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HomeMy WebLinkAbout03125 ORD - 09/04/1951ORDINANCE NO.�o2.s� AN ORDINANCE AUTHORIZING THE ISSUANCE OF FIVE HUNDRED FIFTY THOUSAND ($550,000.00) DOLLARS STREET IMPROVEMENT BONDS, SERIES 1951; 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 n June 23; 1951, more than a majority of the duly qualified resi- ent electors of said city who own taxable property within said ity and who had duly rendered the same for taxation, voting at aid election, voted in favor of the issuance of the bonds of said ity in the amount of Five Hundred Fifty Thousand ($550,000.00) Dol- ars for the purpose of constructing, improving and repairing the oads, bridges and streets of said city and acquiring the necessary ights of way therefor, and the City Council has heretofore can - assed the returns of said election and found that it is authorized o issue said bonds; and WHEREAS, the City Council is of the opinion that it is desirabl at this time to authorize the issuance of all of said bonds; a herefore r L BE IT ORDAINED by the City Council of the City of Corpus Christ as: ection 1: That the bonds of the City of Corpus Christi, Texas e issued in the principal sum of Five Hundred Fifty Thousand $550,000.00) Dollars, to be known and designated as "CITY OF CORPUS HRISTI STREET IMPROVEI -ENT BONDS, SERIES 1D5111, for the purpose of onstructing, improving and repairing the roads, bridges and streets f said city and acquiring the necessary rights of way therefor, nder and by virtue of the Constitution and laws of the State of exas, particularly Chapters 1 and 7 of Title 22, Revised Civil tatutes of Texas, 1925, as amended, and the City Charter of the Cit Corpus Christi. �laS Section 2: That said bonds shall be dated September 1, 1951, shall be numbered from 1 to 550, both inclusive, shall be in the denomination of One Thousand ($1,000.00) Dollars each, aggregating Five Hundred Fifty Thousand ($550,000.00) Dollars, and shall become due and payable on the 1st day of March in each of the years and in the respective amounts shown in the following schedule, to -wit: Bond Nos. Maturity Amount 1 - 5 March 1, 1963 $ 5,000.00 6 - 10 If 11 1964 5,000.00 11 - 20 " '.' 1965 10,000.00 21 - 30 " 1966 10,000.00 31 - 4o If it 1967 10,000.00 41 - 65 " " 1968 25,000.00 66 96 - 95 - 120 " " 1969 30,000.00 121 - 145 " If 1970 1971 25,000.00 25,000.00 146 - 175 ' " 1972 30,000.00 176 - 205 " 1973 30,000.00 2o6 - 400 " " 1974• 195,000.00 401 - 550 " " 1975 150,000.00 Section 3: That said bonds shall bear interest as follows: Bonds Nos. 1 to 205, both inclusive, at the rate of two and three - fourths (2 -3/4%) per cent per annum; and Bonds Nos. 206 to 550, both in- clusive, at the rate of three (3 %) per cent per annum; interest pay- able on March 1, 1952 and semi - annually thereafter on the 1st day of September and the 1st day of March of each year until the prin- cipal is paid. Both principal and interest on said bonds shall be payable in lawful money of the United States of America at Harris Trust & Savings Bank, Chicago, Illinois, or, at•the option of the holders, at The Corpus Christi National Bank, Corpus Christi, Texas, upon presentation and surrender of Laid 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 countersigned by the City Secretary and the corporate seal of the 2 i ity shall be impressed upon each of them. The facsimile signatures f the Mayor and City Secretary may be lithographed, engraved or >rinted 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: Vo $1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI STREET IMPROVEIVENT BOND SERIES 1951 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 March 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 March 1, 1952 and semi - annually thereafter on Septlamber 1st and March 1st of each year until the principal sum shall be paid; both principal and interest are payable at Harris Trust & Savings Bank, Chicago, Illinois, or, at the option of the holders, at the Corpus Christi National Bank, Corpus Christi, Texas, 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 five hundred fifty (550) bonds of like date and tenor except as to number, maturity and interest rate, numbered from 1 to 550, both inclusive, in the denomination of One Thousand ($1,000.00) Dollars each, aggregating Five Hundred ifty Thousand ($550,000.00) Dollars, and is issued for the purpose f constructing, improving and repairing the roads, bridges and treets of said city and acquiring the necessary rights of way there I3 for, 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 dity, 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 September 1, 1951. It is hereby certified, recited and represented that the serie of bonds of which this bond is a part, was authorized at an electio held in the City of Corpus Christi, Texas, on June 23, 1951, 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 man- ner as required by law; that due provision has been made for levy- ing and collecting annually by taxation an amount sufficient to pay the interest on these bonds as it falls due, and to provide a sink- ing fund for the final redemption of said bonds at maturity; and that the issue oP bonds, of which this one is a part, together with all other indebtedness of said city, does not exceed any constitu- tional 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 September 1, 1951. Countersigned: , ..+...y —1— V111 -, (City Secretary, City of Corpus Christi, Texas *(Bonds Nos. 1 to 205, both inclusive, at the rate a of 2 -3/4% per annum; Bonds Nos. 206 to 550, both inclusive, at the rate of 3% 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 Christi, in the County of Nueces, State of Texas, promises to pay to bearer at Harris Trust & Savings Bank, Chicago, Illinois, or, at theog ion of the holders, At The Corpus Christi National Bank, Corpus Christi, Texas, the sum of $ in lawful mone; of the United States of America, being the interest due that date on the City of Oorpus Christi Std AtImprovement Bond•;,Series 1951, dated September 1, 1951, 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 of- fice 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 , 1951• the State of Texas 5 Section 8: That while said bonds, or any part of the principal thereof or interest thereon, remain outstanding and unpaid, there i 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, there is hereby levied for the cur- rent year 1951, a tax at the rate of 01.39 cents on each $100 val- uation 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 an part of the principal thereof or any interest thereon remain out- standing, 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 bond pending their investigation and approval by the Attorney General and, when so approved, shall deliver them to the Comptroller of V Public Accounts of the State of Texas for registration. Section 10: The sale of said bonds to Halsey, Stuart & Co., Inc., Harris, Hall & Co., Inc., First of Michigan Corp., McDougal & Co., Thomas & Co.,Burns, Corbett & Pickard,Inc., and Underwood,Neuhaus & Co subject to the unqualified approving opinion as to legality by the Attorney General of Texas and Vandewater, Sykes, Heckler & Galloway 50 Attorneys at Law, New York, New York, and Vinson, Elkins & Weems, Attorneys at Law, Houston, Texas, is hereby authorized, approved, ratified and confirmed. When said bonds have been approved by the Attorney General of Texas, and registered by the Comptroller of Public Accounts of the State of Texas, they shall be delivered to the purchasers upon receipt of the purchase price. The Mayor, City Secretary and City Treasurer are authorized and directed to do any and all.things necessary and /or convenient to carry out the provisions of this ordinance. Section 11: 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 im- perative public necessity requiring the suspension of rules and charter provisions requiring same to be considered and voted upon at three regular meetings, and such facts require that this ordi- nance be passed and take effect immediately as an emergency meas- ure, 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 the day of September, 1951. Mayor, City of Corpus Christi, Texas ATTEST: (SEAL) Approved as to form and legality prior to passage. 7 ity Atto ey C rpus Christi, Texas TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas Gentlemens For the reasons set forth in the emergency clause of the fore- going ordinance, a public emergency and imperative necessity exist for F 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, MAYOR City of Corpus Christi, Texas The Charter rule was suspended by the following vote: Leslie Wasserman Jack DeForrest Barney Cott n iwo Sydney E. Herndon George L. L. Lawman The above ordinance was passed by the following vote: Leslie Wasserman Jack lleForrest Barney Cott Sydney E. Herndon =s�— George L. Lowman �'ar