HomeMy WebLinkAbout05071 ORD - 06/25/1958. I r
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THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the ZS K day of June, 1958, the City Council
of the City of Corpus Christi, Texas, convened in w er meeting,
with the following members of said Council present, to -wit:
Farrell D. Smith, Mayor,
W. J. Roberts,
B. E. Bigler,
Manuel P. Maldonado,
Commissioners,
Arthur R. James,
Charlie J. Aills,
Odell Ingle,
T. Ray Kring, City Secretary,
Russell E. McClure, City Manager,
I. M. Singer, City Attorney,
with the following absent: 2� , constituting
a quorum, at which time the following among other business was transacted:
Mr. 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,
June Z S =� , 1958.
TO THE CITY COUNCIL
CORPUS CHRISTI, TEXAS
Gentlemen:
The public importance and pressing need for the permanent
improvements to be constructed by use of the proceeds of the bonds voted at
elections held on November 24, 1953, and October 6, 1956, 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 $750,000.00 Airport Bonds and
$525,000•00 Storm Sewer 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
Isl Farrell D. Smith,
Mayor.:'
i
41
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Commissioner made a motion that the
Charter provision 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 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
ordinance be passed finally. The motion was seconded by Commissioner
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. Sa 7,
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE
OF $750,000.00 CITY OF CORPUS CHRISTI, TEXAS,
AIRPORT BONDS, SERIFS 1958, AND $525,000.00
CITY OF CORPUS CHRISTI, TEXAS, STORM SEWER
BONDS, SERIES 1958, BEARING INTEREST AT THE
RATES HEREINAFTER SET FORTH, AND PROVIDING
FOR THE LEVY, ASSESSMENT AND COLLECTION OF
A TAX SUFFICIENT TO PAY THE INTEREST ON SAID
BONDS AND TO CREATE A SINKING FUND FOR TEE
REDEMPTION THEREOF AT MATURITY; REPEALING
ALL ORDINANCES IN CONFLICT HEREWITH AND DE-
CLARING AN EMERGENCY.
WHEREAS, on the 6th day of October, 1956, an election was
N
held in the City of Corpus Christi, Texas, resulting favorably to the issuance
of $3,200,000.00 Airport Bonds; and'
WHEREAS, on January 16, 1957., the City Council of the City
of Corpus Christi, Texas, passed an ordinance directing the issuance of
$1,750,000.00 Airport Bonds authorized at the election held on October 6,
1956; and
WHEREAS, it is deemed advisable and to the best interest
of the City that $750,000.06 Airport Bonds authorized at the election held
on October 6, 1956, be issued and sold at this time; and
WHEREAS, on the 24th day of November, 1953, an election
was held in the City of Corpus Christi, Texas, resulting favorably to the
issuance of $4,975,000.00 Storm Sewer Bonds; and
WHEREAS, on March 17, 1954, the City Council of the City
of Corpus Christi, Texas, passed an ordinance directing the issuance of
$1,015,000.00 Storm Sewer Bonds authorized at the election held November 24,
1953, and dated February 1, 1954; and
WHEREAS, on December 15, 1954, the City Council of the
City of Corpus Christi, Texas, passed an ordinance directing the issuance of
$1,210,000.00 Storm Sewer Bonds authorized at the election held November 24,
1953, and dated December 1, 1954; and
WHEREAS, on December 14, 1955, the City Council of the
City of Corpus Christi, Texas, passed an ordinance directing the issuance of
$1,140,000.00 Storm Sewer Bonds authorized at the election held November 24,
1953, and dated December 1, 1955; and
WHEREAS, on January 16, 1957, the City Council of the
City of Corpus Christi, Texas, passed an ordinance directing the issuance of
$820,000.00 Storm Sewer Bonds authorized at the election held November 24,
1953, and dated February 1, 1957; and
WHEREAS, heretofore on the 19th day of.S`eptember, 1956,
the City Council of the City of Corpus Christi, Texas, passed an ordinance
calling an election to be held in said City on the 6th day of October, 1956,
on the following proposition:
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the amount
of $615,000.00, maturing serially in such installments as the City
Council may prescribe, the maximum maturity being not more than
Thirty (30) years from their date, bearing interest at a rate not
to exceed Four and one -half (4-21%) per cent per annum, and to levy
a tax on all taxable property within said City sufficient to pay
the annual interest and provide a sinking fund to pay the bonds
at maturity, for the purpose of providing funds for general street
and storm sewer improvements as authorized by the Constitution and
laws of the State of Texas and the Charter of said City."
; and
WHEREAS, said election was duly and legally held on the
6th day of October, 1956, at which election a majority of the legally quali-
fied electors owning taxable property in the City of Corpus Christi, Texas,
and who had duly rendered the same for taxation, voting at said election
sustained the proposition to issue the bonds hereinafter described by the
following vote:
"FOR THE ISSUANCE OF STREET AND STORM SEWER
BONDS" 7549 Votes;
"AGAIIyST THE ISSUANCE OF STREET AND STORM
SEWER BONDS" 4635 Votes,
as is reflected in the election returns heretofore filed with the City
Secretary; and
WHEREAS, it is deemed advisable and to the best interest
of the City that only $415,000.00 of the above described bonds,and $110,000.00
Storm Sewer Bonds authorized at the election held November 24, 1953, be issued
and sold at this time;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
PERTAINING TO THE AIRPORT BONDS
1. That the bonds of said City to be called "City of
Corpus Christi, Texas, Airport Bonds, Series 1958 ", be issued under and by
virtue of the Constitution and laws of the State of Texas, and the Charter
of said City, for the purpose of providing funds to pay the cost of planning
and acquiring, developing, constructing and equipping an airport and a site
therefor, including building and other facilities incidental to the operation
c
thereof; and,the acquisition or elimination of airport hazards, in the prin.
cipal amount of Seven Hundred Fifty Thousand ($750,000.00) Dollars.
2.
That said bonds shall be numbered from One (1) to
Seven Hundred Fifty (750), both inclusive,
of the
denomination of One Thousand
($1,000.00) Dollars each, aggregating
Seven Hundred Fifty Thousand
($750,000.00) Dollars.
3.
That said bonds
shall be dated June 1, 1958, and
shall become due and payable serially
as follows:
BONDS NUM ERS
MATURITY DATES
AMOUNTS
1 to 20, both incl.,
March 1,
1960,
$ 20,000.00
21 to 40, " "
March 1,
1961,
20,000,00
41 to 65, " "
March 1,
1962,
25,000.00
66 to 90, " "
March 1,
1963,
25,000.00
91 to 115, " "
March 1,
1964,
25,000.00
116 to 140,
March 1,
1965,
25,000•00
141 to 165, " "
March 1,
1966,
25,000.00
166 to 190, " "
March 1,
1967,
25,000,00
191 to 215, " "
March 1,
1968,
25,000.00
216 to 240, " "
March 1,
1969,
25,000.00
241 to 270, " "
March 1,
1970,
30,000-00
271 to 300, " "
March 1,
1971,
30,000.00
301 to 330, " "
March 1,
1972,
30,000.00
331 to 365,
March 1,
1973,
35,000.00
366 to 400, " "
March 1,
1974,
35,000.00
4o1 to 435, "
March 1,
1975,
35,000•00
436 to 470, "
March 1,
1976,
35,000•00
471 to 510, "
March 1,
1977,
40,000.00
511 to 550, " "
March 1,
.1978,
40,000.00
551 to 590, " "
March 1,
1979,
40,000.00
591 to 630, "
March 1,
1980,
40,000.00
631 to 67o, "
March 1,
1981,
40,000.00
671 to 710, " "
March 1,
1982,
40,000.00
711 to 750, " "
March 1,
1983,
40,000.00
In Bonds Numbers Three Hundred
Sixty Six (366) to Seven
Hundred Fifty (750), 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, 1973, at par and
accrued interest to date so fixed for
redemption. Thirty days' "notice of such call shall
be given in writing to the
place of payment and notice shall be published in a
financial publication
published in the City of
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 any such bond is
called for redemption in
said manner and if funds sufficient
r
to pay the re-
demption price shall have been duly placed in the bank of payment by the date
fixed for redemption, it
shall not thereafter bear
interest.
a
4. That said bonds shall bear interest at the rates
as follows:
Bonds Nos'. 1 to llx�, both incl., per annum;
Bonds Nos. gr/ to � �o, " " 3/ per annum;
Bonds Nos. ��/ to 3 4.r , " " 3 % per annum;
Bonds Nos. 3GG to 3'/ per annum,
payable March 1, 1959, and semi - annually thereafter on September lst and
March 1st of each year.
5. The form of said bonds shall be substantially as
follows:
NO. $1,000.00
UNITED STATES OF A14ERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
AIRPORT 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 March,-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 (*%) per cent per annum, interest payable March 1,
1959, and semi - annually thereafter on September 1st and March 1st 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
herebypledged for the prompt payment of the principal of this bond at maturit,
and`the interest thereon as it accrues.`
This bond is one of a series of Seven Hundred Fifty
(750) bonds of like tenor and effect, except as to number, interest rate,
maturity and right of prior redemption, numbered from One (1) to Seven
Hundred Fifty (750), both inclusive, of the denomination of One Thousand
($1,000.00) Dollars each, aggregating Seven Hundred Fifty Thousand
($750,000.00) Dollars, issued for the purpose of providing funds to pay the
cost of planning and acquiring, developing, constructing and equipping an
airport and a site therefor, including building and other facilities in-
cidental to the operation thereof, and the acquisition or elimination of
airport hazards, 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 duly of record in the minutes of said City Council.
The date of this bond in conformity with the ordinance
above mentioned is June 1, 1958.
**(The City reserves the option of calling this bond for
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 ins, financial publiation published in the City of 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 redemption 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 redemption, it
shall not thereafter bear interest.)
AND IT.IS IWEBY 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
in said City and who had duly rendered the same for taxation in the City of
Corpus Christi, Texas, voting at an election held for that purpose within
said City on the 6th day of October, 1956; 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 appropriated exclusively to the
payment of this bond and the series of which it is a part, and to the pay-
ment 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 seal 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.
Mayor, City of Corpus Christi, Texas.
COUNTERSIGNED:
City Secretary, City of Corpus Christi, Texas.
*(Bonds Nos. 1 to //✓ , both Incl., al % per annum;
Bonds Nos. / / L to .1 4c. , " " 3 Y r annum;
Bonds Nos. iis� to 3Lr, % per annum;
Bonds Nos. 3 C L to gyre , " 3/ % per annum.)
**(This paragraph should be omitted from Bonds Nos. 1 to 365, both incl.)
6. The form of coupon shall be substantially as follows:
NO. $
ON THE 1ST DAY OF
. 19
The City of Corpus Christi, Texas, will pay to bearer,
*(unless the bond to which this coupon is attached shall have been called
for previous redemption as therein provided and provision for the redemption
thereof made), 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,-Airport Bond, Series 1958 ",
dated June 1, 1958, No.
City Secretary Mayor.
*(This parenthetical expression should be printed only in coupons maturing
September 1, 1973, and subsequent.)
PERTAINING TO STORM SEWER BONDS
7. That the bonds of said City to be called 'City of
Corpus Christi, Texas, Storm Sewer Bonds, Series 1958 ", be issued under and
by virtue of the Constitution -and laws of the State of Texas, and the Charter
of said City, for the purpose of improving the streets of said City by the
construction of storm sewers, and for the purpose of providing funds for
general street and storm 'sewer improvements,. in the principal amount of
Five Hundred Twenty Five Thousand ($525,000.00).Dollars.
In Bonds Numbers Two Hundred Fifty One (251) to Five
Hundred Twenty Five (525), 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, 1973, at par and accrued interest to date so fixed
8. That said
bonds
shall be numbered from One (1) to
Five Hundred Twenty Five (525 ), both inclusive,
of the
denomination of One
Thousand ($1,000.00) Dollars each,
aggregating
Five Hundred Twenty Five
Thousand ($525,000.00) Dollars.
9. That said
bonds
shall be dated
June 1, 1958, and
shall become due
and payable serially as
follows:
BONDS N[JMBERS
MATURITY DATES
AMOUNTS
1
to
15, both
incl.,
March
1,
1960
$ 15,000.00
16
to
30,
March
1,
1961
15,000.00
31
to
45,
March
1,
1962
15,000.00
46
to
6o,
"
March
1,
1963
15,000.00
61
to
75, ",
!
March
1,
1964
15,000.00
76
to
90,
March
1,
1965
15,000.00
91
to
110,
"
March
1,
1966
20,000.00
111
to
130,
March
1,
1967
20,000.00
131
to
150, !
!
March
11
1968
20,000.00
151
to
170, "
"
March
1,
1969
20,000.00
171
to
190,
March
1,
1970
20,000.00
191
to
210,
'!
March
1,
1971
20,000.00
211
to
230,
'!
March
1,
1972
20,000.00
231
to
250, "
"
March
1,
1973
20,000.00
251
to
270, "
"
March
1,
1974
20,000.00
271
to
295,
".
March
1,
1975
25,000.00
296
to
320, "
March
1,
1976
25,000.00
321
to
345,
".
March
1,
1977
25,000.00
346
to
370, '.'
March
1,
1978
25,000.00
371
to
395, `.'
'.'
March
1,
1979
25,000.00
396
to
425, '.'
March
1,
1980
30,000.00
426
to
455,
:'
March
1,
1981
30,000.00
456
to
490,
".
March
1,
1982
35,000.00
491
to
525,
March
1,
1983
35,000•00
In Bonds Numbers Two Hundred Fifty One (251) to Five
Hundred Twenty Five (525), 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, 1973, at par and accrued interest to date so fixed
z F
for redemption.- Thirty days'- notice of such call shall be given in writing
to the place of payment and notice shall be published in a financial publi-
cation published in the City of 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. I£ any such
bond is called for redemption 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 redemption, it shall not thereafter bear interest.
10. That said bonds sba11 bear interest at the rates
as follows:
Bonds Nos. 1 to -7,r , both incl., 44 % per
Bonds Nos. 94 to /7 e , " per
Bonds Nos. 1.71 to sfo , ',` ° 3 per
Bonds Nos. %.r, to :J.S , " " 3 ` ,e per
payable March 1, 1959, and semi - annually thereafter on September lst and
March lst of each year.
11. The form of said bonds shall be substantially as
follows:
NO.
$1,000.00
UNITED STATES OF AMERICA
STATE OF TEAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
STORM SEWER 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 lst day of March, 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 (*%) per cent per annum, interest-'payable March
1, 1959, and semi - annually thereafter on September lst and March lst 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 principal of this bond at
maturity and the interest thereon as it accrues.
This bond is one of a series of Five Hundred Twenty Five
(525) bonds of like tenor and effect, except as to number, interest rate,
maturity and right of prior redemption, numbered from One (1) to Five Hundred
LTwenty Five (525), both inclusive, of the denomination of One Thousand
($1,000.00) Dollars each, aggregating Five Hundred Twenty Five Thousand
($525,000.00) Dollars, issued for the purpose of improving the streets of
said City by the construction of storm sewers, and for the purpose of providing
funds for general street and storm sewer improvements, 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 duly of record in the minutes of said City
Council.
The date of this bond in conformity with the ordinance
above mentioned is June 1, 1958.
(The City reserves the option of'ca] ling this bond for
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 of 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 redemption 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 redemption, it shall not there-
after bear interest.)
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 by a vote of the resident, qualified electors who own taxable property
in said City and who had duly rendered the same for taxation in the City of
Corpus Christi, Texas, voting at elections held for that purpose within said
i
City on the 24th day of November, 1953 and the 6th day of October, 1956;
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, £orm,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 appropriated
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 seal 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.
„Mayor, Chitty of Corpus Christi, Texas.
COUNTERSIGNED:
City Secretary, City of Corpus Christi, Texas.
*(Bonds Nos. 1 to both incl., d % per annum;
Bonds Nos. 7z to ��c , " " g�, per annum;
Bonds Nos. 17/ to 2 j-0 2 ° 3 p per annum;
Bonds Nos. 2 r/ to rz S , =% per annum.)
**(This paragraph should be omitted from Bonds Nos. 1 to 250, both incl.)
NO.
12. The form of coupon shall be substantially as follows:
ON THE 1ST DAY OF
1 19
The City of Corpus Christi, Texas, will pay to bearer,
*(unless the bond to which this coupon is attached shall have been called
for previous redemption as therein provided and provision for the redemption
thereof made), at the Corpus Christi State National Bank, Corpus Christi,
Texas, without exchange or collection charges to the owner or holder•hereof,
the sum of ($ ) Dollar4
in lawful money of the United States of America, being months' interest
due that day on "City of Corpus Christi, Texas, Storm Sewer Bond, Series
1958 ", dated June 1, 1958, No.
City Secretary Mayor.
*(This parenthetical expression should be printed only in coupons maturing
March 1, 1973, and subsequent.)
PERTAINING TO BOTH ISSUES
13. Substantially the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
I HEREBY 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 is a valid
and binding obligation upon said City of Corpus Christi, Texas, 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)
14. That the principal and interest of 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.
15. 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.
16. That sepcial funds shall be created and are hereby
created to be designated as follows:
"City of Corpus Christi, Texas, Airport Bonds, Series 1958 Fund ";
"City of Corpus Christi, Texas, Storm Sewer Bonds, Series 1958 Fund ".
The proceeds from all taxes collected for and on account of each of said
series of bonds shall be credited to each of said funds for the purpose of
paying the interest as it accrues and to provide a sinking fund for the pur-
pose of paying each installment of principal as it becomes due, and said
funds 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 un-
paid, 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 make, raise and produce in each of said
years a fund to pay the interest on the bonds of each issue and to provide a
sinking fund sufficient to pay the principal of each of said issues 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 the bonds of each of said
issues, or interest thereon, are outstanding and unpaid, and the said tax
each year shall be assessed and collected and placed in the Funds hereby
created and the Treasurer shall honor warrants against said funds for the
purpose of paying the interest maturing and principal of each of said issues
of bonds and for no other purpose.
17. Be it further ordained that the Mayor shall be
authorized to take and have charge of all necessary records pending inves-
tigation 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 writ
ing to act for the Comptroller) shall manually sign the Comptroller's certifi-
cate 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.
18. The sale of the Airport Bonds herein authorized to
at a price of par and
accrued interest to date of delivery, plus a premium of $.% 9 3 is hereby
hereby
confirmed, and the sale of the Storm Sewer Bonds herein authorized to
Z.,-A 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 passaga
of this ordinance upon payment therefor in accordance with the terms of sale.
19. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
20. The fact that the contemplated use of the proceeds
of the bonds are necessary for the orderly dwA- Iopment and growth 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 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 this the YC`_'` day of Jt11e, 195
[mac _Vu
Mayor, City of Corpus Christi, Texas.
ATTEST: i
City Secretary, Cit of Co us Chrisj,i, Texas.
The foregoing ordinance has been approved as to form
and correctness this y1 µ day of June, 58.
City Attor ey, City Vf Corpus Christi, Texas
(SEAL)
I
PUS 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-fHE
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 BF- 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,
MAYOR
THE CITY OF CORPUS CHRISTd, TEXAS
THE,.CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: `
FARRELL D. SMITH
W. J. ROBERTS -
B. E. BIGLER
MANUEL P'. MALDONADO 7ftk
CHARLIE J. AILLS
ARTHUR R. JAMES
ODELL INGLE
THE ABOVE ORDINANCE WAS PASSED BY THE FOLLO ?ING VOTE:
FARRELL D. SMITH
W. J. ROBERTS
S. E. BIGLER
MANUEL P. MALDONADO
CHARLIE J. AILLS
ARTHUR R. JAMES
ODELL INGLE
_ l w
I