HomeMy WebLinkAbout04894 ORD - 11/13/1957LM
THE STATE 03 1'EFr15 j
COUNTY 07 NUECES I
CITY OI' C0RIUS CREISTI
Or, this the _Ieday oY ;November, 1_957, the City Council
of the City of Corpus Christi, Texas, convened in e- meet ing,�
with the °ollowin�; members o'' said 1:0uncil present, to--..,it:
Farrell L. °with, NAyor,
I
Roberts, i
N,anue'_ z. Haldonado,
Commissioners, i
_rthc 3. dames,
Charlie J. Aills,
i
� Odell Ingle; �
T. Ray I{rinE, city ecretary,
Huss ell F. DicClure;rager,
I. M. Singer, City Attorney,
v"+-- the follo'im� 2bsent: _.- /'� ccnst:it":n
I
a suorav, at wlxich time the follow; ng emang other business o:as transacted:
Ii. presented _ °or the consiceration
of the Co- :moil an or:i .nance. The o- d`.nsnce was re=d by the 7ity 'ecretary.
The Mayor _:resented ac the b'encil a communzcetion _ . itzr" yer to -n i::_; to
said proposed ard'_nance, as follows:
'Co °pus Christi, Texas,
ldoyem'oer iX� 1451
TO THE CITY COUNCII.
CORPUS CPT..ISTI, TEAS.
3entlemen:
Th_e public imocrtance and pressing need for the er-it
improv ar ants to be constricted 6y sse ci t ^e �roaeeds o t'• bonds v ted a,
elertions held on November 24, 1453, and September 25, 1954, create an ever -
gency and zn vcpex•atr ✓e pcUlic necessity requiring the s„_eaension o' -'ales =_rc
Ch--ter .,rov�_sions _cccir in ordinances to be considered and 'noted anon at
ae e ,al- - m etin s therefore rec'est that the Ci O_ � s the
o a d o -a 2 ha t e o' 17 000. 00 Rcl
_ 'o- bov s as an eve �enc.. Yo, ill con Liar this a ,
ccnnactior. u'_th the ordinance :,hich ha been introduced in the L Oonrail j
cr, thi sticje ct.
V/ �,Ilil Ycin•s very tr— V/
R -skFCY L.r.�C
rre 11 D. Scat:,:,
I
r
Comrrissione± ,(o _ Wade a notion that the
Charier rcvisien prohibiting ordinances ram being tossed f <_nally on the
daft introduced bE scsnended for the reasons stated in the written -r Guest
of taw Mayer and stated in the emer ncy clacse of the ordinance. The motion
was seconded by Cocmmissioner _ The motion sac carried
by a unanimous vote by the City until, vie:
AYES: Cora-- missioners .zOberts, Bigler, iia l3ouedq is—r,
and Ingle.
NOES: ;None,
The :�-ycr requested that the records a2zosr that '._, voted
bye. This etas done.
Commis. iorer __(, made a motion thst the
—dir—aq oe passed °inelly. The motion was seconded by CO,
rSssicner
?te mot ion c:a. carried by the following sate:
AYES: C =iti s4oners Roberts, Bigler, ?deldonado, dames,
Aille and Ingle.
NOES: No—,
The M y-ar "ea- c,ested that the records al ovi tnat ho voted
sYe. This o;ae done.
The ?'a,or arraanced that the ordinance ad 'gee. *. fosse- -
Tile ordinance is as follows:
ORDNANCE NO.
3Y ^_i-I CITY CO[PiOIL Cr THE CITY C^ COins I
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF CITY OF CORPUS Z,7,T5TI, `L'�7:LSS, BENEAAL
IK2RO'VEMENT BONDS, SE.-12 1957, REARING IN-
TEREST AT THE RA1"M HEEREINA.FTER SET FGRT?i,
AND ?ROVIDING FOR TIE LEVY, ASSESS,,C17 I..2:D
COLLECTIOIt OP A TAX SUFFICIENT TO PAY TIE
INTEREST ON SAID BONDS AND TO CREF.TE A SINK-
ING FUND FOR THE REDrZ.,TTION T=IEOF AT iiATCns-
ITY; REPEALZNG ALL ORDIN;0CES IN COP: LILT �
1'ERElaIT4 AIM DECLARING Ai•I EPdERGEIM.
ITMREAS, on the 24th day of November, 1953, an election
:las held s the City of Corpus Christi, Texas, resalt - ng- favorably to the
issuanee of $7,5C0,000.00 Street Irryravement Eonds; and
'riHMEAS, on the 25th day of September, 1954, an election
,,as held in the City of Corpus Christi, Texas, resulting favorably to the
issuance of $3,500,000.00 Sanitary Sever Bonds and j360,000.00 Street im-
provement Bands; and
6IEF,FAS, on March 17, 1954, the City Council of the
City o; Corpus C_r "sti, 'ex , passed an ordinance directing the issuance
of 4;765,000.00 Street Immavenent Bonds aathorized at the election held
1Noveeioer 24, 1953; and
?I'r.3:B. S, cn December l5, 1954, the City Council of the
City of Corpus Ch1 ^sti, Texas, passed an ordinance :_:•eating the issuance o" "
,650,000.00 Street Improvement Bonds authorized at the election held
Wo,am —r 24, 19535 and
iII6„°,F,AS, on Deceroer 14, 1955, the City Council oP tli_
City of Con- gasC_� isle, T_.. , passed an ordinance directing the issuance of
$1,140,000.00 Street Improve!-.ent Banda authorized at the election held
November 24, 3.953 and $200,000.00 Sanitary Sewer Bonds authorized at the
election held September 25, 1954; and
-' -M,Er S, it is deemed advisable and to t':e hest inter-
est of the Cit., that $15,000.00 Street Improvement 3onds authorized at the
election held &ovamber 24, 1953, $100,009.00 Street Improvement Bonds and
i
$1,3CO,000.00 Sanit_r, Serer Bonds authorized at the election held September j
I,
-„ 054, a— eSating in —' nc±nal amount the su:n of ;1,915, C0'?, 00 be issued
and sold at this
BE IT ORD6INED BY TE-E C=1 COUNCIL OF = CITY OF
CORPUS Ck3R Ic.TI, TEXAS:
i
1. That the bonds o° said City to be called "City of
i
Corpus Christi, Texas, General Improvement Bonds, Series 1957 ", be issued
under and by virtue of the Constitution and laws of the State of Texas, and
,ie Charter of said City, for the purpose of improvinE the streets crit'r in
said S-_t�', constru.ctin._ stores ses:ers, end imprcvinL� and e- %tending. the Se:.rer
Syste:c; in the pr incipai mmowt of One Million Sine Hundred Fteen Thousand
i
('` 1,915,000 -.00) Dollars.
2. That said bonds shall be numbered from One (1) to
Cne Thousand '_dine Hundred Fifteen (1, 915), both inclusive, of the denomi-
nation of One Thousand 01,000.00) Dollars each, aggre- gating One M411ion
Nine Hundred Fifteen Thousand ($1,915,000.00) Dollars.
3. That said bonds shall be dated December 1, 1957)
and shall become due and payable aerially as follows:
BONDS JT[2,°EE1,S MATURITY DATES FlMOiJiVTS
1
to
25, both Incl.,
March
1 1959,
ij 25,00..
26
to
6o, "
iharch
1, 1960,
35,000.00
61
to
110, " "
llarch
1, 1961,
50,OOC.Or'
111
to
160,
March
1, 1962,
50,000 -.00
161
to
220, ', '.
March
1, 196',
610,0 ,,11. x'11
221
to
295,
March
1, 1964,
5,000.ao
2966
to
375,
March
1, 1965,
So cX O.OG
376
to
465,
March
1, 1966,
9O, Op�;,pp
466
to
565,
: -larch
1, 1967,
100,01011. 00
566
to
665,
March
1, 1968,
1CC,000.00
665
to
765,
March
1, 1469,
100,00..00
766
to
865,
March
1 1970,
lco,0 J.CC
566
to
965, "
i•'.arch
1, 1971,
100,0 Co. 00
966
to
106;1
march
1, 1972,
100,C00.O:
1066
to
119,,,
lurch
1, 1973,
125,000.00
1191
to
1315,
March
1, 1974,
125,0DO.00
1316
to
1465,
March
1, 1975,
150,000.00
1466
to
1615,
" "
March
1. 19706
150 0010
1616
2766
to
to
1705,
1915, ��
March
1, 1977,
150,000. -
March
1978
150,090.D?
4. That sail bonds shall bear interest at the
follows:
Bonds Nos. 1 to 94 both incl., 14 A per annum;
Bonds Nos. jZZ to fjfj- " " j-- per annum;
Sonde ISos. ll�C to ���r , annum;
�_ Pe-
Bonds 1los. to n roar annum,
Payable March 1, 1955, and semi - acnuslly thereafter on September 1st and D-217,
1St of each year.
5 In Bonds Numbers One Thousand One Hundred Ninety One
(1,191) to One Thousand Nine Hundred Fifteen (1,915), both inclusive, the City
reserves the option of calling each such bond for redemption prior to maturity
on any interest payment date on and after March 1, 197„ at par and accrued
interest to date so fixed for redemption. Thirty days' notice of such call
shall be ,-iven in writing to the place of payment and notice shall be aubl:shec
in a financial publication published in the City of New York, New York. Said
notice shall appear in said publication in at least oneissue, the date of
said issue being not less than thirty days prior to the Sate so fixed for
redemption. If any such bond is called for redemption in said manner and if
funds sufficient to pay the redemption price shall have been duly placer in
the bank of payment by the date fixed for redemption, it shall not thereafter
bear interest.
o. That the principal and interest of said bonds shall
be payable upon presentation and surrender of bond or proper coupon at the
Corpus Christi Ante Vational Bank, Corpus Christi, Texas, without exchan"'e
or collection charges to the owner or holder thereof.
7. That each of said bonds and interest coupons shall
be executed by the imprinted facsimile signature of the Mayor and counter -
_i.,ned by the imprinted facsimile s7gnature of the City Secretary, and the
corporate seal of the City of Corpus Christi, Texas, shall be impressed upon
each of said bonds. Such facsimile signatures stall have the same effect as
manual signatures.
8. The form of said bonds shall be substantially as
follows:
%0.
wl, COO.CO
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF YUECES
CITY OF CORPUS CPF.ISTI
CEITMAL IMPROVEME111T BOND
SERIES 1957
The City of Corpus Christi, in the County of pueces, State
of Te:;as, 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 March, 19_ _, the sum of
OIM TROUSAIM DOLLARS
in lawful money of the United States of America, with interest thereon from
date hereof at the rate of (-x�,) per cent per annum, interest payable March 1,
1958, and semi - annually thereafter on September 1st and Earch 1st of each year
both principal and interest payable upon presentation and surrender of bond
or proper cou_oon at the Corpus Christi State National Bank, Corpus Christi,
Texas, without exchange or collection charges to the owner or holder hereof, I`
and the City of Corpus Christi, Texas, is hereby held and firmly bound and
i
its faith and credit and all taxable property in said City are hereby pledged
for the prompt payment of the principal of this bond st maturity and the in-
terest thereon as it accrues,
This bond is one o_' a series of One Thousand Nine Hundred
Fifteen (1,915) bonds of like tenor and effect, except as to number, interest
rate, maturity and right of prior redemption, numbered from One (1) to One j
Thousand Nine Hundred Fifteen (1,915), both inclusive, of the denomination of
One Thousand ($1,000.00) Dollars each, aggregating One Million Nine Hundred �
Fifteen Thousand ($1,915,000.00) Dollars, issued for the purpose of improving
the streets within said City, constricting storm sewers, and improving and
extendins the Sewer System, under and by virtue of the Constitution and laws '
i
of the State of Texas and the Charter of said City, and pursuant to an j
or passed by the City Council of the City of Comas Christi, Texas,
i
which ordinance is duly of record in the minutes of said City Council.
The date of this bond in conformity with theordinance j
above mentioned is December 1, 1957.
**(The City reserves the option of calling this bond for
i
redemption prior to maturity on any interest payment date on and after
March 1, 1973, . at par and accrued interest, provided thirty days' notice
of such call is given in writing to the place of payment and provided said
notice is published in a financial publication published in the City o_'
New York, New York. Said notice shall appear in said publication in at
least one issue, the date of said issue being not less than thirty days
prior to the date so fixed for redemption. If such bond is called for re-
demption in said manner and if funds sufficient to pay the redemption price
shall have been duly placed in the bank of payment by the date fixed for re-
demption, it shall not thereafter beer interest.)
AND IT IS F -EREBY 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
0
in said Cityand who had duly rendered the same for tax_etion in the City of
Corpus Christi, Texas, votin_ at elections held for that purpose within said
City on the 24th day of November, 1953, and the 25th day of September, 1951-;
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 Wooer provision for the levy and
collection of taxes has been -.3de, which when collected shall be appropriated
I
exclusively to the payment of this bond and the series of which it is a nart,
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 Chris'.;
Texas, including the entire series of bends of which this is one, does not
exceed any constitutional, statutory or charter limitation -
IN WIT\ESS WlmnoF, the City of Corpus Christi, Texas,
I
by its City Council has caused the seal 0' said City to be impressed hereon
and this bond end the annexed coupons to be executed by the fats --mile signa-
1 ture of the Nayor and countersigned by the facsimile signature of the City
Secretary.
Mayor, City of Corpue Christi, Texas.
COUiv'1MS IGNhD:
C iti Secretary, City of COrpas �h -pis ti, Taxes.
*(Bonds Piles. 1 to �Lf, both. _ncl., sf `= per arnwm; 11 3ond s 1Qos. 9L� to /3/T, ��e_o per annum;
Bonds iPos. �� to e ,�
_c per annum;
Honda Idcs. to --An— u per annum.)
**(This paragraph should 'oe omitted from Bonds Nos. 1 to 1193, tote Incl.)
9. The form of ceupon shall be substantially as '01lowa:
I.C.
ON TIC; 1ST DAY OP
The City of Corpus Christi, Texas, will pay to bearer,
*(unless the bond to which this is attached shall have teen called
=or previous redemption as therein provided and nrovicion ='or the redemption
thereof made), at the Corpus Christ'_ State National Sank, Corpus Christ ,
Texas, *.vithout e::change or collect; on charges to the ow.,er or holder hereof,
the sam Of __- ____ ____- _.._._____ ('_ —._.) Dollars,
in is ; ;ful more.' Of the united States Of Ameri-a, bein months' interest,
due that day on 'C_ y o_' CorTus Christi, Te_:as, General Improvement Bong, _
Series 1957 °, dated December 1, 1957, No.
*(Th_s parenthetical e -prea s'en should be pr'-nted only in coimons matur,n,
Septer_,ter 1, 1973, end subseonent). _
19. Substaat;al'y thz '.011o, r.g co...£`i ca to sh ?.ice.
printed on the back of Lech bond:
0 I'ICE C_, CCPiPI'_°CLLEP,
STCTE of MUIS
I '�r1P,E3Y =,T-=i that there is on ? ao- of recor:i ;..v
o ; ;ce =_ certi"ic.-e tF_e -e-ney Gere:ol o'° h .,.ate - .e:..as, to tce
e- t__3 .'c boo- h3 ....J ..fined u- f'
.. _ red 1 - and ..
he finds that it has been issued in conformity to the Constieut'o:l e....
Of the ltatc of Texas end the Charter of said Cit,-, and that it is a and
n� ob of Cor.v is` or has
F4ND and seal o° C?f-'ce at _ustin, Tssas,
Camptr oiler �- _- -ublic ccoc.rts „_ th
��,t, of 2_,.a_.
(San-)
11. :hat =_ sae cis'_ °oral to be less grated + o^ orpus
Christ , Iex' , General 2 ^vro c;e t , ion , series 195° -.rd" -
r:ereliy z: eatz:l
and the proceeds From all ta::ea collected for and on acc—nt Of this series of
bonds shall be credited to said fund for the Turpose o' haying the interest as
it accrues had to provide a sinking fund for tl.e purpose of paying each in-
_tallwent of principal as it becomes due, and said fund shell be used for no
other cUraose. For the curr=_rt year and each year s:hile any of said bonds, or
interest thereon, are outatanding and unuaid, there sha11 be computed and
ascertained, at 'he time other taxes are levied, the rate of tax based on
the latest approved rolls of said City as s ;ill be regvisite 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 sin?ing fund sufficient to pay the principal as
° -_t matures, _full allowances being nsde 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 respertive_y w]?ile any of said bonds,
or interest thereon, are outstanding and anpaid, and the said tax each ;year
shall be assessed and collected and placed in the Fund hereby created and t %c
Treasurer shall honor warrants against said fund for the norpose of aaying
the interest maturing and principal of said bonds and for no other purpose.
12. That to pay the irterest scheduled to mature on
March 1, 1953, and on September 1, 1?58, there is hereby appropriated the
sum of from funds of the City available for such purpose.
The Honey thus appropr is tcd shall be used for no other purpose than to p_„
said interest. The Mayor and City Secretary are hereby directed to do any
and all things necessary or convenient to accomplish the purpose of said
appropriation.
13. Be it farther ordained that the C;ayor shell be
authorized to take and have charge of all necessary records pending ievesti-
Fetion by the Attorney General, and shall take and have charge and control
of the bonds herein authorised pending their approval by the = ,ttorney General
and registration by the Comptroller of Public Accounts. upon registration
of said bonds, the Comptroller of Public Accounts (or a deputy designated
in writing to act for the Comptroller) shall manually sign the Comptroller's
certificate of registration prescribed herein to be printed on the beck of
each bond, and the seal of said Comptroller shall be affixed to each of said !
bond..
14. The sale of the bonds herein > authorized to
at a price of par and accrued interest to date of delivery, plus a premium of
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
peyment therefor in accordance with the terms of sale.
15. That all ordinances and resolutions or parts thereof
iD conflict herewith are hereby repealed.
lo. The fact that the contemplated use of the proceeds
of the bonds are necessary _ °or the orderly development and �•owth 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 introdeced,
and that such ordinance or resolution shall be read at three several metirgs
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 end after its passage, it is accordingly so ordained.
PASSED AND APPROVED this the 134' day of� N her 1057.
Mayor, City of Corpus Christi, Texas.
ATTsS :
City Secretary, City f Corpus Chris , Texas.
The foregoing ordinance hcs been approved as to forte and
correctness this /3 26 day of November, 1957. — _
ity of
CORPU6 CHRISTI, ggTEXAS
r6-u^ • /O, 1957
TO THE MEMBERS'OF THE CITY COUNCIL
CORPUS CNN:YSTI. TEXAS
GENTLEMEN:
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FORE -
GOING ORDINANCE, A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE
SUSPENSION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR RESOLU-
..
T _ IOp SHALL BE PASSED FINALL . Y ON THE DATE IT IS INTRODVCED, AND THAT SUCH
ORDINANCE OR RESOLUTION SHALL BE READ AT THREE MEETINGS 00 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 INTRO -
DUCED, OR AT THE PRESENT MEETING OF THE CITY COUNCIL.
RESPECTFULLY,
n
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTED:
FARRELL D. SMITH
W. J. ROBERTS
B. E. BIGLER
MANUEL P. MALDONADO, '
CHARLIE J. RILLS
ARTHUR R. JAMES
ODELL INGLE
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE:
FARRELL 0. SMITH
W. J. ROBERTS
g, B. E. BIGLER
RR )
MANUEL P. MALDONADO
CHARLIE J. AILLS
ARTHUR R. JAMES
ODELL INGLE
L,
T899