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Home My WebLink About04843 ORD - 08/21/1957" I MS: Eki:8 /20/57 AN ORDINANCE AUTHORIZING AND DIRECTING THE CITY MANAGER FOR AND ON BEHALF OF THE CITY CF CORPUS CHRISTI TO ENTER INTO AN AGREEMENT WITH ROBERT N. BARNES OF CORPUS CHRISTI, TEXAS, WHEREBY SAID ROBERT N. BARNES AGREES TO FURNISH CERTAIN PERSONAL AND PROFESSIONAL SERVICES IN CONNECTION WITH 7HE SALE OF A 2 0 000 ISSUE OF PREVIOUSLY VOTED BONDS OF THFCITY OF CORPUS CHRISTI, TEXAS, IN ACCOR NCE WITH THE TERMS AND CONDITIONS OF SAID AGREEMENT, A COPY OF WHICH IS ATTACHED HERETO AND MADE A PART HEREOF; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. THAT THE CITY MANAGER BE, AND HE IS HEREBY AUTHORIZED AND DIRECTED FOR AND ON BEHALF OF THE CITY OF CORPUS CHRISTI TO ENTER INTO AN AGREEMENT WITH ROBERT N. BARNES OF CORPUS CHRISTI, TEXAS, WHEREBY SAID ROBERT N. BARNES AGREES TO FURNISH CERTAIN PERSONAL AND PROFESSIONAL SERVICES IN CONNECTION WITH THE SALE OF A $2,017O,GOO ISSUE OF PREVIOUSLY VOTED BONDS OF THE CITY OF CORPUS CHRISTI, TEXAS, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF SAID AGREEMENT, A COPY OF WHICH 15 ATTACHED HERETO AND MADE A PART HEREOF. SECTION 2. THE FACT THAT A BOND SALE ANALYST IS NECESSARY IN GIVING ADVICE AND RECOMMENDATIONS TO THE CITY IN CONNECTION WITH THE SALE OF SAID BONDS CREATES A PUBLIC EMERGENCY AND AN IMPERATIVE PUBLIC NECESSITY REQUIRING THE SUSPENSION OF THE CHARTER RULE THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE SEVERAL MEETINGS OF THE CITY COUNCIL, AND THE MAYOR, DECLARING SUCH EMERGENCY AND NECESSITY TO EXIST, HAVING REQUESTED THE SUSPENSION OF SAID CHARTER RULE AND THAT THIS ORDINANCE BE PASSED FINALLY ON THE DATE OF ITS INTRODUCTION, AND TAKE 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 AUGUST, l9 p7- ATT MAYO THE CITY OF CORPUS CHRISTI, TEXAS CITY SECRET Y APPROVED AS TO LEGAL FORM THIS DAY OF 'AUGUST, 1957. ln[ CITY ATTORNEY �� `�� tMllagls8 jf9/g7 AGKEPEMT THE STATE OF TEXAS } QGWTY OF NUECES } � THIS AGREEMENT ENTERED INTO THIS DAY OF " y A BETWEEN THE CSTY SF CORPUS CHRISTI, TEXAS, A MUNICI ►AL CORPORATION, HEREINAFTER CALLCO %IWO AND ROBERT N. BARNES OF CORPUS CHRISTI, TEXAS, HEREINAFTER CALLED 'BOND SALE ANALYST% W 17 N E S S E T H• 1. THE CITY DESIRES TO EMPLOY A BOND SALE ANALYST AND FINANCIAL ADVISOR TO FURNISH PERSONAL AND PROFESSIONAL SERVICES IN CONNECTION WITH THE SALE OF A $2,040,000 ISSUE OF PRCVIOUSLY VOTED BONDS OF THE CITY OF CORPUS CHRISTI, TEXAS. THE CITY HERESY APPOINTS ROBERT N. BARNES AS ITS BOND SALE ANALYST AND FINANCIAL ADVISOR TO PCRFORN THE SERVICES HEREINAFTER STATED. THE BOND SALE ANALYST AORCES: 1. THAT THE SERVICES OF ROBERT N. BARNES WILL BE MADE AVAILABLE AT ALL REASONABLE TIMES FOR THE PURPOSE OF PARTICIPATING IN MEETINGS AND CONFERRING WITH AND ASSISTING CITY GFFICIALS, ATTORNEYS, ENGINEERS, AND OTHER PROPER PERSONS ON ALL NATTCRS PERTAINING TO THE SUBJECT BONDS, AND THE OTHER INDEBTEDNESS OF THE CITY AS IT AFFECTS THE SUBJECT oON06. 2. TO WORN IN COOPERATION WITH THE LAW FIRM OF MCCALL, PARNHURST & CROWE, WHO WILL SE PAID BY THE CITY, IN SETTING UP THE SALE AND ISSUANCE OF THE BONDS IN A PROPER AND LEGAL MANNER. 3. TO INFORM THE CITY, IN WRITTEN REPORTS, OF CURRENT BOND MARKET CDMDITIoNS, FORTHCOMING %ONO ISSUES AND OTHER GENERAL INFORMATION AND ECONOMIC DATA WHICH NIGHT NORMALLY BE EXPECTED TO INFLUENCE INTEREST RATES OR BIDDING CONDITIONS TO THE END THAT THE DATE FOR THE SALE CAN BE SET AT A TIME WHICH, IN THE BOND SALE ANALYST'S OPINION, WILL BE FAVORABLE. 4. TO WORN AND COUNSCL WITH PROPER CITY OFFICIALS AND EMPLOYCES, RND NAKq WRITTEN RECOMMENDATIONS AS TO MATURITY SCHEDULES, OPTIONAL PROVI- 910MS AND OTHER TERI45 AND COVENANTS To BE CONTAINED IN THE SUBJECT BONDS IN ORDER TO ARRANGE SUCH MATURITIES, COYENANTS AND PROVISIONS IN SUCH A MANNER AS WILL, IH THE BOND SALE ANALYST'S OPINION, ENHANCE THE CITY'S CHANCES OF MARKETING THE BONDS TO THE SCOT ADVANTAGE. 5. TO PREPARE A CSAIPRENENSIVE PROSPECT118: CONTAINING FINANCIAL DATA* ECONOMIC DATAI INFORMATION, PICTURES, AND OTHER INFORMATION DF THE NATURE AND TO THE EXTENT DESIRED BY THE CITY. TO ATTEND TO TWC PUBLISHING AND PRINTING OF SUCH PROSPECTUS, ALONG WITH UNIFORM DIDDIND FORA1a, AND TO FURNISH A LIST OF PRDSPECTIVE BIDDERS. TO ATTEND TO THE PUBLISHING OF OFFICIAL NOTICES OF SALE IN LEADING FINARCIAL UOURNALS. THE CITY AGREES TO PAY THE FULL COSTS Of THE MATERIAL USED IN THE PROSPECTUS, THE PRINTING OF THE PROS- PECTUS ato FORMS, AND OFFICIAL NOTICES OF SALE, AND FOR ALL MAILING COSTS. FURTHER, THE CITY SHALL PAY FOR AND FURNISH ALL SUPPLIES AND SECRETARIAL HELP NECESSARY TO TYPE AND DUPLICATE THE REQUIRED INFORMATION IN COMPILING THE PROSPECTUS. 6. TO FURNISH A DETAILED TIME -TADLE OF ACTIONS THAT WILL BE TAKEN BY THE BOND ATTORNEYS, ROBERT N. BARNES, CITY OFFICIALS: AND OTHERS IN CONSUM- MATING THE SALE: PRINTING ANO DELIVERY OF THE BONDS TO THE PURCHASER AND THE RECEIVING OF THE MONEY BY THE CITY. 7. THAT ROBERT N. BARNES AGREES TO FURNISH WRITTEtk RECOHNEMOATIONS AS TO THE STE" NECESSARY TO Of TAKEN, IM 144S OPINION, IN ORDER TO (1) PROPERLY PRESENT THE FINANCIAL AND ECONOMIC SITUATION OF TH£ CITY OF MOODY'S INVESTORS SERVICE AND OTNER BOND RATING AGENCIES AND (2) IN ORDER TO EFFECT A BETTER OR NIGHER RATING OF THE CITYIs BONDS. FURTHER, BARNES SMALL FURNISH THE CITY WITH PROGRESS REPORTS AS TO WHAT IS BEING ACCOMPLISHED TOWARD lilt END OF OOTAININO THE BEST POSSIBLE RATING BY SUER AGENCIES. Fi. TO SELECT FOR THE CITY, WITH ITS APPROVAL, AN EXPERIENCED FIRM OF BOND PRINTERS ANO ATTEND TO THE PRINTING OF THE SONDS, AT THE CITY'S EXPERSE, TO THE END THAT SUCH WORK WILL BE DONE PROPERLY AND AT A LOW COST TO THE CITY. 9. ROBERT W. QARNES WILL NOT NAVE A RIGHT TO SUBMIT A SID FOR SONGS OFFERED FOR SALE BY THE CITY DURING 'flit TERM Of THIS AGREEMENT. 11, AS CGRSIDERATION FOR TWE SERVICES RENOWNED BY ROBERT N. BARNES, IT IS UNDERSTOOD AND AGREED THAT THE CITY SMALL PAY AND BARNES WILL ACCEPT A CASH FEE OF ONE TNOusAMD: TWO HUNDRED OOLLAAS ($1,2W.00), PAYABLE IN TWO EBuAL INSTALLMENTS OF SIX HUNDRED DOLLARS ($0.00) EACH, ONt ON THE DATE OF THE SALE OF Tilt BONDS, AND ONE UPON DELIVERY OF THE BONDS TO THE PURCHASER. -2- THE CITY AGREES TO REIMBURSE ROBERT N. BARNES FOB THE FULL OHT -OF- POCKET EXPENSES INCLUDING ALL TRAVEL, HOTEL, TELEPWOME AND THE LIKE PROPERLY INCURRED IN THE PERFORMANCE OF THE ABOVE SERVICE?. STATEMENTS FOR SUCH OUT- OF- POCKET EXPENSES SHALL BE RENDERED MONTHLY, AND NO EXPENSE ITEMS SMALL BE IKCURREO WITHOUT THE CITY'S PRIOR APPROVAL. THIS AGREEMENT IS BINDING ON BOTH PARTIES AND SMALL BE IN EFFECT UNTIL THE SUD./ECT BONDS ARE DELIVERED TO THE PURCHASER. EXECUTED IN DUPLICATE, THIS THE DAY OF , 1957. THE CITY OF CORPUS CHRISTI, TEXAS SY RUSSELL E• MCCLUAE, CITY MANAGER ATTEST: CITY ECRETART APPROVED AS TO LEGAL FOM THIS DAY Of AUGIAT, 1957: troy Aroom` y ROBERT N. BARNES -3- C US CHRISTI, TEXAS .1957 TO THE MEMBERS 'OF THE CITY COUNCIL CORPUS CHRISTI, TEXAS i GENTLEMEN: FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FORE- GOING ORDINANCE, A PUBLIC EMERGENCY AND IMP EAATIVE NECESSITY EXIST FOR THE SUSPENSION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR-RESOLU- TION 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; 1. THEREFORE, HEREBY REQUEST THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS THIS ORDINANCE FINALLY ON THE DATE IT IS INTRO- DUCED, OR AT THE PRESENT MEETING OF THE CITY COUNCIL. RESPECTFULLY, MAYO THE CITY OF CORPUS CHRISTI, TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTED: FARRELL D. SMITH N. J. ROBERTS S. E. BIGLER MANUEL P. MALDONADO, J 7 CHARLIE J. AILLS ARTHUR R. JAMES ODELL INGLE THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOW MG VOTE: FARRELL D. SMITH N. J. ROBERTS B. E. BIGLER MANUEL P. MALDONADO , CHARLIE J. AILLS ARTHUR R. JAMES ODELL INGLE `f N3