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Home My WebLink About03666 ORD - 02/17/1954RESOLUTION NO. 3666 CALLING FOR REDEMPTION CERTAIN BONDS OF THE ISSUE "CITY OF CORPUS CHRISTI WATERWORKS REVENUE BONDS, SERIES 1948 "; DIRECTING THE ISSUANCE OF NOTICE IN ACCORDANCE WITH TEE PROVISIONS OF THE DEED OF TRUST SECURING SAID BONDS; RESOLVING OTHER MATTERS RELATING TO THE SUBJECT; AND DECLARING A PUBLIC EMERGENCY. WHEREAS, heretofore on the 20th day of January, 1954, the City Council passed a motion providing for the redemption of certain Water- works Revenue Bonds of the City and authorizing the deposit of funds suffi- cient to redeem any bonds thus called; and WHEREAS, it has now been determined that the bonds here- inafter described cannot be secured for refunding within the time required to issue the Waterworks Revenue Refunding Bonds authorizied by ordinance passed February 3, 1954, in the amount of $3,831,000.00; and WHEREAS, the City now has the option of redeeming on June 1, 1954, Bonds Nos. 726 to 735, both inclusive, scheduled to mature June 1, 1963, and Bonds Nos. 831 to 835, both inclusive, scheduled to mature June 1, 1964, in the denomination of $1,000.00 each, in the amount of $15,000.00, at par and accrued interest to June 1, 1954, plus a premium of Four percent (4 %) of the principal amount; and WHEREAS, it is deemed advisable that such bonds be called for redemption on June 1, 1954; NOW, 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, maturing June 1, 1963, and Bonds Nos. 831 to 835, both inclusive, maturing June 1, 1964, in the principal amount of $1 000.00 of City of Corpus Christi Waterworks Revenue Bonds, Series 1948, are hereby called for redemption on June 1, 1954. SECTION 2. That the proper officials and employees of the City are 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 par amount of such bonds and interest thereon to June 1, 1954, plus a premium of Four Percent (4%) of the principal amount. SECTION 3. Repealing all resolutions in conflict herewith and particularly the resolution adopted February 3, 1954, calling certain bonds for redemption. SECTION 4. The fact that a refunding of all of the presently outstanding Waterworks Revenue Bonds of the City must be accomplish- ed before 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 hereinabove described be called and redeemed, create a public emergency and an imperative public neces- sity requiring the suspension of the Charter requirement that no ordinance 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 is accordingly resolved and this resolution shall take effect and be in full force from and after its adoption. PASSED AND APPROVED this the i;day of February, 1954. /s/ A. A. LICHTENSTEIN Mayor,, City.of Corpus Christi, Texas. ATTEST: /s/ T. RAY KRING City Secretary APPROVED AS TO LEGAL FORM: /s/ I. M. SINGER City Attorney. Commissioner made a motion that the Charter provisions prohiti.ting resolutions from being adopted finally on the date introduced be suspended for the reasons stated in the written request of the Mayor and stated in the emergency clause of the resolution. The motion was seconded by Commissioner The motion carried by the following vote: AYES: Commissioner Naismith, Callaway, King and Brace. NAYS: None. The Mayor requested that he be recorded as voting Aye. Commissioner �,l,1; made a motion that the re- solution be adopted finally. The motion was seconded by Commissioner E The motion carried by the following vote: AYES: Commissioners Naismith, Callaway, King and Brace. NAYS: None. The Mayor requested that he be recorded as voting Aye. The Mayor announced that the resolution had been adopted. ADOPTED AND APPROVED February 195+• Isl A. A. LICHTENSTEIN Mayor, City of Corpus Christi, Texas. ATTEST: /s/ T. RAY KRING City Secretary. The foregoing resolution has been approved as to form and correctness this - day of February, 195+- Isl I. M. SINGER City Attorney. CORPUS CHRISTI, TEXAS ,195- TO THE MEMBERS OF THE CITY COUNCIL CORPUS CHRISTI, TEXAS GENTLEMEN: FOR THE REA -SONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FOREGOING -"DI NANCEp 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 PUS CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: A. A. LICHTENSTEIN f,L; ELLROY KING P. C. CALLAWAY .TAMES S. NAISMITH W. JAMES B R A C E THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE: A. A. LICHTENSTEIN4... 7 ELI-Roy KING f P. C. CALLAWAY .JAMES S. NAISMITH W. JAMES BRACE THE STATE OF TEXAS COUNTY OF NUECFS CITY OF CORPUS CHRISTI I, T. Ray Kring, City Secretary of the City of Corpus Christi, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of a resolution adopted finally by the City Council of said City at its -r;..j meeting on February _LL _l 1954, which resolution is duly of record in the minutes of the City Council. EXECUTED under my hand and the seal of said City, this the day of February, 1954. City Secret'sry, /pity of Corp`. Christi, Texas. (SEAL)