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HomeMy WebLinkAbout03537 ORD - 08/19/1953AN ORDINANCE AUTHORIZING AND DIRECTING THE CITY MANAGER TO EXECUTE A CONTRACT FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI WITH M. E. ALLISON & CO., INC.; PROVIDING THAT M. E. ALLISON & CO., INC. ACT AS ITS FISCAL AGENT AND FINANCIAL ADVISOR; TO MAKE AVAILABLE TO THE CITY THE SERVICES OF THE PRESIDENT OF M. E. ALLISON & CO., INC. OR ONE OF ITS VICE PRESIDENTS' TO ASSIST THE CITY IN SELECTING A FIRM OR FIRMS OF ATTORNEYS TO RECOMMEND - MATURITY SCHEDULES, OPTIONAL PROVISIONS AND OTHER TERMS AND CONDITIONS TO BE CONTAINED IN THE BOND ORDERS; TO SUPERVISE THE PRINTING OF ALL BONDS AND OTHER FORMS OF INDEBTEDNESS TO BE SOLD; TO ASSEMBLE AND PREPARE ALL NECESSARY AND USUAL DATA TO BE CONTAINED IN PROSPECTUS AND NOTICES AND TO SEE THAT ALL SUCH MATERIAL IS MAILED TO BOND DEALERS IN ADVANCE OF THE DATE OF SALE OF SUCH BONDS; TO PERFORM OTHER SERVICES USUALLY PERFORMED BY FISCAL AGENT; DETERMINING THAT ATTORNEYS FEES BE PAID DIRECTLY BY THE CITY TO THE ATTORNEYS; THAT THE CITY SHALL PAY THE COST OF PRINTING; DETERMINING COMPENSATION AT THE RATE OF $200 PER MONTH FOR FOUR (4) DAYS PER MONTH OR FORTY -EIGHT (48) DAYS PER YEAR; PROVIDING FOR AN ADDITIONAL AMOUNT OF $50 PER DAY PLUS OUT OF POCKET EXPENSES FOR MORE THAN FORTY -EIGHT (48) DAYS- PER YEAR; PROVIDING THAT THE FISCAL AGENT SHALL FURNISH COMPLETE SET OF PROCEEDINGS; THAT THE AGREEMENT SHALL BE BINDING FOR ONE (1) YEAR AND SUB- JECT TO RENEWAL AT THE END OF ONE (1) YEAR BY MUTUAL CONSENT; EXPRESSLY PROVIDING, HOWEVER, THAT THE CONTRACT MAY BE TERMI- NATED AT ANY TIME BY THE CITY OF CORPUS CHRISTI; INCORPORATING SUCH CONTRACT IN THIS ORDINANCE; AND DECLARING AN EMERGENCY. WHEREAS, IT 15 COMTEMPLATED 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 AND FINANCIAL ADVISOR TD ASSIST THE CITY IN SUCH FINANCES. NOW, 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 AUTHORIZED AND DIRECTED FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI TO EXECUTE A CONTRACT WITH M. E. ALLISON & CO., INC. PROVIDING THAT SAID M. E. ALLISON & CO., INC. SHALL ACT AS FISCAL AGENT FOR THE CITY, SAID CONTRACT BEING IN FORM AND SUBSTANCE AS FOLLOWS: 3 53'7 THE SPATE OF TpIA.S X GMUTly OF NTJEM This sireesent entered into this 19th day of August. 1953, between the fl ty af Corpus Christi, 'eras. a municipal corporation, hereinafter called %ItT'. and 3. L. Allison is Co., Xno.. 6 Texas corporation, hereinafter called `Fiscal Agent ", The City desires to employ a fiscal agent and financial advisor to furnish personal services in connection with municipal bands, warrants, notes and otter fours of indebtedness, whether now outstanding or to be issued. The Litt hereby appoints 71. E. Allison & ., Inc. L +s its 'iscal agent and financial advisor to perform the services hereinafter stated. The fiscal agent agrees: 1, se wake available to the Ci y at all reasonable times the services of the president of W. E. Allison f Co., Inc., or if it is impossible for him to be present the services of one of the vice presidents of 04. E. Allison & Co.. Inc., for the pur- pose of canferring wi.tb, advising and assisting city officials, attorneys, engineers and other proper persons on all „tatters pertaining to municipal bonds. notes or other forms of indebt- edness. whether now outstanding or to be issued. o assist the City in selecting a nationally recognized firm or firms of attorneys to be employed by the City and to work with and assist such attorneys in drafting the terms of all resolutions, deeds or indentures. if any, and all other papers and notices necessary to the authorisation. issuance, sale one delivery of such securities. S. To recommend maturities schedule, optional provisions and other terms and conditions to be contained in the bonds and other forms of indebtedness and to arrange such maturities. conditions and provisions in such a manner that the future ability of the City of Carpus Christi to market bonds and Other evidences of indebtedness will not be impaired. 4. To supervise the printing of all bonds or other forts of indebtedness to be sold. To assist the City in the selectinq of an experienced firm of bond printers to the end that such work will be done properly and at the lowest cost to the City. 5. To assemble and prepare all necessary and usual data to be contained in the Prospectus and Notices. To see that all such material is veiled to bond dealers throughout the country. as well as investment services. and to prepare and look after the publishing of notices of sale to appear in leading financial journals to the end that all pertinent Information will be in the stands of aeunicipal bond dealers well In advance of the date of sale so the City will he assured of receiving the best price obtainable for its bonds. G. TO assist and rec", iewt steps to be taken to refund or retire any existing bonds necessary to make future financing possible and to assist in making amendments to any existing financing or deeds of trust necessary to make future firanc- I vxj r) 0 s s i L ( -. as Redit-ion to the services set out above. fiscal spent agrees to perform an,, and all Other Services usually per- forved by a fiscal - anent or V financial advisor in undertakings 0i this type;. it Is expressly agreed and stipulsted Viot cry Pirm Or attarney 011played connection with services to t)r. rejj(iered under this contraa,t stall 1:-e selected "e, C I 4ty Ond the statement far their fer, shall go directly to the City and 60 Paid by Ifte CiT.T. Such fees call be determined in advance of employment so the City will he IN control of siick costs. Fiscal asaeyjt agrees to cooperate wit,"I Ue City In the selecting of suo;l attorney's to the e'R6 thatthe City 311all receive eXPOA legal advice ary services flor 7, Teasm335 e fee. It is also expressly understood that the east €)f printinrg and nailing Tine Prospectus and Notice o Sale, and- tile east: of publistliq the Ftolicps In iar'ous finarnelal Publications. Shall be deterhalnod In advance and sbaa3.l be sui—, ject to approval -uy t!,t: city. Statements of these costs Shall go cireolly to the City and shall oe Puld by Ole City, 4S iLal and cG!zlpletc aaaapensatic, for services to !)e _lade ��y fiscal agent to the City under this agreeiaent. the City agrees to pay to fiscal agent the sum of Two Dundred Dollars ($200) per -,zontk ao a month to Month basis so long as this contract relzains in force and effect. said Two flundred. Dollars MUO) per fllOnth to ho, as base pay and to far. co.-apensation in full ant salary for faux (4) 6BYS per stonth or forty-eight (43) days per year. The City also agrees to stay fiscal agent for every day worked over and above forty -eight (43) days per year the additional amount of Fifty—(collars OGG) per day plus out—of—pocket expenses. It is also apreed that it shall be the duty of the fiscal agent to cooperate with the bond attorneys who may be employed by the Pity to handle the legal procedure to the end that the securing of certificates, checking of ordi- nances one-, Wier Oetalled wark would be Bone ir cooperation with. the said bond attorneys. Fiscal *Sent agrees that the City shall be furnished with complete set of proceedings and transcript ha3 in connection with issue of bonds in bound —2— fora, includilnr1 a specimen band. This aqree ant shell be binding on both parties for a period of one (1) year and shall be sub,ieet to renewal at the end of one (1) year by the matr:al consent rr' tii;a;t parties; however, It is expressly agreed and stipulLted that this COntruct , a_ tie tore rsatecl, tote apt!" Of the City of CO3rPes Christi at any ..'tae w"'heut cast Or o3ali981ion of the City to pay any damaues for the rerin1neti ©i7 tZSLL, other taiaL to pvy ur ser`4 -c, ',PSf i3 i0 i131 rcrr< tes ) 'i�rssw 4:9 r_. ,er rat izeTei,;isioac spec,ifl&;. 4TTE,5t': 111E CITY OF COMS CHRIS` . TOM �3Y tit; Sussell E. McClure, City Ttamacer SeCTet88';' M'K','0VW AS 10 LZGkL C.i Attorney E GSftF, t CO I" ATTEST: E. A3lisoai, Fxesici.egt�� 4eeretax71 —3- SECTION 2. THE FACT THAT A FISCAL AGENT IS NECESSARY IN GIVING ADVICE AND RECOMMENDATION TO THE CITY, AND IT BEING CONTEMPLATED THAT THE CITY WILL FORMULATE BOND ISSUES FOR CONTINUING PUBLIC IMPROVEMENTS NECESSITATING THE APPOINTING OF SUCH FISCAL AGENT CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQIJI -RING 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 COUNCILS AND THE MAYOR, DECLARING SUCH EMERGENCY AND NECESSITY TO EXIST, HAVING REQUESTED THE SUSPENSION OF SAID CHARTER RULE AND THAT THIS ORDINANCE BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION, AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE SEVERAL MEETINGS, AND THE MAYOR, HAVING DECLARED SUCH EMERGENCY AND NECESSITY TO EXIST, HAVING REQUESTED THE SUSPENSION OF SAID CHARTER RULE AND THAT THIS ORDINANCE BE PASSED FINALLY ON THE DATE OF ITS IN- TRODUCTION, AND TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS PASSAGES IT IS ACCORDINGLY PASSED AND APPROVED} THIS THE Z ^DAY of AUGUST, 1953- MAYOR THE TY OF CORPUS CHRISTI ATTEST CITY SECRE A APPROVED AS TO LEGAL FORM t' f 1.0�• FpY CITY ATTORNF� CORPUS CHRISTI' TEXAS TO THE MEMBERS OF THE CITY COUNCIL CORPUS CHRISTI, TEXAS GENTLEMEN 1953 FOR THE REASONS SET FORTH 1N THE EMERGENCY CLAUSE OF THE FOREGOING 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 15 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 CIS CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: A. A. LICHTENSTEIN ELLROY KING "a�C P. C. CALLAWAY JAMES A. NAISMITH W. JAMES BRACE O C44, 12 \ THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE: A. A. LICHTENSTEIN ELLROY KING P. C. CALLAWAY JAMES A. NAISMITH W. JAMES BRACE ,3537