HomeMy WebLinkAbout03650 ORD - 02/03/1954� - I.
RESOLUTION 110, 3650
CALLING FOR REDEMPTION OF CERTAIN BONDS OF THE ISSUE
"CITY OF CORPUS CHRISTI VfATERWORKS REVENUE BONDS,
SERIES 1948? DIRECTING THE ISSUANCE OF NOTICE IN
ACCORDANCE 'WITH THE PROVISIONS OF THE DEED OF TRUST
SECURING SAID BONDS; RESOLVING OTHER MATTERS RELATING
TO THE SUBJECT; AND DECLARING A PUBLIC EMERGENCY.
�w HERE.S, HERETOFORE ON THE 20TH DAY OF JANUARY, 19542 THE CITY
COUNCIL PASSED A MOTION PROVIDING FOR THE REDEMPTION OF CERTAIN WATERWORKS
REVENUE BONDS Or THE CITY AND AUTHORIZING THE DEPOSIT OF FUNDS SUFFICIENT
TO ^EDEEM ANY BONDS THUS CALLED; AND
WHEREAS, IT HAS NOW BEEN DETERMINED THAT THE BONDS HEREINAFTETt
DESCRIBED CANNOT BE SECURED FOR REFUNDING WITHIN THE 71ME REQUIRED TO ISSUE
THE WATERWORKS REVENUE REFUNDING BONDS AUTHORIZED BY ORDINANCE PASSED FEBRUARY
3, 1954, IN THE AMOUNT OF $3,831,000; AND
WHEREAS, THE CITY NOW HAS THE OPTION OF REDEEMING ON JUNE 1, 1954
BONDS,NOS. 726 TO 735, BOTH INCLUSIVE, IN THE DENOMINATION OF $1,000 EACH, IN
THE AMOUNT OF 10,000, SCHEDULED TO MATURE JUNE 1, 1963 AT PAR AND ACCRUED
INTEREST TO JUNE 1, 1954, PLUS A PREMIUM OF FOUR PERCENT (11 %) OF THE PRINCIPAL
AMOUNT; AND
%'JHEREAS, IT 15 DEEMED ADVISABLE THAT SUCH BONDS BE CALLED FOR RE-
DEMPTION 014 JUNE 1, 1954;
NOU, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. THAT BONDS NOS. 726 TO 735, BOTH INCLUSIVE, IN THE
PRINCIPAL AMOUNT OF $110,000 OF CITY OF CORPUS CHRISTI WATERWORKS REVEPIUE BONDS,
SERIES 1948, MATURING JUNE 1, 1963, ARE HEREBY CALLED FOR REDEMPTION ON JUNE 1,
1954.
SECTION 2. THAT THE PROPER OFFICIALS AND EMPLOYEES OF THE CITY A, -E
HEREBY AUTHORIZED AND DIRECTED TO TAKE SUCH ACTION,IN ACCORDANCE WITH THE PRIOR
REDEMPTION PROVISIONS OF SAID BONDS, AS MAY BE NECESSARY TO MAKE EFFECTIVE SUCH
CALL BY GIVING THE NOTICE REQUIRED BY THE DEED OF TRUST SECURING SAID BONDS AND
TO ARRANGE FOR THE PROMPT DEPOSIT OF FUNDS WITH THE PAYING AGENT, THE MERCANTILE
NATIONAL BANK AT DALLAS, DALLAS, TEXAS, IN AN AMOUNT SUFFICIENT TO PAY THE PAP.
AMOUNT OF SUCH BONDS AND INTEREST THEREON TO JUNE 1, 1954, PLUS A PREMIUM OF
FOUR PERCENT (4%) OF THE PRINCIPAL AMOUNT.
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SECTION 3. THE FACT THAT A REFUNDING OF ALL OF THE PRESENTLY
OUTSTANDING WATERWORKS REVENUE BONDS OF THE CITY MUST BE ACCOMPLISHED BE-
FORE SUFFICIENT NEW CONSTRUCTION BONDS MAY BE ISSUED FOR URGENTLY NEEDED
IMPROVEMENTS AND EXTENSIONS OF THE CITY'S WATERWORKS SYSTEM AND THE FACT
THAT THE REFUNDING CANNOT BE COMPLETED UNLESS THE BONDS HEREIN ABOVE DESCRIBED
BE CALLED AND REDEEMED, CREATE A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC'
NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER REQUIREMENT THAT NO ORDI-
NANCE OR RESOLUTION SHALL BE ADOPTED FINALLY ON THE DATE IT IS INTRODUCED,
AND THE MAYOR, HAVING DECLARED THAT SUCH PUBLIC EMERGENCY EXISTS AND HAVING
REQUESTED THE SUSPENSION OF SUCH CHARTER RULE AND THE ADOPTION FINALLY OF THIS
RESOLUTION ON THE DAY OF ITS INTRODUCTION, IT 15 ACCORDINGLY RESOLVED AND
THIS RESOLUTION SHALL TAKE EFFECT AND BE IN FULL FORCE FROM AND AFTER ITS
ADOPTION.
PASSED AND APPROVED THIS THE DAY OF FEBRUARY, 1954.
ATTESTS
7�/ I
CITY SECRETA Y
r'
APPROVED AS TO LEGAL FORM:
CITY ATTORNEY
THE CITY'�,OF CORPUS CHRISTI, TEXAS
CORPUS CHRISTI, TEXAS
-IJ95
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
EXIST FOR THE SUSPENSION OF THE CHARTER RULE OR REQUIREMENT THAT NO
ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE IT 18
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 ORPUS CHRISTI, TEXAS
U i
- THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE:
A. A. LICHTENSTEIN
ELLROY KING
P. C. CALLAWAY
JAMES S. NAISMITH
W. JAMES BRACE
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING
���� VOTE:
A. A. LICHTENSTEIN
ELI-Roy KING ��
P. C. CALLAWAY
JAMES S. NAISMITH
W. JAMES BRACE
i
Y ,
C01 -0MISSI ONE MADE A MOTION THAT THE CHARTER
PROVISIONS PROHIBITING RESOLUTIONS FROM BEING AOOPTED FINALLY ON THE DATE
INTRODUCED BE SUSPENDED FOR THE REASONS STATED IN THE WRITTEN REQUEST OF THE
MAYOR AND STATED III THE EMERGENCY CLAUSE OF THE RESOLUTION. THE MOTION WAS
SECONDED BY COMMISSIONER OaA THE MOTION CARRIED BY THE
FOLLOWING VOTE:
AYES: COMMISSIONERS NAISNIITH, CALLAWAY AND BRACE
NAYES: NONE
THE MAYOR REOUES D THAT HE BE RECORDED AS VOTING AYE.
COMMISSIONER MADE A MOTION THAT THE RESOLUTION 4:�-��
BE ADOPTED FINALLY. THE MOTION WAS SECONDED BY COMIISSIONER
THE MOTION CARRIED BY THE FOLLOWING VOTE:
AYES: COMMISSIONERS NAISMITH, CALLAWAY AND BRACE
NAYES: NONE
THE MAYOR REQUESTED THAT HE BE RECORDED AS VOTING AYE.
THE MAYO.-, ANNOUNCED THAT THE RESOLUTION HAD BEEN ADOPTED.
ADOPTED AND APPROVED FEBRUARY 3, 1954.
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
ATTEST,
CITY SECRETAP.
THE FOREGOING RESOLUTION HAS BEEN APPROVED AS TO FORM AND CORRECTIONS
THIS 3RD DAY OF FEBRUARY, 1954.
CITY f�,TTORNEY
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