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HomeMy WebLinkAbout03559 ORD - 10/10/1953TEXAS: AN ORDINANCE NO. 3559 AUTHORIZING AND DIRECTING THE CITY MANAGER FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI TO EXECUTE AN AGREEMENT WITH DEWAR, ROBERTSON AND PANCOAST AGREEING TO PURCHASE CERTAIN OUTSTANDING SEWER REVENUE BONDS AND SELL, UNDER CERTAIN CON - DITIONS, PART OF AN ISSUE OF WATER WORKS AND SEWER SYSTEMS REVENUE BONDS,7A COPY OF WHICH AGREEMENT IS ATTACHED HERETO AND MADE A PART HEREOF; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, SECTION 1. THAT THE CUTY MANAGER BE, AND HE IS HEREBY, AUTHORIZED AND DIRECTED FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI TO EXECUTE AN AGREEMENT WITH DEWWAR, ROBERTSON AND PANCOAST AGREEING TO PURCHASE CERTAIN OUTSTANDING SEWER REVENUE BONDS AND SELL, UNDER CERTAIN CONDITIONS, PART OF AN ISSUE OF WATER WORKS AND SEWER SYSTEMS REVENUE BONDS, A COPY OF WHICH IS ATTACHED HERETO AND MADE A PART HEREOF. SECTION Z. THAT THE NECESSITY FOR ARRIVING AT AN AGREEMENT WITH THE HOLDERS OF CERTAIN OUTSTANDING SEWER REVENUE BONDS FOR THE PURCHASE OF SUCH BONDS AT THIS TIME CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQUIRING 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 COUNCIL 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 INTRODUCTION AND THAT SUCH ORDINANCE TAKE EFFECT AND BE IN FULL FORCE AND EFFECT FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY PASSED AND APPROVED, THIS THE O AY OF OCTOB RI 1953. MA THE C > OF CORPUS CHRISTI, TEXAS ATTES r: � ,A CITY SECRETARY APPROVED AS Tq LEGAL FORM:" CITY ATTORNEY 3565 OCTOBER 9, 1953 DEWAAy ROBERTSON & PANCOAST NATIONAL BANK OF COMMERCE BUILDING SAN ANTONIO, TEXAS ATTENTION; MUNICIPAL DEPARTMENT GENTLEMEN: MR. M. E. ALLISON ADVISES US THAT HE HAS TALKED TO YOU REGARDING OUR NOW OUTSTANDING $72,000 SEWER REVENUE BONDS WHICH ARE SCHEDULED TO MATURE IN THE YEARS 195+ AND 1955- MR. ALLISON FURTHER ADVISES US THAT YOU HAVE TOLD HIM THAT YOU DO NOT NOW OWN THESE BONDS BUT THAT THEY ARE OWNED BY ONE OF YOUR CLIENTS AND THAT YOU CAN MAKE THESE BONDS AVAILABLE TO THE CITY FOR CANCELLATION PURPOSES AT A PRICE OF PAR AND ACCRUED INTEREST TO MATURITY PROVIDED YOU ARE GIVEN THE RIGHT OF REFUSAL TO BUY $500,000 OF AN ISSUE OF WATERWORKS AND SEWER SYSTEMS - REVENUE BONDS AT SHE BEST ACCEPTABLE BID SUBMITTED FOR THE BONDS WHEN THEY ARE OFFERED FOR SALE BY THE CITY. THE ABOVE PROPOSAL IS ACCEPTABLE TO THE CITY WITH THE UNDERSTANDING THAT THE $500p000 BONDS MENTIONED ABOVE WILL CONSIST OF AVERAGE MATURITIES OF 'HE ISSUE SO4D AT THAT TIME, SUCH MATURITIES MAY AT THE CITY'S OPTION BE AGREED UPON IN ADVANCE OF THE SALE AND BE SEGREGATED FROM THE OTHER 30NDS OF THE ISSUE AND SEPARATE 8103 REQUESTED ON THESE PARTICULAR BONDS WITH NOTICE TO THE 6100 €RS THAT YOUR FIRM HAS THE RIGHT OF REFUSAL TO BUY THESE $5500,000 OF BONDS BY MEETING THE BEST ACCEPTABLE BID MADE WITHIN TWENTY -FOUR HOURS FROM THE TIME THE 5103 ARE OPENED. REGARDLESS OF WHETHER YOU OD OR DO NOT ELECT TO MEET THE BEST ACCEPTABLE BID SUBMITTED YOU SHALL BE OBLIGATED TO IMMEDIATELY CONFIRM THE SALE OF THE OUT- STANDING SEWER REVENUE BONDS TO THE CITY AT THE AGREED PRICE OF PAR AND ACCRUED INTEREST TO MATURITY AND TO DELIVER SAID BONDS TO THE CITY AS QUICKLY AS POSSIBLE BUT IN NO EVENT LATER THAN FOURTEEN DAYS FROM THE DATE OF SUCH CONFIRMATION. IN THE EVENT THE CITY DOES NOT RECEIVE 8109 ACCEPTABLE TO THE CITY, THIS AGREEMENT SHALL CONTINUE TO BE BINDING ON YOU AND THE CITY, AND THE CITY SHALL HAVE THE RIGHT TO AGAIN ASK FOR BIDS UNTIL SUCH TIME AS AN ACCEPTABLE 510 13 RECEIVED. DEWAR, ROBERTSON & PANCOA$T PAGE F OCTOBER 9, 1953 IF THIS 13 ACCEPTABLE TO YOU, PLEASE SIGN THE ACCEPTANCE CLAUSE ON THE ATTACHED COPY OF THIS LETTER AND RETURN IT TO THE CITY. VERY TRULY YOUR$, CITY OF CORMS CHRIST[, TEXAS BY U$$ €LL Mt LURE, CITY MANAGER REM: Ac THE TERMS AND CONDITIONS SET OUT IN THIS LETTER ARE ACCEPTABLE TO US. DATE: CORPUS CHRISTI, TEXAS Vc,L © , 1953 TO THE 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 EX15T 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 PA53 THIS ORDINANCE FINALLY ON THE DATE IT IS INTRODUCED, OR AT THE PRESENT MEETING OF THE CITY COUNCIL. RESPECTFULLY, MAYOR CITY OF CQ US CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: A. A. LICHTENSTEIN ELLROY KING P. C. CALLAWAY JAMES 4 NAISMITH W. JAMES BR -ACE THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTED A. A. LICHTENSTEIN ELLROY KING /�✓��y4,,.�,� P. C. CALLAWAY [�L JAMES NAISMITH W. JAMES BRACE y 355