HomeMy WebLinkAboutMinutes City Council - 06/15/1977 - SpecialMINUTES
CITY OF CORPUS CHRISTI, TEXAS
SPECIAL COUNCIL MEETING
JUNE 15, 1977
11:00 A.M.
PRESENT:
Mayor Jason Luby
Mayor Pro Tem Eduardo E. de Ases
Council Members:
David Diaz
Ruth Gill
Bob Gulley
Gabe Lozano, Sr.
Edward L. Sample
Hall.
City Manager R. Marvin Townsend
City Attorney J. Bruce Aycock
City Secretary Bill G. Read
Mayor Luby called the meeting to order in the Council Chambers of City
City Secretary Read called the roll of required Charter Officers and stated
that a quorum was present to conduct a legally constituted meeting.
Mayor Luby stated that the purpose of the meeting was for the receipt and -
opening of bids for $8,000,000 in Convention Center bonds.
Mr. Harold Zick, Director of Finance, opened and read bids from the fol-
lowing seven firms: Merrill, Lynch, Pierce, Fenner & Smith, Inc..; First National
Bank in Dallas; Citibank, N.A.; Weeden & Company, Inc.; Republic National Bank of
Dallas; John Nuveen & Company, Inc.; and First City National Bank of Houston.
(Bid tabulations of the bids from these firms are attached and constitute a por-
tion of the minutes.)
The meeting was recessed at 11:22 a.m. for the computation of bids.
* * * * * *
The meeting was reconvened at 11:47 a. m.
City Manager Townsend recommended award of bid for $8,000,000 General
Improvement Bonds, Series 1977-A, for the Convention Center, to Merrill, Lynch,
Pierce, Fenner and Smith, Inc., with an effective interest rate of 4.7171.
Motion by de Ases that the City Manager's recommendation be approved;
seconded by Gulley, and passed unanimously.
Attorney Hobby McCall presented the following Resolution and Ordinance
pertaining to the sale of bonds for the Convention Center, and they were approved
by the following vote: C
Po
Oma,!
.es
Special Council Meeting
June 15, 1977
Page 2
RESOLUTION NO. 13796:
APPROVING THE FORM OF THE OFFICIAL STATEMENT PERTAINING TO CITY OF CORPUS CHRISTI,
TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1977-A, AND AUTHORIZING, RATIFYING AND
APPROVING THE OFFICIAL STATEMENT AND THE USE THEREOF IN THE OFFERING AND SALE OF
SAID BONDS.
The Charter rule was suspended and the foregoing resolution was passed by the
following vote: Luby, de Ases, Diaz, Gill, Gulley, Lozano and Sample voting "Aye".
ORDINANCE NO. 13797:
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE
ISSUANCE OF $8,000,000 CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS,
SERIES 1977-A, 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.
The Charter rule was suspended and the foregoing resolution was passed by the
following vote: Luby, de Ases, Diaz, Gill, Gulley, Lozano and Sample voting "Aye".
There being no further business to come before the Council during this
Special Meeting, the meeting was adjourned at 12:05 p.m. June 15, 1977.
D TABULATION - $8,000,000 General Improvement Bonds, Series 1977-A
ge 2
BIDDER
hn Nuveen & Co., Inc.
Rowles, Winston & Co., Div. of
Cowen & Co.
Rauscher Pierce Securities Corp.
Underwood Neuhaus & Co., Inc.
United California Bank
First Southwest Company
Kirchner, Moore & Co.
3reer Moreland Fosdick Inc.
iarris Trust.& Savings Bank
rhe Northern Trust Co.
rhe First Boston Corp.
G. Becker & Co. Municipal
Securities Inc.
=first Pennco Sec., Ind.
4a6terlek & Brown, Inc.
rst City National Bank of Houston
lotan Mosle, Inc.
31yth Eastman Dillon & Co., Inc.
Texas Bank & Trust Company of Dallas
Effective
Interest
Rate
4.794280
Total
Interest
Cost
$4,560,000.00
4.817666 4,581,600.00
Less Net
Cash Interest
Premium Cost
$ 640.00 $4,559,360.00
-- 4,581,600.00
Standard & Poor's Corporation AA
CITY OF CORPUS CHRISTI, TEXAS
BID TABULATION - $8,000,000 GENERAL IMPROVEMEINIT BONDS, SERIES 1977-A
BIDS OPENED: 11:00 A.M., JUNE 15, 1977 ,
BIDDER
Terrill Lynch Pierce Fenner & Smith Inc.
Drexel Burnham Co.
L. F. Rothschild
Dean Witter & Co.
National Bank of Commerce
irst National Bank in Dallas
Hornblower & Weeks -Hemphill Noyes Inc.
Southeast First national Bank of Miami
Girard Bank
Forth Worth National Bank
Paine, Webber, Jackson & Curtis
Texas Commerce Bank, N.A.
E. F. Hutton & Co., Inc.
Bank of Oklahoma
Kidder, Peabody & Co.,
itibank, N.A.
Morgan Guaranty Trust Co. of N.Y.
Salomon Brothers
Bankers Trust Co.
First National Bank of Chicago
W. H. Morton & Co.
Reynolds Securities, Inc. .
Bancnorthwest
eeden & Co., Inc.
Bank of the Southwest, N. A.
Allied Bank of Texas
Goldman, Sachs & Co.
Inc.
epublic National Bank of Dallas
Bache Halsey Stuart Inca
Mercantile National Bank at Dallas
Loeb, Rhodes & Company
White, Weld & Co., Inc.
Cullen Center Bank and Trust
Shearson Hayden Stone Inc.
Philadelphia National Bank
United Missouri Bank of Kansas City,N.A.
Epple'r, Guerin & Turner, Inc.
Stern Brothers & Co.
Effective
Interest
Rate
4.7171
Total
Interest
Cost
Les s
Cash
Premium
$4,486,000.00 $
Net
Interest .
Cost
$4,486,000.00
4.7547 4,524,825.00 3,024.00 4,521,801.00
4.7559
4,522,900.00
-- 4,522,900.00
4.78340 4,554,124.13 5,106.63 4,549,017.50
4.7917 4,562,400.00 5,400.00 4,557,000.00