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Home My WebLink About03291 ORD - 07/15/1952ORDINANCE NO. 6�a2 AN ORDINANCE AUTHORIZING THE ISSUANCE OF ONE HUNDRED FIFTY THOUSAND ($150,000.00) DOLLARS PUBLIC.PARK BONDS, SERIES 1952; 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, Texas, on the 23rd day of June, 1951, more than a majority of the 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 bond of said City in the amount of One Hundred Fifty Thousand ($150,000.(0) Dollars for the purpose of purchasing and improving lands for park purposes for said City, and the City Council has heretofore canvass Ed the returns of said election and found that it is authorized to is- sue said bonds; and WHEREAS, the City Council is of the opinion that it is desir- able at this time to authorize the issuance of all of said bozids; 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, be issued in the principal sum of One Hundred Fifty Thousand ($150,000.00) Dollars, to be known and designated as "CITY OF CORPU CHRISTI PUBLIC PARK BONDS, SERIES 1952 ", for the purpose of purchas- ing and improving lands for park purposes for said City, under and by virtue of the Constitution and laws of the State of Texas, parti- cularly 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 July 1, 1952, shall be (AqI numbered from One (1) to One Hundred Fifty (150), both inclusive, shall be in the denomination of One Thousand ($1,000.00) Dollars each, aggregating One Hundred Fifty Thousand ($150,000.00) Dollars, and shall become due and payable on the 1st day of January in each of the years and in the respective amounts shown in the following schedule, to -wit: Bond Nos. Maturity Amount 10 January 1, 1954 $ 5,000.00 6 - 1955 5,000.00 11 - 16 15 �� 1956 5,000.00 - 20 1957 5,000.00 21 - 31 - 30 40 " if If " 1958 10,000.00 41 - 50 " " 1959 1960 10,000.00 10,000.00 21 - 60 If " 1961 10,000.00 .1 76 - 75 90 if 1' 1962 1963 15,000.00 15,000.00 91 - 106 - 105 120 n n 1964 1965 15,000.00 15,000.00 121 - 135 " " 1966 15,000.00 136 - 150 " " 1967 15,000.00 Section 3: That said bonds shall bear interest at the rate of Two and three - fourths (2 -3/4%) per cent per annum; interest payable on January 1,,1953 and semi - annually thereafter on the 1st day of July and the lst day of January 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 Christ National Bank, Corpus Christi, Texas, upon presentation and surrende . of said bonds as they respectively become due and, as to interest falling due on and prior to maturity, upon presentation and surrende: of the interest coupons attached to said bonds as they severally be- come 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 City shall be impressed upon each of them. The facsimile signatu 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 PARK BOND, SERIES 1952 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 January 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 Two and three- fourths (2 -3/4%) per cent per annum, payable January 1, 1953 and semi- annually thereafter on July lst and January lst 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, and.interest falling due on and prior to maturity is payable only upon presentation and surrender of the interest coupons hereto at- tached as they severally become due. This bond is one of a series of One Hundred Fifty (150) bonds of like date and tenor except as to number and maturity,dumbered from One (1) to One Hundred Fifty (150), both inclusive, in the de- nomination of One Thousand ($1,000.00) Dollars each, aggregating One Hundred Fifty Thousand ($150,000.00) Dollars, and is issued for the purpose of purchasing and improving lands for park purposes 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 ordinance is of record in the Minutes of said City Council. The date of this bond, in conformity with the above mentioned ordinance, is July 1, 1952. 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 the 23rd day of June, 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, fora 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; 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 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 July 1, 1952. Countersigned: Mayor, City of Corpus Christi, City Secretary, City of Corpus Texas Christi, Texas 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 The Corpus'Christi National Bank, Corpus Christi, Texa the sum of $ in lawful money of the United States of America, being the interest due that date on the City of Corpus Christi Public Park Bond, Series 1952, dated July 1, 1952, 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 , 1952• ' CZ• VI ruD11C sccoun the State of Texas M 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 sinking fund, there is hereby levied for the current year 1952, a tax at the rate of ntvv°- tenths of one ($0.00'5')! 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 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 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 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 charter provisions requiring same to be considered and voted upon at three regular meetings, and such facts require that this ordinance be pass W 1 a ' 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 day of July, 1952. City of Corpus Christi,Texas 1-.ATTEST: (SEAT,) APPROVED AS TO form and legality prior to passage -i,/!_ City Attor y Corpus Christi, Texas 19S-Z TO MIE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas Gentlemen: For the reasons set forth in the emergency clause of the foregoing ordinance, a public emergency and imperative necessity exist for the suspen- sion 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, MA OR City of Corpus Christi, Texas The Charter rule was suspended by the following vote: Leslie Wasserman �E Jack DeForrest Sydney E. HerndonC George L. Lowman2 Frank E. Williamson The above ordinance was passed by the following vote: Leslie Wasserman Jack DeForrest Sydney E. Herndon /c'r V George L. Lowman Frank E. Williamson —d '— 3 a°II