HomeMy WebLinkAbout03599 RES - 11/18/1953RESOLUTION NO. 3599
DETERMINING WHEN AND TO WHAT EXTENT BONDS
VOTED IN THE ELECTION TO BE BELL) NOVEMBER
24, 1953, SHALL BE ISSUED.
WHEREAS, the City Council has called an election to be held
on November 24, 1953, for the purpose of voting upon the issuance of
$24,000.000.00 of bonds of the City, the proceeds of which bonds are to
be used for the various purposes set forth in the notice of such election
to which reference is here made for an accurate statement of the exact
purposes; and
WHEREAS, the amount of bonds and the several purposes were
determined and fixed by the City Council after a careful detailed study
of a comprehensive survey prepared under the direction of said Council and
which survey entitled "City of Corpus Christi, Texas, Proposed Bond Issues
for Financing Five Year Permanent Improvement Program, 1953 - 1957" is ausil-
able in the Office of the City Secretary for inspection by any qualified
electors of the City; and
WHEREAS, it is the intention of the City Council to adhere as
closely as practicable to said survey in issuing and selling said bonds or
any part thereof and applying the proceeds thereof to the accomplishment of
the several purposes contemplated therein, and particularly is it the inten-
tion of the Council to issue said bonds over the five year period indicated in
said survey and only from time to time as in its judgment it becomes necessary
and advisable; and
WHEREAS, from time to time in the issuance of such bonds, which are
supported by taxes, it is deemed advisable that no undue burden shall be
imposed upon the taxpayers or the taxing power of the City and that as such
bonds are issued due regard should be given to the amount of taxes that will
be needed annually to pay interest and principal requirements not only for the
bonds proposed to be issued under said survey but the aggregate amount of
taxes that will be needed to pay bonds of the City presently outstanding;
THULEFOtE, BE IT RESOLVED AND ORDERED BY THE CITY COUNCIL
OF THE CITY OF CORPUS CHRISTI:
3599
THAT THE CITY COUNCIL SHALL ISSUE AND SELL THE BONDS WHICH ARE
AUTHORIZED IN THE ELECTION FROM TIME TO TIME AS IN ITS BEST JUDGMENT A NEED
EXISTS THEREFOR, AND THAT IN USING THE PROCEEDS OF ANY BONDS THUS SOLD IT
SHALL ADHERE AS CLOSELY AS PRACTICABLE TO THE PURPOSES SET FORTH IN SUCH
SURVEYS AND IN NO EVENT SHALL IT APPLY THE PROCEEDS OF ANY SUCH ISSUE OF BONDS
TO ANY USE: OTHER THAN THAT CONTEMPLATED BY THE PURPOSE SET OUT IN THE PROPOSI-
TION APPROVED BY THE VOTE,YS AT THE ELECTION TO BE HELD ON NOVEMBER 24, 1553.
G.
THAT THE CITY COUNCIL SHALL HEED AND ADHERE TO THE PLAN TO ACCOMPLISH
SUCH IMPROVEMENTS OVER A PERIOD OF FIVE YEARS, 1953 TD 1957, SUBSTANTIALLY AS
CONTEMPLATED BY SAID SURVEY.
THAT IN ISSUING AND SELLING ANY OF THE BONDS THAT MAY BE AUTHONIZED
AT SAID ELECTION WHICH WILL rZQUIY <F. THE LEVY OF ADVALOREM TAXES TO PROVIDE FOR
THEIR PAYHLNT, THE CITY COUNCIL SHALL NOT ISSUE AND SELL SUCH AN AMOUNT THEREOF
AS UILL, TOGETHEN, WITH TAXES NEEDED TO PAY THE PRESENTLY OUTSTANDING BONDS OF
TI -IE CITY, REQUIRE TAXES AT A RATE IN EXCESS OF 70% OF THE MAXIMUM TAX AUTHORIZED
BY THE CHA&,TER FOR THE PAYMENT OF BONDS.
4.
THE FACT" THAT THE DECLARATIONS HAVE BEEN MADE TO THC PUBLIC REGARDING
THE MP.TTEALL MENTIONED IN THIS RESOLUTION IN INFORMING THE PUBLIC RFGAP:DING THE
INTENTIONS OF THE CITY COUNCIL AND THAT A RECORD SHOULD BE MADE OF SUCH LXPRES510N
OF INTENTIONS BEFO'E THE ELECTION TO BE HELD ON IVOVEMSEI! 24, i�j3 IS HELD CREATES
A PUBLIC EMERGENCY AND A PUBLIC IMPERATIVE NECESSITY REQUIRING THE SUSPENiiION OF
THE CHARTER RULES PROVIDING THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED
FINALLY ON THE DAY IT IS INTRODUCED, AND THAT SUCH ORDINANCE OR RESOLUTION SHALL
BE READ AT THREE SEV,'RAL MEETINCS OF THE CITY COUNCIL, AND THE MAYOR HAVING DE-
CLARED THAT SUCH PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXISTS REQUESTS THAT
SAID CHANTER RULE BE SUSPENDED AND THAT THIS ORDINANCE TAKE EFFECT AND BE IN FULL
FO�HCE AND EFFECT FROM AND AFTER ITS PASSAGE AND AFTER ITS PUBLICATION ONE TIME
AS IS PROVIDED AND f :FQUIRED BY THE CHAPTER OF THE CITY OF CORPUS CHRISTI AN ' II
IS SO P,ESOLVED:
ADOPTED AND APPROVED THIS THE/ // �NEMDE7",�/1195)3-
f DAY O
t, .�� fdAYORr I O CORPUS 01111 STI EXAS.
ATTEST
r� c APPROVED AS ( F �RNi AND LEGALITY
CITY SCCRETARY G,t-•Y OF CARPUS CHR.1.,TIC PRIOR TO ADOP ION:
TEXAS
CITY ATT011NEY.
CORPUS CHRISTI, TEXAS
Al-1 4, 1953
TO THE MEMBERS OF THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
GENTLEMEN:
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 IS
INTRODUCED, AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT
THREE MEETINGS OF THE CITY COUNCILS 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 QPIPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE
FOLLOWING VOTE;
A. A. LICHTENSTEIN
ELI-Roy KING
P. C. CALLAWAY
.JAMES A. NA I SM I TH
L�A►1ES BRACE
�
THE ABOVE O E WAS PASSED BY THE
FOLLO WIING VOTEa
A. A. LICHTENSTEIN
ELLROY KING
P. C. CALLAWAY
19
JAMES A. NAISMITH
W. JAMES BRACE
3595
CITY OF CORPUS CHRISTI
SCHEDULE OF PROPOSED ISSUANCE OF PERMANENT
IMPROVEMENT PROGRAM BONDS
1953 - 1957
PARTICULARS
UTILITIES REVENUE BONDS
Waterworks system
Sanitary sewer system
Gas system
Total revenue bonds
GENERAL OBLIGATION TAR BONDS
Streets rights of way
Street improvements
Storm sewers
Public safety building
(Extension)
Fire stations
Street traffic control system
Public parks
Waterfront improvement
Public library
Municipal warehouse and
storage facility
Auditorium annex
Exposition hall improvements
Total tax bonds
Total proposed bond
issues
1953
1954
1955
1956
1957
TOTAL
$4,750,000
$2,250,000
$1,000,000
$
$
$ 8,000,000
i,400,000
1,600,000
3,000,000
375,000
---- - - - - --
200,000
---- --
150,000
125,000
150,000
1,000,000
$6,525,000
---- - - - - --
- - --
$4,050,000
---- - -- - --
---- - - - - --
$1,150,000
---- - -- ---
---- - - - - --
$ 125,000
---- - --- --
---- - - - - --
$ 150,000
-- -- - - - - --
----- - - - - --
$12,000,000
----- - -- - --
$ 200,000
$ 300,000
$ 100,000
$
$
$ 600,000
765,000
743,000
938,000
541,000
513,000
3,500,000
l,o14,000
1,207,000
1,227,000
718,000
8og,000
4,975,000
70,000
24,000
94,000
244,000
267,000
50,000
50,000
109,000
720,000
71,000
70,000
45,000
15,000
201,000
201,000
254,000
234,000
176,000
345,000
1,210,000
59,000
56,000
115,000
50,000
50,000
150,000
100,000
100,000
350,000
85,000
85,000
100,000
100,000
$2,900,000 $3,000,000 $2,800,000 $1,500,000 $1,800,000 $12,000,000
--- - - - - - -- ---- - - - - -- ---- -- - - -- ---- - - ---- --- -- - - - -- ----- -- ----
$9,425,000 $7,050,000 $3,950,000 $1,625,000 $1,950,000 $24,000,000
CITY OF CORPUS CHRISTI
COMPARISON OF NET TAX DEBT AFTER REFLECTING PROPOSED
NEW ISSUES WITH ASSESSED VALUATIONS PROJECTED
ON PRESENT BASIS AT AVERAGE ANNUAL INCREASE FOR
PAST FIVE YEARS
On the basis of estimated assessed valuations above, Tax rates necessary
to service the City's tax debt requirements including the proposed new
issues will not exceed the following:
Estimated maximum rate to service present and proposed
debt
1953
ESTIMATED
APPROXIMATE
.65
1955
ASSESSED
NET
•73
YEAR
VALUATION
DEBT (2)
RATIO
1953
$173,908,090(1)
$15,413,552
8.86
1954
186,500,000
17,858,552
9.58
1955
199,000,000
19,986,552
10.04
1956
211,500,000
20,7o4,552
9.79
1957
224,000,000
21,651,552
9.67
(1)
Actual valuation
(2)
Annual increases in
sinking funds which
would further reduce net debt are not
reflected.
On the basis of estimated assessed valuations above, Tax rates necessary
to service the City's tax debt requirements including the proposed new
issues will not exceed the following:
Estimated maximum rate to service present and proposed
debt
1953
$ •55*
1954
.65
1955
•70
1956
•73
1957
•75
*Present rate. Maximum tax rate of $1.25 per $100
assessed valuation for debt service authorized by
City Charter.
CITY OF CORPUS CHRISTI
ESTIMATED COST OF WATER SYSTEM
IMPROVEMENT PROJECTS
1953 - 1957
PARTICULARS AMOUNT
AVAILABLE FUNDS
Construction funds $ 88,600
To be made available from operations Hinds 536,680
Proposed issuance of revenue bonds -
1953 4,750,000
1954 2,250,000
1955 1,000,000
Total available funds $8,625,280
CONSTRUCTION PROJECTS
Supply main - Savage Lane to Rodd Field Road
$1,113,200
Connecting mains -Ayers Street, Everhart
Road, Rodd Field Road and Corn Products
Road
242,080
0. N. Stevens treatment plant
4,000,000
Transmission line- O.N. Stevens plant to
Savage Lane
2,880,000
Pipe storage and material yard
50,000
Distribution cross tie connections
140,000
Water office building
200,000
Total estimated cost
$8,625,280
CITY OF CORPUS CHRISTI
ESTIMATED COST OF SANITARY SEWER
SYSTEM IMPROVEMENT PROJECTS
1953 - 1957
PARTICULARS AMOUNT
AVAILABLE FUNDS
Construction funds $ 46,300
Proposed issuance of revenue bonds -
1953 1,400,000
1954 1,600,000
Total available funds $3,046,300
CONSTRUCTION PROJECTS
Broadway treatment plant improvements $ 902,000
Oso treatment plant expansion 956,800
Trunk sewer main to Oso plant 635,700
Sanitary sewer laterals 192,600
North Beach sewer collection system 214,300
Water Street sewer collection system 144,900
Total estimated cost $3,046,300
CITY OF CORPUS CHRISTI
ESTIMATED COST OF GAS SYSTEM
IMPROVEMENT PROJECTS
1953 - 1957
PARTICULARS AMOUNT
AVAILABLE FUNDS
To be made available from operations funds $ 815,383
Proposed issuance of revenue bonds -
1953 375,000
1954 200,000
1955 150,000
1956 125,000
1957 150,000
Total available funds $1,815,383
CONSTRUCTION PROJECTS
Rehabilitation - Mains and service connections $ 750,000
New mains and service connections 875,000
Regulating stations 14,500
Transmission lines -South Staples Street,
Shell Road and Weber Road 137,027
Construction equipment 23,856
Land -shop expansion 15,000
Total estimated cost $1,815,383
CITY OF CORPUS CHRISTI
ESTIMATED COST OF STREET
IMPROVEMENT PROJECTS
1953 - 1957
PARTICULARS
AVAILABLE FUNDS
Construction funds
Proposed issuance of tax bonds-
" 1953
1954
1955
1956
1957
Total available funds
RIGHTS
OF WAY STREET
ACQUISITION IMPROVEMENTS TOTAL
$ $ 125,000
200,000 765,000
300,000 743,000
100,000 938,000
541,000
513,000
$ 600,000 $3,625,000
CONSTRUCTION PROJECTS
Paving -
Baldwin Boulevard- Louisiana to Port $
S. Staples Street - Louisiana to Hamlin
Drive
Alameda Street- Louisiana to Ocean Drive
Lipan Street -19th to City limits
Louisiana Street -Santa Fe to Alameda
(S.side); S. Staples to Alameda(N.side)
Agnes and Laredo Streets -Port to S.
Staples
McArdle Road- Kostoryz to Weber
Prescott Street -Horne to Gollihar
Gollihar Road -Horne to Ayers
Agnes Street widening
Kostoryz Street widening -S. Staples
to Lexington
Morgan Avenue widening and paving -
Ocean Drive to Baldwin
Street surface treatment -City wide
Hot mix resurfacing- City wide
Rework shell base and surfacing -
City wide
Bascule bridge - Street relocations
Auditorium parking, curbs and drainage
Street connections
600,000
$ 534,000
430,000
653,64o
209,000
18o,000
237,360
27,500
13,750
13,750
220,000
193,600
307,500
256,900
183,000
50,000
15,000
100,000
$ 125,000
965,000
i,o43,000
1,038,000
541,000
513,000
$4,225,000
$ 534,000
430,000
653,64o
209,000
180,000
237,360
27,500
13,750
13,750
600,000
220,000
193,600
307,500
256,9oo
183,000
50,000
15,000
100,000
--- -- - - -- --- -- -- --- --- - ---- --
Total construction projects $ 600,000 $3,625,000 $4,225,000
CITY OF CORPUS CHRISTI
ESTIMATED COST OF STORM SEWER
IMPROVEMENT PROJECTS
1953 - 1957
PARTICULARS
AMOUNT
AVAILABLE FUNDS
Proposed issuance of tax bonds -
$1,731,773
1953
$1,o14,000
1954
1,207,000
1955
1,227,000
1956
718,000
1957
809,000
Total available funds $4,975,000
CONSTRUCTION PROJECTS
Brawner system -
Bay to Prescott
$1,731,773
Laterals at Santa Fe, Alameda, Kostoryz,
Ayers and Prescott
424,600
Gollihar system -
Bay to Ayers
1,804,000
Laterals at Santa Fe, Alameda and
S. Staples
114,603
Monte Vista - Mussett to Ben Garza Park
16,500
Blucher Arroyo sewer -Lipan to Blucher
16,500
Nueces Bay Boulevard system - Huisache
laterals
168,123
Louisiana Street system- Baldwin extension,
and Tarlton and S. Staples laterals
173,241
Austin - Carver - Lozano school area- Connection
to county system
250,000
Rossiter Street - Austin to Ocean Drive
105,160
Windsor Park - Alameda to Ocean Drive
170,500
Total estimated cost
$4,975,000
CITY OF CORPUS CHRISTI
ESTIMATED COST OF PUBLIC SAFETY
IMPROVEMENT PROJECTS
1953 - 1957
TRAFFIC
FIRE
CONTROL
POLICE
PARTICULARS
DEPARTMENT
SYSTEM
DEPARTMENT
TOTAL
AVAILABLE FUNDS
Construction funds
$ 78,100
$
$
$ 78,100
Proposed issuance of tax bonds
1953
244,000
71,000
70,000
385,000
1954
26,,,000
70,000
337,000
1955
50,000
45,000
95,000
1956
50,000
15,000
65,000
1957
109,000
24,000
133,000
Total available funds
-- - - -- --
$798,100
-- - - - - --
$201,000
-- - - - - --
$ 94,000
---- - - - - --
$1,093,100
CONSTRUCTION PROJECTS
Street traffic control
System
$
$201,000
$
$ 201,000
Enlargement of corporation
courtroom,etc.
70,000
70,000
Addition to police building -
Elevator and kitchen
24,000
24,000
New fire station buildings -
(four)
403,100
403,100
Pumpers and ladder trucks for
new stations (five pumpers -
two ladder trucks)
160,000
160,000
Rebuild No. 3 station
150,000
150,000
Rehabilitate and expand
dormatory and garage
at central station
31,000
31,000
Drill tower and school
54,000
54,000
Total estimated cost
-- - - -- --
$798,100
-- - - - - --
$201,000
-- - - -- --
$ 94,o00
--- - - - - - --
$1,093,100
CITY OF CORPUS CHRISTI
ESTIMATED COST OF PUBLIC PARK
IMPROVEMENT PROJECTS
1953 - 1957
PARTICULARS
AMOUNT
AVAILABLE FUNDS
$ 65,051
Proposed issuance of tax bonds -
75,000
1953
$ 201,000
1954
254,000
1955
234,000
1956
176,000
1957
345,000
Total available funds $1,210,000
CONSTRUCTION PROJECTS
Ayers Park Improvements
$ 65,051
Price Park Playfield Improvements
75,000
West Side Recreation Center Improvement
37,744
Pope Park Development
42,441
Peoples Street T Head Improvements
30,450
Westport Park Facilities
256,688
Blucher Park Development
26,844
Cole Park Improvements
29,416
Oso Beach Golf Improvements
25,000
Collier Park Development
32,538
Temple Park Acquisition
18,000
Lovenskiold Park Improvements
5,000
Oak Park Improvements
5,000
Public Buildings Grounds Improvements
16,375
Tamar Park Development
28,660
Meldo Park Development
6,635
Botsford Place Fark Development
52,228
West Guth Park Development
74,167
Park and Recreation Office Grounds
5,273
Cuiper Park Improvements
3,592
Carrol Park Development
4,273
Meadow Park Improvements
6,121
Butt Park Development
6o,263
Windsor Park Development
34,642
Poenisch Park Development
6,165
McCaughan Park Improvements
33,286
Houston Park Playground Development
25,618
Edgewood Park Development
5,180
Lindale Park Improvements
12,391
South Bluff Park Improvements
9,720
South Side Park Development
5,075
Broadway Parkway Development
7,297
Spohn Park Development
2,960
Lena Park Development
30,437
Lincoln Park Development
9,317
Oso Place Park Development
21,340
Sherwood Park Development
2,955
Furman Parkway Redevelopment
1,085
Old Bayview Cemetery Redevelopment
5,940
Timon Parkway Redevelopment
6,720
Brawner Parkway Development
503000
South Guth Park Development
25,935
Airport Park Development
7,178
Total estimated cost $1,210,000
CITY OF CORPUS CHRISTI
ESTIMATED COST OF WATERFRONT
IMPROVEMENT PROJECTS
1953 - 1957
PARTICULARS AMOUNT
AVAILABLE FUNDS
Construction funds $ 45,000
Proposed issuance of tax bonds -
1954 55,000
1955 56,000
Total available funds $ 156,000
CONSTRUCTION PROJECTS
Land acquisition $ 100,000
Boat ramps 50,000
Pile barriers- North of Peoples Street
T Head 6,Oo0
Total estimated cost $ 156,000
CITY OF CORPUS CHRISTI
ESTIMATED COST OF VARIOUS PUBLIC
BUILDING IMPROVEMENT PROJECTS
1953 - 1957
MUNICIPAL
AUDITORIUM
WAREHOUSE AND
PUBLIC
PARTICULARS
UNIT
STORAGE FACILITY
LIBRARY
TOTAL
AVAILABLE FUNDS
Proposed issuance of tax bonds
1953
$185,000
$150,000
$
$335,000
195+
100,000
100,000
1955
100,000
50,000
150,000
Total available funds
-- - - - - --
$185,000
-- -- - ---
--------
-- - - - - --
$350,000
-- - - - - --
-- - -- ---
-- - - - - --
$ 50,000
-- - -- ---
-- - - - ---
-- - - - - --
$585,000
-- - - - - --
- - - - - - --
CONSTRUCTION PROJECTS
Art Foundation annex
$ 85,000
$
$
$ 85,000
Exposition hall air
conditioning
100,000
100,000
Library building and
equipment
50,000
50,000
Land acquisition and
construction of buildings
for central storage yard
and service facility
350,000
350,000
Total estimated cost
-- -- - - --
$185,000
........
- - - - -- --
$350,000
........
-- -- - ---
$ 50,000
........
--- -- ---
$585,000
........