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HomeMy WebLinkAbout04412 ORD - 12/14/1955r, THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 14TH day of December, 1955, the City Counci: of the City of Corpus Christi, Texas, convened in SaEd'EAL meeting, with the following members of said Council present, to -wit: Farrell D. Smith, Mayor, Minor Culli, B. E. Bigler, Commissioners, W. J. Roberts, M. P. Maldonado, T. Ray Kring, City Secretary, Russell E. McClure,/ City Manager, I, M. Singer, City Attorney, with the following absent: "'ONE: ,constituting a quorum, at which time the following among other business was transacted: Mr. MCCLUPE 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, December IA06% 1955• TO THE CITY COUNCIL CORPUS CHRISTI, TEXAS. Gentlemen: The public importance and pressing need for the permanent improvements to be constructed by use of the proceeds of the bonds voted at the election held on November 24, 1953, create an emergency and an imperative public necessity requiring the suspension of rules and Charter provisions re- quiring 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 $3,760,000.00 General Obligation Bonds, as an emergency. You will please consider this request in connection with the ordinance which has been introduced in the City Council on this subject. Yours very truly, Isl Farrell D. Smith, Mayor.° Commissioner CPLL1 made a motion 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 Commissioner EIGLEr, The motion was carried by a unanimous vote by the City Council, viz: AYES: Commissioners Culli, Bigler, Roberts, and Maldonado. NOES: None. The Isayor requested that the records show that he voted Aye. This was done. Commissioner ROBE[iTS made a motion that the ordinance be passed finally. The motion was seconded by Commissioner "II A LO ON AOO The motion was carried by the following vote: AYES: Commissioners Culli, Bigler, Roberts, and Maldonado. NOES: None. The Mayor requested that the records show that he voted Aye. This was done. The Mayor announced that the ordinance had been passed. The ordinance is as follows: ORDINANCE NO. 14 BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF CITY OF CORPUS CHRISTI, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1955, BEARING IN- TEREST 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 SINK- ING FUND FOR THE REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT.HEREWITH AND DECLARING AN EMERGENCY. WHEREAS, on the 24th day of November, 1953, an election was held in the City of Corpus Christi, Texas, resulting favorably to the issuance of $3,500,000.00 Street Improvement Bonds; $600,000.00 Street Right- of-way Bonds; $4,975,000.00 Storm Sewer Bonds; $720,000.00 Fire Station Bonds and $201,000.00 Traffic Control System Bonds; and WHEREAS, on the 25th day of September, 1954, an election was held in the City of Corpus Christi, Texas, resulting favorably to the issuance of $3,500,000.00 Sanitary Sewer Bonds; $360,000.00 Street Improve- ment Bonds and $140,000.00 Fire Station Bonds; and WHEREAS, on the 21st day of May, 1955, an election was held in the City of Corpus Christi, Texas, resulting favorably to the issu- ance of $700,000.00 Bridge Removal Bonds; and WHEREAS, on March 17, 1954, the City Council of the City of Corpus Christi, Texas, passed an ordinance directing the issuance of $765,000.00 Street Improvement Bonds; $200,000.00 Street Right -of -way Bonds; $1,015,000.00 Storm Sewer Bonds; $245,000.00 Fire Station Bonds and $75,000.00 Traffic Control System Bonds, all authorized at the election held November 24, 1953, and dated February 1, 1954; and WHEREAS, on December 15, 1954, the City Council of the City of Corpus Christi, Texas, passed an ordinance directing the issuance of $650,000.00 Street Improvement Bonds; $1,210,000.00 Storm Sewer Bonds; $170,000.00 Fire Station Bonds and $70,000.00 Traffic Control System Bonds, all authorized at the election held November 24, 1953, and dated December 1, 1954; and WHEREAS, its deemed advisable and to the best interest of the City that $1,140,000.00 Storm Sewer Bonds; $1,140,000.00 Street Im- provement Bonds, $180,000.00 Fire Station Bonds and $400,000.00 Right -of -way Bonds authorized at the election held November 24, 1953, $200,000.00 Sanitary Sewer Bonds authorized at the election held September 25, 1954, and the $700,000.00 Bridge Removal Bonds authorized at the election held May 21, 1955, aggregating in principal amount the sum of $3,760,000.00 be issued and sold at this time; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: 1. That the bonds of said City to be called "City of Corpus Christi, Texas, General Obligation Bonds, Series 1955 ", be issued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, for the purpose of improving the streets within said City, constructing storm sewers, constructing and equipping fire stations, purchasing street rights -of -way, improving and extending the Sewer System and providing funds to remove and relocate the Bascule Bridge, in the principal amount of Three Million Seven Hundred Sixty Thousand ($3,760,000.00) Dollars. 2. That said bonds shall be numbered from One (1) to Three Thousand Seven Hundred Sixty (3,760), both inclusive, of the denomi- nation of One Thousand ($1,000.00) Dollars each, aggregating Three Million Seven Hundred Sixty Thousand ($3,760,000.00) Dollars. 3. That said bonds shall be dated December 1, 1955, and shall become due and payable serially as follows: BONDS NUMBERS MATURITY DATES AMOUNTS 1 to 70, both incl., June 1, 1956, $ 70,000.00 71 to 265, " June 1, 1957, 195,000.00 266 to 46o, June 1, 1958, 195,000.00 461 to 655, June 1, 1959; 195,000.00 656 to 850, June 1, 1960, 195,000.00 851 to 1045, " June 1, 1961, 195,000.00 1046 to 1240, " June 1, 1962, 195,000.00 1241 to 1435, June 1, 19637 195,000.00 1436 to 1630, " " June 1, 1964, 195,000.00 1631 to 1825, June 1, 1965, 195,000.00 1,326 to 2020, " June 1, 1966, 195,000.00 2021 to 2215, " June 1; 1967, 195,000.00 2216 to 2410, " June 1, 1968, 195,000.00 2411 to 2605, June 1, 1969, 195,000.00 2606 to 2800, June 1, 1970, 195,000.00 2,901 to 2995, " June 1, 1971, 195,000.00 2996 to 3190, " June 1, 1972, 195,000.00 3191 to 3385, June 1, 1973, 195,000.00 3386 to 3580, " IT June 1, 1974, 195,000.00 3581 to 3760, " " June 11 1975, 180,000.00 4. That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 10�' , both incl., 3 1/2 , per annum; Bonds Nos. 1046 too , " " ^ 1�o per annum; Bonds Nos. to , per annum; Bonds Nos. to " " % per annum, payable June 1, 1956, and semi - annually thereafter on December 1st and June lst of each year. 5. That the principal and interest of said bonds shall be payable upon presentation and surrender of bond or proper coupon at the Mercantile National Bank at Dallas, Texas, or, at the option of the holder, at the Corpus Christi National Bank, Corpus Christi, Texas, without exchange or collection charges to the owner or holder thereof. 6. That each of said bonds and interest coupons shall be executed by the imprinted facsimile signature of the Mayor and counter- signed by the imprinted facsimile signature of the City Secretary, and the corporate seal of the City of Corpus Christi, Texas, shall be impressed upon each of them. Such facsimile signatures shall have the same effect as manual signatures. follows: 7. The form of said bonds shall be substantially as UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI GENERAL OBLIGATION BOND SERIES 1955 $1,000.00 The City of Corpus Christi, in the County of Nueces, of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to pay to the bearer hereof, on the 1st day of June, 19 , the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from date hereof at the rate of (o) per cent per annum, interest payable June 1, 1956, and semi - annually thereafter on December 1st and June 1st of each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the Mercantile National Bank at Dallas, "a?'~'or, at the option of the holder, at the Corpus Christi National Bank, Corpus Christi, Texas, without exchange or collection charges to the owner or holder hereof, and the City of Corpus Christi, Texas, is hereby held and firmly bound and its faith and credit and all taxable property in said City are hereby pledged for the prompt payment of the principal of this bond at maturity and the in- terest thereon as it accrues. This bond is one of a series of Three Thousand Seven Hundred Sixty (3,760) bonds of like tenor and effect, except as to number, interest rate and maturity, numbered from One (1) to Three Thousand Seven Hundred Sixty (3,760), both inclusive, of the denomination of One Thousand ($1,000.00) Dollars each, aggregating Three Million Seven Hundred Sixty Thousand ($3,760,000.00) Dollars, issued for the purpose of improving the streets within said City, constructing storm sewers, constructing and equipp- ing fire stations, purchasing street rights -of -way, improving and extending the Sewer System and providing funds to remove and relocate the Bascule Bridge, under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City, and pursuant to an ordinance passed by the City Council of the City of Corpus Christi, Texas, which ordinance is duly of record in the minutes of said City Council. The date of this bond in conformity with the ordinance above mentioned is December 1, 1955• AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, qualified electors who own taxable property in said City and who had duly rendered the same for taxation in the City of Corpus Christi, Texas, voting at elections held for that purpose within said City on the 24th day of November, 1953, 25th day of September, 1954 and 21st day of May, 1955; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collection of taxes has been made, which when collected shall be appropriated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; and that the total indebtedness of said City of Corpus Christi, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional, statutory or charter limitation. IN WITNESS WHEREOF, the City of Corpus Christi, Texas, by its City Council has caused the seal of said City to be impressed hereon and this bond and the annexed coupons to be executed by the facsimile signa- ture of the Mayor and countersigned by the facsimile signature of the City Secretary. Mayor, City of Corpus Christi, Texas. COUNTERSIGNED: City Secretary, City of Corpus Christi, Texas. *(Bonds Nos. 1 to 10�1E___ , both incl., 1/2 % per annum; Bonds Nos. 104u to 3760 , 1 4 per annum; Bonds Nos. to , f per annum.) 3. The form of coupon shall be substantially as follows: 140. ON THE 1ST DAY OF 19 The City of Corpus Christi, Texas, will pay to bearer at the Mercantile National Bank, at Dallas, Texas, or, at the option of the holder, at the Corpus Christi National Bank, Corpus Christi, Texas, without exchange or collection charges to the owner or holder hereof, the sum of ($ ) Dollars, in lawful money of the United States of America, being six months' interest due that day on "City of Corpus Christi, Texas, General Obligation Bond, Series 1955 ", dated December 1, 1955, No. City Secretary Mayor. 9. Substantially the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER 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 the Charter of said City, and tht it is a valid and binding obligation upon said City of Corpus Christi, Texas, and said bond has this day been registered by me. WITNESS MY HAND and seal of office at Austin, Texas, Comptroller of Public Accounts of the State of Texas. (SEAL) 10. That a special fund to be designated "City of Corpus Christi, Texas, General Obligation Bonds, Series 1955 Fund" is hereby created and the proceeds from all taxes collected for and on account of this series of bonds shall be credited to said fund for the purpose of paying the interest as it accrues and to provide a sinking fund for the purpose of payi each installment of principal as it becomes due, and said fund shall be used for no other purpose. For the current year and each year while any of said bonds, or interest thereon, are outstanding and unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, full allowances being made for delinquencies and costs of collection. A tax at the rate as hereinabove determined is hereby ordered to be levied and is hereby levied against all of the taxable property in said City for the current year and each year respectively while any of said bonds,.or interest thereon, are outstanding and unpaid, and the said tax each year shall be assessed and collected and placed in the Fund hereby created and the Treasurer shall honor warrants against said fund for the purpose of paying the interest maturing and principal of said bonds and for no other purpose. 11. That to pay the interest and principal scheduled to mature on June 1, 1956, there is hereby appropriated the sum of $ f from funds of the City available for such purpose. The money thus appropriated shall be used for no other purpose than to pay said interest and principal. The Mayor and City Secretary are hereby directed to do any and all things necessary or convenient to accomplish the purpose of said appropriation. 12. Be it further ordainedithat the Mayor shall be authorized to take and have charge of all necessary records pending investi- gation by the Attorney General and shall take and have charge and control of the bonds herein authorized pending their approval by the Attorney General, registration by the Comptroller and their actual delivery to the purchasers thereof. 13. The sale of the bonds herein authorized to MERRILL, LYNCH, P1ERCE, FENNEii & BEAN AND ASSocI/7E9 , at a price of par and accrued interest to date of delivery, plus a premium of $ c12.0o is hereby confirmed. Delivery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale. 14. That all ordinunees and resolutions or parts thereof in conflict herewith are hereby repealed. 15. The fact that the contemplated use of the proceeds of the bonds are necessary for the orderly development and growth of the City of Corpus Christi, Texas, creates a public emergency and an imperative public necessity requiring the suspension of the Charter Rule providing 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 several meetings of the City Council and the Mayor having declared that such public emergency and imperative necessity exist, and having requested that said Charter Rule be suspended and that this ordinance tale effect and be in full force and effect from and after its passage, it is accordingly so ordained. PASSED AND APPROVED this the day of December, 1955 Mayor, City of Corpus Christi, Texas. ATTEST: / �'' City ecret ry, ity og Corpus C isti, Texas. APPROVED AS TO GAL FORK: / /S City Attorney, Cit of Corpus Christi, T xas. The foregoing ordinance has been approved as to form and correctness this __4.�_ day of December, 1955• n . %l City Corps hristi, Texas 1955 TO- TW-.MEMBERS OF THE CITY COUNCIL C #rpus,.Christi,_Texas Gentlemen- Far the reasons set forth in the emergency clause of the foregoing or"aamce, a public emergeney and imperative necessity exist for the suspen- sion,of the. .Charter rate 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 the City Council; T, 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, OR THE CITY OF CORPUS CHRISTI, TEXAS The Charter Rule was suspended by the following vote: Farrell D. Smith Minor Culli W. J. Roberts B, E, Bigler Manuel P. Maldonado The above ordinance was passed by the following vote: Farrell D. Smith Minor Culli W, J, Roberts B, E. Bigler Manuel P, Maldonado 14Y 2- Z In i W"