HomeMy WebLinkAboutMinutes City Council - 02/09/1977 - SpecialMINUTES
CITY OF CORPUS CHRISTI, TEXAS
SPECIAL COUNCIL MEETING
FEBRUARY 9, 1977
11:00 A.M.
PRESENT:
*Mayor Jason Luby
Mayor Pro Tem Bill Tipton
Councilmembers:
Eduardo E. de Ases
Ruth Gill
Bob Gulley
Gabe Lozano, Sr.
Edward Sample
City Manager R. Marvin Townsend
City Attorney J. Bruce Aycock
Assistant City Secretary Edna Pierce
Mayor Pro Tem Tipton called the meeting to order in the Council Chambers of
City Hall, in the temporary absence of Mayor Luby. Assistant City Secretary Pierce
noted a quorum was present for a legally constituted meeting.
City Manager Townsend announced that the purpose of the meeting is to receive
bids for the sale of $2,840,000 of General Improvement Bonds remaining unissued from
the bonds voted on December 9, 1972. He also announced that Corpus Christi still
has an AA bond rating, which he stated is very good.
Mr. Harold F. Zick, Director of Finance, opened and read bids from the
following: the First National Bank in Dallas; Harris Trust & Savings Bank, Chicago;
Citibank, N.A.; Weeden & Company, Inc.; Republic National Bank of Dallas; Merrill
Lynch, Pierce, Fenner & Smith, Inc.; Nuveen and Co., Inc.; First City National Bank
of Houston; White, Weld and Co., Inc.; and Corpus Christi National Bank.
*(Mayor Luby arrived during this time.)
The meeting was recessed at 11:25 a.m. for tabulation of the bids.
Th'e meeting was reconvened, and Mr, Zick reported that the low bidder was
the First National Bank in Dallas at an effective interest rate of 4.83113%.
(Bid Tab #12-77)
Mr. Townsend then presented for the consideration of the Council a resolution.
The resolution was read by the City Secretary. The Mayor presented to the Council
a communication in writing pertaining to said proposed resolution, as follows:
MICROFILMED
'SEP 0 31980
Minutes
Special Council Meeting
February 9, 1977
Page 2
"Corpus Christi, Texas
"TO THE CITY COUNCIL
Corpus Christi, Texas
Councilmembers:
The public importance and pressing need for the permanent improvements
to be constructed by the use of the proceeds of bonds contemplated to be sold
pursuant to an offering made by an Official Statement to be authorized, ratified
and approved by a resolution create an emergency and an imperative public
necessity requiring the suspension of rules and Charter provisions requiring
resolutions to be considered and voted upon at three regular meetings. I,
therefore, request that the City Council adopt the proposed resolution authorizing,
ratifying and approving the use of said Official Statement as an emergency
measure. You will please consider this request in connection with the resolution
which is to be introduced for adoption by the City Council on this subject.
"Yours very truly,
/s/ Jason Luby
Mayor"
Councilman Lozano moved that the Charter provision prohibiting 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 Councilman Gulley. The motion
was carried by a unanimous vote by the City Council, yjz.:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the records show that he voted Aye. This was done.
Councilman Lozano moved that the resolution be adopted finally. The motion
was seconded by Councilman Gulley. The motion was carried by the following vote:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the records show that he voted Aye. This was done.
The Mayor announced that the resolution has been adopted. The resolution
is as follows:
RESOLUTION NO. 13608
APPROVING THE FORM OF THE OFFICIAL STATEMENT PERTAINING TO CITY OF CORPUS CHRISTI,
TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1977, AND AUTHORIZING, RATIFYING AND
APPROVING THE OFFICIAL STATEMENT AND THE USE THEREOF IN THE OFFERING AND SALE
OF SAID BONDS.
Minutes
Special Council Meeting
February 9, 1977
Page 3
Mr. Townsend 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, Texas
"TO THE CITY COUNCIL
Corpus Christi, Texas
Councilmembers:
The public importance and pressing need for the permanent improvements
to be constructed by the use of the proceeds of bonds contemplated to be issued
pursuant to an ordinance create an emergency and imperative public necessity
requiring the suspension of rules and Charter provisions requiring ordinances
to be considered and voted upon at three regular meetings. I, therefore, request
that the City Council pass the proposed ordinance authorizing the issuance of
bonds as an emergency measure. You will please consider this request in connection
with the ordinance which is to be introduced for passage by the City Council on
this subject.
"Yours very truly,
/s/ Jason Luby
Mayor"
Councilman Sample moved that the Charter provision 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 clause of the
ordinance. The motion was seconded by Councilman Lozano. The motion was carried
by a unanimous vote by the City Council, yjz.:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the records show that he voted Aye. This was done.
Councilman Sample moved that the ordinance be passed finally. The motion
was seconded by Councilman de Ases. The motion was carried by the following vote:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the records show that he voted Aye. This was done.
The Mayor announced that the ordinance has been passed. The ordinance is as
follows:
Minutes
Special Council Meeting
February 9, 1977
Page 4
ORDINANCE NO. 13609
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE
ISSUANCE OF $2,840,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS,
SERIES 1977, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING
FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST
ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY.
There being no further business to come before the Council at this Special
Meeting, it was adjourned at 11:55 a.m., February 9, 1977.