HomeMy WebLinkAbout03129 ORD - 09/04/1951ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
TWO HUNDRED EIGHTY THOUSAND ($280,000.00)
DOLLARS STORM SEWER BONDS, SERIES 1951;
PRESCRIBING THE TERIJLS AND CONDITIONS
THEREOF; LEVYING TAXES TO PAY THE PRINCI-
PAL AND INTEREST THEREON; AND DECLARING
AN EMERGENCY
WHEREAS, at an election held in the City of Corpus Christi on
June 23, 1951, 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 electio
voted in favor of the issuance of the bonds of said city in the a-
mount of Two Hundred Eighty Thousand ($280,000.00) Dollars for the
purpose of constructing and acquiring storm sewers and drainage
facilities for 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; 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 Two Hundred Eighty Thousand
($280,000.00) Dollars, to be known and designated as "CITY OF
CORPUS CHRISTI STORM SEWER BONDS, SERIES 1951 ", for the purpose of
constructing and acquiring storm sewers and drainage facilities
for 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: That said bonds shall be dated September 1, 1951,
shall be numbered from 1 to 280, both inclusive, shall be in the
denomination of One Thousand ($1,000.00) Dollars each, aggregating
Two Hundred Eighty Thousand ($1280,000.00) 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 - l0 1964 5,000.00
11 - 15 " " 1965 5,000.00
16 - 25 " " 1966 10,000.00
26 - 35 " 1967 10,000.00
36 - 6o " " 1968 25,000.00
61 - 90 " " 1969 30,000.00
91 - 115 " " 1970 25,000.00
116 - 155 " 1971 4o,000.00
156 - 195 1972 4o,000.00
196 - 24o 1973 45,000.00
241 -.28o " 1974 4o,000.00
Section 3: That said bonds shall bear interest as follows: Bonds
Nos. 1 to 240, both inclusive, at the rate of two and three - fourth:
(2 -3/4%) per cent per annum; and Bonds Nos. 241 to 280, both in-
clusive, at the rate of three (3%) per cent per annum; interest pa
able on March 1, 1952 aiid semi - annually thereafter on the 1st day
of September and the lst 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, Texa ,
upon presentation and surrender of said bonds as they respectively
become due and, as to interest falling due on and prior to maturit ,
upon presentation and surrender of the interest coupons attached
to said 'ponds 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 sip-
natures 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:
No.
$1,000.00
UNITED STATES OF AMERICA
i
STATE OF TEXAS'
I
COUNTY OF NUECES I
CITY OF CORPUS CHRISTI
STORM SEWER BOND
SERIES 1951
The City of Corpus Christi, in the County of Nueces, State
I
of Texas, for value received, acknowledges itself indebted to and I
hereby 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
I
interest thereon from date at the rate of (*,%) per annum, payable
March 1, 1952 and semi - annually thereafter on September lst and
March lst 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 presen-
tation and surrender of the interest coupons hereto attached as
they severally become due.
This bond is one of a series of two hundred eighty (280) bonds
of like date and tenor except as to number, maturity and interest
rate, numbered from 1 to 280, both inclusive, in the denomination
of One Thousand ($1,000.00) Dollars each, aggregating Two Hundred
Eighty Thousand ($280,000.00) Dollars, and is issued for the pur-
pose of constructing and acquiring storm sewers and drainage facil-
ities for 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
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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 September 1, 1951.
It is hereby certified, recited and represented that the series
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 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 levyinE
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 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 September 1, 1951.
Countersigned; Mayor, City of Corpus Christi, Texas
City Secretary, City of Corpus
Christi, Texas
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*(Bonds Nos. 1 to 240, both inclusive, at the rate
of 2 -3/4p per annum;
Bonds Nos. 241 to 280, both inclusive, at the
rate of 3% per annum)
Section 6: That the form of coupons to be attached to said bonds
shall be substantially as follows:
No.
On the 1st day of , 9
1 , 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
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 Storm Sewer 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
THE STATE OF TEXAS REGISTER NO.
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.
ter o2 ruolic Accounts
the State of Texas
S'
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 collectec
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 Christj, 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 1.23 cents on each $100 valua-
tion 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 ir
terest 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 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
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., Firist of Richigan Corp.,McDougal & Co.,Thom
& Co.,Burns, Corbett & Pickard,Inc.,and Underwood, Neuhaus & Co.,
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subject to the unqualified approving opinion as to legality by the
Attorney General of Texas and Vandewater, Sykes, Heckler & Galloway
Attorneys at Law, New York, New York, and Vinson, Elkins & Weems,
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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 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 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.
TiL
PASSED and APPROVED this the —_ day of September, 1951.
ATTEST: ayor, City of Corpus Christi, Texas
':�j ^T:
City Secretary
Approved as to form and legality prior to passage.
( SEAL)
7
i y torney
,6prpus Christi, Texas
/ -l95e-
TO THE MEMBERS OF TEE 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,
' P9A,YCR
City of Corpus Christi, Texas
The Charter rule vms suspended by the following votes
Leslie Wasserman
Jack DeForrest
Barney Cott
Sydney E. Herndon / U
George L. Lowman - pU�
The above ordinance was passed by the following votes
Leslie Wasserman
Jack DeForrest
Barney Cott
Sydney E. Herndon
George L. Lowman
3) a�