Loading...
HomeMy WebLinkAbout05031 ORD - 05/07/1958W THE STATE OF TEXAS COUNTY OF MUNCES CITY OF CORPUS CHRISTI On this the / d-.y of May, 1958, City Co Council of the City of Corpus Christi, Tex, convened is as meeting, with the following members of said Council present, to- t: Farrell D. Smith, Mayor, V. J. Roberts, B. E. Bigler, Manuel P. Maldonado, , Commissioners, Arthur R. dames, , Charlie T. Aills, , Odell Ingle, T. Ray Kring, City Secretary, Russell E. McClure, City Manager, I. M. Singer, City Attorney, with the following absent: 1: &-,-,1 constituting a quorum, at which time t following among other business was transacted: Mr• presented for the consideration Of the Council an ordinance. (' he 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, May —L 1958. TO THE CITY COUNCIL CORPUS CHRISTI, TEXAS. Gentlemen: The public importance and pressing need for the refunding of certain bonds in order to effect a substantial saving in interest create an emergency and an imperative public necessity requiring the suspension of rules and Charter provisions requiring ordinances to be considered and voted upon at three regular meetings. I, therefore request that the City Council pass the proposed ordinance authorizing the issuance of $304,000.00 Refunding Bonds as an emergency.. You will please consider this request in connection with the ordinance which has been introduced in the City Council on this subject. Yours very truly, /s/ Farrell D. Smith, - - Mayor." - Commissioner Lciy, -.a.o made a motion that the Charter provision prohibiting ord ces 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 emer en clause of the ordinance. The motion was seconded by Commissioner . The motion was carried by a unanimous vote by the City Council, viz: AYES: Commissioners Roberts, Bigler, Maldonado, James, Aills and Ingle. NOES: None. The Mayor requested that the records show that he voted Aye. This was done. Commissioner made a motion that the 3 dinance be passed finally. The moti was seconded by Commissioner a- -d . The motion was carried by the following vote: AYES: Commissioners Roberts, Bigler, Maldonado, James, Aills and Ingle. NOES: None. The Mayor requested that the records show that he voted Aye. This was done. The Mayor announced that the ordinance had been passed. The ordinance is as follows: ORDINANCE NO. J B f BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TESAS, AUTHORIZING THE ISSUANCE OF REFUNDING BONDS OF SAM CITY IN THE FRINCIPAL AMOUNT OF $304,000.00, FOR THE PURPOSE OF PAYING OFF, CANCELLING AND IN LIEU OF A I= AMOUNT OF LEGALLY ISSUED AND OUTSTANDING BOMB OF SAID CITY AND PRO - VIDING FOR THE LEVY, ASSESSMENT AND COLLECT- ION OF A TAX TO PAY THE INEUMST AND CREATE A SINKING FUND FOR THE REDEMPTION THEE", PRESCRIBING THE FORM OF SAID BONDS, AND DE- CLARING AN ENWGENCY. WHEREAS, there are now outstanding and unpaid certain bonds of the City of Corpus Christi, Texas, constituting legal, outstanding and unpaid obligations of said City, more particularly described as follows: NAME OF ISSUE DATE OF BONDS Street Improvement 12 /1/41 Garbage Disposal Plant 12 /1/41 Park System Improvement 12 /1/41 Hospital 12 /1/41 Fire Station 12 /1/41 Airport Improvement 12 /1/41 and Drainage Sanitary and Storm 12/1/41 Sewer Improvement Waterworks Improvement 12/1/41 NUMBERS MATURITY AMOUNTS 486 -500 $5,000.00 $ 15,000.00 12/1/64 -66 89-100 $4,000.00 12,000.00 12/1/64 -66 89-100 $4,000.00 12,000.00 12/1/64-66 411 -500 $30,000.00 90,000.00 12/1/64 -66 121 -150 $10,000.00 30,000.00 12/1/64 -66 41 -50 $5,000.00 10,000.00 12/1/64 & 66 226 -325 $33,000.00 100,000.00 12/1/64 -65; $34,000.00 66 166 -2oo $10,000.00 35,000•00 12/1/64; $15,000.00 65; $lo,000.00 66 Total - - - - - - - - - - 3 ,000.00; and WHEREAS, all of said bonds were duly approved by the Attor General of the State of Texas, were registered by the Comptroller of Public Accounts of the State of Texas, and were sold and delivered in accordance with law; and WEEMS, the City now has an option to redeem at a price Of par and accrued interest the above described bonds; and WHISEAS, it is considered and adjudged to be to the beat Interest of the City that said bonds above described be called for redemption; and WHEREAS, the City has taken such steps as are legally necessary as required in the ordinances authorizing the issuance of said bonds and as required in the bonds themselves to exercise the City's option of re- deeming said bonds prior to maturity and has given such notice as is thus required; and WHEREAS, it is considered to be to the best interest of City to refund said above described bonds into Refunding Bonds bearing a r rate of interest; Lei BE IT ORDAINED BY THE CITr COUNCIL OF THE CITY OF CORPUS CHRISTI, TIM: 1. That the bonds of said City to be called "City of Corpus Christi, Texas, Refunding Bonds, Series 1958 ", be issued under and in strict conflirmity with the Constitution and laws of the State of Texas, and the Charter of said City, in the amount of Three Hundred Four Thousand ($304,000.00) Dollars, for the purpose of refunding, cancelling and in lieu of a like amount of outstanding bonds of said City hereinabove described. 2. That said bonds shall be numbered consecutively from One (1) to Three Hundred Four (304), both inclusive, of the denomination of One Thousand ($1,000.00) Dollars each, aggregating Three Hundred Four Thousand ($304,000.00) Dollars. 3. That said bonds shall be dated June 1, 1958, and shall become due and payable serially as follows: BONDS NUMBERS MATURITY DATES AMOUNTS 1 to 101, both incl., December 1, 1964, $ 101,000.00 102 to 202, " " December 1, 1965, 101,000.00 203 to 304, December 1, 1966, 102,000.00 4. That said bonds shall bear interest at the rate of Two and one -tenth (2- 1 /10%) per cent per annum, payable December 1, 1958, and semi- annually thereafter on June lot and December lot of each year. 5. That the principal of and interest on said bonds shall be payable upon presentation and surrender of bond or proper coupon at the Corpus Christi State National Bank, Corpus Christi, Texas, without exchange or collection charges to the owner or holder thereof. 6. That each of said bonds and interest coupons shall be executed by the imprinted facsimile signature: of the Mayor and counter- signed by the imprinted facsimile signature of the City Secretary, and the corporate seal of the City of Corpus Christi, Texas, shall be impressed upon each of said bonds. Such facsimile signatures shall have the same effect as manual signatures. 7. -The form of said bonds shall be substantially as follows: NO. $1,000.00 UNITED STATES OF AMER MA STATE OF TEXAS COUNTY OF NUECM CITY OF CORPUS CHRISTI REFUNDING BOND SERIES 1958 The City of Corpus Christi, in the County of Nueces, State of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to pay to the bearer hereof, on the 1st day of December, 19 the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, with Interest thereon from date hereof at the rate of Two and one -tenth (2- 1 /10%) per cent per annum, interest payable December 1, 1958, and semi - annually thereafter on June 1st and December let of each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the Corpus Christi State National Bank, Corpus Christi, Texas, without exchange or collection charges to the owner or holder hereof, and the City of Corpus Christi, Texas, is hereby held and firmly bound and its faith and credit and all taxable property in said City are hereby pledged for the prompt payment of the prin- cipal of this bond at maturity and the interest thereon as it accrues. This bond is one of a series of Three Hundred Four (304) bonds of like tenor and effect, except as to number and maturity, numbered from One (1) to Three Hundred Four (304), both inclusive, of the denomination of One Thousand ($1,000.00) Dollars each, aggregating Three Hundred Four Thousand ($304,000.00) Dollars, issued for the purpose of refunding, can- celling and in lieu of a like amount of legally issued and outstanding bonds of said City under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, and pursuant to an ordinance passed by the City Council of the City of Corpus Christi, Texas, which ordinance is of record in the minutes of said City Council. In addition to all other rights the holder or holders of this bond and of the series of which it is a part, is and are subrogated to all of the rights of the holders of the bonds refunded in this issue of re- funding bonds. The date of this bond in conformity with the ordinance above mentioned is the 1st day of June, 1958. AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond and the series of which it is a part is duly authorized by law and that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds and of this bond have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collection of taxes has been made which, when collected, shall be appropriate exclusively to the payment of this bond and the series of which it is a part and to the payment of the interest coupons hereto annexed as the same shall become due and that the total indebtedness of said City of Corpus Christi, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional, statutory or charter limitation. IN WITNESS WHEREOF, the City of Corpus Christi, Texas, by its City Council has caused the meal of said City to be impressed hereon and this bond and the annexed coupons to be executed by the facsimile signa- ture of the Mayor and countersigned by the facsimile signature of the City Secretary. 4-Z Mayor, City of Corpus Christi, Texas. COUNTERSIGNED: City Secretary, City of Corpus Christi, Texas. 8. The form of coupon shall be substantially as follows: NO. $ ON TIM ]ST DAY OF . 19 The City of Corpus Christi, Texas, will pay to bearer at the Corpus Christi State National Bank, Corpus Christi, Texas, without exchange or collection charges to the owner or holder hereof, the sum of ($ ) Dollars, in lawful money of the United States of America, being months' interest due that day on "City of Corpus Christi, Texas, Refunding Bond, Series 1958 ", dated June 1, 1958, No. City Secretary Mayor. 9. That substantially the following certificate shall be printed on the back of each bond: OFFICE OF COMMON. STATE OF TE M I MEBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that this bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas and the Charter of said City, and that it ig a valid and binding obligation upon said City of Corpus Christi, Texas, and said bond has this day been registered by me. WIMUM Mr HAS and seal of office at Austin, Texas, Comptroller of Public Accounts of the State of Texas. (SEAL) 10. That a special fund to be designated "City of Corpus Christi, Texas, Refunding Bonds, Series 1958 Fund ", is hereby created and the proceeds from all taxes collected for and on account of this series of bonds shall be credited to said fund for the purpose of paying the interest as it accrues and to provide a sinking fund for the purpose of paying each Install- ment of principal as it becomes due, and said fund shall be used for no other purpose. For the current year and each year while any of said bonds, or Interest thereon, are outstanding and unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to mak raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, full allowances being made for delinquencies and costs of collection. A tax at the rate as hereinabove determined is hereby ordered to be levied and is hereby levied against all of the taxable property in said City for the current year and each year respectively while any of said bonds, or interest thereon are outstanding and unpaid, and the said tax each year shall be assessed and collected and placed in the Fund hereby created and the Treasurer shall honor warrants against said fund for the purpose of pay- ing the interest maturing and principal of said bonds and for no other pur- pose. 2.1. All moneys in the interest and sinking funds of the original bond issues and all taxes in process of collection for the bene- fit of said interest and sinking funds are hereby ordered transferred to the interest and sinking fund of the refunding bond issue; provided, that said transfer shall be made only proportionately as the refunding bonds are actually issued in exchange for the original bonds, to the end that ell outstanding ori. ginal bonds and all outstanding refunding bonds shall be adequately supported by proper interest and sinking funds. 12. Be it further ordained that the Mayor shall be authorized to take and have charge of all necessary records pending investi- gation by the Attorney General, and shall take and have charge and control of the bonds herein authorized pending their approval by the Attorney General 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 back of each bond, and the seal of said Comptroller shall be affixed to each of said bonds. 13. After the record has been approved by the Attorney General, the bonds shall be left in the care and custody of the Comptroller to be surrendered by him only and as the holder of the original bonds sur- renders to him in exchange a like amount of the original bonds with current coupons attached. The exchange may be made in one or in several installment deliveries. 14. The fact that the contemplated refunding of certain bonds will effect a substantial saving in interest, creates a public emergency and an imperative public necessity requiring the suspension of the Charter rule providing that no ordinance or resolution shall be passed finally on the date it is introduced, and that such ordinance or resolution shall be read at three several meetings of the City Council and the Mayor having declared that such public emergency and imperative necessity exist, and having request- ed 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 this the -E day of , l9 Mayor, City of Corpus Christi, Texas. ATTEST: City Secrete , C ty of orpus Chr ti, Tex The foregoing ordinance has been approved as to form and correctness this _L_ day of May, 1958. City A#torney, City Cq Corpus Christi, Texas. COR US CHRISTI, TEXAS 1958 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, A PUBLIC EMERGENCY AND IMPERATIVE 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 � HEB L. COUNCIL; It THEREFORE USkND SAID CHARTER RULE EBY REQUEST THAT YOU S OR REQUIREMENT AND PASS THIS ORDINANCE FINALLY ON THE DATE IT IS INTRO - DUCED, OR AT THE PRESENT MEETING OF THE CITY COUNCIL. RESPECTFULLY, MAYOR THE CITY OF CORPUS CHRIST-I, TEXAS THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: FARRELL D. SMITH W. J. ROBERTS B. E. BIGLER MANUEL P. MALDONADO CHARLIE J. AILLS ARTHUR R. JAMES ODELL IN6 LE THE ABOVE ORDINANCE WAS PASSED BY THE FOLLOWING VOTE: FARRELL D. SMITH W. J. ROBERTS B. E. BIGLER MANUEL P. MALDONADO CHARLIE J. AILLS ARTHUR R. JAMES ODELL ING LE X03 I