HomeMy WebLinkAbout03983 ORD - 12/15/1954- •,., :cr': �, ... �, � , mow,...
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THE STATE OF TEXAS
COLD TY OF SUECES
CITY OF CORPUS CHRISTI
i
On this the /J day of December, 1954, the City Council
of the City of Corpus Christi, Texas, convened in —� LAC Esc JCL.- — '�mseting,
with the following members of said Council present, to -wit:
t:
P. C. Callaway, Mayor,
Ellroy Sing,
J. S. 17eismith,
Commissioners,
Frank Peterson,
W. James Brace,
T. Ray Kring, City Secretary,
Russell E. McClure, City M.nager,
I. M. Singer, City Attorney,
with the following absent: constituting
a quorum, at which time the following among other business was transacted:
NH'• JJ nresentcd 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,
December / 1954.
TO TEE 10rBERS OF TEE CITY COUIiCIL
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 theCity
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,
/s/ P. C. Callaway,
Mayor
City of Corpus Christi, Texas.
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Commissioner /c,c -iti.q made a motion that the
Charter provisions prohibiting ordinances from being passed finally on the
date introduced be suspended for the reasons stated in mbe written request of
the Niayor and stated in the emergency clause of the ordinance. The motion
was seconded by Commissioner �L.�L.'e -Q-� The motion was carried by
a unanimous vote by the City Council, viz:
AYES: Commissioners King, Naismith, Peterson and Brace.
HAYS: done.
Commissioner made a motion that the
ordinance be passed finally. The motion was seconded by Commissioner
/��t�%%lz1•r -L'c] The motion was carried by the following vote:
AYES: Commissioners King, Neismith, Peterson and Rrace.
PAYS: None.
The T%yor requested that the records sbow that he voted
Aye. This was done.
The Mayor announced that the ordinance had been passed.
The ordinance is as follows: ,,pp
ORDMIMCE 110. f d j
BY THE CITY COUN'OIL OF TFD✓ CITY OF CORPUS CHRISTI,
_EXAS, AUTHORIZI:G TIE ISSUANCE OF CITY OF CORPUS
CHRISTI, TEAS, GAS SYSTEM EEVEIv-UE BONDS, SERIES
1954 -A, IN THE AN:OUIT OF 50 FU,DF29 THOUSAND
($200,000.00) DOLLARS, BEARIIiG INTEREST AT THE RATES
HERELAF —M PROVIDED, BEING REDEEMABLE PRIOR TO
YATLRI^ -Y AT THE TIlES, PRICES ArD IN THE IfA -17-1 F£u-
SCRIBED III THIS CP.DIHAUCE; ISSLED FOR THE PURPOSE OF
reBovnia, REPAIRING A :D MENDIEIG THE CFTY'S GAS
SYS'TEII; TO BE SECURED BY AND PAYABLE F ROI I A PLEDGE
OF TILE NET REVENUES OF THE CITY'S GAS SYSTE11; KO-
VIDING THAT THE LIEN UPON THE REVEEUE.S SECURING SUCH
BONDS SHALL BE OF EQUAL DIGNITY ATM ON A PARITY WITH
THE PLEDGE SECURING 3'1,000,000.00 CITY OF CORPUS
CHRISTI, 4E.YAS, GAS SYSTEiI REVENUE BONDS, SERIES 1950,
AND CITY OF CORPUS CHRISTI, TEAS, GAS SYSTIIi REVENUE
BONDS, SERIES 1954,' v400, 000.o0; IMING CERTAIN COVE,HAN4TS
OF THE CITY I1' REFERE110E TO T12 BOIDS AID UE BOND FUiD
FROM WHICH SAID PRINCIPAL AND INTEREST IS TO BE PAID;
EKACTIEG OTHER PROVISION'S RELATING TO THE SUBJECT AND
DECLARING Ali MORGENCY.
WHEREAS, the City of Corpus Christi, Texas, has heretofore
authorized the issuance of $"1,000,000.00 of City of Corpus Christi Gas Systen
Revenue Bonds, Series 1950, dated January 15, 1950, said bonds being secured
by and payable from the net revenues derivable from the City's Gas System; and
..e,.,.,.
with �. r.. law; ..,. and
WEEBE 4, such bonds were issued and -sold in accordance
WFEREAS, the ordinance authorizing such Revenue Bonds
provides that additional bonds secured solely by a pledge of the net revenues
of said Gas System may be issued while said Series 1950 Revenue Bonds are out-
standing for the purpose of mating improvements, repairs and extensions to
the City's Gas System, and that the payment of such additional bonds may be
secured by a lien upon t,.e :revenues of such gas system of equal dignity and
on a parity with the lien securing the Series 1950 Revenue Bonds, provided
that no such additional bonds shall be issued in an amount and under terms
and conditions which would cause the aggregate of all annual pledges securing
said Series 1950 Revenue Bonds and additional bonds to exceed Fifty Seven and
one- tenth(57•1p) per cent of the average annual net revenues of the City's
Municipal Gas System for five fiscal years next preceding; and
WIfEREAS, it was found necessary to immediately improve,
repair and extend the City's Gas System; and
WF4'.TEAS, pursuant to such finding, an election was 'held
in tihe City of Corpus Christi, Texas, on -.he 24th day of IIovember, 1953,
resulting favorably to the issuance of ,^f1,000,000.00 Gas System Revenue
Bonds, secured by a pledge of the net revenues from the operation of said
system; and
TMEREAS, on L:arch 17, 1954, the City Council of „he City
of Corpus Christi, Texas, passed an ordinance directing the issuance of
$400,000.00 City of Corpus Christi, Texas, Gas System Revenue Bonds, Series
1954, dated January 15, 1954, (hereinafter called "Series 1954 Bonds "),
reserving to the City the right to issue the remaining $600,000.00 of such
bonds as and wl:en needed and as conditions would permit; and
NEERW, it is deemed advisable that $200,000.00 oZ said
authorized bonds be issued and sold at this time, the remaining $400,00o.00
of such bonds to be issued at a later date as and when needed and as conditions
will permit; and
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WHEREAS, it has been determined that the aggregate of all
annual pledges securing the Series 1950 Revenue Bonds, the Series 1954 Revenue
Bonds and the additional bonds hereafter authorized to be issued will not
exceed Fifty Seven and one -tenth (57.1%,) per cent of the average annual net
revenues of the City's Municipal Gas System for the five (5) fiscal years
next preceding the date of the issuance of such additional bonds; and
WHEREAS, it is deemed advisable, exnedient and necessary
that such additional bonds now to issued;
BE n ORDAINED BY THE CITY COUKCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
1. That
the bonds of the City of Corpus Christi, Texas,
be issued in the principal amount of Two Hundred
Thousand ($200,000.00) Dolls
to be known and designated as
"City of Corpus Christi,
Texas, Gas System
Revenue Bonds,Series 1954-A ",
for the purpose of improving, repairing and
extending the City's Gas System,
under and
in str`_ct conformity with the
Constitution and laws of the
State of Texas, particularly Articles 1111 to
1118, both inclusive, of the
Revised Civil
Statutes of
Texas, 1925, as
amended, and the Charter of said City.
2. That
said bonds shall be dated
December 15, 1954,
shall be numbered from One (1) to Two Hundred (200), both inclusive, shall
be in the denomination of One Thousand ($1,000.00)
Dollars each, aggregating
Two Hundred Thousand ($200,000.00) Dollars,
and shall become due and payable
on the 15th day of January in each of the years and in
the respective amounts
shown in the following schedule, to -wit:
BONDS NUIMERS
MATURITY DATES
ANOUETS
1 to 5, bath incl.,
January 15,
1956,
$ 5,000.00
6 to 10, "
January 15,
1957,
5,000.00
11 to 15, " "
January 15,
1958,
5,000.00
16 to 20, "
January 15,
1959,
5,000.00
21 to 25, " "
January 15,
1960,
5,000.00
26 to 30, " "
January 15,
1961,
5,000.00
31 to 35, ° °
January 15,
1962,
5,000.00
36 to 40, " "
January 15,
1963,
5,000.00
41 to 50,
January 15,
1964,
10,000.00
51 to 60, " "
January 15,
1965,
10,000.00
61 to 70,
January 15,
1966,
10,000.00
71 to 60, "
January 15,
1967,
10,000.00
dl to 90, " "
January 15,
1968,
10,000.00
91 to 100,
January 15,
1969,
10,000.00
101 to 120, " "
January 15,
1970,
20,000.00
121 to 140,
January 15,
1971,
20,000.00
141 to 160,
January 15,
1972,
20,000.00
161 to 130,
January 15,
1973,
20,000.00
181 to 200, "
January 15,
1974,
20,000.00
3. In Bonds Numbers Fifty One (51) to Two Hundred (200),
both inclusive, the City expressly reserves the option of redeeming each such
bond, in inverse numerical order, on January 15, 1964, or on any interest
payment date thereafter, at a price of par and accrued interest to date, so
fixed for redemption, plus the following premiums: 2-2ji if redeemed January
15, 1964 or July 15, 1964; 2p if redeemed January 15, 1965 or July 15, 1965;
lap if redeemed January 15, 1966 or July 15, 1966; 1% if redeemed .;emery 15,
1967 or July 15, 1957; Ya if redeemed January 15, 1968 or July 15, 1968 end
without premium if redeemed on and after January 15, 1969. If the City
elects to redeem all or any ;art of said bonds, notice in writing thereof
shell be given to each of the banns at which said bonds are payable and by
publication at least one time each in the official newspaper of the City of
Corpus Christi, Texas, and in a financial „ournal published in the City of
Chicago, State of Illinois, which notice shall be mailed to each of said banks,
properly stamped and addressed, and published in said newspaper and financial
Journal at least thirty (30) days trier to the date fixed for redemption.
When said bonds have been called for redemption and notice thereof given as
herein specified and due provision has been made to redeem the sane, the
right of the owners and holders to collect interest on said bonds which would
otheririse accrue after 7che redemption date shall terminate as of the date
fixed for redemption.
4. Said bonds shall beer interest at the following rates:
Bonds IIes. 1 to 316-1 both incl., per annum;
Bonds idos. I_J__ to 0.0 2 Ya. per annum;
,ten v7'ae = =B6 `B ��8.�....�.,.,-
payable July 15, 1955, and semi - annually thereafter on January 15th and
July 15th of each year until the principal sum is paid. Both principal and
interest shall be payable in lawful money of the Unimed States of America at
Harris Trust & Savings Bari:, Chicago, Illinois, or, at the option of the
holder, at the Corpus Christi 14ational Bank, Corpus Christi, Texas, and in-
terest falling due on and prior to aaturity shall be payable only upon
presentation and surrender of the interest coupons attached to said bo.:ds
as they severally become due.
5. That each of said bonds shall be signed by the
Nayor, countersigned by the City Secretary, and the corporate seal of said
City shall be impressed upon each of them. The facsimile signatures of the
Mayor and City Secretary may be lithographed, engraved or printed upon the
coupons attached to said bonds and shall have the same ef:ect as if they
had been signed by said officers.
6. The form of said bonds shall be substantially as
follows:
IiO.
$1,000.00
UNITED STATES OF AI,MRICA
STA.•n or TE,°,AS
COUNTY OF MJECES
CITY OF COR =US CHHISTI
' GAS SYSTENf REVENUE B9ND
sERi&s 1954 -A
The City of Corpus Christi, in the County of Nueces,
State of Texas, for value received, hereby acknowledges itself indebted to
and promises to pay to bearer on tl:e 15th day of January, 19_, sole:y
from the special fund hereinafter specified, the sum of
ONE TEOUSAFD DOIJMS
with interest tl_ereon from date at the rate of ('%) per cent per annum,interesti
payable on the 15th day of July, 1955, and semi. - annually hereafter on January
15th and July 15tH of each year until theprincipal aum shall be paid. Interest
falling due on and prior to maturity is pa.,able only upon _presentation and
surrender of the interest coupons hereto attached as they severally become
due and all interest shall be payable only from the special fund hereinafter
specified. Both principal and interest are payable in lawful money of the
p' United States of America at Harris Trust L Savings Dank, Chicago, Illinois,
or, at the option of the holder, at the Corpus Christi National Bans, Corpus
Christi, Texas.
The date of this bond in conformity with the ordinance
hereinafter mentioned is December 15, 1954•
This band is one of a series of Two Hundred (200) bonds
of like date and tenor, except as to number, interest rate, maturity and right
of prior redemption, numbered from One (1) to Tc-o Hundred (200), both in-
clusive, in the denomination of One Thousand ($1,000.00) Dollars each, aggre-
gating Two Hundred Thousand ($200,000.00) Dollars, (being part of a total
authorized issue aggregating $1,000,000.00), and issued for the purpose of
improving, repairing and extending the City's Gas System, under and in strict
conformity with the Constitution and laws of the State of Texas, particularly
Articles 1111 to 1113, both inclusive, Revised Civil Statutes of Texas, 1925,
as amended, end the Charter of said City, and by authority of a vote of the
duly qualified resident electors of said City who owned taxable property with-
in said City and who had duly rendered the some for taxation, at an election
held on November 24, 1953, and pursuant to an ordinance passed by the City
Council of the City of Corpus Christi, Texas, and duly recorded in the
minutes of said City Council.
m *(In Bonds numbered Fifty One (51) to Two Hundred (200),
both inclusive, the City expressly reserves the option of redeeming each such
bond, in inverse numerical order, on January 15, 1964, or on any interest
payment date thereafter, at a price of par and accrued interest to the date
so fixed for redemption, plus the following premium: ak, if redeemed January
15, 1964 or July 15, 1964; 2% if redeemed January 15, 1965 or July 15, 19f5;
1-au if redeemed January 15, 1966 or July 15, 1966; 1p if redeemed January 15,
1967 or July 15, 1967; �4 if redeemed January 15, 1968 or July 15, 1968 and
without premium if redeemed on and after January 15, 1969. If the City elects
to redeem all or any part of said bonds, notice in writing thereof shall be
given to each of the banks at which said bonds are payable and by publication
at least one time each in the official newspaper of the City of Corpus Christi,
Texas, and in a financial jourael published in the City of Chicago, State of
Illinois, which notice shall be mailed to each of said bangs, properly stamped
and addressed, and published in said newspaper and financial fournal at least
thirty (30) days prior to the date fixed for redemption. When said bonds have
been called for redemption and notice thereof given as herein specified and due
provision has been made to redeem the same, the right of the owners and holders
to collect interest on said -bonds which would otherwise accrue after the re-
demption date shall terminate as of the date fixed for redemption.)
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 and each of the coupons hereto attached, may be negotiated by delivery
by any person having possession thereof, 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 accuired
absolute title thereto, free from any defenses enforceable against any prior
holder and free from all equities and claims of ownership of any such =Lcr
holder. The City of Corpus Christi and its officials and fiscal agent shall
not be affected by any notice to the contrary.
The City reserves the right to issue the remaining
$400,000.00 Revenue Bonds authorized at the election held in said City on the
24th any of November, 1953, and additional parity revenue bonds, under the
conditions stated in the ordinance authorizing this bond and the ordinance
authorizing City of Corpus Christi Gas System Revenue Bonds, dated January
15, 1950, and the ordinance authorizing City of Corpus Christi Gas System
Revenue Bonds, dated Zanunry 15, 1954, said bonds to be payable from the sale
source as are the Bonds of this issue, the Gas System Revenue Bonds dated
January 15, 1950 and the Gas System Bonds dated January 15, 1954, secured by
the same revenues, and shall be on a parity with this issue of bonds, the
Gas System Revenue Bonds, dated January 15, 1950 and the Gas System Fevenue
Bonds, dated January 15, 1954•
This bond shall not be deemed to constitute a debt of the
City of Corpus Christi nor a pledge of its faith and credit, but together
with City of Corpus Christi Gas System Revenue Bonds, dated January 15, 1950:
and City of Corpus Christi Ges System Revenue Bonds, dated January 15, 1954,
shall be payable as to urincipal end interest solely from tLe net revenues
dervied from the operation of the City's Gas System, including all additions,
extensions, and improvements thereto which may hereafter be made, after
deduction of the reasonable expenses of maintenance and operation of said
system. The holder hereof shall never have the right to demand payment of this
obligation out of any funds raised or to be raised by taxation.
IT is imy CERTIFIED, PECITED AND R=ESENTED that the
issuance of this bond and the series of which it is a part is duly authorized
by law; that all acts, conditions and things required to exist and to be done
precedent to and in the issuance of this series of bonds to render the same
lawful and velid, have been properly donb and performed and have happened in
regular and due time, form and manner, as required by law; thap due 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 the net 'revenues of
said Gas System; and that the issuance of this series of bonds does not exceed
any Constitutional or Statutory limitation.
III TESTIIiOIY V =HEOF, the City Council of the City of
Corpus Christi, Texas, has caused the corporate seal of said City to be
affixed hereto and this bond to be signed by the Mayor of said City, counter-
signed by the City Secretery, and has caused the annexed coupons to be signed
by the facsimile signatures of said I•:ayor and City Secretary, all as of the
15th day of December, 1954.
I:ayor, City of Corpus Christi, Texas.
COATV=SIGIdED:
City Secretary, City of Corpus Christi,
Texas.
*(BOads Iios. 1 to J f. , both incl., .���i per annum;
Bonds Nos. /. to Zoo , " " R 1/2- per annum;
j
* -(This paragraph should be omitted from Bonds Nos. 1 to 50, both incl.)
7. The form of coupon to be attached to said 'ponds shell
be substantially as follows:
NO.
ON THE 15TB DAY OF
The City of Corpus Christi, in the County of Nueces,
State of Te=as, promises to pay to bearer `(unless the bond to which this
coupon is attached has been called for previous redemption and due provision
,b
W-m.-.. - z..j...:.
made to redeem same), at Harris Trust ?: Savings Ban!:, Chicago, Illinois, or,
at the option of the holder, at the Corpus Christi National Bank, Corpus
Christi, Texas, the sun of ($ )
Dollars in lawful money of the United States of America, solely from the
special fund specified in the bond to which this coupon is attached, said
sum being the interest due that day on "City of Corpus Christi, Texas, Gas
System Revenue Bond, Series 1954 -A ", dated December 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, City of Corpus Christi, Mayor, City of Corpus Christi,
Texas. Texas.
`(This parenthetical expression shall be printed only in coupons maturing
July 15, 1964, and subsequent).
8. That substantially the following certificate shall
be printed on the back of each of said bonds:
OFFICE OF C012MOLLER
REGISTER NO.
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 is a valid and binding special obligation of said City
of Corpus Christi, Texas, payable from revenues pledged to its payment by and
in the ordinance authorizing same, end said bond has this day been registered
by me.
RIMMSS IX FADD and seal of office at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas.
9. DEFIUITIO'_S: The term "System' as used in this
ordinance shall mean and include the entire MLnicipal Gas System of the City
of Corpus Christi, Texas, including real estate, personal and intangible
properties, whether lying within or without the boundaries of the City,
together wit, all additions and extensions thereto and improvements and
replacements thereof hereafter constructed or acquired.
.mot.,,4 -
The term "net Revenues" as used herein shall mean the
gross revenues from the System after deduction of the reasonable expense of
) peration and maintenance thereof, including all salaries, labor, materials,
interest, repairs and extensions necessary to render efficient service and
every proper item of expense as provided by Article 1113 of the Revised
Civil Statutes of Texas, 1925, as amended.
The term "Bonds" as used herein shall mean the Tito
hundred Thousand (y20C,000.00) Dollars Revenue Bonds authorized by this
ordinance.
The tern"1954 Bonds" as used rerein shall mean the
"City of Corpus Christi Gas System revenue Bonds" dated January 15, 1954,
originally issued and now outstanding in the amount of w40o,o00.o0;
The term "1950 Bonds" as used herein shell mean the
"City of Corpus Christi Gas System Revenue Bonds" dated January 15, 1950:
originally issued in the amount of $1,000,000.00, of which issue $800,000.00
are outstanding.
10. PLEDGE OF iZVE :iMS: The Net Revenues of the System
are irrevocably pledged to the payment of principal of and interest on the
Bonds authorized by this ordinance, the 1954 Bonds and tbe_19:0 Bonds. For
the benefit of the original purchasers of the Bonds, the 1954 Bonds and the
1950 Bonds and for the benefit of any and all subsequent holders of said
bonds, coupon$, or any part t: :ereof, and in addition to all other provisions
and covenants in the laws of the State of Texas and in this ordinance, it is
expressly stipulated:
A. RATES: The City shall fix and maintain rates and
collect charges for the facilities and services afforded by the system, which
will provide revenues sufficient at all times:
(1) To pay for all operation, maintenance, depreciation,
replacement and betterment charges of the system;
(2) To establish and maintain the Bona Fund, includ-
ing the Reserve Account;
(3) To establish and maintain the Operating Reserve
Fund;
(4) To pay aay indebtedness other then the Bonds,
the Series 1954 Bonds and the 1950 Bonds against the System, as
and when the same becomes due. Provided also that no free ser-
vice of the System shall be allowed and should tihe City or any
of its agencies or instrumentalities make use of the services
and facilities of the System, payment of the reasonable value
thereof shall be made by the City out of the funds derived from
sources other then the revenues and incomeof the System. '
B. USE OF REVENUES: The City will deposit as collected
all revenues derived from the operation of the system into a separate account
(herein called the "Gas System Fund" or the "System Fund" which shall be hept
separate and apart from all other funds of the City.
11. All of the terms, provisions, covenants and con-
ditions contained in the ordinance passed January 12, 1950, authorizing the
issuance of $1,000,000.00 Gas System Revenue Bonds, dated January 15, 1950,
shall be and are hereby made applicable to the Bands authorized by this
ordinance except that the provisions thereof relating to payments to be made
into the Bond Fund (including the Reserve Account) shall be increased in
amounts sufficient to meet pro:r_tly the requirements for the payment of
principal and interest on the Bonds and the establishment of a twenty (20�)
per cent reserve for such debt service requirements.
12. It is expressly provided that tt,e additional peripy
revenue bondsieferred to in Section 9 c of said ordinance of January 12, 1950,
shall include the $400,000.00 of gas system revenue band3voted Yovember 24,
1953, not being Issued at this time, and that such unissued bonds later may
be issued under the terns and conditions set forth in said Section 9 c.
13. The City further covenants by and through this
ordinance as follows:
(A) That the revenue bonds authorized hereunder shell be
-special obligations of the City, and the holder thereof shall never have the
right to demand payment hereof out of funds raised or to be raised by tax-
ation.
... e•.r�ry�g: �r'sfl! _ � teats ,day,M1y�:s;'r.,�.
(B) 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 power existing under
Articles 1111 to 11152 both inclusive, Revised Civil Statutes of Texas, 1925,
with amendments thereto; and by authority of a majority of the qualified
electors of said City voting at an election held on the 24th day of November,
1953; that the bonds issued hereunder together with the 1954 Bonds and the
1950 Bonds shall be ratably secired under said pledge of income, in such
manner that one bond s_iall have no preference over any other bond of said
issue or issues. -
(C) That other than for-the payment of the 1950 Bonds,
the 1954 Bonds and the Bonds herein provided to be issued, the rents, revenues
and income of said System are not in any manner pledged to the payment of any
debt or obligation of the City nor of said System.
(D) In addition to the moneys to be paid into the Bond
Fund from the revenues produced by said System, the City will pay into said
Fund the money represented by interest accrued an said bonds from their date
to the date of delivery to the purchasers thereof.
14. It shall be the duty of the I:ayor to submit zhe
record of said Bonds and t're Bonds to the Attorney General of zhe State of
Texas for approval and thereafter to have them registered by the Comptroller
of Public Accounts of the State of Texas.
15• That the Public importance and the pressing need for
the permanent improvements to be constructed with zhe use of the proceeds of
said Bonds create an emergency and an iuperative public necessity requiring
the suspension of rules and Charter provisions requiring same to be consider-
ed and voted u_on at three regular meetings, and such facts require that this
ordinance be passed and tale effect immediately as an emergency measure, and
such rules and provisions are hereby suspended and this ordinance is passed
and shell take effect as an emergency'meas re, and shall be in full force and
effect immediately upon its passage.
PASSED AND APPROVED this the /6 day of December, 1954.
Mayor, City of Corpus Chris .l, Texas.
ATTEST:
City Secretary, - 4 y of rpus Chri
Te. s.
APPROVED AS TO FORM AIM LEGALITY
PRIOR TO PASSAGE:
i
City Attorney, City orpus Christi,
Texas
(SEAL)
r Fa
M
THE STATE OF TEXAS
COUIITY OF PIUECES
CITY OF CORPUS CHRISTI
I, the undersigned, City Secretary of the City of Corpus
Christi, Texas, do hereby certify that the above and foregoing is a true and
correct copy of an ordinance passed by the City Council of the City of Corpus
Christi, Texas, (and of the minutes pertaining thereto) on the If- day of
December, 1954, authorizing the issuance of $200,000.00 City of Corpus Christ.
Texas, Gas System Revenue Bonds, Series 1954 -A, which ordinance is duly of
record in the minutes of the City 'Council.
WITI SS KY HAND and seal of office, this the /r day of
December, 1954.
City 8ecretsry, ity Corpus _isti,
texas.
(SEAT)
�9