HomeMy WebLinkAbout04895 ORD - 11/13/1957c E ST:a {cs i
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C0117T_v Or ar�sCE6
CITY_ 07 COB?US CF�.;STI ,
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Or this the /3�! day of November, 1?5l, the City Council
If the ::"ity of CorTus Christi; Texas, coavenad _r +L4( ° ,
—(_
.r'.tlr the �'oIle +.afin� *,;tubers of said .7onncii nresant,
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Ferrell D. c,a_. , §"a� -o -•
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�!aber`s,
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2. E. Sigler,
F'anuel P. 6�ldonadc,
Comnussioners,
r rth:t R. Jar^ea,
.._..,_lie J. .'411s,
7
_. = C -sin3, t S_-_ ct_
Rxassell E. McClure, City M.nager,
L .:. S_n -, Cit•,- F,ttor
follca___ a'c__._.. c- =st_,.
°';_¢, at ��tich tip t fel'cl+ n, among other bcsiness r!as trznsa rted:
resented Cn_ the COnEide:i ctiCP.
--
cf __a Ccnneil an ordinance. '.Che er, ?finance rrss rend by tl%e City 9ecretar
The 3'.Yor presented to he a com ui.micotion writ;_r,.� to
said proaosed ordinance, as fol'ows:
Corpus Ch:c_.. _, Te::as,
November —, '.:457.
TO IF- CITY COUNCIL
COEPUS CE'.ISTI, IE7;FS.
Gentle ^en:
Trc c ic ortance J --sin- need _'or .re �e v snt
ir,arovcnents to be can ti c;,ed a se o^ the proceeds o' the bonds voted at f
the election held on !4ovember 2�1, 1953, create an emergency r -.nd _r. imuerative 1
^-olio necessity ree.v:_irl the s-ascensicn of r +.ties and Cheater Lr'ovisions I.e-
Zniri�C ordinances to be considcred and voted upon at three reL�.lar meet`_ =� {s.
the-- o _ -sue thet the - oimc,.- -a s te ro �o o - _Hance
Cas - -
n_ ,2 „os -' x ,.e * -e 3o b.s as an i
nt
e.:_�r encq. Yc�.: x_L please censi.der this rem;ect tnc connect i on 17 ith tee
e-ra an_ce -which hos teen i,t- :d- ±-:,ce3 in the Cit" - ^.ounnil on this su- 'ect.
Yo;:.ry, - ;er-+
m �.
� rrelC Sr'i'n�ljC
a
om .:.on =,• �.y,� - a a •e +ton
^h- t _ cro i oA di n�hce s1` r ^r"o°o. y se_; - .. -a_ly on the
da ;c ar.t_odL,ced to Zor the ;seasons stated in _w,en ,ear.est
.f the P'aycr and sate. �r the eme.- �enc,I cause of r h rii ^h r`nn �
' s s tided by :.,. S o C' A r(L 2he mot 8E C2 -
vote
_.G'_1_s aad I ",1-
The - or xequ2sted that ,._.,.,rds shoe that
Thi-
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^::f 3 mti On t'`la'.- -
sed --n --. T"12 no,
PY!S: roms_s,ioners = obests� _ �daldonado,
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11u, City cf Corpus Christi, Texas-, has h?retc-
Pore a— horized the ies+,�nce of :;1,00`3,000.00 of City o' Corpus Christi Gas
System Revenue Bonds, Series 1950, dated January 15, 1953, said bonds being
secured by and payable from the net revenues derivable from the City's Gas
System; and
',R2s, such bonds were issued and sold in accordance
— a,_ , the ordinance authorising such Revenue Bonds
provides that additional bonds secured solely by a pledge of tie net reverues rl�
of said Gas System may be issued while safd Series 1950 Revenue Bonds a__
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outstanding for the purpose o'_ ea%ing improvements, repairs and e.aens ions j
Is the City's Cas System, and that the aa�"rment of sccY_ additional bonds may
be secured by a lien upon the revenues of such gas system of equal a'igY!S ty
on s parity with the lien securing the Series 1950 Revenue 3onds, pro-
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vided that no such additional bonds shall be issued in an amount and unda
terms and conditions which would cause the aggregate of all annual pledges '
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securing said Swiss `_950 Revenue 3onas and additional bonds to excused
Fifty Sevan and one -tenth (57.15) per cent of the average annual net revenues
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of the City's ?d mic ipal Gas System for five fiscal years next preceding; and
is was found necessary to irmediately im7-'ove,
—e alr en,5 ea tend the City's Gas System; and i
: ^ ?-.,Ea�RFS, p rsuant tc such finding, an electron was held
in the City of Corpus Christi, Texas, on the 24th day of 'November, 1953,
resulting favorably tc the issuance of •�1, OOO, COO .00 Gas System Revenue
Bonds, secured by a pledge of the net revenues from the operation of said
sys +.em; and
1,1L- -SRS, on March 1?, 1954, the City Council of the City I
of Corpus Christi, Texas, passed an ordinance directing the issuans-- of j
$4o0,O00.00 City of Corpus Christi, Texas, Gas System Revenue Bonds, Series �
I
1994, dated January 15, 195+, (hereinafter celled "Series 1954 Bonds "),
reserving to the City the rijht to issue the remaining ,$600,000.00 of such 1111
bonds as and when needed and: as conditions would permit; and
RE_45, on December 15, 1954, the City Council of the
.,ity- G' Corpus Christi, Texas, passed an ordinance directing the issuance of
5206, 00o. :)o City of Corpus Christi, Texas, Gas System Revenue Bonds, Series
1
1954 -A, dated December 15, ' -954, (hereinafter called "Series 1954-A Bonds "), i
reserving to the City the right to issue the rune fining 5400,000.00 of such
bonds as and when needed and as conditions --could permit; and
VRZBZAS, on December l -, 1955, the City Council of the
1
City of Corpus Christi, Texas, Passed an ordinance directing the issuance of i
5150,900.00 City of Corpus Christi, Texas, Gss System °evenue Donis, aeries
195;, dated December 15, 1955, (hereinafter called 'Series 1955 Ponds "),
reserving to the City the right to issue the remaining :;250,000.00 of such `
borss as and when needed and as conditions caoal3 permit; and
{
1'rEA5, it is deer..ed advisable that m125, 000. Q7 0'
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a °utho- zed bonds be issued end sold at tnis tiag, the remaining y125,000.0,
of such bonds to be issued at a later date as and when needed and as con-
ditions will permit; and
r.i -SEES, it has been determined that the aoSre,ate e°
all annual pledges secuTin3 the Series 1950 Revenue Bonds, the S °_ties 1954
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Revenue Bonds, tine Series 1954-1. Revenue Bonds, the Series 1955 P .evenue Bonds
and the additional bonds authorized to be issued will not exceed (I
Fifty Seven and one - tenth, (57.1 ")) per cent o- the average annual net revennee '
of the C; ty-'s K�unicipal Gas System Sor the Live (5) fiscal years ae..t Prcced-
i ing the sate of the issuance of such additional bonds; and
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III idFE:EAS, it is deemed advisable, e:- -Pedient and necessary
itthat such additional bonds now be issued;
BE 11 ORDlITIED BY THE CITY COUNCIL OF TEE CITY OF
ii CMIU2 CUBISTS, TEXAS:
II{ 1. That the 'ponds of 111a City of Corpus Christi, Te:ces,
be issued in the prcncipal amount of One Hundred Twenty Five Thousand
Till ('v 125,000.00) Dollars, to be known and designated as "City of Corpus Christi,
II P 1 ng
Texas, Gas System Revenue Bonds, Series 1957 ", for the purpose of im -ov_
1. G,
j repairing and exte rdirg the _ty's Gas System, under and in strict cog: ormity
with the Constitution and laws of the State of Tezas, particularly Articles
1111 to 1118, both inclusive, of the Revised Civil Statutes of '2 zxs , 1925,
t
as amended, and the Charter of said City.
S
2. That said bonds shall be dated November 15, 2957,
shall be numbered from One (1) to One Hundred Twenty Five (125), both in-
elusive, shall be in the dzrc:nination of One Thousand ($1,000.00) Dollars
each, aggregating One A s�dred Tr:enty give Thousand (5125,000.00) Dollars, I
and shall become due and payable on the 15th day of January in each of the
years and in the respective amounts shown in the following schedule, to -wit:
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BOWS Sd hPATMITY DATES AMOTTM
1 to 10, both iacl., January 15, 1959, $10,000.00
Il to 20, January 15, 1960, 101000.00
21 to 30, " " January 15, 1961, 10,000.00
31 to !i0, January 15, 1962, 10,000.00
41 to `0, January 15, 1563, 10,000.00
51 to 65, January 15, 1%4, 1 ,000.00
66 to 80, " January '5, 1965, - 5 >000. 00
81 to 95, " January 15, 1966, 1 5,000.00
96 to 110, ' January 15, 1967, .15,000.CC,
111 to 125, ° Jenuary 15, 1968, 15, 000.00
Said- bo:;ds shall beer isserest at the followin3
rates:
Bonds Nos. '_ to 4., both incl., annum;
Bonds Nos. �L to jam, an., -;
Bonds Nos. to per annum;
Bends 230s. to per annum,
, ayable July 15, 195c, and semi -an al' thereafter on Janus- 15th and July
lath of each year until ii,e principal sum 1.s paid, Both _urincipal and inter-
est shall be payable in lawful r:oney of the United States of America at Her-is
Trust and Savings Lank, Chicago, Illinois, or, at the option of the ho -der, at
the Corpus Christi State Natiorel Bank, Corpus Christi, Tez -as, without e-scbenge
or collection, charges to the owner or holder thereof, and interest falling d`_e
oa and prior to maturity shall be payable only upon presentation and surrender
of the interest coupons attached to said bonds as they severally become dire.
4. That each of said bonds and interest coupons shall be
eracu,tea by the imprinted facsimile signature of the Pray or and countersignea bra
the imprinted facsimile signature O' the City Secretary, and tae corporate seal
of City of Corpus Christi, Te�;as, shall be impressed upon each of said 'pond
Such facsimile signstl cs shall have the same effect as manual sisnatures.
5. The form of said bonds shall be substantially as
follows:
N0•— $1,000.00
UNITED STATES OF AFRICA
STATE OF TEAS
CITY OF CORPUS CHRISTII
GAS SYSTEM EEVENU9' BOUD I
SERIES 1957
i
The City of Corpus Christi, in the County 01 Nueces,
State of Texas, for value received, hereby acknowledges itself indebted to
and premises to pay to hearer on the 151h day o? January, 19 solely
from the special fund hereinafter specified, the sum of
ChE THOUSAND DOLLARS
I
with interest thereon ?rom date at the rate of (t,) per cent per ann-T, in-
terest payable on the 15th dad: of July, 155'3, and semi - annually there. -ter on
January 15th and July 15th o eachyeer until the p, inc_-cal — sha11 be p -�
Interest failing due on and prior to maturity is parable only upon prosen-
tatior. and surrender of the interest coupons hereto attached as they several',yl
become due .red all interest shall be payable only fro, the special fund here- 3
ina _'ter specified. Beth pr :nc anal and interest are payable in la :,fu'_ moo =_y
of the United States of Pmerica at Harris Trust and Savings Eau$, Chi cabo,
Illinois, or, at the option o° the holder, at the Corpus Christi State
Aatioaal Hank, Corpus Christi, Texas, without exchange or collection charges
to the owner or holder hereof.
The date of this bond in conform =ty with the ordinance
hereinafter mentioned is November 15, 1957.
This bond is one of a series of One Hundred Twenty Five
(125) bonds of like date and tenor, except as to number, interest rate and
maturity, numbered from One (') to One Hundred Twenty Five (125), both in-
clusive, of the uenomination of One Thousand ($1,000.00) Dollars each,
aggregating One Hundred Twenty Five Thousand ($12;,000.00), (being part of
a total authorized i.ssne agSegatino $1,000,000.00), and issued for the -
purpose of improving, repairing and extending the City',- Gas Systen, under
and in strict conformity with the Constit:.ition and laws of the £tote of Texas,
___tic aarly it tics 1�._ to 1_1 °, bo tH inclusive, B- =_vise3 'Jivi7. Statt,tes
m "iexas, 1?25, as amended, and the Charter of said and by authority
C2 a IOLC of the quoI4.,4ecl resident ejec',,s of '�j City r�c nailed I
,..able -Z-0jerty within said City and who had ftly --entered the .,me fcr
at an election held en Noveuhe- 44' and Exx—a.t -,a Fn
asset by C' � �C-nci' 0' the City of chr-'�ti'
and duly recorded in the min,:tcs o" soij city- Codn.cij.
3a _4_..e holder of this ton-' and each spaces ' : ;e
hcl]=I of each of the coupons lmrem, ,attached is ..n'c-"'u's'vel.y presumes to
forego and renounce his cqa-Ities in favor of subseauent holders for vel'7-
w-
- 'ti,,out notice, and to az"ree that this bona and each of the coupons 'h"reto
attached, may '-y delivery oy any Berson having possession
'h--,.eof, ho- -soe°r satin .!Dssessior my have b—n that an-;
h.--2,r shall have "-'s ar any D= vnc co,,-a -I'a
'or velue and v-"th—t not-ac, thereby has ecolied absolute title
e—t .,
Free. trom any defenses enforceable against am: I—ior holdeo, and free from
all and -Isl= of o—c.--h1a of ny such p-lor The City o-
Corms Gnlis and its OfZ4ci-la and a„�ent szal-- net tz offected-, by
any notice to the contrary.
The C-' t7T m-e-Tves the ri,711— tc issue the reff-airr.-m--
5125,000.;0 Bonds authorized at the election held in said City on
tha 24t'l day of Novenbcr, le;-" and additional parity revenue bona, under
the conditions stated in the ordinance authorizing t:-is bona and the
ordinance suthorl-in, C-Jty of co—us Christi Gas Sy—em- revenue Bonds,
dated LTa--rY 15, 1950, the ordinance ...'horizjrj City of Corpus Christi
Gas System Revenue Bonds, dated January 15, 1954, the ordinance an,'-ori7in.c
City of Corpus Christi Gas System Revenue -bonds, dated December 15, 1954,
9 4
and the ordinance authorizing city Of Corpus Christi Gas System Reven-
Bonds, dated December 1;, 1955, said bonds to be payable from the same
source as are the bonds of this issue, the Gas System Revenue Bonds sated
Janusr,, 15, 1930, the Gas System °on6s dated January 1_ 1954, the Ga. System
3GneE dated DecelvmeT I,-, 1954 and the Gas System Bonds dated December 15' I955 '
secured by the save revenues, and shall be on a parity with this issue o£
bonds, the Gas System Revenue Bonds, dated January 15, 195G, the Gas System
Revenue Bonds, dated January 15, 1954, the Gas System Revenue Bonds, dated
December 15, 195k and the Gas System Revenue Bonds, dated December 15, 1 955.
7
This bond shell not be deemed to constitute a debt of t
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the City of Corpus Christi nor a pledge of its faith and credit, 'c,t together
with City of Corpus Chris -' Gas System 3evenue Bonds, dated January
City of Corpus Christi Gss System 8ever;ua Bonds, dated SznusT_y 15, 1g59,
City of Corpus Christi Gas System evenua Bonds, dated December 15, 1954, and
City of Corpus Christi Gas System Revenue Bands, dated December 15, 29,
shell be payable as to principal and interest solely from the net revenues de -'
rived from the accretion of the City's Gas System, inclndix.S all additiors,
extensions and improvement- thereto which may he=reafter be made, a fter de-
duction of the reasonable ex_senses of maintenance and operation of said
i
system. The holder hereof shall never have the right to demand eayment of
this obligation out of any funds raised or to be raised by taxation.
IT IS _.,P.E1BY r"A.FC' TIF D, RECI' _'D ? 7 °3FRESE;•TE:) that
issuuance of tt is bond and t:-a series of which it is a part is dully attlorized {
P Tara; that all acts, conditions and things required to exist and to be done
precedent to and in the issuance of this series of bends to render the same
lawful and valid, have been _properly done and performed and have happened 1n �
regular —d due time, form and manner, as required by law; that due provision
Ihas been made fox the nsymert of the erincipal and interest of this bond and
� the series o. which it is a cart by irrevocably pledging the net revenues of i
VI said Gas System; and that the issuance of this series of bonds does not ex-
�� heed any Constitutional or Statutory limitation.
I+ IlF TESTS110PP1 YiHEREOE, the City of Corpus Christi, Texas,
�!I by its City Council has as tee seal o' said City to be impressed hereon
I and this bond and the Anne ,,--ea coupons to be executed by the facsimile signa-
i� wise of the Mayer and nocatsrsiSne3 b? the facsimile signature of the City
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�� Secretary, all as of the 15th day of 3Tovember, 19W7
Player, City of Corpus Christi, Texas,
COU=SIGIv ='
City Secretary, City of Corpus Christi,
Texas.
*(Bonds Fos. 1 to 4(a, both incl., e %' per annum;
Bonds ides. to /Lam, " �; per annum;
Lends Nos. to " '; per sums ^;
Bonds N.S. to " ^�s per annutti. )
6. The form of coupon to be attacned to said boo3s
shall be substantially as follos;s:
NO.
OH THE 1�T? DAY OF
i
, 19
Cit;- o° Corrus Christi, in the County or TTueces,
Stet o£ i_... , _Toe -ses to _ey to 'Dearer et the h=is Trust and Sa vto,Ea
3anlr, Chicago, Illinois, or, at the option of t ?_e holder, et the Coypus
Christi State hation »1 Bar.Y,, Corpus Christi, Texas, *.r`_thont e.:change or �
collection charges to the owner or holder T:ereof, s,- of
Dollar., in la.,_.._ a_oney of she
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United States of Araerica, solely Prom the spec•al furl specified in t'ne
Lord to which t'.is coupon is attache], said sam being interea.1 due tnet
day on City of Corpas C.__, i, Texas, Gas System °everce Bord, se—ies
dated November 17, 191-7 The holder hereof shall never have the cht to
demand payment of this obligatiorr out of raised oe to be raised by
taxation. Bond No.
City Secretary S " »yor.
7. That st:bstantia'ly the following certlficate shall
�rirted on the back of each o° said bords:
CTIICB OF C011ir"1Yi0=111
CT
I =.^B. 2'RTI:Y that "ere is on _file and of record in
,,,v office a certificate of tl -e Attorney General of tae Stet=_ of Te:_ss to the
effect that th-_s bond has bee. ezemined by him as required by 1377, and that
he Ydnds that it has been issued in conformity with the Constitution and laws
of the State Of Texas, anfl that it is a valid and bfndfrg syecial obl, gation
of said City of Corpus Christi, Texas, payable from revenues pledged to its
payment by and in the ordinance authorieino same, and said 'pond has this day
been registered by me.
'''MESS NlY IUM and seal of office at Auatir, Texas,
ComptroLer of Puoiic accounts of the
State of Texas. j
8; =IINITIONIS: The term ";'ysteri" as used in this
ordinance shall mean andirclude the entire ]dunicinal Gas System of the City
of Co ^sus Christ =, Texas, inph::d ing real estate, personal and intan�.b'e
pro--ties, hether =- ,�,_ -n- or e1`thoist t..c boundaries of t�e City -,
toget =.er i .,fth all a._,_t_ors a.,. e_„_nsions thereto ana _mrrovemerta and
reel ^pe me'rt5 thereof hereafter eenstr•-Cte- er aCJ,uire_.
The term "Rat Revenues" as used herein shall mean tha
iross 'revenues from the System after daducticn of the reasonable es_pa:-se of
o�eration and a:ai„tea.an.ce thereof, incu9in , all sale.—ea,
interest, re'airs and e :-tensions necessar to rende^ eii_czent s__._ee a.,.,
i
e"" r—e itam 0' e;cnense as provire` by P.rticle 1119 0, the Revisad
Civil Statutes o° Tezes, 11,25, as amended.
The term "Bonds" as used herei.r shzll mean the One
andred 7smy ?ive Thousand 0125; 000.00) Do -1377 Pe-venue Eor. ds author L ^ed
by this ordinance.
The term "Series 1955 Bonds" as -seas here =n shell mean
the "City Of Corpus Christi Ces System fieve —e Bonds" dated December 15,
1975, ori.;;�iral1y issued in the amount of -i71jO, C00.00, of .,hich issue
';5137, OOr_., 00 are oatetandin;
The term "1;'54 -5 fonds" as used mean the
City of Corp+:s Christ.- C.s C „ -s t_m Reverne Bcnde” dated December
0,7— a1_t,. _es >>e1 __ u__e _mount .,i23- I,MC.00, of v--ieh
are .- a-ta'Id in„
'_ne term. "1954 Pond" as nseu hcre'n s_.ali mcar. ne
_
of CorBws ;hrS.Ii Gss System ' w—a Bonds" dated Janr.exy 1" 1a=,,
cxi5insll�- issued ir., tha amot-et of X4 Of ;riich iss;;.e .;355 ;004.07
me mtst mml s;
The term "l_gj0 Bonds" as tsea ":ex'ein sl'i1 mean s'e
o° Cor bus Chr _stS 'ss 3., hevenua 73on9s" dated jam., -'r3' it,
�'nally ss_ed i, the ,.:o:_ o=
are oats`anza• .
OF =V %T_v'LrS: The ot 5. =vcnaes oi- ., te-� ;I
• ^evocao� PlUld to the -ow—bt & 7""pal w ints"t on
Bonds authorised by this orcis"n the 1055 Bonds; ice 1�5� -' -? p.onrt=_; ,..,.
1 O`d. t!'.e tl =0n:J6 ..O' .he Oe'IC °;.t O. MQ
COV'e —os is CLe la:s of the a. , O_ T _c
i
-i:cae 000 the yzm�_�_.
i
as all lLws:
11
( –,) 20 'OT
a,,," es O-' Lh
I
of
(1) Tc estsblis eau t=_e C, - tisd _reserve
usd;
(h) To pad ary indebteuness otter t_=.. t« Bon
-_' NK S-0 ...y. 5._ — .a---. Bona.-, to .c__ee 1
1950 Bonds ..,,moat t---e �- -en, as and woa t.._ ..
—Was a,:a. 3W-✓ Hj so no __..s cervcce o_ to Q". an!-
Q 010m 010ma .._ ._ y — v w in a=eacies or lm"-
- 'e "iiti_s -m __.,,. oP .,_,E _r-rice and f._v_ct -es of t.-... Q"—,
nsy,_:est O�" t.__ _easonzble "no t'te1-e01 s;__a W —N by the Wity
wt I to A&s ROOM iroc sanrcas ot;e-r Man Me revenues s_,
-ncome of t__ cysten.
B. USE C ,_BVl'1UJBS: The City ;•ill e-pcs t as ceiieese-1 jjt
all _e —nnes derived fro:. oiler ='ban o;' t'ne systcr:: into a separate eccoant I
('Herein callad the "Gas System 2—d` or tY_e "Sys-. _ urd" ilhich shall be he t.
separate and quart frcm elf other funds of the City. -
— 9_l1 of the terra, provislons, covenants end con -
. 'ie s con'_ -x in - passe, January 12, -1550, a.. o ',-'n
_ssc:a_:ce of ,_,0 �O,I ,C. 00 Cas Systec: Revenue ''Bonds, dated January
t
F--11 be and are :.sec„ _ ?cable to the Bards aat�-orised by this
ordinance __cept that —e _;aov s on:, thereof relating to pa.y:w:nts to he
into the Bond nuns (including the -Reserve �.ecount) shall be increased in j
amount sufficient to meet proa:ptly the reauirexents for the pa; meat or-
arinci^ _ and interest on Bonds and the eataclis ment of a I;Qnty (23T)
rer —E _eserve H„_ n,,, ,, service „equirer^ents.
11. _less prosiiad th -t add
i
Z'evenue bonds referrad to in Section 8 c of said ordinanca of January 12,
I
1950, shell include the 4,125,000-00 0$ gas system revenue bonds noted i +ove'G!beri
24, 1953, at bE irg issued at this time, and ..rat such urissued " conds 1_.,_._
nay _csuj -e -_s and ccm't —a act 'orth in maid Section c C-
12. _ Ciy f—l-er covenar.`ca by sod tlu•ocgh this
i
ordin—,ce follows:
(a) That the revenue bonds authorized li— evnGer s' ".e'_l be
I
s- _sec's` ocli.ortior or the City, and the ',o'_aer thereof shall -ever have the
.,ght to demand payment trereo" out of funds raised or to 'oe raised by tax -
as•_on.
(b) That it has the lawful power to pledge the revenues
supporting this issue Of bonds and has lewfully exercised said power under the
Constitution and laws of the State of T-aas, including cower existing under
Frticles 1111 to 1118, both inclusive, Revised Civil Statates of Texas, 1;25,
with, amendments thereto; and by euthor ity of a majority of the qualified
Electors of said City voting at an election held on the 24th day of November,
that the bonds issued hereunder together with the 1955 Bonds, the l
19544 Bonds, the 1954 Bonds and the 1950 Bonds shall be ratably secured
under said pledge of income, in such manner that one band shall have no
preference over any other bot?d of said issue or issues.
(c) i'hat other than for the pay -ment of the 1950 bonds,
the 195h Bonds, the 1954 -A Bcndz,.the 1955 Bonus end the Ponds herein pro-
;
vided to be issaed, the rents, revenues and income of e" d System are not
ie: any manner pledged to ',-,,a of any deht or obligation of the C..ty
ror of sa=d System.
(d) In addition to the coneys to be paid into the Bond
?und from the revenues produced by said System, the City will pay into sv_d
i
9und the money reoresented by interest accrued on said bonds from their date
to the date of delivery to the Darchasers.
1 Be it further ordained that the Llyor shall be
I
a:.thori_ed to 'W'e and have a °'rge of el: necessary records '.,ending invcsti-
Setion by tb- Attorney General, and shall take and hava charge and cont_'ol
of the boi:. s herein authorized penditg their approval by tae Attorney General
and registration by the Comptroller of Public ficconn — Upon re3lstr at ion
of said bonds, the Comptroller of public (or a d _ des'gnared
in .,_ sin; to set for the Co:!otrol'_ar) shall manuals sign the C 31 r
certificate of registration prescribed _herein to be pr meted on the back of
each bond, and the seal of said Comutroller shall be affixed to each of said
bones.
1�..Phe sale of the bonds herein authorized to
at a price of c r and accrued ipterost to date of delivery, nlcs a premi :m� o£
eZ� f is hereby cor,`_irmed. Delivery of such bonds shall be made
to such purchasers as soon as may to after the pzssage 0, ordinance —on
_na -mert therefor in accorjarce Faith the terms of $ale.
15. ':rat the cu, lic imnort3ace are the w essi_ ^, need °or-
the permanent improvements to be constructed with the use of the aroceeds o-
said Eonda create an energency and an imperative putlic necessity requiring
the susvena ion of rules and Charter provisions requiring save to be consider-
ed and voted upon at three re5zllar meetings, end such facts require that this
ordinance be passed and take effect imediately as an emer6ency measure, and
such rules and provisions are hereby suspended and this ordinance is passed
and shall take effect as an e—e rency measure, and shall be in full force and
effect i— iately epon its passage.
PASSED AND APPROVED this t e day of Plovember,
7
rL--
City 5 cretaryn Gr,y of rpue Ci�r
k s. /
The fcregoing ord'i'nance has been apprcv_3 as tc for,, and
correctness twis 13 day of 17ovember, 1957.=:/,`!_'/4/��'/�y
City Attorney, , ty of CIfus Christ--,,
0
l�
CORP S CHRISTI, TEXAS
`/ J , 1957
TO THE MEMBERS'OF THE CITY COUNCIL
CORPUS CHRISTI. TEXAS
GENTLEMEN:
FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FORE-
.
GOING ORDINANCE, D .. . . I: ..., . _ _
A PUBLIC EMERGENCY X AND MPERATIVE NECESSITY EXIST FOR THE
SUSPENSION Of THE CHARTER RULE OR REOUIR ENERT THAT NO ORDINANCE OR RESOLU-
TION SHALL BE PASSED FINALLY OR THE DATE IT, IS INTRODUCED. AND THAT SUCH
F
ORDINANCE OR RESOLUTION SHALL BE READ AT THREE MEETINGS O THE CITY
CGUNC IL. I. TN ER EFOR E. HEREBY REQUEST THAT VOU SV SP END 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,
CI
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTED:
J O. KITH
W.
1
W. J. . ROBERTS
B. E. BIGLER
MANUEL P. MALDONADO,
CHARLIE J. RILLS
ARTHUR R. JAMES
OD ELL INGLE
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOW NG VOTE:
FARRELL D. SMITH
W. J. ROBERTS
B. E. BIGLER
MANUEL P. MALDONADO
P
ARTHUR J. AILLS
ART NVR R. JAMES
ODELL INGLE