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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.