HomeMy WebLinkAbout04414 ORD - 12/14/1955li
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the � day of December,
,1""1955, the City Council of
the City of Corpus Christi, Texas, convened in 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: iLrti e— ,
constituting a quorum, at which time the following among other business was
transacted: ®® °
Mr. �%(.� ft�, 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 14, 1955•
TO THE MEMBERS OF THE CITY COUNCIL,
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 the City
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,
/a/ Farrell D. Smith,
Mayor
City of Corpus Christi, Texas.
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q4 I'
Commissioner made a motion that the Charter
provisions 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 cleuse of the ordinance. The motion
was seconded by Commissioner The motion was carried by a
unanimous vote by the City Council, viz:
AYES: Commissioners Culli, Bigler, Roberts and Maldonado.
NAYS: None.
The Mayor requested that the records show that he voted Aye.
This was done. 11
Commissioner made a motion that the ordinance
i
be passed finally. The motion was seconded by Commissioner
The motion was carried by the following vote:
AYES. Commissioners Culli, Bigler, Roberts and Maldonado.
This was done.
NAYS: None.
The Mayor requested that the records show that he voted Aye.
The Mayor announced that the ordinance had been passed. The
ordinance is as follows:
ORDINANCE 110. q f±
AUTHORIZING THE ISSUANCE OF FIRST MORTGAGE WATER-
WORKS REVENUE BONDS IN THE AMOUNT OF $500,000.00
FOR THE PURPOSE OF IMPROVING AND EXTENDING THE
WATERWORKS SYSTEM; PLEDGING THE NET REVENUES OF
THE CITY'S WATERWORKS SYSTEM; AUTHORIZING THE
EXECUTION AND DELIVERY OF A DEED OF TRUST FURTHER
SUPPLFJ4ENTING THE DEED OF TRUST SECURING CITY OF
CORPUS CHRISTI FIRST MORTGAGE WATERWORKS REVENUE
REFUNDING BONDS, SERIES 1953, SUCH SUPPLEMENTAL
DEED OF TRUST PROVIDING THE SECURITY FOR THE BONDS
AUTHORIZED BY THIS ORDINANCE; ORDAINING OTHER
MATTERS RELATING TO THE SUBJECT AND DECLARING
AN EMERGENCY.
WHEREAS, on November 5, 1953, the City Council of the City of
Corpus Christi, Texas, passed an ordinance calling an election to be held
within and throughout the City on the 24th day of November, 1953, on
propositions, including the following:
PROPOSITION NO. 1
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the
amount of $8,000,000.00, maturing serially in such install-
ments as may be fixed by the City Council, the maximum ma-
turity being not more than Thirty (30) years from their date,
bearing interest at a rate not to exceed Five (5 %) per cent
per annum, for the purpose of improving and extending the
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City's Waterworks System, to be issued in accordance with and
secured in the manner provided in Article 1110a and Articles
1111 -1118, both inclusive, of the Revised Civil Statutes of
Texas, 1925, as amended, and as permitted by the ordinance and
Indenture authorizing and securing the presently outstanding
waterworks revenue bonds, each bond to be conditioned that the
holder thereof sball never have the right to demand payment of
said obligations out of funds raised or to be raised by taxa-
tion, secured by a pledge of.the net revenues from the operation
of said system, a deed of trust lien on said system end the pledge
of a franchise to operate said system for a term of not exceeding
twenty years in event of sale after default as provided in the
power of sale contained in said mortgage."
; and
WHEREAS, notice of said election was given in accordance with
law by posting for a period of not less than fifteen (15) days prior to said
election at the City Hall, and at each of the voting places specified in
said ordinance, and by publishing such notice in the official newspaper,
being a newspaper of general circulation published within the City of
Corpus Christi in the issues of said paper, viz: November 7, 1953 and
November 14, 1953; said publication having been made on the same day in each
of two successive weeks prior to the date of the election, and the date of
the first publication having been not less than fourteen (14) days prior to
the date fixed for the holding said election; all of which facts are further
evidenced by affidavits duly executed and on file with the City Secretary; and
WHEREAS, at said election which was duly held the resident,
qualified electors who own taxable property in said City, and who have duly
rendered the same for taxation voted in favor of said proposition, as is
evidenced by an ordinance passed by the City Council on the 25tb day of
November, 1953, declaring the results of said election; and
WHEREAS, heretofore in accordance with the provisions of the
Constitution and laws of the State of Texas and the Charter of the City, the
City Council authorized the issuance of City of Corpus Christi, Texas, First
Mortgage Waterworks Revenue Refunding Bonds, Series 1953, (hereinafter called
the "Series 1953 Bonds "), in the principal amount of $3,831,000.00, dated
December 1, 1953, with interest payable June 1, 1954, and thereafter semi-
annually on December 1 and June 1 of each year, maturing serially as more
fully set forth in the ordinance authorizing the issuance of said bonds; and
WHEREAS, heretofore in accordance with the provisions of the
Constitution and laws of the State of Texas and the Charter of the City, the
City Council authorized the issuance of City of Corpus Christi First.14ortgage
Waterworks Revenue Bonds, Series 1954, (hereinafter called the "Series 1954
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Bonds "), in the principal amount of $7,000,000.00, dated February 1, 1954,
with interest payable June 11 1954, and thereafter semi - annually on December 1
and June l'of each year, maturing serially as more fully set forth in the
ordinance authorizing the issuance of said bonds; and
WHEREAS, heretofore in accordance with the provisions of the
Constitution and laws of the State of Texas and the Charter of the City, the
City Council authorized the issuance of City of Corpus Christi First Mortgage
Waterworks Revenue Bonds, Series 2 of 1954, (hereinafter called the "Series 2
of 1954 Bonds "), in the principal amount of $500,000.00, dated October 1, 1954,
with interest payable June 1, 1955, and thereafter semi - annually on December 1
and June 1 of each year, maturing serially as more fully set forth in the
ordinance authorizing the issuance of said bonds; and
WHEREAS, for the purpose of securing the payment of the Series
1953 Bonds, the Series 1954 Bonds and the Series 2 of 1954 Bonds, and for the
purpose of providing for the fixing in more detail the rights of the holders
thereof, and of the City and of the Trustee, and for the purpose of making an
effective deed of trust lien on the City's Waterworks System and the lien of
said bonds on the revenues of the waterworks system, the ordinance authorizing
the issuance of the Series 1953 Bonds authorized the execution of a deed of
trust (hereinafter called the "Deed -of Trust ") to be dated as of December 1,
1953, by and between the City and Mercantile National Bank at Dallas, as
Trustee, (hereinafter called the "Trustee "), as further supplemented by
Deed of Trust executed by and between said parties securing said Series 1954
Bonds and said Series 2 of 1954 Bonds; and
WHEREAS, Section 14 of the ordinance authorizing the issuance
of the Series 1953 Bonds contains the following provision:
, and
"14. Additional Waterworks System Revenue Bonds may
be issued to be secured by a pledge of the revenues and a
lien upon the properties of the Waterworks System and upon
the franchise of the System of equal dignity with the pledge
and liens securing the Waterworks Revenue Refunding Bonds,
herein authorized, provided that such Additional Waterworks
Revenue Bonds shall be issued for improvements or extensions
or repairs or replacements of and to the Waterworks System
or for any one or more or all of such purposes, subject to
the limitations contained in Article II of said Deed of Trust,
hereinabove in Section 11 made a part of this ordinance."
WHEREAS, prior to the delivery of the bonds authorized by this
ordinance said Deed of Trust has been duly executed by and between the City
and the Trustee; and
IVE
WHEREAS, all of the things required to have happened, to have
been done, and to exist under Section 2.05 of Article II of the Deed of Trust
as a condition precedent to the authorization and issuance of the Bonds, have
happened, been done, and do exist, including the following:
(1) This ordinance authorizing the Bonds prescribes the date,
prescribes the bank or banks at which the principal of and interest on the
Bonds are to be payable, interest rate, maturity dates, and other details
necessary to identify the Bonds, the purposes for which the proceeds are to
be used;
(2) A further Supplement to the Deed of Trust as is authorized
in this Bond Ordinance properly identifying the Bonds shall be executed and the
Bonds shall be authenticated by the Trustee before their issuance shall have
been completed; and
WHEREAS, as required, all of the certificates and other
showings evidencing existence of facts and performance of conditions required
under Section 2.05 of the Deed of Trust shall be filed prior to the authenti-
cation of the Bonds by the Trustee; and
WHEREAS, in order to bring the Bonds authorized by this
ordinance under the terms of the Deed of Trust, and for other purposes
hereinafter in this ordinance specified, it is proper that a further
Supplement to the Deed of Trust be executed; and
WHEREAS, on March 17, 1954, the City Council of the City of
Corpus Christi, Texas, passed an ordinance, as amended on March 24, 1954,
directing the issuance of $7,000,000.00 City of Corpus Christi First Mortgage
Waterworks Revenue Bonds, Series 1954, dated February 1, 1954, (hereinafter
called "Series 1954 Bonds "); and
WMEW, on November 17, 1954, the City Council of the City of
Corpus Christi, Texas, passed an ordinance, directing the issuance of
$500,000.00 City of Corpus Christi First Mortgage Waterworks Revenue Bonds,
Series 2 of 1954, dated October 1, 1954, (hereinafter called "Series 2 of
1954 Bonds "); and
WHEREAS, in order to make possible improvements and extensions
to the City's Waterworks System it is deemed advisable that the remaining
$500,000.00 of said authorized bonds now be issued for such purposes,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS.
1. That the findings and statements contained in the preamble
to this ordinance are true and correct.
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2. That for the purpose of providing funds to improve and
extend the waterworks system of the City of Corpus Christi there shall be
issued First Mortgage Waterworks Revenue Bonds of the City of Corpus Christi,
Texas, in the amount of $500,000.00, under authority of the Constitution and
laws of the State of Texas and the Charter of said City, which bonds and the
interest thereon shall be payable from the revenues from said waterworks
system and secured by a deed of trust on said system and by a pledge of an
operating franchise in the event the properties comprising said waterworks
system are sold after default, all as more specifically hereinafter provided.
3• That said bonds shall be called "City of Corpus Christi
First Mortgage Waterworks Revenue Bonds, Series 1955," (hereinafter sometimes
called the "Bonds "), shall be dated December 1, 1955, shall be in the denomina-
tion of One Thousand ($1,000.00) Dollars each, and shall be numbered One (1) to
Five Hundred (500), both inclusive.
4. The Bonds shall be registerable as to principal at the
Option of the holder on the books of the Registrar upon presentation of the
Bonds to such Registrar. The Trustee is hereby appointed Bond Registrar.
Such registration shall not only be noted on the books of such Registrar kept
for such purpose, but shall be noted by such Registrar on the Bonds so re-
gistered, and after such registration no transfer of a Bond so registered shall
be valid unless made on the books of such Registrar by the registered holder or
his legal representative, thereunto duly authorized, and similarly noted on
the bonds. Bonds registered as to principal may be discharged from registra-
tion by being transferred to bearer after which they shall be transferable by
delivery, but may be again registered as to principal as before. Bonds not so
registered, or which have been so transferred to bearer, shall be in all
respects negotiable. The registration of Bonds as to principal shall not
restrain the negotiability by delivery of the coupons attached thereto.
5. That the Bonds shall bear interest at the following rates:
Bonds Nos. 1 to I D J , both inclusive, per annum,
Bonds Nos to .5-06 , both inclusive, per annum,
Bonds Nos. to , both inclusive, per annum;
Bonds Nos. to , both inclusive, �� per annum,
payable June 1, 1956, and semi - annually thereafter on December 1 and June 1 of
each year.
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f
6. Both principal and interest shall be payable in lawful
money of the United States of America at the Mercantile National Bank at
Dallas, Dallas, Texas, or, at the option of the holder, at the Chemical Corn
Exchange Bank, New York, New York, without exchange or collection charges to
the owner or. holder thereof, upon presentation and surrender of proper Bonds
and coupons.
7. Such Bonds shall mature serially as follows:
BONDS NUAeERS MATURITY DATES AMOUNTS
1 to 100, both inclusive, June 1, 1959 $ 100,000.00
101 to 300, June 1, 1960 200,000.00
301 to 500, " June 1, 1961 200,000.00
8. That each of said Bonds and the interest coupons shall be
executed by the imprinted facsimile signature of the Mayor and attested by the
imprinted facsimile signature of the City Secretary, shall have the corporate
seal of the City impressed thereon, and shall be authenticated by the Trustee
in the manner provided in the Deed of Trust after compliance with the require-
ments set forth in Section 2.05 hereof, and in the manner prescribed in
Supplement to the Deed of Trust for which provision is hereinafter made in
this ordinance. Interest falling due on and prior to maturity shall be re-
presented by appropriate interest coupons to be attached to such Bonds, and
said officials, by the execution of such Bonds, shall adopt as and for their
own proper signatures their respective facsimile signatures appearing on said
Bonds and coupons, and shall have the same effect as manually executed
signatures.
9• That such Bonds, the coupons to be thereto attached and
the endorsements to appear thereon, shell be substantially in the form shown
in the Deed of Trust and in the further Supplement thereto, hereinafter in
this ordinance authorized.
10. That the Waterworks System of the City of Corpus Christi
shall be operated by the City and the revenues thereof shall be applied and
the Bonds herein authorized shall be paid in the manner set out and provided
in the Deed of Trust, and all of the provisions of said Deed of Trust shall be
effective and shall be applicable to the authorization, issuance and payment of
the Bonds and to the operation of such Waterworks System with like force and
effect as though all of said provisions were otherwise than in the Deed of Trust
separately set out in this ordinance.
11. To identify and bring the Bonds under the terms of the
Deed of Trust, evidence the fact that the Bonds are secured by liens upon
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the revenues, the properties constituting the Waterworks system, and on the
franchise to operate such properties in the event of sale after default, of
equal dignity with the liens securing the Series 1953 Bonds, the Series 1954
Bonds, and the Series 2 of 1954 Bonds, and for the purpose of fixing in further
detail the rights of the holdersof the Bonds, and the rights and duties of the
City and of the Trustee, a Supplement to the Deed of Trust, hereinafter called
the "Supplement" in substantially the following form and language is hereby
authorized to be executed and delivered on behalf of the City of Corpus Christi:
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SUPPLEMENT TO DEED OF TRUST
THE STATE OF TEXAS
COUNTY OF NUECES
THIS SUPPLEMENT TO DEED OF TRUST, (hereinafter called
"SUPPLEMENT ") dated as of December 1, 1955, by and between the City of Corpus
Christi, a municipal corporation duly organized and existing under and by virtue
of the laws of the State of Texas, situated in Nueces County, Texas, (hereinafter
sometimes called 'CITY "), acting through its Mayor and City Secretary, duly
authorized by ordinance (hereinafter sometimes called the "Series 1955 BOND
ORDINANCE ") passed by the City Council on December 14, 1955, PARTY OF THE FIRST
PART, and MERCANTILE NATIONAL BANK AT DALLAS, DALLAS, TEXAS, a national banking
association duly organized and existing under and by virtue of the Banking
Laws of the United States (hereinafter sometimes called "TRUSTEE "), PARTY OF
THE SECOND PART:
W I T N E S S E T H:
WHEREAS, heretofore as of December 1, 1953, the City and
the Trustee executed an instrument of trust, hereinafter sometimes called the
"Deed of Trust ", primarily for the purpose of securing $3,831,000.00 in
principal amount of 'City of Corpus Christi First Mortgage Waterworks Revenue
Refunding Bonds, Series 1953 ", in the denomination of $1,000,00 each, numbered
from One (1) to Three Thousand Eight Hundred Thirty One (3,831), both inclusive,
and bearing interest at Three and one -half (3�%) per cent as shown in the
Deed of Trust; and
WHEREAS, Section 2.05 of the Deed of Trust provides for
the issuance by the City of additional Bonds which when issued in accordance
with such provisions shall along with the Series 1953 Bonds be secured ratably
by a first lien on the properties, revenues, and franchise constituting the
trust estate, as more fully described in the Deed of Trust; and
WHEREAS, pursuant to an authorizing election the City CouncL
has heretofore passed an ordinance and executed a Supplement to the Deed of
Trust authorizing the issuance of $7,000,000.00 City of Corpus Christi First
Mortgage Waterworks Revenue Bonds, Series 1954, dated February 1, 1954,
(hereinafter called "Series 1954 Bonds "); and
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WHEREAS, pursuant to said authorizing election the City Council
has heretofore passed an ordinance and executed a- Supplement to the Deed of
Trust authorizing the issuance of $500,000.00 City of Corpus Christi First
Mortgage Waterworks Revenue Bonds, Series 2 of 1954, dated October 1, 1954,
(hereinafter called "Series 2 of 1954 Bonds "); and
WHEREAS, pursuant to said authorizing election the City
Council has passed an ordinance (hereinafter sometimes called "Series 1955
Bond Ordinance ") of which this Supplement is a part, authorizing the issuance
of additional bonds in the principal amount of $500,000.00, for the purpose
of providing funds for improvements, extensions, repairs or replacements of
and to the City's waterworks system (hereinafter sometimes called the "Series
1955 Bonds "); and
WHEREAS, the Series 1955 Bonds authorized by said Series 1955
Bond Ordinance when issued are to be secured by said Deed of 'bust in like
manner and with like effect as if issued concurrently and contemporaneously
with the Series 1953 Bonds, the Series 1954 Bonds and the Series 2 of 1954
Bonds; and
WHEREAS, said bonds are payable as to both principal and interest
in lawful money of the United States of America at the Mercantile National
Bank at Dallas, Dallas, Texas, or, at the option of the holder; at the Chemical -
Corn Exchange Bank, New York, Nev York, and to mature serially as follows:
BONDS NUMBERS MATURITY DATES AMOUNTS
1 to 100, both inclusive, June 1, 1959 $100,000.00
101 to 300, " " June 1, 1960 200,000.00
301 to 500, " June 1, 1961 200,000.00
WHEREAS, the Bonds and the interest coupons and certificates
to appertain thereto, and the form for registration of the Bonds as to principal,
the Comptroller's certificate, and the Trustee's certificate, to be endorsed
thereon, are to be in substantially the following forms, respectively, with
appropriate insertions, omissions and variations as in this Supplement provided;
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
FIRST MORTGAGE WATERWORKS REVENUE BOND
SERIES 1955
110. $1,000.00
THE CITY OF CORPUS CHRISTI, a lawfully created and existing
municipal corporation in NUECES COUNTY, TEXAS, out of revenues hereinafter
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specified, and from no other source, FOR VALUE RECEIVED, hereby promises to
pay to bearer, or, if this Bond be registered as to principal, to the registered
holder thereof, on June 1, 19 , the principal sum of
ONE THOUSAND DOLLARS
($1,000.00), and, from said revenues to pay interest thereon from the date
hereof until the principal amount of this Bond shall have been paid at the
rate of ( �) per cent per annum, payable June 1,
1956, and thereafter semi - annually on December 1 and June 1. Both principal
of and interest on this Bond are payable in lawful money of the United States
of America, at Mercantile National Bank at Dallas, Dallas, Texas, or, at the
option of the holder, at Chemical -Corn Exchange Bank, New York, New York,
without exchange or collection charges to the owner or holder hereof. Interest
maturing on and prior to the scheduled maturity date of this Bond is payable only
upon presentation and surrender of the interest coupons hereto attached as they
severally become due.
THIS BOND is one of a duly authorized issue of Bonds of line
date and tenor, except as to serial number and maturity, in the amount of
$500,000.00, (being the final installment of an authorized issue of $8,000,000.00),
issued for the purpose of improving and extending the waterworks system of the
City of Corpus Christi, Texas, as authorized at an election held in said City
on November 24, 1953, and pursuant to ordinance passed by the City Council of
the City of Corpus Christi, and secured by a Deed of Trust dated as of December 1,
1953, and by Supplement to said Deed of Trust, dated as of December 1, 1955,
both collectively hereinafter sometimes referred to as the Deed of Trust, by
and between the CITY OF CORPUS CHRISTI and MERCANTILE NATIONAL BANK AT DALLAS,
DALLAS, TEXAS, (hereinafter referred to as the "TRUSTEE "), as Trustee, an
original counterpart of such Deed of Trust being on file in the office of said
Trustee in the City of Dallas, Texas, reference to which ordinance and Deed of
Trust is hereby made for a description of the funds charged with and pledged
to the payment of the interest on and the principal of the Bonds, the nature
and extent of the security thereof, and a statement of the rights, duties,
and obligations of the City and the Trustee and the rights of the holders of
the Bonds, to all the provisions of which Deed of Trust the holder hereof by
the acceptance of this Bond assents.
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. THIS BOND shall not be deemed to constitute a debt of the City
of Corpus Christi or a pledge of its faith and credit, but shall be payable
as to principal and interest solely from the net revenues derived from the
operation of the Waterworks System, including all additions, extensions and
improvements thereto which may hereafter be made, hereinafter referred to
as the "System ", and 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.
This issue of Bonds is further secured by a lien upon the properties comprising
the System and, in the event of default and the sale of such properties under
provisions of said Deed of Trust, by a franchise to the purchaser to operate
such properties for a period of twenty years. The City of Corpus Christi hereby
covenants and agrees that it will fix and maintain rates and charges for
services to be rendered by the System sufficient to pay all operating, maintenance,
depreciation, replacement, betterment and interest charges, and to provide
an Interest and Sinking Fund sufficient to pay the principal of and interest on
the issue of Bonds of which this is one as such principal and interest matures,
all in accordance with Article 1113 of the Revised Civil Statutes of Texas of
1925 as amended, and to create and maintain the several funds as prescribed
in the Deed of Trust.
THIS BOND is issued and the above mentioned Deed of Trust
was made and entered into under and pursuant to the Constitution and Laws of
the State of Texas.
THIS BOND may be registered as to principal only in accor-
dance with the provisions endorsed hereon.
EACH SUCCESSIVE holder of this bond during such time as it is
payable to bearer, and 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 while
so payable to bearer, and each of the coupons hereto attached, may be negotiated
by delivery by any person having possession hereof, 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
acquired absolute title thereto, free from any defenses enforceable against
any prior holder and free from all equities and claims of ownership of any such
prior holder. Neither the City of Corpus Christi nor its officials nor the
paying agent hereinabove named shall be affected by any notice to the contrary.
TO THE EXTENT permitted by law and the aforesaid Deed of Trust,
modifications or alterations of the Deed of Trust and any Deed of Trust supple-
mental thereto may be made, with the consent of the City Council of the City
of Corpus Christi and the holders of at least seventy -five per cent in principal
amount of the Bonds then outstanding, but such modification or alteration is
not permitted to affect the maturity, amount or rate of interest of any such
outstanding Bonds. The Deed of Trust provides for acceleration of the maturities
of all of the Bonds then outstanding in the event of a default.
The City reserves the right to issue additional parity revenue
bonds to the extent and in the manner expressly permitted by said Deed of
Trust and the ordinance authorizing the issuance of City of Corpus Christi
First Mortgage Waterworks Revenue Refunding Bonds, Series 1953) in the amount
of $3,831,000,00, and in the ordinance authorizing the Bonds of which this is
one. Such additional bonds shall be payable from the same source and secured
by the same revenues, deed of trust, properties, and pledged franchise, and
shall be on a parity with this issue of bonds and the Series 1953 Bonds, the
Series 1954 Bonds and the Series 2 of 1954 Bonds.
In the event the City later exercises the right to combine the
operations of its waterworks and sanitary sewer systems reserved to it in
Section 2.06 of said Deed of Trust, the said Revenue Refunding Bonds, Series
1953, the Series 1954 Bonds, the Series 2 of 1954 Bonds and the Bonds of this
issue, together with any additional waterworks bonds subsequently issued and
any revenue bonds theretofore or thereafter issued for sanitary sewer purposes,
to the extent and in the manner permitted by law at such time, will be payable
from the revenues of the combined systems, including all additions, extensions
and improvements thereafter made to said combined systems, and, if so authorized
by law and prescribed by the City, may be further secured by a mortgage on
the sanitary sewer system.
IT IS HEREBY CERTIFIED AND RECITED that all acts and things
required by the Constitution and Laws of the State of Texas, and the Charter
of the City, to happen, exist and be performed precedent to and in the issuance
of this Bond and the passage of said ordinance and the execution of the supple-
ment to said Deed of Trust, have happened, exist and have been performed as so
required.
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THIS BOND shall not be entitled to any benefit under said
Deed of Trust or the supplement thereto or become valid or obligatory for any
purpose until it shall have been authenticated by the execution by the Trustee
of the certificate hereon endorsed.
IN WITNESS WHEREOF, the CITY OF CORPUS CHRISTI has caused
this Bond to be executed by the imprinted facsimile signature of its Mayor and
attested by the imprinted facsimile signature of its City Secretary, and the
corporate seal of said City to be impressed hereon, and has caused the coupons
sereto attached to be exenuted with the facsimile aignat xes of said officials
all as of December 1, 1955; the date of this bond.
ATTEST:
City Secretary, City of Corpus Christi,
Texas.
(CITY SEAL)
Mayor, City of Corpus Christi, Texas.
(FORM OF COUPON)
N0.
On the lat day of , 19,, the City of
Corpus Christi, Texas, Nueces County, Texas, will pay to bearer at the
Mercantile National Bank at Dallas, Dallas, Texas, or, at the option of the
holder, at Chemical -Corn Exchange Bank, New York, New York, without exchange
or collection charges to the owner or holder hereof, the sum of
($ ) Dollars, in lawful
money of the United States of America payable out of the revenues specified in
the Bond to which this coupon is attached, for the interest in that amount then
due on its First Mortgage Waterworks Revenue Bond, Series 1955, and numbered
. The holder of this coupon shall never have the right to demand payment
thereof out of any funds raised or to be raised by taxation.
ATTEST:
City Secretary.
Mayor.
(TRUSTEE °S CERTIFICATE)
This Bond is one of the Bonds described in the within men-
tioned Supplement to the Deed of Trust.
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MERCANTILE NATIONAL BANK AT DALLAS
DALLAS, TEXAS
Trustee.
BY
Authorized officer.
(FORM OF COMPTROLLER'S CERTIFICATE)
OFFICE OF COMPTROLLER
REGISTRATION NO.
STATE OF TEXAS
I 11EREBY 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 that it is a valid and binding special obligation
of the City of Corpus Christi, Texas, payable from the revenues pledged to its
payment by and in the ordinance authorizing same, 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)
(NO WRITING TO BE MADE HEREON EXCEPT
BY THE BOND REGISTRAR OF THE CITY)
CERTIFICATE OF REGISTRATION
It is hereby certified that, at the request of the holder of
the within bond, I have this day registered it as to principal in the name
of such holder as indicated in the registration blank below and on the books
kept by me for such purpose. The principal of this bond shall be payable only
to the registered holder hereof named in the below registration blank or his
legal representative, and this bond shall be transferable only on the books of
the Bond Registrar and by an appropriate notation in such registration blank.
If the last transfer recorded on the books of the Bond Registrar and in the
below registration blank shall be to bearer, the principal of this bond shall
be payable to bearer and it shall be in all respects negotiable. In no case,
shall negotiability of the coupons attached hereto be affected by any registra-
tion as to principal.
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NAME OF REGISTERED HOLDER DATE OF REGISTRATION SIGNATURE OF REGISTRAR
Trustee
AND WHEREAS, the execution and delivery of this Supplement
have been duly authorized by the City Council of the City of Corpus Christi
and all acts and things required to be done precedent to and in the execution
of this Supplement and precedent to and in the execution of said Bonds, have
been done and performed in regular and due time, form and manner as required
by the Constitution and Laws of the State of Texas, and the Series 1955 Bond
Ordinance;
NOW THEREFORE, in order to secure the payment of principal of
and interest on the Bonds according to their tenor and effect, and the terms of
the Deed of Trust and this Supplement, and to secure the performance of the
covenants and obligations contained in the Deed of Trust and in this Supplement,
and in consideration of the acceptance by the Trustee of the trust hereby
created, and of the purchase and acceptance of said Bonds by the holders
thereof, and of One Dollar ($1.00) in hand paid by the Trustee to the City upon
the execution and delivery of this Supplement, the receipt whereof is hereby
acknowledged,the City has executed and delivered this Supplement with the
effect that all of the properties, revenues, rights and the franchise heretofore
granted, bargained, sold, conveyed, assigned, transferred, warranted, mortgaged,
pledged and set over to the Trustee under and by virtue of the Deed of Trust,
are hereby declared by the City to be for the use and benefit of the Series
1955 Bonds in like manner and with like efficacy as for the use and benefit of
the Series 1953 Bonds, the Series 1954 Bonds, and the Series 2 of 1954 Bonds,
in such manner that said pledged revenues, liens and franchise, are for the
equal and proportionate benefit, security, and protection of all Bonds of all
series and the interest coupons appurtenant thereto as well as for bonds and
interest coupons hereafter to be issued under and secured by the Deed of
Trust, within the amounts and under the conditions expressly prescribed by
the Deed of Trust, without priority or distinction as to lien or otherwise of
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any Bond over any other Bond, or over any other bond properly issued under the
Deed of Trust by resabn of priority in issuance or negotiation thereof, or
by reason of the date or dates of maturity thereof, or for any other reason
whatsoever, so that each and all of said Bonds and bonds heretofore issued or
hereafter to be issued as aforesaid shall have the same rights, lien and privi-
leges under the Deed of Trust.
This Supplement further vitnesseth, that the City has agreed
and covenanted, and does hereby agree and covenant with the Trustee and the
respective holders from time to time of such Bonds and coupons, as follows:
ARTICLE I
FORM, AUTHENTICATION, REGISTRATION AND ISSUANCE OF BONDS
Section 1.01. The Bonds and the coupons attached thereto
shall be in substantially the forms hereinbefore recited, and shall be issued
in the aggregate principal amount of Five Hundred Thousand ($500,000.00)
Dollars. All Bonds to be secured hereby shall be executed by the imprinted
facsimile signature of the Mayor of the City, shall be attested by the im-
printed facsimile signature of the City Secretary, shall have the corporate
seal of the City impressed thereon, and when so signed and sealed, the Bonds
shall be submitted to the Attorney General of the State of Texas for approval
and to the State Comptroller for registration. After the said Bonds have been
approved by the Attorney General and registered by the State Comptroller,
they shall be delivered to the Trustee for authentication and delivery to the
City as provided in the ordinance authorizing the issuance of the Bonds and
authorizing this Supplement.
Section 1.02. In case any officer or officers who shall have
signed any of the Bonds shall cease to be such officer or officers of the
City after delivery of such Bonds to the Trustee, but before the Bonds so
-i$Aed shall have been actually authenticated and delivered to the purchaser
thereof, such` bonds may nevertheless be authenticated and delivered as though
the person or persons who signed and sealed such Bonds had not ceased to be
such officer or officers of the City.
Section 1.03. The coupons to be attached to the Bonds shall
be signed by the facsimile signatures of the Mayor and City Secretary in the
office at the time of the execution of the Bonds, and delivery of such Bonds
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thereafter shell be valid for all purposes even though one or both of said
officials shall have ceased to hold office at the time of delivery. Prior to
the authentication of Bonds under this Deed of Trust all matured coupons
thereto attached shall be detached and cancelled and such cancelled coupons
shall be delivered to the City Secretary.
Section 1.04. Only such of the Bonds as shall have endorsed
thereon the duly executed certificate of the Trustee substantially in the
form hereinabove set forth shall be entitled to any lien or benefit hereunder,
but such certificate of the Trustee upon any Bond shall be conclusive evidence
that such Bond has been duly authenticated and delivered hereunder and that
the holder is entitled to the benefit of the trust hereby created.
Section 1.05. In case any Bond issued hereunder with the
coupons appertaining shall become mutilated or be lost, stolen or destroyed
prior to the payment thereof, a new Bond, including coupons, of like tenor
and date and bearing the same number may, at the discretion of the City and
the Trustee, to the extent permitted by law, be executed, certified and de-
livered either in exchange for and upon cancellation of the mutilated Bond
and its coupons, or in substitution for the Bond or coupons lost, stolen or
destroyed, but such exchange or substitution shall be made only upon receipt
of satisfactory evidence of loss, theft, or destruction of such Bond and its
coupons, proof of ownership thereof, satisfactory indemnity to the Trustee and
the City, and payment of the cost of preparing such bond and coupons.
ARTICLE II
PROOF OF COMPLIANCE WITH PREREQUISITES TO ISSUANCE OF BONDS
Section 2.01, The City covenants that at the time or prior
to the time it will submit to the Trustee any of the bonds for authentication
it will furnish to the Trustee in the form prescribed by Section 2.05 of the
Deed of Trust evidence that all of the conditions precedent to the issuance of
"Additional Bonds" authorized under said Section have been met and that under
the Deed of Trust and the act of the Trustee in authenticating said Bonds shall
be conclusive of the authority of the City to issue the Bonds, and that said
requirements and conditions have been met.
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ARTICLE III
COVENANTS AS TO CONDITION OF FUNDS
Section 3.01. The City covenants that it is 'not delinquent
but that it is current in the performance of all of its obligations assumed
under Article V of the Deed of Trust as to the establishment of the several
funds therein provided and as to the payments required to be made by the City
into said several funds.
ARTICLE IV
APPLICATION OF REVENUES
REMITTANCE OF FUNDS TO BANKS OF PAYMENT
Section 4.01. All of the provisions of Article V of the
Deed of Trust are hereby confirmed as being applicable to the Bonds.
Section 4.02. In the event that the Bonds and coupons are
made payable at any bank other than or in addition to the Trustee, it shall be
the duty of the Trustee at least 10 days prior to any interest payment date, to
make remittance to such bank or banks out of moneys in its possession available
for the purpose an amount sufficient to pay such installment of interest or
such installment of interest and principal as the case may be.
ARTICLE V
POSSESSION OF MORTGAGED PROPERTY
Section 5.01. The rights reserved to the City and the duties
assumed by the City under Article VII of the Deed of Trust, so long as any
of the Series 1953 Bonds are outstanding, shall remain effective likewise
so long as any of the Series 1954 Bonds, any of the Series 2 of 1954 Bonds and
any of the Series 1955 Bonds are outstanding.
ARTICLE VI
DEFAULTS AND REMEDIES
Section 6.01. All of the provisions contained in Article
VIII of the Deed of Trust (which is captioned "Defaults and Remedies ") shall
be interpreted as applicable not only to the Series 1953 Bonds, but with like
effect as applicable to the Series 1954 Bonds, the Series 2 of 1954 Bonds
and the Series 1955 Bonds. In determining whether the holders of minimum
percentage of Bonds shall have consented to or requested any action under said
Article the Bonds of all Series shall be considered.
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ARTICLE VII
GENERAL PROVISIONS
Section 7.01. All of the provisions of Article XII of the
Deed of Trust (captioned "General Provisions ") shall be interpreted as appli-
cable not only to the Series 1953 Bonds, but with like effect as applicable
to the Series 1954 Bonds, the Series 2 of 1954 Bonds and the Series 1955 Bonds.
ARTICLE VIII
RENDERING ALL PROVISIONS OF DEED OF TRUST APPLICABLE
TO SERMCS 1955 BONDS UNLESS CLEARLY INAPPLICABLE
Section 8.01. Unless the context of a given section of the
Deed of Trust shows clearly that it must be inapplicable to the Series 1955
Bonds, or unless the inclusion of such section as so applicable would nullify
or render unworkable one or more sections contained in the Supplement, each
section of the Deed of Trust is hereby declared to be applicable to the Series
1955 Bonds.
ARTICLE IX
DEFEASANCE
Section 9.01. The provisions of Article XIII of the Deed of
Trust prescribing the terms and conditions under which title to the pledged
properties and rights shall revert to the City shall be interpreted to mean
all of the Series 1953 Bonds, all of the Series 1954 Bonds, all of the Series 2
of 1954 Bonds and all of the Series 1955 Bonds.
IN WITNESS WHEREOF, the City of Corpus Christi, Texas, acting
through and being duly authorized thereunto by its governing body, the City
Council, has caused this Supplement to the Deed of Trust in duplicate originals
to be signed in its name by its Mayor, and its corporate seal to be hereunto
affixed, and to be attested by its City Secretary and said Mercantile National
Bank at Dallas, to evidence its acceptance of the trusts hereby created, has
caused its corporate name and seal to be hereunto affixed and this Supplement
to the Deed of Trust to be signed by Clarence E. Sample, its Trust Officer, and
to be countersigned and said seal to be attested by its Cashier or Assistant
Cashier, all as of the day and year first above written.
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ATTEST:
Ci y Secretary.
(CITY SEAL)
ATTEST:
Its Assistant Cashier.
(BANK SEAL)
CITY OF CORPUS CHRISTI, TEXAS
BY
Mayor.
MERCANTILE NATIONAL BANK AT DALLAS
DALIAS, TEXAS, TRUSTEE
BY
Its Trust Officer.
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Tffi STATE OF TEXAS
COUNTY or NUECES
BEFORE ME, the undersigned authority, in and for Nueces
County, Texas, on this day personally appeare4 Ferrell D. Smith, Mayor, and
T. Ray Kring, City Secretary, respectively, of the City of Corpus Christi,
Texas, known to me to be the persons whose names are subscribed to the fore-
going instrument and known to me to be, respectively, the Mayor and City
Secretary of the City of Corpus Christi, a municipal corporation, and each
acknowledged to me that he executed the same for the purposes and considera-
tion therein expressed and in the capacity therein stated, as the act and
deed of said City of Corpus Christi, Texas.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the day of
December, 1955.
(SEAL)
Notary Public in and for Nueces County,
Texas.
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THE STATE OF TEXAS
COUNTY OF DALLAS
BEFORE ME, THE UNDERSIGNED AUTHORITY, in and for Dallas County,
Texas, on this day personally appeared CLARENCE E. SAMPLE, Trust Officer, and
, Assistant Cashier, respectively, of MERCANTILE
NATIONAL BANS AT DALLAS, known to me to be the persons whose names are sub-
scribed to the foregoing instrument and known to me to be, respectively, the
Trust Officer and Assistant Cashier of MERCANTILE NATIONAL BANK AT DALLAS, a
corporation, and each aclmowledged to me that he executed the same for the
purposes and consideration therein expressed and in the capacity therein
stated as the act and deed of said MERCANTILE NATIONAL BANK AT DALLAS.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the day of
December, 1955•
(SEAL)
Notary Public in and for Dallas County,
Texas.
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THE STATE OF TEXAS
COUNTY OF SAN PATRICIO
I, , County Clerk of San Patricio
County, Texas, do hereby certify that the foregoing instrument of writing
dated on the 1st day of December, 1955, with its certificates of authentication,
was filed for record in my office on the day of , A.D.,
1955, at o'clock, _.M., and duly recorded this day of
, 1955, at o'clock, _.M., in the Deed of Trust
Records of said County, in Volume , on pages
I do further certify that an executed and acknowledged copy
of said instrument was filed in my office on the day of ,
1955, at o'clock, _.M., as a chattel mortgage.
WITNESS MY OFFICIAL HAND and seal of office this the
day of , 1955.
(SEAL)
County Clerk, San Patricio County, Texas.
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THE STATE OF TEXAS
COUNTY OF JIM WELLS
I, , County Clerk of Jim Wells County,
Texas, do hereby certify that the foregoing instrument of writing dated on
the 1st day of December, 1955, with its certificates of authentication, was
filed for record in my office on the day of , A.D., 1955,
at o'clock, _.M., and duly recorded this day of ,
1955, at o'clock, ,.M., in the Deed of Trust Records of said County
in Volume on pages
I do further certify that an executed and acknowledged copy
of said instrument was filed in my office on the day of
1955, at o'clock, _.M., as a chattel mortgage.
WITNESS MY OFFICIAL HAND AND SEAL OF OFFICE this the
day of , 1955•
(SEAL)
County Clerk, Jim Wells County, Texas.
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THE STATE OF TEXAS
COUNTY OF LIVE OAK
I, , County Clerk of Live Oak County,
Texas, do hereby certify that the foregoing instrument of writing dated on the
lst day of December, 1955, with its certificates of authentication, was filed
for record in my office on the day of , A.D., 1955,
at o'clock, _.M., and duly recorded this day of ,
1955, at o'clock, _.M., in the Deed of Trust Records of said County,
in Volume , on pages
I do further certify that an executed and acknowledged copy
of said instrument was filed in my office on the day of
,
1955, at o'clock, Y.M., as a chattel mortgage,.
WITNESS MY OFFICIAL HAND and seal of office this the
day of , 1955.
(SEAL)
County Clerk, Live Oak County, Texas.
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THE STATE OF TEXAS
COUNTY OF NUECES
I, , County Clerk of Nueces County,
Texas, do hereby certify that the foregoing instrument of writing dated on the
let day of December, 1955, with its certificates of authentication was filed
for record in may office on the day of , A.D., 1955,
at o'clock, .M., aad duly recorded this day of ,
1955, at o'clock, `.M., in the Deed of Trust Records of said County
in Volume ^_, on pages
I do further certify that an executed and aekwvledged eopy
of said instrument was filed in my office on the day of ,
1955, at o'clock, V.M., as a chattel mortgage.
WITNESS MY OFFICIAL SAPID and seal of office this the
day of , 1955.
(SEAL)
County Clerk, Nueces County, Texas.
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12. The Supplement and all of the provisions thereof are
hereby made a part of this Ordinance.
13. The Series 1953 Bond Ordinance granted to the purchaser
or purchasers of the City's Waterworks properties at a sale to be made in the
event of the default of the City's obligation to pay principal of and interest
on the Series 1953 Bonds, a franchise to operate said waterworks properties
for a period of twenty (20) years. As is provided in the Deed of Trust such
franchise protects also by a parity of lien and rights the Bonds authorized
by this ordinance.
14. (a) After said Bonds shall have been executed they shall
be submitted to the Attorney General for his approval, and after such approval
they shall be registered by the Comptroller of Public Accounts;
(b) Upon the request of the City the Trustee shall authenticate
all or any of the Bonds and shall deliver the authenticated Bonds to the City
upon proper receipt.
15. Additional Waterworks System Revenue Bonds may be issued
to be secured by a pledge of the revenues and a lien upon the properties of
the Waterworks System and upon the franchise of the System (as authorized in
the Series 1953 Bond Ordinance) of equal dignity with the pledge and liens
securing the First Mortgage Waterworks Revenue Refunding Bonds, Series 1953,
the Series 1954 and the Series 2 of 1954 Bonds, provided that such additional
Waterworks Revenue Bonds -shall be issued.for improvements or extension's or re-
pairs or replacements of and to the Waterworks System or for any one or more
or all of such purposes, subject to the limitations contained in Article II of
such Deed of Trust, and by Article II of the Supplement, which Deed of Trust
and Supplement are respectively made parts of the Series 1953 and the Series
1955 Bond Ordinances.
16. (1) a special fund is hereby created and designated City
of Corpus Christi Waterworks System Construction Fund (herein sometimes called
the "Construction Fund "). There shall be deposited to the credit of said
Construction Fund all moneys received from the sale of the Bonds, except that
any money received by the City by way of accrued interest on the Bonds shall
be deposited in the Interest and Sinking Fund (Section 5.03 of the Deed of
Trust);
(2) The moneys in the Construction Fund shall be held by the
City's Depository hereinafter in this Section 16 sometimes called the
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"Depository" in trust to be applied to the payment of the cost of the
improvements and extensions of and to the City's Waterworks System, for
which the Bonds Were authorized, and pending such application in accordance
with this Section shall be subject to a lien and charge in favor of the holders
of the Bonds and for the further security of such holders until paid out as
herein provided,
(3) All disbursements from the Construction Fund to be used
either to pay obligations under contracts or in connection with force account
projects in making such improvements and extensions shall be subject to the
provisions and restrictions of this Section 16;
(4) Before any payments shall be made from the Construction
Fund the City shall file with the Depository the following:
(a) A requisition signed by the Director of Finance
and approved by the City Manager stating in respect of each
payment to be made:
(1) The item number of the _payment;
(2) The name of the person, firm or corporation
to whom payment is due;
(3) The amount to be paid to such person, firm or
corporation;
(4) In reasonable detail, the purpose for which
the obligation to be paid was incurred.
(b) A certificate signed by the Director of Finance and
approved by the City Manager attached to the requisition, certifying:
(1) That obligations in the stated amounts have
been incurred by the City and that each item
thereof is a proper charge against the
Construction Fund and has not been paid;
(2) That there has not been filed with or served
upon the City notice of any lien, right to
lien, or attachment upon, or claim affecting
the right to receive payment of, any of the
moneys payable to any of the persons, firms
or corporations named in such requisition,
which has not been released or Trill not be
released simultaneously with the payment of
such obligation, and
(3) That such requisition contains no item
representing payment on account of any
retained percentages which the City is
at the date of such certificate entitled
to retain.
(5) A certificate signed by the Engineer in charge of
construction certifying his approval of said requisition, and further certify-
ing that each such obligation was properly incurred and that insofar as such
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Obligation was incurred for work, materials, equipment or supplies, that such
work was actually performed, or such materials, equipment or supplies were
actually installed, in or about the construction of improvements and extensions
Of and to the City's Waterworks System.
It is further provided that the last or final estimate for
improvements and extensions of and to the Waterworks System shall not be paid
until same has been approved in writing by the Engineer in charge of construc-
tion and said Engineer shell immediately upon approval send a certificate to
the City Manager and Depository of such approval,
(6) Upon receipt of each requisition and accompanying certi-
ficate the Depository shall transfer from the Construction Fund to the credit
Of a special account in the name of the City to be used exclusively for making
disbursements for such improvements and extensions an amount equal to the total
of,the amount to be paid as set forth in such requisition. Each such obliga-
tion against said special account in the Depository shall be paid by check
drawn on such special account and signed by the City Manager and the Director
of Finance of the City of Corpus Christi, and having the same identifying
number as the number stated in the requisition for moneys on account of such
obligation. Moneys deposited to the credit of such special account in the
Depository shall be deemed to be a part of the Construction Fund until checked
out as in this paragraph provided. If for any reason the City should decide
prior to the payment gf any item in a requisition to stop payment of such item,
the City Manager shall give notice of such decision to the Depository, and
thereupon the City shall return the amount of such item by check drawn on such
special account for the credit of the Construction Fund;
(7) All requisitions and certificates received by the Depository
as required in this Section 16 as conditions of the payment from the Construc-
tion Fund shall be retained in the possession of the Depository subject at all
times to the inspection of the City, the Engineer and the agents and
representatives thereof;
(8) At least once in each twelve months until said
Construction Fund shall have been expended the City shall cause an audit to
be made by a Certified Public Accountant covering all receipts and money then
on deposit with the Depository or on deposit in the special account, and the
security held therefor, and all disbursements made pursuant to requisitions
filed in accordance with the provisions of this Section, and copies of the
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audits so made shall be furnished to the City Manager, to the Engineer, end
to the Trustee;
(9) when the construction of the proposed improvements and
extensions has been completed, evidence of that fact shall be filed with the
Trustee in the form of a certificate stating the date of such completion,
signed by the City Manager, the Director of Finance, and the Engineer, accom-
panied by an opinion of the City Attorney stating that the City has acquired
or owns title to all of the properties represented by such improvements and
extensions end to all land, property rights, rights -of -way, franchises, ease-
ments and other interests in lands necessary for their operation, free from all
liens or encumbrances, except liens, encumbrances or other defects of title
which do not have a materially adverse effect upon the City's right to use such
properties for the purposes intended, and that there are no uncencelled
mechanics', laborers', contractors', or materialmen's liens on such properties
or on file in any public office where the same should be filed in order to be
valid liens against any part of such properties, and that in the opinion of the
signers, the time within which such liens can be filed has expired. After the
construction program initially commenced shall have been completed and the fact
of such completion has been duly certified as herein provided the City Council
shall have the option of directing the Depository to remit to the Trustee the
remainder of said Construction Fund to be deposited in the Reserve Account of
the Interest and Sinking Fund established under Section 5.03 of the Deed of
Trust, or transferring any balance then remaining to an appropriate waterworks
construction account of the City. But the Trustee shall have no responsibility
for any failure of the City or the Depository to perform their respective
obligations to make such transfer or to perform any other obligations under
this Section;
(10) Moneys in the Construction Fund shall be secured in the
same manner as provided by Section 5.04 of the Deed of Trust for moneys in the
Interest and Sinking Fund. Moneys in the special account in the Depository
established pursuant to sub - section (6) hereof shall be secured in the manner
prescribed by Section 5.07 of the Deed of Trust in reference to moneys to be
deposited in the Depository.
}� IT. The ssaalJel o_fI the bonds herein authorized to
at a price of par and accrued interest to date of delivery, plus a premium of
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O0-00 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.
18. All ordinances, resolutions and orders or parts thereof
in conflict herewith are, to the extent of such conflict, hereby repealed.
19. The fact that the contemplated use of the proceeds of the
waterworks revenue bonds are necessary for the orderly development and growth
Of the City of Corpus Christi, Texas, creates a public emergency and an im-
perative public necessity requiring the suspension of the Charter Rule provid-
ing 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 take effect and be in full
force and effect from and after its passage, it is accordingly so ordained.
PASSED AND APPROVED December 14, �1955. J
. Mayor.
ATTEST
i y 8 cretar .
(CITY SEAL)
The foregoing Ordinance, Supplement to the Deed of Trust, and
form of bond and coupon therein contained have been approved as to form and
correctness this 14th day of December, 1955.
c
'City 7%orney.
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0
I
Corpus Chr Texas p
J 1'355
TO TIE,1"FERS OF THE CITY COUNCIL
Corpus Christie-Texas
Gentlemen:
For the reasons set forth in the emergency clause of the foregoing
or"aame, a public emergency and imperative necessity exist for the suspen-
siow of the.Charter rule or requirement that no ordinance or resolution shall
he passed finally on the date it is introduced, and that such ordinance or
resolution shall be read at three meetings of the City 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, II
MAYOR
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
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