HomeMy WebLinkAbout03773 ORD - 06/09/1954AC:6/9/54
TEXAS:
AN ORDINANCE
AUTHORIZING AND DIRECTING THE CITY MANAGER FOR AND ON
BEHALF OF THE CITY OF CORPUS CHRISTI TO EXECUTE A CON-
TRACT WITH M. E. ALLISON & CO., INC., EMPLOYING SAID
Ni. E. ALLISON & CO., INC., AS THE CITY'S FINANCIAL
ADVISOR TO ASSIST THE CITY IN FORMULATING PLANS FOR A
SOLUTION OF THE CITY'S WATER PROBLEM, IN ACCORDANCE
WITH THE TERMS AND CONDITIONS OF SAID CONTRACT, A COPY
OF WHICH 18 ATTACHED HERETO AND MADE A PART HEREOF;
APPROPRIATING A SUM NOT TO EXCEED X11,000 OUT OF NO.
141 WATER OPERATIONS FUND RESERVOIR CODE CH, TO COVER
SUCH SERVICES OF M. E. ALLISON & CO., INC.; AND DECLARING
AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
SECTION 1. THAT THE CITY MANAGER IS HEREBY AUTHORIZED AND DIRECTED
FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI TO EXECUTE A CONTRACT WITH
M. E. ALLISON & CO., INC., EMPLOYING SAID M. E. ALLISON & CO., INC., AS THE
CITY'S FINANCIAL ADVISOR TO ASSIST THE CITY IN FORMULATING PLANS FOR A SOLUTION
OF THE CITY'S WATER PROBLEM, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF
SAID CONTRACT, A COPY OF WHICH IS ATTACHED HERETO AND MADE A PART HEREOF.
SECTION 2. THAT THERE IS HEREBY APPROPRIATED A SUM NOT TO EXCEED
$11,000 OUT OF N0. 141 WATER OPERATIONS FUND RESERVOIR CODE CH, TO COVER
SUCH SERVICES.
SECTION 3. THE NECESSITY OF FORMULATING PLANS FOR A SPEEDY AND
PERMANENT SOLUTION OF THE CITY'S WATER PROBLEM CREATES A PUBLIC EMERGENCY AND
IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CITY CHARTER RULE
THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE IT IS INTRO-
DUCED, AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE SEVERAL
MEETINGS OF THE CITY COUNCIL, AND THE MAYOR, HAVING DECLARED THAT SUCH PUBLIC
EMERGENCY AND IMPERATIVE PUBLIC NECESSITY EXIST, AND HAVING REQUESTED THAT
SAID CHARTER RULE BE SUSPENDED AND THAT THIS ORDINANCE BE PASSED FINALLY ON
THE DATE OF ITS INTRODUCTION, AND TAKE EFFECT AND BE IN FULL FORCE AND EFFECT
FROM AND AFTER ITS PASSAGE, IT IS ACCORDINGLY SO ORDAINED. 1�
PASSED AND APPROVED THIS THE _9__2 AY OF JUNE, 1954.
ATTEST.- �2e AajL."A,4 QJ4
MAYOR
l THE CITY OF CORPUS CHRIST/, TEXAS
71 TY SECREIIAR'(
P,PP VED AS IT EGItL FORM:
CITY ATT"NEY
STATE OF TEXAS 1
KNOW ALL *0 BY THESE PRESEW$s
COIBYMY W NUECES X
SEAL. the City of Corpus Christi is desirous of formulating
plans for a speedy and permanent solution of the City's water ,problem
and has determined that it is necessary to "ploy a competent financial
advisor to assist the City in the formation of mach plan and serve in
the capacity of agent for the City in the earring out of such plans as
may be adapted; and
WHEREAS, it has been determined that the permanent solution
Of the City's water problem should be accomplished in two major steps.
hereinafter referred to as " Planning Stage" and "Final Stage" respective-
ly; it is contemplated that the Manning Stage shall consist of the
ass" -1109 of interaction giving consideration to the factors involved
and recommending a workable plan or plans for the consideration of the
governinq body of the City of Corpus Christi. The carrying out of
saeh plan as may be adopted shall be considered as being the Final Stage;
and
WHEREAS, the City of Corpus Christi acting by and through its
governing Lady has dotermined that M. E. Allison & Co., Inc. is reliable
and Competent to furnish the services contemplated in said Planning
Stage and has authorised the execution of this contract employing the
said M. E. Allison C Co., Inc. to porform the professional services
hereinafter set forth; now.
TIMEFORE MON ALL M by THESE PRKS1 TS that the City of
Corpus Christi. acting by and through its City Manager heretofore authorised.
does hereby agree to the employment of M. E. Allison t. Co.. Inc.. acting
by and through its president, M. E. Allison, for the performance of the
services necessary to the accomplishment of said Planning Stage which
services are sont"lated as including the following:
"'he opening of a temporary branch office in
Corpus Christit
The work, findings, reports and recommendations
of the attorneys, consulting engineers, water
engineers and other spociolists shall be
coordinated and assembled in preliminary for.
$0 as to establish the basis 04 $fftlob to build
the most attractive suggested method of solving
and fiAQ4ciA'J the Plan at the lowest interest
most and on terms most favorable to the City;
tiPsclal thought will be (liven to the fact that
the t34 .rust. PZOLOCt 446 improve its credit
and at the same time be prepared to make future
improvements and extensions to its waterworks
system; nothing should be included in such
planning which would impair the security back
Of the City's OutstAR41fif; waterworks revenue
boo] 6 A.
T'ht City Will aake available to the Financial A*VJS9r the
Services of consulting engineers, 4 firm of nationally recognized water
engiueers (bereila referred to as 'Tivater EnqAneers") to i)e selected oy
lire City attorneys Skillol,34 in SMU"Jaipal fj_
Such
other S
peol .1, S t rj
.1y JJC
i nji Services to pelrioxme6 6Y tilo .Oasaltin,,,
ShOulu iftlitldcL o cofidea$60 report whit Shawl a() the
of ►Vatej: Stor«ige to kM provided. loss
by evaporation, less because
Ji estliaater LdtQj ros4 4i, prmjaet (exclusive of 1rajju
tiOR costs), 6zioi general descriptjosj at the j:acjjity, estimated useful
life of the facility, estimated£ 00st of aaintenoaoe =ind opercitiall. ativan-
taqe2 �f Seiected site a4a, suelt other useful information as may DI",
reasonably required by financial A41VIsor; surveys and reports by the
Water Lagineerg $hall include a preliminary report showing use of water
for the past ten years, PtOJOction of estiffiato;i future use for the next
thirty years, estimated quantity Of water to 6e available, estimated
cost of water to the City, 0,MAParIs*fl of small costs with similar cities.
projection 01 estimates: future en=Ings available for debt service an
Such securities as ,soy " issued and such other pertinent information
as may be reasonably requested by Financial Adviser; studies and in-
vestigations made by Attorneys 511OUlf, iaalu6e u report an the alternate
methods that might be used 40a V0001amendotious as to the roost practical
Of such methods, also suggestions as to the nest method of a4q4lrl4q
Such laaas as 2iay be needeO aa+ she -test effective way to safeguard
tile City's creditt other specialists will wake such studies and reports
as MY be useful and reasonably required by Financial Adviser to
determine land and other property values.
-2-
All of the above person's and fins' shall cooperate
with Financial Adviser at III reasonable times and faithfully and
punctually carr,,; out their e]uties as set forth herein and likewise
Financial Advlsvr shall he nv- liable to cooperate with such persons
Eno' firms at all rerasOn9ble tines to the eac:° that all infa metlon
and recommendations necessary to accomplish the desired results of
"f1<an�eing St stir "" shall too cOmpited ns quickly as Possible.
When all necessary preliminary information has been
coaplete €t anad essembiefi. Financial Advisor sfioll make a written re-
port t„ the City recommending whist is considered to be the Lest and
'asst pr,cticnl Method of fianneing the program, the probaiple east
'Aid
such anther information as is necessary for the City to ronch
aietern,ination as to the advisar,,ilit:y Of aatOpt.lug the xecoasnenr #es
Plan,
When Financial Advisor btis submitted the written report
anr. Other infornItien provided for in the precedintj paragraph. City
Shall pay to said Financial Adviser, as cOwpessatien for services
renderrci ane3 as re- i"ursemOnt Of expenses incurred, the sins aaf t;lesven
tboust,n,. (11.A7,po) faoll,rs. All Ordinary office expense, traveling
expenses between San Antonio and Corpus Christi shall be borne by
Financial Advisor but <7my unusual expenses such as out Of state trips,
if any. and long distance telephone calls incurred in connection with
the program shall be paid i,y the City. this contract may be terminated
toy City at any time prier to reacbiz, {F €,a agree nt eencernin�i tale carry
ing out Of the final starter ;,,k, if so terminated Gity shall pay Fin&Aci.,I
Adviser the sum of TWO Thousand Two ifundred ($2,.00) .dollars a month
from the date of this contract to the date of termin4tion but in no
event to exceed :leaven rhquoand 011,000.00) D*M,-rs. Services for .:
frractional part Of a month shall be paid to Financial Advisor on the
basis of X73.33 a day but in he event to exceed. Eleven Thousand Dollars
(r1l.t100.00). In addition to the Payments Outlined above, City shall
reimrpurse Financial Advisor for all unusual expenses properly due under
INIMM
the terms of their contract.
If as PIQ5 XdGO'=efAd6,1 by Financial Adviser and accept-
able to the City is presented. a00 such Plan Is adopted by the City
In Its $010 discretion, within the tinie htreiaatter pravides�, then
the said a4 u. Aillsou cr (;o., Inc. ;hail be employed as Finaacial
Adviser, on Leans to ba imuLually agreed upon, to carry out sucA plan
to omv-ietiora. itaeaarise, this c,)alract Snali unless such
PIL.- s�s is kq i irla-,IOLJ AWVis4r is 1,64pted 4 the Wity
anti Lu agraeuleut laaelle_ i)et,weefa thL City jn;1 ,ins.1cial .4
avi V OL "
to a co-alzact of m4playment, complete as to all I.e=s thereof, Inclad-
iaJ the fixing Of U foe or cw�pansation for final stage, not later
tijRyt 000"Ar !. 19.)4. then thin agreemeat shall be
teraiaatei! ea iaezzemoer 31, PK14, uwless extagdeo
Services to be perforAeo by FinugGlal j4t4vIsqr under the
filial Stlye $hall include;
40rkiilij Viit,`t Alilt U10 CQ[1VUji:jijq i:nqjneers, the
"tcx 1AIJI'MrS Jail 4tbax specialists In the pteparatiaa of their
11nal reports sus. reowzlea iatioas tg Lhe aat' that, a41 qeuessary
xa(P!V�d � I ,Y CxPariLneeV investors A-1a fwola.�tia, s, rit
� � av�u 1 es
a Liars ,Gina, La ue 4fferee will be properly presented. AsSlstiN the
,ttorneys in recomendia�4 tae terms n31 conditions to be contained In
$"Mrities !a urn bearing In mia'a that socil terms anta conditions
e ,a 1
'CL,pt,bj . 1
_z rie iivesors aaa iL tize sCttne time pja,ca 110
Jil Lfjy� Gity, its LL-�<paycxs and water users. nssis-z the
attorneys in the Preparation of ule fariij as their ,Pprov"j opiailon
a& to tue letjality of tile securities.
ikssist such Other specialists as may be needed in the
preparation of their final reports and rec"oeadatisns.
-'reP-Jx,JLi*R Of prospectus coutainliig ail pertinent in-
funaation as c#ndenscd from various reports one setting out saggeste,3
ixlturitiefi, eptidapa provisions. convenants and other conditions to
Le C04t!ain&= ism thou se"rities proposed to Le Issued.
—4—
Goutactitig insurance campnnies and other large investors
far the purpose of iuterestipfa them in the purchase of the securities
prepared to he issue.,, X,n.; negotiations to be carried •a by Financial
Advisor as agent for the City.
i^ar services readereo under. the Haat Surge the pity shall
Pay to -i, E. Allison 5 CO., Inc. such fee or consideration as pay be
,- Iutually agree", 'Ip4ry 4'y th'i Cit. ", ", 7 � i�`. i..:'�li is:a" f, Gtr his I.'e-
shall i;e p; +id w tilt tiwe w"H securities .xu oeliver". to Ft .qt y!ai=
fox f4 'Purchaser. 1'h far $hall be fi,,i.; soleiy from the procee s
46ri"d from the sale of such securities. F'rwa such fee there -hall
be deducted the full sum paid to Financial /lduisot for iervices foot
incluraing usirtsu i expanses) rewr,iexetl until -r the if1- r;rniFr :g Ss, °_,e'
,Ae !Rr'tieS ?Aer v4L .wC 1" -:W '.'. `v` C;ir!{iperit;t;
is carryinci Sint zs sp+mrily acres eifcativ�lg� ti,a frossi,,le their rc--
spectiv� ok.liQ tio.as nereander.
t P+`1 a, ('1')Rj ".j',i lib
,Y .wF..._, .. ___._..,...1- 1.1.1. ".
City Manager
A'r,. iT:
City aocretnry k., 0. ALLISQ'i IS C7., 17`X.
AlkYtW1 1 A;� TO I:iiiAL 7°171;,1
i'resic�rrtt
.'fry kttorney
JUNE 9, 19511
I CERTIFY TO THE CITY COUNCIL THAT THE MONEY REQUIRED FOR
THE CONTRACT, AGREEMENT, OBLIGATION, OR EXPENDITURE CONTEMPLATED IN THE
ABOVE AND FOREGOING ORDINANCE IS IN THE TREASURY OF THE CITY OF CORPUS
CHRISTI TO THE CREDIT OF NO. 141 `rJATER OPERATIoNs FUND RESERVOIR
CODF. CHI
FUND FROM WHICH IT IS PROPOSED TO BE DRAWN, AND SUCH MONEY IS NOT APPROPRIATED
FOR ANY OTHER PURPOSE.
DIRECTOR OF FINANCE
Corpus Christi, Texas
TO THE MEMBFRS X "THE CII;'
Corpus Chxl-Ai, Texas
Gentlemen-,
1954„
Fa,z Ifte ;.�t an t clause of tile
foregoing ordinance, I necessity exist
for the SuTprmisn 1_r that no ordinance
ty. TegolutA&Ah k'all fi ual Ia T"att it is tntraduced,
and that such oidin;-narp :)x e read at three meetings
of the City Counoill., 1, that you suspend said
Charter mule or requirement and m,.,,,s 61ils ordinance finally an the date
it is introduced, or at mrietA�iiv,-, if the City Council.
�.k.'�'ptcttully'
MA " CR
OF GORPUS CHRISTI, TEW
The Charter rule was s,ja,I'ptn6td by the fallowing vote.
i'o G. "aliaw-,y
S. Narnsmith
jaeles Bm;e
Jr
Tyr abivt qqL,0i&r';-4TIC ',rA by v'e fealewing vote,
Gallaway
jamt,� S;, Naismith
Bzace
ietersom, 4,c fro
'3 -7-7 3