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Home My WebLink About03024 ORD - 04/17/1951AN ORDINANCE AUTSIRIZING AND DIRECTING THE CITY MANAGER TO EXECUTE A CONTRACT FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI WITH F. HIM SMITH & COMPANY; PROVIDING THAT F. BERT SMITH & COMPANY SHALL ACT AS FISCAL AGENTS FOR THE CITY, TO BRING UP TO DATE AND,TO KEEP CURRENT THROUGHOUT THE TERM OF SAID AGREEMENT THE FINANCIAL STUDY AND REPORT MAi.E UNDER. DA79 OF JUNE 1949, TO MAKE SUPPLEMENTAL REPORTS, AND TO ADVISE THE CITY GENERATTV, # IN TIE MAKING OF AN INVESTIGATION, STUDY AND REPORT, IN WRITING, IN REGARD TO THE CITYIS FINANCIAL POSITION AND THE CITYiS ABILITY TO ISSUE BONDS AND TO FINANCE THE COST OF SUCH IMPROVEMENTS AS THE CITY MAY DESIRE TO MAKE AND TO REIMBURSE THE CITY FOR THE COST OF ORDI- NANCES AND OTHER INSTRUMENTS REQUISITE TO THE ELECTION PERTAINING TO BMW, THE ISSUANCE OF BONES AMID THE SALE OF BONDS, AND THE COST OF MARKET OPINION ON ALL SUCH SECURITIES, RTC.; PROVIDING COMPENSATION FOR SAID F. BERT SMITH & COMPANY; PROVIDING FOR NEGOIA FOR THE PURCHASE OF BONDS, �A COPY OF SAID CONTRACTING AT- TACHED HERETO AND MADE A PART HEHEOF;AND DECLARING AN E EraNCY. WF)EREAS, It is contemplated that the City of Corpus Christi will desire the issuance of bonds to finance the continuance of Public Improvements in the near future, making it necessary to appoint a fiscal agent to make investigation, study and report and to handle the details of the transaction connected with the election, issuance, sale and negotiation for the purchase of said bonds; and WHEREAS, It is desired that the financial study and report previously made to the City under date of April 1949 be brought up to date and kept current throughout the term of the agreement to be made forthwith, and that supplemental reports be made; NON, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS= SECTION 1. That the City Manager be, and he is hereby, author iced and directed for and on behalf of the City of Corpus Christi to execute R contract with F. Bert Smith & Company providing that said F. Bert Smith & Company shall act as fiscal agents for the City, to bring up to date and to keep current the study and report previously made the City, and to advise the City Generally, in the making of an investigation, study and financial report in regard to the City's financial position and the CitYla ability to issue bonds and to finance the cost of Public improve_ meats, under the terms and conditions of said contract, a copy of which is attached hereto and made a part hereof, reading as follows, togdt: A 0 R E E M E N T THE STATE OF TEXAS OODNTX OF NMCES d This Agreement entered into this day of April, 1951, be- tween the City of Corpus Christi, a municipal corporation, hereinafter , called "City" and F. Pert Smith & Company, a registered securities Dealer in the State of Tomas, hereinafter called "Dealer", HTTNESSETHe The City desires to construct certain public improvements which will necessitate the issuance of General Obligation Bonds or Revenue Bonds, and Awther desires to have the financial study and report which was made to the City by Tesler under the terms of Dealer's Fiscal Agency Contract with the City dated April 20, 1949, brought up to date and maintained currently throughout the life of this Agreement. The City hereby appoints the Dealer as its Fiscal Agent to perform the services hereinafter stated. The Dealer agreesr 1. Promptly to bring up to date and to keep current throughout the tern of this Agreement, the financial study and report which was made by the Dealer to the City under date of June, 19L9, giving the City complete information in regard to its pregent financial condition and its ability to issue additional bonds, both General Obligation and Revenue Bonds, to finance the coat of such public improvements as the City desires to make. 2. To file a written supplemental report in tripli- cate copies with the City Manager setting forth supplemental financial information relating to the Cityle present financial condition and recommending the most advantageous meaas -af financing apch improvements, supplying such additional informa- tion aa.might be requested by the City Manager 3., ° To adi5v with City Officials in regard to the ,aanunt, marimim maturities and maximum interest rates of bonds to be submitted to a vote of the people and to advise with the City Officials in regard to the terms upon which such bonds shall be issued and sold. b. To pay the cost of printing all bonda,'warrants•and other evidences of indebtedness issued by the City and covered by this Agreement and to pay all shi;ping charges in connection with the approval, registration and dalivery of such securities to the purchasers. 5. To reimburse the City for the reasonable legal fees of Vinson, Elkins & terms, Houston, Texas, who shall be em. ployed to prepare all ordinances, resolutions, notices and other instruments to call any such alectionst and to authorise the issuance of any securities approved at such elections and to secure their approval by The Attorney General of Texas and their registration by the Comptroller of Public Accounts of Torras, including cost of furnishing certificates and require- ments of the offices of Attorney General and Comptroller. 6.• To pay the cost of market opinion on all such securities by recognised municipal bond attorneys acceptable to the City. " As full and complete compensation for services to be mad by Dealer to the City under this Agreement, the City agrees to pay to Dealer the sum of $7.50 for each $12000.00 in principal amountQDf the securities issued by the City under the terms of this Agreement, such sure to be payable in direct preparation to the amount of securities actually issued and delivered by the City at the time of 'each delivery to the purchaser, either all at one time or in installments, as the case may be. This Agreement shall com r the financing of all types of public improvements and nothing harein shall pro- hibit the Dealer from bidding in the same mannor as other bidders on the purchase of securities offered by the City at public sale. In no event shall Dealer incur liability on the part of the City for any amount in the performance of this Agreement: This Agreement shall continue in effect until April _(_2 19$3. Executed in Corpus Christi, Texas, upon the date first written above. ATTESTi City Secr6tary APPROVED AS TO LEGAL FO[di= y Attorney CITY OF CORPUS CHRISTI, TEXAS Byt City Hanagsr P. PERT SMITH & COMPANY By- Bart mi t Owner e SECTICN 2. That the fact that F. Bert Smith & Company are specialists in the handling of municipal bonds and the services of such specialist being essential and greatly beneficial to the City, and it being contemplated that the City will formulate bond issues for continuing public improvements, necessitatingthd appointing of,hueh fiscal agent imnedia creates a public emergency and an imperative public necessity requiring the suspension of the Charter rule that no ordinance or resolution shall be passed finally on the date of its introduction and that such ordinance or resolution shall be read at three several meetings of the City Council, and the Mayor, declaring such emergency and necessity to e3dst, having requested the suspenr lion of said Charter rule and that this ordinance be passed finally on the date of its introduction and take effect and be in full force and effect from and after its passage, IT IS SO ORDAINED. PASSED AND APPROVED. This th 7 --dav of April, 1951. T= CITY OF CORPUS CHRISTI, TEXAS CITY cre APPROVED AS TO REGAL FORM: _ LaZY A ey Corpus Christi, Texas 1950 TO THE 1EMMS 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 shell 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, &Oa4 MAYCR City of Corpus Christi, Tome The Charter rule was suspended by the following vote: Leslie Wasserman Jack DeForrest �/''�4° Barney Cott t3.. Sydney E. Herndon ^l George L. Lowman �ly� The above ordinance was passed by the following vote: Leslie Passerman Jack DeForrest Barney Cott Sydney E. Herndon George L. Lawmen &Oa4