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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 ........