed, awarding $2,850,000 City of Corpus Christi, Texas various General Obligation
Bonds as follows:
1 1,325,000 Municipal Auditorium, Series 1950 -A
350,000 Public Library e "
" 75,000 Public Park n n
750,000 Storm Sewer n n
350,000 Street Improvements
to Nalsey, Stuart & Co., Inc., First Southwest Company, Harris, Hall & Company, (Inc.),
First of Michigan Corporation, Underwood, Neuhaus & 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 moat advantageous
to the City of Corpus Christi. Other bids received were from John Nuveen & Company and
Associates at an effective interest cost of 2.5683% and from A. C. Allyn & Company and
Associates at an effective interest cost of 2.7303%.
2895
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. as �=
AN ORDINANCE AUTHORIZING THE ISSUANCE
OF THREE HUNDRED FIFTY THOUSAND
($350,000.00) DOLLARS PUBLIC LIBRARY
BONDS, SERIES 1950;.. PRESCRIBING THE
TERMS AND CONDITIONS THEREOF; 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
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 Three Hundred Fifty Thousand ($350,000.00)
Dollars for the purpose of acquiring, improving, enlarging and equi -
ping a public library for said City, and the City Council has here-
tofore canvassed the returns of said election and found that it is
authorized to issue 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, b�
issued in the principal sum of Three Hundred Fifty Thousand
($350,000.00) Dollars, to be known and designated as "CITY OF CORPU
CHRISTI PUBLIC LIBRARY BONDS, SERIES 1950 ", for the purpose of ac-
quiring, improving, enlarging and equipping a public library 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 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 -
10
December 1, 1952 $
10,000.00
lI -
20
If " 1953
10,000.00
21 -
30
it if 1954
10,000.00
31 -
41
40
It it 1955
" "
10,000.00
-
51 -
50
6o
1956
"
10,000.00
61
1957
"
10,000.00
-
-
70
80
1958
10,000.00
81
1959
°'
10,000.00
-
90
1960
10,000.00
91 -
100
" " 1961
10,000.00
101 -
110
"' " 1962
10,000.00
111 -
125
" " 1963
15,000.00
126 -
140
" " 1964
15,000.00
141 -
150
'.' " 1965
10,000.00
151 -
165
" " 1966
15,000.00
166 -
186
185
" " 1967
" "
20,000.00
-
206
205
1968
"
20,000.00
-
226
225
" 1969
" "
20,000.00
-
250
1970
25,000.00
251 -
276
275
1971
" ""
25,000.00
-
300
1972
25,000.00
301 -
326 -
325
" " 1973
" "
25,000.00
350
1974
25,000.00
(Section 3:
Said bonds shall bear interest as follows: Bonds Nos.
1 to 225, both inclusive, at the rate of 2.75% per annum; and Bonds
(Nos. 226 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
respectively
become due
and, as to interest falling due
on and prior
to maturity,
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 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:
No.
$1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
PUBLIC LIBRARY BOND,
SERIES 1950
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, 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 the lst day of June
and the 1st day of December 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 falling 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 three hundred fifty (350) bond
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) Dol-
lars, and is issued for the purpose of acquiring, improving, enlarg
ing and equipping a public library 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 ordinanc
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
election held in the City of Corpus Christi, Texas, on December 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 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
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 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: mayor, City of Corpus Christi,
City Secretary, City of Corpus
Christi, Texas
*(Bonds Nos. 1 to 225, both inclusive, bear interest
at the rate of 2.75% per annum;
Bonds Nos. 226 to 350, both inclusive, bear inter-
est 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 lst 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, or, at the option of the holders, at Harris Trust & Savings
Bank, Chicago, Illinois, the sum of $ in law-
ful money of the United States of America, being the interest due
that date on the City of Corpus Christi Public Library 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 bmdds:
OFFICE OF THE COMPTROLLER
THE STATE OF TEXAS REGISTER NO.
I hereby certify that there is on file and of record 'in my of-
face a certificate of the Attorney General of the State of Texas t
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.
Gomp'croller oi' 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 cur-
rent interest thereon and to create a sinking fund to pay the prin-
cipal as it matures; and to pay the interest on said bonds and
create said sinking fund, there is hereby levied for the year 1951,
a tax at the rate of '� .16'1
cents on each $100 valuation of taxable property within said 0ity,
and the same shall be assessed and collected and applied to the pur.
pose 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 any interest
thereon remain outstanding, an annual ad valorem tax upon all tax-
able property within said City sufficient therefor and said taxes,
when collected, shall be applied to the payment of principal and in-
terest on said bonds, and to no other purpose.
Section 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 meausre, and shall
be in full force and effect immediately upon its passage.
PASSED and APPROVED this 3 day of October, 1950.
ATTEST:
City Secretary
APPROVED AS TO form and legality
prior to passage:
CIVk Attor y
(SEAL)
Corpus Christi, Texas
, 1950
TO THE 1:^MMERS OF THE 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 follrnving vote:
Leslie Wasserman
'4assein n
Jack DeForrest
Jack DeForrest
Barney. Cott
Barney
Sydney E. Herndon
George L. Lowman
E. Herndon
The above ordinance tivas passed
by the follotain.g vote:
Leslie
'4assein n
Jack DeForrest
Barney
Cott�+��
Sydney
E. Herndon
George
L. LmTman
2�p
2155