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HomeMy WebLinkAbout03127 ORD - 09/04/1951ORDINANCE NO. c0la / AN ORDINANCE AUTHORIZING THE ISS67 NCE OF THRE„ HUNDRED THOUSAND ($300,000.00) DOLLARS M�iNISPAL AIRPORT BONDS, SERIES 1951; PRE-- SCR'ZBING THE TERMS AND CONDITIONS THEREOF; VYING TAXES TO PAY THE PRINCIPAL AND IN- TEREST THEREON; AND DECLARING AN EMERGENCY WHEREAS, at an election held in the City of Corpus Christi on June 23, 1951, more than a ma"ority 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 Thousand ($300,000.00) Dollars for the purpose of enlarging, improving and equipping the municipal air port of said city, and the City Council has heretofore canvassed th 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 Christ Texas: Section 1: That the bonds of the City of Corpus Christi, Texas be issued in the principal sum of Three Hundred Thousand ($300,000.00) Dollars, to be known and designated as "CITY OF CORPUS CHRISTI MUNICIPAL AIRPORT BONDS, SERIES 1951 ", for the purpose of enlarging improving and equipping the Municipal Airport of said city, under and by virtue of -the Constitution and laws of the State of Texas, particularly Chapter 114, Acts of the 50th Legislature of Texas, 1947, and the City Charter of the City of Corpus Christi." Section 2: That said bonds shall be dated September 1, 1951, shal be numbered from 1 to 300, both inclusive, shall be in the denomin- ation o, 'two ne;;(iousand ($1,000.00) Dollars each, aggregating Three Hundred' Thousand ($300,000.00) 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, 1960 $ 5,000.00 6 - 30 " " 1961 25,000.00 31 - 45 1962 15,000.00 46 - 50 " " 1963 5,000.00 51 - 6o " it 1964 10,000.00 61 - 70 " ". 1965 10,000.00 71 - 80 it If 1966 10,000.00 81 - 95 " 1967 15,000.00 96 - 120 " " 1968 25,000.00 121 - 155 " " 1969 35,000.00 156 - 18o " 1970 25,000.00 181 - 205 " " 1971 25,000.00 2o6 - 235 1972 30,000.00 236 - 265 " " 1973 30,000.00 266 - 3oo " " 1974 35,000.00 Section 3: That said bonds shall bear interest as follows: Bonds Nos. 1 to 265, both inclusive, at the rate of two and three - fourths (2- 3/4;6) per cent per annum; and Bonds Nos. 266 to 300, both inclu- sive, 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 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 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 5: That the form of said bonds shall be substantially as follows: 7 4 No. 1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI MUNICIPAL AIRPORT 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 September 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 three hundred (300) bonds of like date and tenor except as to number, maturity and interest rate, numbered from 1 to 300, both inclusive, in the denomination of One Thousand (1,000.00) Dollars each, aggregating Three Hundred Thou- sand ($300,000.00) Dollars, and is issued for'the purpose of en- larging, improving and equipping the Municipal Airport of said city, under and in strict conformity with the Constitution and laws of the State of Texas, particularly Chapter 114, Acts of the 50th Legislature of Texas, 1947, 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. IFA El 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 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 June 23,1951 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; an( that the issue of 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. Mayor, City of Corpus Christi,Texas Countersigned: City Secretary, City of Corpus Christi, Texas *(Bonds Nos. 1 to 265, both inclusive, at the rate of 2 -3/4% per annum; Boris Nos. 266 to 300, both inclusive, at the rate of 3% per annum) - . T 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 I Christi, in the County of Nueces, State of Texas, promises to pay to bearer at Harris Trust & Savings Bank, Chicago, Illinois, or, I at the option of the holders, at the Corpus Christi'National Bank, Corpus Christi, Texas, the sum of in lawful money of the United States of America, being the interest due that date on the City of Corpus Christi Municipal Airport Bonds, Series 1951,; dated September 1, 1951, Bond No. _ i w I Mayor City Secretary Section 7: That the following certificate shall be printed on the back of each of said bonds: OFFICE OF THE COMPTROLLER THE STATE OF TEYE1S REGISTER NO. -- I hereby certify that there is on file and of record in my of- fice a certificate of the Attorney Gencral 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 it) conformity witl the Constitution and laws of the State of Texas, and that it is a ivalid 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. . g Comptroller of Public Accounts of the State of Texas Z-- Section 8: That 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 said winking fund, there is hereby levied for the cur- rent year 1951, a tax at the rate of _ ^032 (1.32) I cents on each $100 valuation of taxable property within said city, 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 be- I!� come due and payable, there is hereby levied for each of the years j while said bonds or any part of the principal thereof or any in -- terest thereon remain outstanding, 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 bonds pending their investigation and approval by the Attorney General and, when so approved, shall deliver them to the Comptroller of Public Accounts of the State of Texas for registration. Section 10: That 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, Sy::es, Heckler & Galloway, f. Attorneys at Law, New York, New York, and Vinson, Elkins & Weems, Attorneys at Law, Houston, Texas, is hereby authorizes'., 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 pro- visions 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 imperative 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 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 measure, and shall be in full force and effect immediately / upon its passage. PASSED and APPROVED this the of September, 1951. ATTEST; Mayor, City of Corpus Chris-11, Texas Approved as to form and legality prior to passage. City At&forney (SEAL) (x orpus Christi, Texas / Jr'SY TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas Gentlemens For the reasons set forth in the emergency clause of the fore- ordinance, a public emergency and imperative necessity exist for the suspension o£ 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 votes Leslie Wasserman �p Jack DeForrest r Barney Gott Sydney E. Herndon George L. Lawman The above ordinance was passed by the following vote: Leslie Wasserman Jack UeForrest CGt�2� -- Barney Cott Sydney E. Herndon George L. Lowman �w i 81w7