HomeMy WebLinkAbout03616 ORD - 12/09/1953AN ORDINANCE NO. 3616
AUTHORIZING AND DIRECTING THE CITY MANAGER FOR AND ON
BEHALF OF THE CITY OF CORPUS CHRISTI TO MAKE A WRITTEN
OFFER TO THE HOLDERS OF THE NOW OUTSTANDING WATER REVENUE
BONDS, SERIES 1948 AND 1948A, UNDER CONDITIONS WHICH WOULD PERMIT
THE CITY TO MODIFY THE DEED OF TRUST SECURING SAID WATER REVENUE
BONDS, A COPY OF WHICH TERMS AND CONDITIONS ARE ATTACHED HERETO
AND MADE A PART HEREOF; AND DECLARING AN EMERGENCY.
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 CHR1!STI TO MAKE A WRITTEN
OFFER TO THE HOLDERS OF THE NOW OUTSTANDING WATER REVENUE BONDS, SERIES 1948
AND 1948A, UNDER CONDITIONS WHICH WOULD PERMIT THE CITY TO MODIFY THE DEED OF
TRUST SECURING SAID WATER REVENUE BONDS.,, A COPY OF WHICH TERMS AND CONDITIONS
ARE ATTACHED HERETO AND MADE A PART HEREOF.
SECTION 2. THAT THE NECESSITY FOR MAKING THIS WRITTEN OFFER AT THIS
TIME TO THE HOLDERS OF CERTAIN OUTSTANDING WATER REVENUE BONDS FOR THE PURCHASE
OF SUCH BONDS, AND TO MODIFY THE DEED OF TRUST SECURING SAID WATER REVENUE BONDS,
CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUS-
PENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY
ON THE DATE OF ITS INTROD- UCTION 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 INTRO-
DUCTION 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
DAY OF DECEMBER, 1953•
ATTEST
, e
CITY SECRE ARYL
APPROVED AS TO LEGAL FOR
CITY ATTbRNE Y
MAYOR
AE CITY OF CORPUS CHRISTI, TEXAS
__ 3WIW
5" IM Its) � f y
;MM LY48 AO 1944A
December , t953
.c :':zt, +Ear 13th the City letter is isak known box4hoideres offe.-itng th*w
a : yp:r.r raeaity v, e%n,.ftange tb*lr prergnt b.vede, *v M pitr for par basis ftr inter
worko �,ad *r Dyotema AwfwAU4 3-1/2% itevwmo IL',CAc pnparbde fn::a the !a:aebiaed
eau°: eaxfcfap .'f the two systalwa ;KA5te4 out In thst letter, the City VeSftoed
t. hold an a <e2t4c,,a as l�vewbwr 74th., ~tart the a-,utkt rite for the 144wsaae of ombirmaa-
,1_4.p VAeru.=.r�k;s ?and tf r u}stees; u'ew %w *Aid: was ;zake of t}re goneavticae I teaaded t
br deterleined at that eie Li tt. It ass aec*."a-s 'th %t the City A'ttin t:onaenmta 'w
the V—,I* na:t 11:.ter than :> trlbtf i #tn. Whi'lt fmgy huAdeg'� 4<kC#Vtod pr^Oftpt'v, aww
z�c,'Jabp�'caa es seer* re:xalvod ta•.� Lite, %od the City bad t� proceed with the area�ti, >>a
v;'Eing '•r xh* que:stl - :,,f ,T,VbAni the firaATwAS of the t°at Aystmz:-
r,,,t o"sti ned I-, ;.,kar lettezv of istobbe .,ssp evgV �7ostiaauer: to grry;r nrA derfeandr fw'x-
8e. a i a s; rri5an
to aautltiA ,q= Ta evideu:.,e thio faket, wererata,:w 4, iry the zzha
da.e yr ,act earnings appas+actsg on V&P 7h1,1- ..�P there letter. It *III be Observed
ttka,-.t X!,,rh yet C,rVIDSs ha:re 010re tfa&n dt7b'sed wire the• =e bond,, Vero issued -Ad the
Beed! .,f Trust vn.s executed In 94+. Tear- to year UV_- `momenta have been OMW ainee
6 €c-cma fret earafs+egak ti- the exteara if ut 1,7 7,- r. 4. "ver, awes with
ula, expenditure, the Cit7 has not bsea abr.sa t, k"p pe =;e with test f, -Aufta UwC and
dewvAa r-,z° servluo. wvt,,h cuutlauing dwiaandas i% be met ply `hr Hugh a"ItIoreG
f in.araelag, w hith oaaauc t, be saasa�riahed idequeateky osier the ter" and .IonLitUU4
of the eristiuls Deed if M`.( -04t. The City "4jev** that the intereaau of tike gp)eed-
der:s %ri�1 nut nisi,, bee furry pV� to tad trot wi..l be grevtly aahsazed -thr -.-sue the
zattinued 6OiArw1zu of the �,yatean ArA the resulting jutrea;ae ifr net
Cndaa- the the Cityr ;x, gnes.a tfleat the Dr"9e04 of frost be e i and
t,.a vrcr°ra -.t the _1 the Wlder# *vA tat: obtOn !their etkuraeat t-0 sulk
::havlvg �e the CitTj is *trs3gP& to the WAw'ss t*rutding aaAto'-worka reveftue bc,*& e-
ing lateraest et a,- / °$yz. kwoevhe;-e In thin aet.ter these bt9ndet w4l be cp.: aedl the
l<eranndiarg Ezmis. lk.o& wI l be h
^raag+ed In °r des'P reektnrritlns. f.,.mr evata, the
1008e,:t maturities . asrntSt=AXUS are due June ., 1977, and tirtrsao meaiturittea rouA
to Qub*a&*d fir the Nwtundirag &,ads due, Jum .:, 1965. A sebodraie o3! the p. —V,"It
ex- whaager f,t atuched and eaawted dtikibi: ;..
'rho r,Ctnadard rtrviaai na -)f the Oveed of Ta-ust will wt be di°turbed . mA,,h
ahange,s vi =.t be sarade .4 acre ne;rertaa to give effewt t,, the ia:�avvIaI na usetiiV d be-
f aV
4. ThAt the b,!vda isooed t ° refund the r.,wtAtandjtg ,.uterevorits 3 ?evenw Veda, iasiea
x aged aeries ISWM, go xe ,4.k. " any %Mjtiaraa; bboU Lr" be tawwd, will be me-
,vu;md by the knot wtrrainga of the sastervorks ayatOw, arA
Fs. `rl;.aa*„ a4 41.tie n--u pvavity bond-a suy be irs*"& f5r ifmsav: varaenta or exteraaieasnnt =. r se-
yr ;a °a a rep�ozemcta „f and to Us aystsm. The rigfe� t,., ienatne a►dditloAs, br.cnda
a' any time via_ be subject to the VwI'tivjng 1in€ita&f.ane and tac irtir,as:
( Th,%t Viet eaarainga ror? the V.— ocodiag twelve wnitbe period are scut Lea.a
than .. ae and three quarttr (16: / s timea the fus. UMOU v.'vs1 w1ount of
P�,IncaigA, ark interest tc beasts due In %Ay ruture year au chic oblits.
tionz then TautatA%44ng arA tber to be isasuet a aabw'wn by:
(rai "A aeaifiraae b� the May:,,r. aid City a< "a Ooslr9 the Met.
revonrue •;,r this iyaten rot the pse4;ud1v& twei v W.Mthe porl0d;
(t) A =e.tiri.aate by ., =,a LAepeadent audit -r ..e»Rptablt to the
T,-u the or ;ty 4 C trtifled >'h►bt.iz Uc:raatmse:v at t*Aing t o the
arras taae:a ,Y the figaacea ± .antslaaesi In the wertifi5;akte by
the Msy,ar ae9 C: ty ; oee*tar:Y,
{ ,? 'f`asr.;t at ooti'avate lay {am IradepemWnt eaaginsev or eeginererdssB fires awe -
rr_:ayad b3 the pity 'knd akceritxabave t� the ?"at** alma s tb-4t, in hi'l
r their zpiraona, ¢he n+mt. revreane a ,�f the e.y eta n i")F ear yeaI !'r ow
the date .2r much cortiftw,Ate wMtil the sat+arit' date 'r the .4,at
mmtwriug b,aad xi..a be agtA*, t,;, at "east erne rand three- qug.`ter
%ime,e tar faa#sriaua aw:•wut r•equ'ir-ed it Amy iavaw.r U pe;. pripcipsu: of snd
#ntef*st .ear aa� n�b <,igationo theva outartarrding send then tQ be irsarutd;
,ary
C ,?) ?b&t, the b%lasance ,,beet certifted to by an Audltnr or Certified
1`ubaia Ae,�outart nffoetlwe at a tlae sleet where than tblrtr d 2s
prior V, the, date &1 such nertifivate, ab ws that such of the ruadsa
r:reated aaa do,, tho Deed ,,f Trust has oUlats the awu:uat then required &a
bw or, dspaawit therein,
t3, ?hark wwney in ttae Fedwtiom i'undl e6411 be vied first tv, purebmse t, nds ',e the
tea•nde.r p':an ssfto- pr%wr Mwortiaewaetft for tendtera. If suffia:isat bmA& wAea -.
r.: r be pu,- „hased 'andor the tender pi+m, than the City N^y ail borda In Ae,C,4'4-
Aw,a aiith the zodeeagtlon gravirfan -oatahlued therm;
D. Thsat the City star "t,i heave the rigtat %r, es,1 * s fOr psaymeOt at ai1j�,+t otod
"ICeara fa UZ13 dAnole with the :'sdsawgtiam grrav3st�es 4ntfaimod its %bo bondz -.ut
s
furAa ays44st= a t;r the, Clty,
b. That In ttbr event the Cit; :eater sbtaias eae::esmarrr reatttPrIty Ur A*.' iaw it MA,;
mblcsd t:b* <:;perwtlma and financing Oaf Ito water and 4%alrA y aerwsv :cys%,eaaes.
A.1 :,':,mAa then E�t4tvjadi4g. t..:-getbs*' Vitas nUltiotesi b«-kxis fbCe11ft*r iAsued
wat'4tworh4 s:a 44stirta.7 wwaer purpaaes, viii be psyable irdw . *,ad sf4r*d by
._ a: i?e of ArA _ ieaa m the reverAwsa cai su*h cm"inadi nyat eta, PfOv`.dei& tt', k.
ikoy ssuea ,addition , boaad. xl. be Sss:amed a .' in *ej* a
t:= tie pxsatri,9lsnn ..f the Dowd >f Tm*t as prop ;.hook uv"r # agrapb h wbovo
re •:%Liwe to t ias^auta a a,f additiaeAl parity bcmd,s.
F: ' kmtc Atcy part �r the bonda uutst,anndiag may be arefueded. 41tia the c-'angsrxa: cf
the hs-�dsler'l,, tk✓,e: O"_r, az +w 'Imam: Interest at roa htgbe. =, rata and turn rat 'i.
data a tVz 5p._ "kh%n t% maters ttt d'a'te. 11f the eesad tft'm refunmid, t . <rvidud it
11 sk.t,.I n WA the hot rsaveaau -ta of the 4�v4tom far tkae t"r v* A'satba ;aeries, .'rt,
p,,r*C*titag the date r,1 sa'4:i drii:b refwgdi,eag panda 14 otua: to txt ;.ee,at +arse ;t4a
hrae- i:aartlaa tft+ait ties !a•igkua,aat t.ratsai at0wat >f Da °xtaeips;; trod iemtsra t to be-
,Aw due In *AY futw ee tweiv* aH" It es porivd +w the bond's urrt 4;rF f efu and
,eta the �,*furAirag 'bouda tbon tt, be isstaed. That shoving thus r, bs made piWl L
be In, .'ae wl.th the r*gU1reaaW*ts _jf deettrrw 2.0,E of 1;ht pa�aerc Dwed -af
'Taunt rel;rRtl tie the iwsuawm of �4dttvwme,l parity tzW,
£r. 1v:. 052 the i ity seiner an& µbtsiriodt• tuaa attuaeatta oiteot s,w ry 't4 affect, a ew-'Al-
riYatisa �4 the 1948 Deed of 'Crust whizh V''UA have persaitted it t; **r :.esker
VCs-ilus triad. two r, f..r, ,�Ooacss� be ad the auertr+,'si of tb* City, as �f
nbe ,,,andit "loinsr prsredemt t� t", ni'tura„ SA10 Sh*a W)f imsav's Ur "A boo pa,A as rd,
T a Weird :' a 417e,aattar ware, iupp r ,a uue *iku4ed the leaxi 1*•, ; the ;.rii itati =:n
qa the b,,.° ilho!Ae .' a6wat tt,, auch asset. The need {„ UUh i asuSsp. r to +avea
._„.$ urgent•, at thx time AH :.�,rdi.ngiy, It is p ap;r:ssd that the Do” If ?.ru44
. =,* En d t� rsan tC� th s €e the as "ie ;.1 ita Ca=pita Citri:r't! &fj hut% p:,"—party
is de;i. -r16sd In the prtaout eh1 faf TMAt +tsider the title A. Capri C,.z'pua
Christi pm ens 4 tbx' tc i-a. : arcs eeds f"Im the as ie aka431. he deposited to
<Yit ,e$ea Car.aaa purl eamd her used to rodaesr sssttetstadir4 b:stnds. The C= Y'4 mae-
ri:•a. x'ight'se wt s.i. tun'. bV _*aeaamd ,�).° J014.
:2 . iillx9l aiG IVID6
Yhtr ; tS"unding 15ovd.: 01 , be lu, tb* am-'ant - r 4131 be d:ttamd De: :ember
a` >3s mud via. to t° irat.tsys,. ar• tsa .rate ofr -1,� lanai+ :e Jsx 1, is :ratarhEe
srrcue F tlieren-fi.dr. mh ,prlw.ipar.:, said interMit Oi1i ba p bse d.4 the Xe'rsutt,.e
Oat dwrm, Una at ice,., -see T*x&a �w at th* a3atic.,r ,X the hol 4er at,, i:boml l. IvAnx -nnd
Tru4t _ap atrF - -`, Xaar Yes °a, S. Y. =tare 'itrII;a` {1? say
Zvo ±7a utAlrg Wind- 4� , r Opts *n 'set in�t —At p+?r7,'seebt dAts Ou aid fatty'
sdse aanisea° w•, `rJ im qaaa mrd aze:sw d : :ata:e.,st *w tk:e Ut* fix" f'Jr red4mpti'n, Plus
1�r"ium ,.» , 2 :ar the P;'wi ", semaurt,.
Jur-ft '15L
Jame :, 1956
Jane 1XX
June
Zvo ±7a utAlrg Wind- 4� , r Opts *n 'set in�t —At p+?r7,'seebt dAts Ou aid fatty'
sdse aanisea° w•, `rJ im qaaa mrd aze:sw d : :ata:e.,st *w tk:e Ut* fix" f'Jr red4mpti'n, Plus
1�r"ium ,.» , 2 :ar the P;'wi ", semaurt,.
on Ni'veow 24th th* q"llflod voter"So of the cit'v Autbvirlted of
worke Iuorr;vwwut ant Ute"Olm lovou�w 3k,%&* to bo ia*WA roe time 0 tiow t,,. 00A
needed L%VNkvvm*oW *rA vst*tui3*6 to U* wsl*rvzo kA *)rstem. 3wh A"itlipol bouto
in
The met oaralav 0 the vaterwr)L* avotem Vr the vArm aigiwt -v**ri& are AA f�llo*,%a
'2-x4Rl-4
It ifi lJMp',Wt6Ut ZkAt Ile SitT M901VO _V"741- jZM*ftX SO thin "rem W-t letel• that
jmmw�y 5, 1' s �
�4. ve are o"C1041,40 ',A tva;iftt 1%z'lu It, 4up t-'."ftta.
1?ioft4o .0" Tht ox*amt*d -09� to tt* City string tb* ott O*e4 gddrcootd, t,0wp*4
volope, ret%imioA the :tbfor copy 'p"4!^ file.
Aia. raga proccedloga vli.4 be p7*palOd Lfi AdA Undit." the 45'W-'0"U f
Pa 'XhUr-*t 4 Ce%We, Attorney4, XJra' loxm" w , bow uftq"4M44 app; In PW""• 'A
on I I ' '; � r Sixt
pajuy U4 boMdi� TIM NorctUtIl4t watimal muk at Tvex, of a-i in
us Zrusto* Vr fi,b*
Allxawn & OaVeAY
jr� J., 1,6+h- ?,Wr NJ f4.0 2,Ul: fiR4, jft
l*xati, or Mr. ;". M Graf, Alvteetzr ,it Flurav,*, Cite ARA, C4%rp%o
Tee of p'-Osott .ate. -4,?x* ''VTOWAO boaftol4ov.. Im P'mv
" uvw*ssar-i rc sa v %4aure the ,f adoqwA'* fwil vid* aer�
vice for the -cmunutd ind'ustrlit." find dmeazttz Srowtb. �f tho,
:"4c SA'txina to becomw, wui*h wll4 %vQru* V<' ;" Ctts' oft-,,rt hA3 Leer. xaO
to ulkkt ;hi* P;" attractive V. bnud�ft,, kdor-, in or4or to =rbtxlu their
'� YA* l.d YOU AVO tVC01TIV4 �U yl;W- lnV*0tMWftt Wl - Z t* ItW, r 440*d "d '40 Value r4
YOW- Aftv*4tAwm'L W1.1 to O"haue4. V14 may be A*gmr*d that '";:Ur 0-""Ont t"k tbfs;
W-j— 66 nPP'Mal"Ated kr y the Ctt� ur Va'-pva chrlAl.
Vtr�- trajL7
T�qo'4*'A E. Wclwo' c1l'y *%Aftaop.
PRINCIPAL
$105,000
1954
105,04A
1955
78,000
1956
32,000
1956
115,000
1957
120,000
1958
11,ow
1959
A, 000
1959
I-0,000
1960
95,OW
19&
50,000
1961
140,x30
1962
L3u, 000
1963
10,000
L963
150,000
964
i
.60,030
-965
lo,wo
1966
155,000
1966
170,000
i96 -j
k7, WO
i968
163,000
1968
185,000
1969
6, w.)
1970
i 89,0,,YD
= 97(�
ct 8, O.Lv
1971
22,000
1.971
210,000
1972
148,000
1973
72,000
1973
225,000
1974
96,000
1975
139,000
1975
245,Ow
1976
23,000
1977
168,000 1977
'L, _Jr -
', Yv-.�
1 il P-91 �
PMMIXG
fulDft
us im in
PRINCIPAL X&TURM
$288,4[)0 -1954
298,000 1955
309,M) L956
320,000 1-957
330,000 x95b
342," 059
354,000 066
367,WO 1961
38o,000 3,962
393,000 1963
407,000 1964
168,000 1965
I TZR (w CONSENT
1953
Mr. Russell L. *Ciure, City Manager
City of Corpus Christi, Texas
Dear b1r.
This will acknowledge receipt of your letter dated December 2nd offering the
holds" of outstanding City of Corpus Christi (Temm) Watervorks Revenue Botsds, Series
1948 sad 1948A, the privilege of exchseging their present holdings for refunding bonds
bearing interest at the rata of 30 provided the holders consent to changes it the Deed
of Trust as briefly outlined in said letter.
The undersigned hereby consents to the plan outlined in your letter of December 2nd
agrees to exchange the bonds described below for Waterworks Refunding 30 Bonds as shove on
801bit No. 1.
PEW MW SY TB: iD 1
Amount Bart" Maturity Bond Nos..
The undersigned !agrees to convert this into a formal consent after Notice of
intention to Modify the Deed of Trust has been published by the Trustee. This action
may be thus formalized by either a letter, telegram or executive of a new consent.
Very t-ly yours,
(Name)
(Street)
(City)
(State)
(Please execute in duplicate keeping ow copy for your files.)
CORPUS CHRISTI, TEXAS
Of
f 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 COUNCIL; I, THEREFORE, HEREBY REQUEST
THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS THIS
ORDINANCE FINALLY ON THE DATE IT 15 INTRODUCED, OR AT THE PRESENT
MEETING OF THE CITY COUNCIL.
RESPECTFULLY,
MAYOR
CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE
FOLLOWING VOTE:
A. A. LICHTENSTEIN
ELLROY KING
P. C. CALLAWAY
JAMES S. NAISMITH
W. JAMES BRACE
n(/ �\
THE ABOVE ORDINANCE WAS PASSED BY THE
FOLLOWING VOTE:
A. A. LICHTENSTEIN
a4.^/ j
ELLROY KING
P. C. CALLAWAY
JAMES S. NAISMITH
W. JAMES BRACE
' Lp I lc