HomeMy WebLinkAbout03692 ORD - 03/17/1954THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the day of March, 1954, the City Council
of the City of Corpus Christi, Texas, convened in /Lk- -c u meeting,
with the following members of said Council present, to4wit:
A. A. Lichtenstein, Mayor,
T. S. Naismith,
Ellroy King,
Commissioners,
P. C. Callaway,
W. James Brace,
T. Ray Kring, City Secretary,
Russell E. McClure, City Manager,
I. M. Singer, City Attorney,
with the following absent; %T �.< <, , constituting
a quorum, at which time the following among other business was transacted:
Mr. "_';ti_ presented for the consideration of
the Council an ordinance. The ordinance was read by the City Secretary. The
Mayor presented to the Council a communication in writing pertaining to said
proposed ordinance, as follows:
Corpus Christi, Texan,
March 1 1954.
TO THE MOM 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 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 is introduced, or
at the present meeting of the City Council.
Respectfully,
/a/ A. A. Lichtenstein,
Mayor
City of Corpus Christi, Texas.
'3u 1'�-
Commissioner A, 'Ux- made a motion that the
Charter provisions prohibiting ordinances from being passed finally on the
date introduced be suspended for the reasons stated in the written request of
the Mayor and stated in the emergency ,91ause of the ordinance. The motion
was seconded by Commissioner The motion was carried by
a unanimous vote by the City Council, viz:
AYES: Commissioners Naismith, King, Callaway and Brace.
NAM: None.
Commissioner made a motion that the
ordinance be passed finally. The motion was seconded by Commissioner
• The motion was carried by the following vote:
AYES: Commissioners Naismith, King, Callaway and Brace.
NAM None.
The Mayor requested that the records show that he voted
Aye. This was done.
The Mayor announced that the ordinance had been passed.
The ordinance is as follows:
ORDINANCE NO. 34 ,_�
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, PROVIDING FOR THE ISSUANCE OF CITY OF CORPUS
CHRISTI, TEXAS, SEWER IMPROVEMENT AND EXTENSION REVENUE
BONDS, SERIES 1954, IN THE AGGREGATE AMOUNT OF $1,500,000.00,
BEARING INTEREST AT THE RATES HEREINAFTER SPECIFIED, FOR
THE PURPOSE OF CONSTRUCTING IMPROVEMENTS AND EXTENSIONS TO
THE CITY'S SANITARY SEWER SYSTEM; PRESCRIBING THE FORM OF
BOND; PLEDGING THE REVENUES OF THE CITY'S SANITARY SEWER
SYSTEM TO THE PAYMENT OF THE PRINCIPAL AND INTEREST OF
SAID BONDS; PROVIDING FOR THE EXPENSE CF OPERATING SAID
SYSTEM; MAKING CERTAIN COVENANTS OF THE CITY IN REFERENCE
TO THE BONDS AND THE BOND FUND FROM WHICH SAID PRINCIPAL
AND INTEREST ARE TO BE PAID; PROVIDING THAT THE HOLDER
OR HOLDERS OF SAID BONUS SHALL NEVER HAVE THE RIGHT TO
DEMAND PAYMENT OF SAID BONDS OUT OF ANY FUNDS RAISED OR TO
BE RAISED BY TAXATION; ORDAINING OTHER MATTERS RELATING
TO THE SUBJECT; AND DECLARING AN EMERGENCY.
, the City Council has heretofore determined that it is
to the best interest of the City and of its citizens that it issue revenue
bonds of said City for the purpose of improving and extending the City's
Sanitary Sewer System; and
WHEREAS, pursuant to such determination, the City Council of the
City of Corpus Christi, Texas, adopted a resolution on the 5th day of
November, 1953, calling an election on several propositions, including the
following:
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the
amount of $3,000,000.00, maturing serially in such installments
as may be fixed by the City Council, the maximum maturity being
not more than Thirty (30) years from their date, bearing interest
at a rate not to exceed Five (5 %) per cent per annum, for the
purpose of improving and extending the City's Sewer System, to be
issued in accordance with and secured in the manner provided in
Articles 1111 -1118, both inclusive, of the Revised Civil Statutes
of Texas, 1925, as amended, each bond to be conditioned that the
holder thereof shall never have the right to demand payment of said
obligations out of funds raised or to be raised by taxation, secured
by a pledge of the net revenues from the operation of said system."
and
WHEREAS, at the election held in said City on the 24th day of
November, 1953, a majority of the resident, qualified electors owning
taxable property in said City, and who had duly rendered the same for tax-
ation voting at said election sustained the proposition to issue the bonds
hereinafter described by the following vote:
"FOR THE ISSUANCE OF SEWER IMPROVEMENT AND
EXTENSION REVENUE BONDS" 3384 votes;
"AGAINST THE I8513ANCE OF SEWER IMPROvEMENT
AND EXTENSION REVENUE BONDS" 1586 Votes;
and
WHEREAS, at this time it is considered proper to sell only One Million
Five Hundred Thousand ($1,500,000.00) Dollars of said bonds, reserving to the
City the right to sell all or any part of the remaining authorized One Million
Five Hundred Thousand ($11500,000.00) Dollars of bonds, all to be considered
when issued as a part of the same series of indebtedness insofar as liens and
rights are considered; and
WHEREAS, the City has authority, generally, to pass this ordinance
authorizing the issuance of revenue bonds for the purpose of improving and
extending the City's Sanitary Sewer System, under the Constitution and
Statutes of the State of Texas, including particularly Articles 1111 -1118,
both inclusive, of the 1925 Revised Civil Statutes of Texas, as amended; and
WHEREAS, it is now necessary and proper that the City Council proceed
with the issuance of such revenue bonds;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
1. That to provide funds for the purpose of improving and extending
the City's Sanitary Sewer System, pursuant to the Constitution and Statutes
of the State of Texas, including particularly Articles 1111 to 1118, both
inclusive, of 1925 Revised Civil Statutes of Texas, as amended, and the
Charter of said City, there shall be issued City of Corpus Christi, Texas,
Sever Improvement and Extension Revenue Bonds, Series 1954, aggregating One
Million Five Hundred Thousand ($1,500,000.00) Dollars, numbered from One (1)
to One Thousand Five Hundred (1500), both inclusive, of the denomination of
One Thousand ($1,000.00) Dollars each.
2. That said bonds shall be dated January 15, 1954, and shall beer
interest at the rates as follows:
Bonds Nos. 1 to 155, both incl., - - 3 -3/4% per annum;
Bonds Nos. 156 to 1500, " " - - - 3% per annum,
payable July 15, 1954, and semi - annually thereafter on January 15th and
July 15th of each year; principal and interest of said bonds shall be
payable in lawful money of
the United
States upon presentation and surrender
of bond or proper coupon at the Harris Trust &
Savings Bank, Chicago,
Illinois,
or at the option
of the holder
at the
Corpus Christi National
Bank,
Corpus Christi, Texas, and they
shall mature as follows:
BONDS
NUMMMS
MATURITY DATES
AMOUNTS
1
to
30, both incl.,
January
15,
1955
$30,000.00
31
to
6o, "
January
15,
1956
30,000.00
61
to
9o, "
January
15,
1957
30,000.00
91
to
120, "
January
15,
1958
30,000.00
121
to
155, "
January
15,
1959
35,000.00
156
to
19o,
January
15,
1960
35,000.00
191
to
225,
January
15,
1961
35,000.00
226
to
26o,
January
15,
1962
35,000•00
261
to
3oo,
January
15,
1963
40,000.00
301
to
34o, " "
January
15,
1964
40,000.00
341
to
380, " "
January
15,
1965 -.
4o,000.00
381
to
425, " "
January
15,
1966
45,000.00
426
to
470, "
January
15,
1967
45,000.00
471
to
515,
January
15,
1968
45,000.00
516
to
56o,
January
15,
1969
45,000.00
561
to
61o, " "
January
15,
1970
50,000.00
611
to
66o, "
January
15,
1971
50,000.00
661
to
710,
January
15,
1972
50,000-00
711
to
765, "
January
15,
1973
55,000.00
766
to
82o, "
January
15,
1974
55,000.00
821
to
88o, "
January
15,
1975
60,000.00
881
to
940, " "
January
15,
1976
6o,000.00
941
to
1000, " "
January
15,
1977
6o,000.00
1001
to
1065, "
January
15,
1978
65,000.00
1066
to
1130,
January
15,
1979
65,000.00
1131
to
1200, " "
January
15,
1980
70,000.00
1201
to
1270, "
January
15,
1981
70,000.00
1271
to
1345,
January
15,
1982
75,000.00
1346
to
1420, "
January
15,
1983
75,000.00
1421
to
1500,
January
15,
1984
80,000.00
3. In Bonds Numbers Three Hundred Forty One (341) to One Thousand
Five Hundred (1500), both inclusive, the City shall reserve the option
of calling each such bond for redemption prior to maturity on the 15th
day of January, 1964, and thereafter on any interest payment date, at a
price of par and accrued interest to date so fixed for redemption, plus a
premium of 2 -1/2% of the principal amount. Notice of such redemption is
to be published in a financial publication in the City of New York, Nev York,
at least once, not less than thirty days before the date fixed for prior
payment, and thirty (30) days' notice in writing is to be given to the
places of payment before the date so fixed for prior payment. At the time
said call is made, funds shall be made available for such purpose in an
amount sufficient to pay the bonds called and accrued interest thereon,
plus the premium specified. If, upon the happening of the above conditions
said bonds are not presented for payment, they shall not thereafter bear
interest. If less than all of the bonds outstanding and then subject to
Prior redemption are called, they shall be called in their inverse numerical
order.
4. Each of said bonds shall be signed by the Mayor and countersigned
by the City Secretary, and the corporate seal of the City of Corpus Christi,
Texas, shall be impressed upon each of them. The facsimile signatures of
the Mayor and City Secretary may be lithographed or printed upon the
coupons attached to said bonds and shall have the same effect as if they
had been signed by them.
5. That said bonds shall constitute special obligations of said
City of Corpus Christi and each of said bonds shell contain the provision
that the holder thereof shall never have the right to demand payment of
said obligation out of funds raised or to be raised by taxation.
6. The form of said bonds shall be substantially as follows:
NO. $1,000.00
UNITED STATES OF AMERICA
STATE CF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
SEWER IMPROVEMENT AND EXTENSION REVENUE BOND
SERIES 1954
The City of Corpus Christi, in the County of Nueces, State of 'Texas,
a municipal corporation duly incorporated under the laws of the State of
Texas, for value received, hereby acknowledges itself indebted to and promises
to pay to the bearer hereof on the 15th day of January, 19_, the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, with interest thereon from
date hereof at the rate of per cent per annum, payable
July 15, 1954, and semi - annually thereafter on January 15 and July 15
of each year, until the principal sum shall be paid. Interest maturing on
and prior to the maturity of this bond is payable in lawful money of the
United States of America, upon presentation and surrender of proper coupons
as they severally become due, both principal and interest being payable at
the Barris Trust & Savings Bank, Chicago, Illinois, or at the option of the
holder at the Corpus Christi National Bank, Corpus Christi, Texas.
This bond is one of a series of bonds of like tenor and effect,
except as to number, maturity and right of prior redemption, numbered One (1)
to One Thousand Five Hundred (1500), both inclusive, of the denomination of
One Thousand ($1,000.00) Dollars each, aggregating One Million Five Hundred
Thousand($1,500,000.00) Dollars, (being part of a total authorized issue
of Three Million ($3,000,000.00) Dollars), issued by the City of Corpus
Christi, Texas, for the purpose of improving and extending the City's
Sanitary Sewer System, in accordance with the Constitution and laws of the
State of Texas and the Charter of said City, and pursuant to an ordinance
passed by the City Council, duly recorded in the minutes of said City Council,
reference to which ordinance is hereby made for a description of the funds
charged with and pledged to the payment of the interest on and the principal
of the bonds, the nature and extent of the security thereof, and a statement
of all of the rights, duties and obligations of the City and the rights
of the holders of the bonds, to all the provisions and terms of which ordinance
the holder hereof by the acceptance of this bond assents.
The date of this bond in conformity with the ordinance above
mentioned is January 15, 1954•
**(Bonds numbered Three Hundred Forty One (341) to One Thousand
Five Hundred (1,500), both inclusive, of the issue of which this is one,
may be redeemed prior to maturity at the option of the City of Corpus Christi,
Texas, on the 15th day of January, 1964, and on any interest payment date
thereafter, at a price of par and accrued interest to date so fixed for
redemption, plus a premium of 2 -1/2% of the principal amount. Notice of
intention to redeem this bond is to be published in a financial publication
in the City of New York, Nev York, at least once, not less than thirty (30)
days before the date fixed for prior payment, and thirty (30) days' notice
in writing is to be given to the places of payment.Et the time said call
is made, funds shall be made available for such purpose in an amount
sufficient to pay this bond and accrued interest thereon, plus the premium
specified. If, upon the happening of the above conditions, this bond is not
presented for redemption, it shall not thereafter bear interest. If less
than all of the bonds outstanding and then subject to prior redemption are
called, they shall be called in their inverse numerical order.)
The City reserves the right to issue the remaining $1,500,000.00
Revenue Bonds authorized at the election held in said City on the 24th day
of November, 1953, and additional parity revenue bonds for sever improvements
and extensions, under the conditions stated in the ordinance authorizing this
bond, said bonds to be payable from the same source as are the Bonds of
this issue, secured by the same revenues, and shall be on a parity with
this issue of bonds.
Each successive holder of this bond during such time as it is payable
to bearer, and each successive holder of each of the coupons hereto attached,
is conclusively presumed to forego and renounce his equities in favor of
subsequent holders for value without notice, and to agree that this bond
while so payable to bearer, and each of the coupons hereto attached, may
be negotiated by delivery by any person having possession hereof, howsoever
such possession may have been acquired, and that any holder who shall have
taken this bond or any of the coupons from any person for value and without
notice, thereby has acquired absolute title thereto, free from any defenses
enforceable against any prior holder and free from all equities and claims
of ownership of any such prior holder. Neither the City of Carpus Christi
nor its officials nor the paying agent hereinabove named shall be affected
by any notice to the contrary.
In the event the City later exercises the right to combine the
operations of its waterworks and sanitary sewer systems reserved to it in
Section 31 of the ordinance authorizing this bond, the bonds of this issue,
together with any additional sewer system revenue bonds subsequently issued
and ..ajy revenue bonds theretofore or thereafter issued for waterworks
purposes, to the extent and in the manner permitted by law at such time, will
be payable from the revenues of the combined systems, including all additions,;
extensions and improvements thereafter made to said combined systems,
and, if so authorized by law and prescribed by the City, may be further
secured by a mortgage on the combined systems.
This bond and the series of which it is a part constitute special
obligations of the City of Corpus Christi, Texas, payable both as to principal!
and interest from and secured by a first lien on and pledge of the revenues
of the Sewer System, after deduction of reasonable operation and maintenance
expenses, including all salaries, labor, materials, repairs and extensions
necessary to render efficient service. The holder hereof shall never have
the right to demand payment of this obligation out of funds raised or to
be raised by taxation.
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this
bond and the series of which it is a part, is duly authorized by law and
Ay'a majority of the resident, qualified electors owning taxable property
in said City, and who had duly rendered the same for taxation, voting at
an election held for that purpose within said City on the 24th day of
November, 1953, that all acts, conditions and things required to exist
precedent to and in the issuance of this bond to render the same lawful
and valid have been properly done, have happened and been performed in
regular and due time, form and manner as required by the Constitution and
laws of the State of Texas, and the ordinance hereinabove mentioned, and
that this series of revenue bonds does not exceed any constitutional or
statutory limitations, and that provision has been made for the payment of the,
principal and interest of this bond and the series of which it is a part
by irrevocably pledging to the payment thereof the net revenues of said
sewer system of said City of Corpus Christi.
IN TESTIMONY WHERECF, the City Council of the City of Corpus Christi,
Texas, has caused the seal of said City to be impressed hereon and this
bond to be signed by the Mayor of said City and countersigned by the City
Secretary and has caused the annexed coupons to be signed by the lithographed
or printed facsimile signatures of the Mayor and City Secretary.
Mayor, City of Corpus Christi, Texas
COUNTERSIGNED:
City Secretary, City of Corpus
Christi, Texas
*(Bonds Nos. 1 to 155,both inclusive - - - - 3 -3/4% per annum;
(Bonds Nos.156 to 1500, both inclusive - - - 3� per annum.)
**(This paragraph should be printed only in Bonds Numbers 341 to 1500, incl.) !
7. The form of said coupons shall be substantially as follows:
N0. $
CU THE 15TH DAY OF
The City of Corpus Christi, Texas, out of revenues specified in the
bond to which this coupon is attached, will pay to bearer, *(unless the
bond to which this coupon is attached shall have been called for previous
redemption as therein provided and provision for the redemption thereof made), !
at the Harris Trust & Savings Bank, Chicago, Illinois, or at the option of
the holder at the Corpus Christi National Bank, Corpus Christi, Texas, the
sum of ($ ) Dollars in lawful money of the
United States of America, said sum being interest due that day on "City
of Corpus Christi, Texas, Sewer Improvement and Extension Revenue Bond,
Series 1954," bearing the number hereinafter specified, dated January 15, 1954.
The holder hereof shall never have the right to demand payment of this
obligation out of funds raised or to be raised by taxation. Bond No.
City Secretary Mayor
*(This parenthetical expression should be printed only in coupons maturing
July 15, 1964, and subsequent.)
8. The form of Comptroller's certificate, which shall be printed
on the back of each bond sha11 be substantially as follows:
OFFICE OF COMPTROLLER
STATE OF TEXAS
I HEREBY CERTIFY that there is on file and of record in my office
a certificate of the Attorney General of the State of Texas, to the effect
that this bond has been examined by him as required by law, and that he
finds that it has been issued in conformity with the Constitution and laws
of the State of Texas, and the Charter of said City, and that it is a valid
and binding special obligation of said City of Corpus Christi, Texas, payable
from the revenues pledged to its payment by and in the ordinance authorizing
same, and said bond has this day been registered by me.
WITNESS MY HAND and seal of office at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas.
(SEAL)
9. That after the bonds have been executed by the City Officials
as hereinabove provided, they shall be presented to the Attorney General of
the State of Texas for examination and approval. After the bonds have been
approved by the Attorney General, they shall be registered by the Comptroller
of Public Accounts of the State of Texas.
10. (DEFINITIONS) (a) The term "System," as used in this
Ordinance, shall mean the City's Sewer System, including all present and
future extensions, additions, replacements and improvements thereto.
(b) The term "Net Revenues," as used in this Ordinance,
shall mean the gross revenues of the System less the expenses of operation
and maintenance, including all salaries, labor, materials, repairs and
extensions necessary to render efficient service, provided however, that
only such repairs and extensions, as in the judgment of the City Council,
reasonably and fairly exercised, are necessary to keep the plant or utility
in operation and render adequate service to the City and the inhabitants
thereof, or such as might be necessary to meet some physical accident or
condition which would otherwise impair the Bonds authorized by this Ordinance
and any additional bonds permitted to be issued under Section 21 and
Section 32 hereof, shall be deducted in determining "Net Revenues."
(c) The term "Bonds" shall mean the $1,500,000.00 of bonds
authorized by this Ordinance.
(d) The term "Remaining Voted Bonds" shall mean the $1,500,000.00
of bonds (of the $3,000,000.00 voted November 24, 1953) not being authorized
by this Ordinance and which the City reserves the right to issue under the
provisions of Section 20 hereof.
(e) The term "Additional Bonds" means the Additional Bonds which
the City reserves the right to issue under Section 21 hereof.
11. (PLEDGE). All of the Net Revenues of the System in an amount
sufficient to establish and maintain the Funds hereinafter provided are
hereby irrevocably pledged for the payment of the Bonds, the Remaining
Voted Bonds and of the Additional Bonds, if issued under the conditions
and in the manner specified in this Ordinance, and the interest thereon, and
it is hereby ordained that the Bonds, the Remaining Voted Bonds and the
Additional Bonds if so issued, and the interest thereon shall constitute
a first lien upon said Net Revenues.
12. (RATES) The City covenants and agrees with the holders of
the Bonds, the Remaining Voted Bonds and Additional Bonds if and when issued:
(a) That it will at all times charge and collect for services
rendered by the System rates sufficient to pay all operating, maintenance,
depreciation, replacement and betterment expenses, and other costs deductible
in determining "Net Revenues" as herein defined, and to pay the interest on
and principal of the Bonds and to establish and maintain the funds as
hereinafter provided.
(b) If the Remaining Voted Bonds and any Additional Bonds are
issued, or if the System should become legally liable for any other
indebtedness, the City will fix and maintain rates and collect charges for
the services of the System sufficient to discharge such indebtedness.
13. (FUNDS). All revenues derived from the operation of the System
shall be kept separate from other funds of the City. To that end, the
following special Funds are hereby created and shall be kept in the City's
depository bank:
(a) City of Corpus Christi Sewer Improvement and Extension
System Fund, hereinafter called "System Fund."
(b) City of Corpus Christi Sewer Improvement and Extension
Revenue Bonds Interest and Redemption Fund, hereinafter called "Bond
Fund," which shall include the "Reserve Account!
(c) City of Corpus Christi Sewer System Operating Reserve Fund,
hereinafter called "Operating Reserve Fund."
14. (SYSTEM FUND) All revenues of every nature received through
the operation of the System shall be deposited from day to day, as collected,
into the System Fund, and the reasonable and proper expenses of operating
and maintaining the System, including salaries, labor, and materials shall
be paid therefrom. The City shall not make any disbursement from said
Fund for extensions except pursuant to a resolution adopted by the City
Council declaring that it is the judgment of the City Council that such
extensions are necessary to keep the System in operation and render adequate
service to the City and the inhabitants thereof, or that such extensions
are necessary to meet some physical accident or condition which would
otherwise impair the Bonds, and such resolution, in either case, shall recite
the facts and reasons for such judgment. Certified copies of such resolution
shall be furnished without cost to Bondholders requesting the same. Such
resolution shall not be binding or conclusive upon any Bondholder. All
revenues of the System pledged by this Ordinance shall be deposited in
the other Funds created by this Ordinance, each of which shall have priority
thereto in the order in which they are treated in the following sections.
15• (BOND FUND) From the funds in the System Fund, after the
payment of all Maintenance and Operation expenses as provided in Section
14 hereof, the City shall pay into the Bond Fund during each year an amount
equal to 100 per centum of the amount required to meet the interest and
principal payments falling due on or before the next maturity date of the
bonds. In addition to such payment, the City shall pay into the Bond Fund
from the System Fund in each year 20 per centum of the above required amount
until such time as there is in the Bond Fund an amount sufficient to meet
the interest and principal payments falling due on or before the next maturity .
date of the bonds and plus an amount equal to the maximum principal and
interest payment becoming due in any future year. The amount required to be
paid into the Bond Fund in each year shall be paid in substantially equal
monthly payments from the monies in the System Fund after deductions have
been made for paying the reasonable cost of the operating and maintaining
of the System for such month. If the revenues of the System in any month,
after deductions for operation and maintenance, are insufficient to make
the required payment into the Bond Fund, then the amount of any deficiency
in the payment made shall be added to the amount otherwise required to be
paid into the Bond Fund in the next month. It is the intent of this
provision that the sums paid into the Bond Fund shall be in excess of the
and
immediate requirements for payment of interest on/the principal of the bonds,
until there has been accumulated in the Bond Fund, as a reserve, an amount
equal to the maximum principal and interest payment becoming due in any
future year. The monies in the Bond Fund shall be used solely for the
purpose of paying interest and premiums on and principal of the bonds until
all bonds have been retired; provided, that, when the total in the Bond Fund
is equal to the aggregate principal amount of the bonds outstanding plus
accrued interest thereon, the monies in the Bond Fund may be used to purchase
bonds at a price, exclusive of accrued interest, not exceeding the principal
amount thereof. The monies paid into the Bond Fund shall be deposited
in the City's Depository Bank and shall be continuously secured by a
valid pledge to the City of direct obligations of, or unconditionally
guaranteed by the United States of America having an aggregate market value
exclusive of accrued interest, at all times at least equal to such Bond
Fund. The money in the Reserve Account, at the option of the City, may be
invested in such obligations of the United States of America and deposited
in escrow under an escrow agreement. If such funds are so invested and
deposited in escrow, the City shall have the right to have sold through
the escrow agent on the open market a sufficient amount of said securities
in order to meet its obligations of principal and interest in event it
does not have sufficient funds, uninvested, on hand for such purpose. Under
such circumstances, the Mayor is hereby authorized, ordered and directed
to give fifteen days written notice to such escrow agent of the necessity
to sell said securities on the open market. After such sale, the monies
resulting therefrom shall belong to the Reserve Account and shall be
available to pay such obligations of principal and interest. Whenever
for any reason the money in the Reserve Account shall be reduced below
the total amount herein required to be accumulated therein, the marginal
payments thus provided to be made into such account shall be resumed and
continued until the amount has been restored to the required sum.
16. (OPERATING RESERVE FUND) On or before the 15th day of each
month, after the required payments have been made into the Bond Fund (including
the Reserve Account), there shall be deposited into the Operating Reserve
Fund out of money remaining in the System Fund such amounts as will in
approximately equal monthly installments accumulate in said Operating Reserve
Fund within four years a sum at least equal to one -half (1/2) of the total
operating and maintenance expenses for the next preceding fiscal year. The
Operating Reserve Fund shall be used to pay the cost of emergency operating
and maintenance expenses, including emergency repairs or extensions, for the
payment of which no other funds are available. No payments need be made into
the Operating Reserve Fund after the required amount shall have been
accumulated therein, except that whenever any money is paid out of said
fund, payments as required by this Section 16, into the fund shall be
resumed and continued until such time as the fund has been restored to
such required amount. Money in the Operating Reserve Fund may at the option
of the City be invested in direct obligations of, or obligations unconditionally
guaranteed by the United States of America having maturities not in excess
of twelve years from the date of the making of such investment. Any
obligation in which money is so invested shall be kept and shall be promptly
sold and the proceeds of sale applied to the making of payments required
to be made under the foregoing provisions of this Section. Money in the
Operating Reserve Fund may be used to pay maturing principal of or interest
on the Bonds when the Bond Fund and the Reserve Account are inadequate for
such purpose. The deposits into this Fund shall be subordinate to those
required to be made into the Bond Fund and the Reserve Account.
17. (DEFICIENCIES IN FUNDS) If in any month the City shall, for
any reason, fail to pay into the Bond Fund (and Reserve Account) and
Operating Reserve Fund the full amounts above stipulated, amounts equivalent
to such deficiencies shall be set apart and paid into said Funds from the
first available and unallocated revenues of the following month or months,
and such payments shall be in addition to the amounts hereinabove provided
to be otherwise paid into said Funds during such month or months.
18. (EXCESS REVENUES) Any revenues in excess of those required to
establish and maintain the Funds as above required may be used for the
redemption of Bonds, Remaining Voted Bonds or Additional Bonds then eligible
for prior redemption, or for the payment of any lawfully issued subordinate
lien sewer revenue bonds, or for extensions of the System to the extent
now or hereafter permitted by law, provided such extensions will produce
sufficient revenues to pay for their maintenance and operation and will
impose no additional expense on the then existing system.
19. (SECURITY OF FUNDS) All funds created by this Ordinance shall
be secured in the manner and to the fullest extent permitted by the Laws
of the State of Texas for the security of public funds, and such funds shall
be used only for the purposes permitted in this Ordinance.
20. (RMAAMNG VOTED BONDS) The City reserves the right to
issue the remaining bonds in the amount of $1,500,000.00. As above stated,
the $1,500,000.00 of Bonds directed by this Ordinance to be issued shall be
called "Bonds," and the voted but unissued bonds shall be called "Remaining
Voted Bonds." The Remaining Voted Bonds when issued, shall be secured
by and payable from a first lien on and pledge of the Net Revenues of the
System in the same manner and to the same extent as are the Bonds authorized
by this Ordinance, and the Bonds and the Remaining Voted Bonds shall be in
all respects of equal dignity. The Remaining Voted Bonds may be issued in
one or more installments. It is provided, however, that none of the
Remaining Voted Bonds shall be issued unless:
(a) Each of the Funds created by this Ordinance contains the amount
of money then required to be on deposit therein, and that the City is not
in default as to any covenant, condition or obligation contained in the
Ordinance authorizing the issuance of the Bonds;
(b) The Net Earnings of the System for the twelve months period
next preceding the date of issuance (as certified by a Certified Public
Accountant) are equal to at least 1 -3/4 times the requirements for the
payment of principal and interest on the then outstanding Bonds and on the
Remaining Voted Bonds, for the year when the amount of such requirements is
greatest. The term "Net Earnings," as used in this Section 20, shall an
the gross revenues after deducting expense of operation and maintenance,
but not deducting expenditures which under standard accounting practice,
shall be charged to capital expenditures;
(c) A qualified professional engineer certifies in writing his
opinion as to the annual expenses and income and Net Earnings of the System
throughout the life of the Bonds and the Remaining Voted Bonds, and such
certificate shows that the average annual Net Earnings from the System will
be at least 1 -3/4 times the requirements for the payment of principal and
interest on the then outstanding Bonds and on the Remaining Voted Bonds,
for the year when the amount of such requirements is greatest;
(d) The Remaining Voted Bonds are made to mature on January 15 of
each of the years in which they are scheduled to mature and that interest
is made payable on January 15 and July 15 of each year.
21. (ADDITIONAL BONDS). Until such time as the City shall exercise
the right to combine its waterworks and sanitary sever systems, reserved to it
in Section 31 hereof, additional bonds (hereinafter called "Additional Bonds ")
shall be issued under the provisions of this Section, and thereafter the right
to issue Additional Bonds and the conditions under which they may be issued
shall, to the extent therein provided, be governed by the provisions of Section
32 of this ordinance. The City reserves the right to issue Additional Bonds,
which when issued, shall be secured by and payable from a first lien on and
pledge of the net revenues of the system in the same manner and to the same
extent as are the bonds authorized by this Ordinance and such bonds shall be in
all respects of equal dignity with the Bonds and the Remaining Voted Bonds. The
Additional Bonds may be issued in one or more installments provided however that
none of the Additional Bonds shall be issued unless;
(a) Each of the Hinds created by this ordinance contains the amount of
money then required to be on deposit therein, and that the City is not in de-
fault as to any covenant, condition or obligation contained in the Ordinance
authorizing the issuance of the Bonds;
(b) The Net Earnings of the System for the twelve months period next
preceding the date of the issuance (as certified by a Certified Public Account-
ant) are equal to at least 1 -3/4 times the requirements for the payment of prin-
cipal and interest on the then outstanding Bonds, the Remaining Voted Bonds and
the Additional Bonds for the year when the amount of such requirements is eat-
est. The term "Net Earnings" as used in this Section 21 shall mean the gross
revenues after deducting the expense of operation and maintenance but not de-
ducting expenditures which under standard accounting practice shall be charged
to capital expenditures;
(c) A qualified professional engineer certifies in writing his opinion
as to annual expenses and income and Net Earnings of the System throughout the
life of the Bonds, the Remaining Voted Bonds and the Additional Bonds, and such
certificate shows that the average annual Net Earnings from the System will be
at least one and three - fourths times the requirements for the payment of princi-
pal and interest on the then outstanding Bonds, the Remaining voted Bonds and the
Additional Bonds for the year when the amount of such requirements is the
greatest;
(d) The Additional Bonds are made to mature January 15 of
each of the years in which they are scheduled to mature and that interest is
made payable on January 15 and July 15 of each year;
(e) The Additional Bonds previously shall have been voted by the
qualified property taxpaying voters of the City.
22. (MAINTENANCE AND OPERATION). The City shall maintain the
System in good condition and operate the same in an efficient manner and
at a reasonable cost. So long as any of the bonds are outstanding, the
City sha11 maintain insurance for the benefit of the holder or holders of
the bonds, on the System of a kind and in an amount which usually would be
carried by private companies engaged in a similar type of business.
Nothing in this ordinance shall be construed as requiring the City to
expend any funds which are derived from sources other than the operation
of the System, but nothing herein shall be construed as preventing the City
from doing so.
23. (ACCOUNTS AND FISCAL YEAR) The City shall keep proper books
of records and accounts (separate from all other records and accounts)
in which complete and correct entries shall be made of all transactions
relating to the System.
24. (ACCOUNTING REPORTS). The City will cause an audit to be made
of the records of the System each year by a Certified Public Accountant and
prior to November 1 of each year hereafter, the City will furnish (without
cost) to John Nuveen & Company, Chicago, Illinois, and any Bondholder who
may so request, a signed or certified copy of a report by such certified
public accountant covering the next preceding fiscal year showing the
following information:
(a) Income and Expense Statement;
(b) Balance Sheet;
(c) Accountant's comment regarding the manner in which
the City has complied with the requirements of this Ordinance, and
his recommendation for any changes or improvement in the operation
of the system;
(d) List of insurance policies in force at the end of
the fiscal year, showing as to each policy, the risk covered, the name
of the insurer, and the expiration date;
(e) The number of properties connected with the system
and the total income from the system for the year;
(f) The number of customers of the system at the end of
the year.
25• (INSPECTION) Any holder or holders of bonds shall have the
right at all reasonable times to inspect the System and all records, accounts
and data of the City relating thereto.
26. (SPECIAL COVENANTS) The City hereby further covenants as follows:
(a) That it has the lawful power to pledge the revenues
supporting this issue of bonds and has lawfully exercised said power under
the Constitution and laws of the State of Texas, including said power
existing under Articles 1111 to 1118, both inclusive, Revised Civil Statutes
of the State of Texas, with amendments thereto; that the Bonds issued
hereunder, the Remaining Voted Bonds and the Additional Bonds, when issued,
shall be ratably secured under said pledge of income, in such manner that
one bond shall have no preference over any other bond of this issue;
(b) The City covenants and represents that other than for the
payment of the Bonds herein provided for, the rents, revenues and income
of the System have not in any manner been pledged to the payment of any
debt or obligation of the City or of the System;
(c) That, except as otherwise provided in Section 32 hereof and
so long as any of said bonds remain outstanding, the City will not sell or
encumber the System or any substantial part thereof, and that, with the
exception of the Remaining Voted Bonds and Additional Bonds expressly
permitted by this Ordinance to be issued, it will not encumber the revenues
thereof unless such encumbrance is made junior and subordinate to all of the
provisions of this Ordinance;
(d) That no free service of the System shall be allowed, and should
the City or any of its agencies or instrumentalities make use of the service
and facilities of the System, payment of the reasonable value thereof shall
be made by the City out of funds from sources other than the revenues and
income of the System;
(e) To the extent that it legally may, the City further covenants
and agrees that, so long as any of the Bonds, Remaining Voted Bonds or
Additional Bonds or any interest thereon are outstanding, no franchise shall
be granted for the installation or operation of any competing sewer system,
that the City will prohibit the operation of any sewer system, other than
that owned by the City, and the operation of any such system by anyone other
than this City is hereby prohibited.
27. (BONDS ARE SPECIAL OBLIGATIONS) The Bonds are special
obligations of the City payable from the pledged revenues, and the holder
thereof shall never have the right to demand payment thereof out of funds
raised or to be raised by taxation.
28. That in consideration of the purchase of the Bonds, and in order
better to secure the prompt payment of principal thereof and interest thereon,
as well as for the purpose of protecting the health and welfare of the
inhabitants of the City of Corpus Christi, the City Council hereby
expressly agrees and covenants with the holders of the bonds from time to
time that:
A. Acting in the exercise of its police powers, the
City Council will take all action necessary to require every
owner, tenant or occupant of each lot or parcel of land in the
City which abuts upon a street or other public way containing
a sewer line and upon which lot or parcel a building shall have
been constructed for residential, commercial, or industrial use
to connect such building with the system and to cease to use
any other method for the disposal of sewage, sewage waste, or
other poluting matter. All such connections shall be made in
accordance with rules and regulations to be adopted from time
to time by the City Council, which rules and regulations may provide
for an inspection charge to assure the proper making of such
connection.
B. That it will require the occupant of any premises,
the owner or occupant of which shall be delinquent for more than
two months in the payment of sewage charges imposed hereunder, to
cease to dispose of sewage or industrial or commercial wastes
originating from or on such premises by discharge thereof into the
system until such delinquent charges with all penalties for
delinquencies shall have been paid, and, in order to enforce the
provisions of this paragraph and to prevent the creation of a
health hazard, it is agreed that if any such occupant shall not
cease such disposal at the expiration of a period of thirty (30)
days running from the giving of the notice to cease such disposal,
it will cease supplying water to or selling water for use on such
premises until such time as all delinquencies have been removed.
C. If the owner or occupant of any premises connected
'--with the system shall become delinquent for more than six months
in the payment of sewer charges assessed against him or it, the City
Council will proceed immediately with a suit against such owner or
occupant to recover the amount of any such delinquent charges,
together with penalties and with interest computed thereon at the
rate of six per cent per annum.
D. In each instance where the occupant of any premises
connected with the system is purchasing water from the City of
Corpus Christi, the charges ,,aged by such occupant for water and for
sewer service shall be billed as a single charge, payment of the water
charge permitted only if the sewer charge is paid simultaneously, and
the supplying of water to such premises cut off if the combined
water and sewer charge is not paid promptly when due. Nothing in
this paragraph shall be so construed or applied as or be effective
to violate any contract rights which may be vested in the holders of
any outstanding bonds of the City of Corpus Christi payable from
water revenues.
29. That the provisions of this ordinance shall constitute a
contract between the City of Corpus Christi and the holder or holders from
time to time of the bonds herein authorized to be issued and after the
issuance of any of said bonds no change, variation, or alteration of any
kind in the provision of this ordinance may be made until all of the bonds
issued hereunder have been paid in full as to both principal and interest
or until the holders of 104 of the bonds then outstanding shall have
consented in writing to such change, variation or alteration, provided
however that such change, variation or alteration shall be effected only
through applicable refunding laws of the State of Texas, or to the extent
permitted by law by stamping, or otherwise endorsing on such bonds or
coupons the change, variation or alteration allowed by this Section.
30. If at any time while any Bonds, Remaining voted Bonds or
Additional Bonds are outstanding, it shall be found desirable to refund part
of said bonds under the provisions of any law then applicable, said bonds may
be refunded with the consent of the holders thereof, and the refunding bonds
so issued shall enjoy complete equality of lien with the portion of the bonds
which is not refunded, and the refunding bonds in like principal amount shall
continue to enjoy in all respects the lien and right to security enjoyed by
the bonds refunded thereby, including the priorities enjoyed by such refunded
bonds; provided, however, that if any refunding bond is to bear a higher rate
of interest than the bond to be refunded, or if any refunding bond is to mature'.
at a date earlier or later than the maturity date of the outstanding bond
thereby refunded, then such refunding bond may not be issued without the
consent of the holders of the unrefunded portion of the Bonds, unless it is
shown that the net revenues of the System for the twelve months period next
preceding the date of any such refunding bonds is equal to at least one and
three - fourths times the highest total amount of principal and interest to be-
come due in any future twelve months period on the bonds not so refunded and
on the refunding bonds then proposed to be issued and the showing thus to be
made as a condition precedent to the issuance of such refunding bonds shall
be evidenced in the manner required for the issuance of Additional Bonds, as
provided by Section 21 hereof.
31. (a) It is expressly provided that in the event the
City later obtains necessary authority it may combine the operation of its
water and sanitary sever systems. If and when such event occurs the Bonds of
this issue, together with revenue bonds issued for waterworks purposes, then
outstanding and any additional revenue bonds theretofore or thereafter issued
for waterworks or sanitary sever purposes, will be payable from and secured by
a pledge of and lien on the revenues of such combined systems, and if so pre-
scribed by the City, may be further secured by a mortgage on the waterworks or
sanitary sever system, or both, in the manner and to the extent permitted by
law at such time. It is provided however that the systems will not be thus
combined unless it is shown at the time of such action that the aggregate net
earnings of the waterworks and sanitary sever systems for the preceding twelve
months period have been in an amount at least one and three - fourths times the
maximum aggregate total amount of principal and interest to become due in any
future year on all revenue obligations then outstanding which were issued
either for waterworks or for sanitary sever purposes, or for both such pur-
poses. The showings thus to be made shall be evidenced as provided in
Section 21 hereof, relating to the issuance of Additional Bonds.
(b) The ordinance, resolution or other proceeding passed
or taken to give effect to this provision shall fully describe each and every
issue of sanitary sever revenue bonds and waterworks revenue bonds of the City
outstanding at such time and shall by reference make the provisions of the
Deed of Trust securing said outstanding waterworks revenue bonds applicable
thereto and thereafter the term "System" as used in this ordinance shall be
deemed to include the waterworks system as it exists at such time and any
improvements and extensions subsequently made thereto, provided that neither
the said Deed of Trust nor any supplemental Deed of Trust shall constitute a
mortgage upon the physical properties of the sanitary sewer system unless it
is expressly so provided in the proceedings making effective the combination
of such systems.
(c) On and after the date of the combination of such
systems, as herein provided, the gross revenues received from the operation of
the sanitary sever system along with the revenues received from the waterworks '.
system shall be deposited in the System Fund, as theretofore established in
said Deed of Trust securing the waterworks revenue bonds, and shall be dis-
bursed in accordance with the provisions and requirements of Article V of
said Deed of Trust. For greater certainty it is expressly provided that:
(1) The payments thereafter to be made each month into
the Maintenance and Operation Fund as established in said Deed of Trust shall -
be an amount of money estimated by the City to be sufficient /to pay the
reasonable expenses of operation and maintenance of the combined systems for
the next succeeding calendar month;
(2) The payments t.ereafter to be made.eachmonth into
the Interest and Sinking Fund (or Bond Fund) shall be an amount not less than
the total of: 1 /12th of the next maturing installment or installments of
principal of any and all bonds then outstanding against the combined systems;
1 /6th of the next semi- annual installment of interest on all such bonds then
outstanding; and an additional amount equal to 25% of both such items (pro-
vided that this 25% margin requirement may be omitted whenever and so long
as the Reserve is intact as contemplated by paragraphs (a), (b) and (c)
of Section 5.03, Article V of said Deed of Trust and this ordinance authoriz-
ing the issuance of the Bonds of this issue or any of the Remaining Voted Bonds
or Additional Bonds hereafter issued for such purposes);
(3) The payments thereafter to be madeesch month into
the Operating Reserve Fund shall be an amount not less than the amount that
is required by this ordinance to be accumulated in said Fund. Whenever said
Fund shall be diminished below such amount said payments shall be resumed and
continued until said Fund has been restored to the required amount.
The exercise of the rights herein reserved does not
require consent by the holders of the Bonds, Remaining Voted Bonds or of any
Additional Bonds, when issued and outstanding.
32. From and after the time the City shall have exercised
the right to combine its waterworks and sanitary newer systems reserved to it
in the foregoing section, the City shall have the right to issue additional
revenue bonds (hereinafter called "Additional Bonds ") for improvements and
extensions of the combined waterworks and sanitary sewer systems which, when
issued, shall be on a parity in all respects with any and all bonds thereto-
fore issued for either or both of such purposes and shall be payable from and
secured by a pledge of and lien on the revenues of the combined systems (and
to the extent authorized further may be secured by a mortgage on the sanitary
sewer system or the waterworks system or both such systems) provided that the
right to issue such additional bonds at any time shall be subject to the
following limitations and conditions:
(1) Any such Additional Bonds shall be issued pursuant to
an authorizing ordinance duly passed by the City Council which shall prescribe
the date, interest rate or rates, maturity dates and other details necessary
to identify the bonds and the purpose for which the proceeds of such bonds are
to be used. The ordinance authorizing Additional Bonds, or any supplement to
or amendment of the Deed of Trust hereinabove mentioned, which may be executed
pursuant to such ordinance shall contain adequate and appropriate provisions
assuring the application and use of the proceeds thereof for the specific
purposes set forth in such ordinance, or supplement to or amendment of the
said Deed of Trust, and for safeguarding said funds during the period of
construction, or of their use, including the escrow of construction funds.
(2) On each occasion before any such Additional Bonds
are issued an appropriate supplement to said Deed of Trust shall be executed,
describing such bonds and by reference making the pertinent provisions of the
Deed of Trust applicable thereto. None of the Additional Bonds shall be
issued and sold until they shall have been authenticated by the Trustee acting
under said Deed of Trust.
(3) The City agrees that it will not seek to have said
Trustee authenticate any Additional Bonds until it shall have filed or caused
to be filed with the Trustee:
(a) A certified copy of the ordinance authorizing the
issuance of such Additional Bonds;
(b) A certificate by the Mayor and City secretary showing
the aggregate Net Revenues of the combined System for the twelve months period
next preceding the date of such bonds;
(c) A certificate by an independent auditor acceptable
to the Trustee, or by a Certified Public Accountant attesting to the correct-
ness of the figures contained in the certificate by the Mayor and City
Secretary prescribed ln`,parsgraph (b) of this subsection (3);
(e) An estimate by an independent engineer or engineering
firm employed by the City and acceptable to the Trustee, of the Net Revenues
which will be received from the operation of the combined System (for the
remainder of the then current calendar year and for each year thereafter)
from the date of said certificate until the final maturity date of the last
maturing Bond either of this issue as originally issued or as subsequently
refunded, or of the Remaining Voted Bonds or Additional Bonds, whichever
date is the later.
() The Trustee shall not authenticate any Additional
Bonds authorized in such ordinance if within the knowledge of the Trustee the
City shall be in default in any of its obligations under this ordinance or
under the said Deed of Trust or if the Balance Sheet or other instruments
filed by such auditor or Certified Public Accountant shows that any of the
Funds required under said ordinance or said Deed of Trust, including any
reserves required by either instrument to be accumulated are not current or
intact according to the standards prescribed in this ordinance or said Deed
Of Trust, and to determine such facts the Trustee is authorized to require
Of the City any additional showing considered by it as necessary.
(5) After having been furnished the evidence required
under this Article the Trustee shall authenticate such Additional Bonds, if,
but only if:
(a) The Certificate of the Mayor and City Secretary!, under
paragraph ( b ) and by the auditor under
paragraph (c) of subeectien.3.1W# .•
show that the aggregate Net Revenues of the combined System for tha.rtvalve'
months period neat preceding the date of such bonds were equal to at least
one and three- fourths times the highest total amount of principal and interest
to become due in any future twelve -month period on all revenue obligations
then outstanding theretofore issued for waterworks and sanitary sewer pur-
poses or for either of such purposes and the bonds then to be issued.
(b) The certificate by such engineer or engineering firm
shows that, in his or their opinion, the average annual Net Revenues of the
combined System from the date of such certificate until the final maturity
date of the last maturing bond will be equal to at least one and three - fourths
time the maximum amount required in wW year to pay principal of and interest
on all waterworks and sever revenue obligations then outstanding and then
proposed to be issued.
(c) Payments have been made into the various Funds as
required by this ordinance or by Article V of said Deed of Trust, even though
such Funds have not reached the total required amount.
(3) The principal of any such Additional Bonds is pro-
vided to mature annually on June 1 in each of the years during the term
thereof.
(6) The exercise of such rights does not require consent
by the holders of the Bonds.
33. The sale of the bonds herein authorized to John
Nuveen and Company, Chicago, Illinois, and Associates, at a price of par
and accrued interest to date of delivery plus a premium of $126.50, is
hereby confirmed. Delivery of such bonds shall be made to such purchaser
as soon as may be after the passage of this ordinance upon payment therefor in
accordance with the terms of sale.
34. The fact that the contemplated use of the proceeds
of the sever revenue bonds are necessary for the orderly development and
growth of the City of Corpus Christi, Texas, creates a public emergency and
an imperative public necessity requiring the suspension of the Charter Rule
providing 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
several meetings of the City Council and the Mayor having declared that such
public emergency and imperative necessity exist, and having requested that
said Charter Rule be suspended and that this ordinance take effect and be in
full force and effect from and after its passage, it is accordingly so ordained.
PASSED AND APPROVED March , 54.
`y
Mayor.
ATTEST:
'City Secretary.
(CITY SEAL)
The foregoing Ordinance has been approved as to form
and correctness this _day of March, 195+•
City Atto ey.
CORPUS CHRISTI, TEXAS
�.f; I�'I�''',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-RROINANCE, 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; 1, 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 COS CHRISTI, TEXAS
l
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,��.,
ELLROY KING
P. C. CALLAWAY
JAMES S. NAISMITH:
W. JAMES BRACE
(✓\