HomeMy WebLinkAbout05187 ORD - 11/12/1958_=
TM STATE OF T�.s
COUNTY OF NcECEs
CITY OF CM K8 CMMTI
On this the 12 day of November, 1958, the City Council
of the City of Corpus Christi, Texas, convened in Special meeting,
with the follOw14 members of said Council present ..,to wit:
Ferrell D. Smith,., Mayor,
H. J. Roberts,
B. & 'Bigler,
Manuel P. Maldonado,
Commissioners,
Arthur R. James,
Charlie J. Aills,
Odell Ingle,
T. Ray $ring, City secretary,
with the following absent: None" constituting
a quorum, at which time tae following among other business was transacted:
t�. Ingle presented for the consideration of
the Council an ordnance. The ordinance was read by the City Secretary. The
Mayor presented to the Council a communication in writing pertaining to said
propc d,d ordinance, as follows:
"Corpus Christi, Texas,
November 12 , 1958.
TO TBN CITY COUNCIL
Cam CERISTI, TEM
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 25, 1953, September 25, 1954, and 09tober'6, 1956,
create an emergency and an imperative public necessity requiring the suspenal
of roles and Charter provisions requiring ordinances to be considered'and
voted upon at three regular meeting. I, therefore request that the City
Council pass the proposed ordinance authorizing the issuance of $3,500,000.00
General Improvement 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.
t
Yours v truly y
/s arrell D. Smith,
Mayor."
Commissioner Bigler made a motion that the*
Charter provision prphibiting 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 Ai s .° The motion was carried by
a unanimous vote by the City Council, viz:
AYES: Commissioners Roberts, Bigler, Maldonado, James,
Aills and Ingle.
NOSS None.
The Mayor requested that the records show that he voted
Aye. This was done.
Commissioner Ingle made a motion that the
ordinance be passed finally. The motion was seconded by Commissioner
Maldonado The motion was carried by the following vote:
AYES: Commissioners Roberta, Bigler, Maldonado, James,
Aills and Ingle.
NOES: gone.
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. 5187.
BY TES CITY COUNCIL OF TS CITY OF CORPUS
CHRISTI, TEEM, PROVIDING FOR THE ISSUANCE
OF $3,500,000.00 CITr OF CMASS CHRISTI,
TEXAS, mw= naROVX=T BOMB, BERM
1958, BEARING nMEWT AT THE RATES HBRSIN-
AFM SET FORTH, AND PROVIDING FCR THE LEVY,
ASSPSSMSNT AND COLLECTION OF A TAX SUFFICIENT
TO PAY THE INTEREST ON SAID BONS AND, TO
CREATE A SINEaW FUND FOR THE REDEMPTION
THEREOF AT MATURITY; REPEALING ALL ORDnvnxM
IN CONFLICT AND DECLARING AN SM10M
WHSBEAS, 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; $3,500,000.00 Street Improvement
Bonds; $720,000.00 Fire Station Bonds and $201,000.00 Traffic Control System
Bonds; and
Y
WHEREAS, on the 25th day of September, 1954, an election
was held in the City of Corpus Christi, Texas, resulting favorably to the
Issuance of $3,500,000.00 Sanitary Sewer Bonds; and
WHEREAS, on the 6th day of October, 1956, an election was
held in the City of Corpus Christi, Texas, resulting favorably to the issuance
of $3,200,000.00 Airport Bonds, and
WMEW, heretofore on the 19th day of September, 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 propositions:
; and
PROPOSITION NO. 2
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the amount
of $4,430,000.00, 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 (4-2%) per cent per annum,
and to levy a tax on all taxable property within said City suffi-
cient to pay the annual interest and provide a sinking fund to
pay the bonds at maturity, for the purpose of permanently im-
proving the streets and bridges of said City by the acquisition
of right -of -way for the Freeway, constructing improvements and
safety facilities for the High Level Bridge and providing funds
to pay costs incident to the construction of said High Level
Bridge, as authorized by the Constitution and laws of the State
of Texas and the Charter of said City."
PROPOSITION NO. 5.
"Shall the City Council of the City of Corpus Christi,
Texas, be authorized to issue the bonds of said City in the
amount of $350,000.00, 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 inter-
est 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 construct-
ing permanent improvements to the Oso Bay Sewage Disposal
facility and Oso Bay area so as to provide for efficient dis-
posal of effluent and reclamation of the Bay area, as authoriz-
ed by the Constitution and laws of the State of Texas and the
Charter of said City."
WEMWAS, 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:
1
r•
PROPOSITION M. 2
"FCR THE ISSUANCE OF PBROWAY AND BRIDGE BONDS" 8499 Votes;
"AGAINST THE ISSUANCE, OF FREEWAY AND BRIDGE
BONDS" 30 Votes.
PROPWITION NO. 5
"FOR THE ISSUANCE OF 060 BAY SEWAGE DISPOSAL
AND RECLAMATION BOMB" 6254 votes;
" AGAINST THE ISSUANCE OF CSO BAY SEWAGE DIS-
POSAL AND PMLANATION BONDS" 5974 Votes,,
as is reflected in the election returns heretofore tiled with the City
Secretary; 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 Sever Bonds; $765,000.00 Street Improvement Bonds;
$245,000.00 Fire Station Bonds and $75,000.00 Traffic Control System Bonds,
all authorized at the election held November 24, 1953; 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; $650,000.00 Street Improvement Bonds;
$170,000.00 Fire Station Bonds and $70,000.00 Traffic Control System Bonds,
all authorized at the eleOtidn held November 24, 1953; 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; $1,140,000.00 Street Improvement Bonds;
$180,000.00 Fire Station Bonds, all authorized at the election held November
24, 1953, and $200,000.00 Sanitary Sever Bonds authorized at the election
held September 25, 1954; 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 Sever Bonds and $1,750,000.00 Airport Bonds, authorized
at the election held November 24, 1953; and
WHEREAS, on November 13, 1957, the City Council of the
City Corpus Christi, Texas, passed an ordinance directing the issuance of
$515,000.00 Street Improvement Bonds authorized at the election held November
24, 1953, and $1,300,000.00 Sanitary Sever Bonds authorized at the election
held September 25, 1954; and
o
WBEREAS, on June 25, 1958, the City Council of the City
of Corpus Christi, Texas, passed an ordinance directing the issuance of
$525,000.00 Storm Sewer Bonds and $750,000.00 Airport Bonds authorized at
the election held November 24, 1953; and
WHEREAS, it is deemed advisable and to the best interest
of the City that $149,000.00 Storm Sewer Bonds, $285,000.00 Street Improve-
ment Bonds, $40,000.00 Fire Station Bonds and $56,000.00 Traffic Control
Bonds authorized at the election held November 24, 1953, $600,000.00 Sanitary
Sewer Bonds authorized at the election held September 25, 1954, and $700,000
Airport Bonds, $1,370,000.00 Freeway Bonds and $300,000.00 Oso Bay Sewage
Disposal Bonds authorized at the election held October 6, 1956, aggregating
$3,500,000.00 be issued and sold at this time;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
1. That the bonds of said City to be called "City of
Corpus Christi, Texas, General Improvement 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; the construction of storm sewers and the installation of traffic control
systems; constructing and equipping fire stations; improving and extending the
Sewer System; providing funds to pay the cost of planning and acquiring,
developing, constructing and equipping an airport and a site therefor, in-
cluding building and other facilities incidental to the operation thereof,
and the acquisition or elimination of airport hazards; the acquisition of
right -of -way for the freeway; constructing-improvements and safety facilities
for the high level bridge and providing funds to pay costs incident to the
construction of said high level bridge; and constructing permanent improvements
to the Oso Bay Sewage Disposal facility and Oso Bay area, in the principal
amount of Three Million Five Hundred Thousand ($3,500,000.00) Dollars.
2. That said bonds shall be numbered from One (1) to
Three Thousand Five Hundred (3,500), both inclusive, of the denomination of
One Thousand ($1,000.00) Dollars each, aggregating Three Million Five Hundred
Thousand ($3,500,000.00) Dollars.
01 �
3. That said bonds shall be dated December 1, 1958, and
shall become due and payable serially as follows:
BONDS NUMBERS MATURITY DATES AMOUNTS
1 to 25, both incl.
25 to 50, " 11 51 to 85, "
86 to 125, "
126 to 170, "
171 to 225,
226 to 280,
281 to 34o, "
341 to 430, "
431 to 520, "
521 to 64o, "
641 to 765, "
766 to 910, "
911 to 1125,
1126 to 1340, "
1341 to 1575, "
1576 to 2225, "
2226 to 2525,
2526 to 3000, "
3001 to 3500,
follows:
4.
March
1,
1960,
$ 25,000.00
March
1,
1961,
25,000.00
March
11
1962,
35,000.00
March
1,
19632
40,000.00
March
1,
1964,
45,000.00
March
1,
1965,
55,000.00
March
1,
1966,
55,000.00
March
1,
1967,
60,000.00
March
1,
1968,
90,000.00
March
1,
1969;
90,000.00
March
1,
1970,
120,000.00
March
1,
1971,
125,000.00
March
1,
1972,
145,000.00
March
1,
1973,
215,000.00
March
11
1974,
215,000.00
March
1,
1975,
235,000.00
March
1,
1976,
650,000.00
March
1,
1977,
300,000.00
March
1,
1978;
475,000.00
March
1,
1979,
500,000.00
That said bonds shall bear interest at the rates as
Bonds Nos. 1 to -520 , both incl., 4; % per annum;
Bonds Nos. _ 521 to 4500 per annum;
Bonds Nos. to , per annum;
Bonds Nos. to _, " " % per annum,
payable September 1, 1959, and semi - annually thereafter on March 1st and
September 1st of each year.
5. In Bonds Numbers One Thousand Three Hundred Forty One
(1,341) to Three Thousand Five Hundred (3,500), 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, 1974, 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 pub-
lished 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 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.
6. 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.
7. 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.
8. The form of said bonds shall be substantially as
follows:
NO. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
GENERAL IMPROVEMENT BOND
SERIES 195$
The City of Corpus Christi, inthe County of Nueces,
State of Texas, a municipal corporation duly incorporated under the Taws
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 ( "-,o) per cent per annum, interest payable
September 1, 1959, and semi - annually thereafter on March lst and September
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 hereby pledged for the prompt payment of the principal of this bond at
maturity and the interest thereon as it accrues.
AO
This bond is one of a series of Three Thousand Five
Hundred (3,500) bonds of like tenor and effect, except as to number, interest
rate, maturity and right of prior redemption, numbered from One (1) to Three
Thousand Five Hundred (3,500), both inclusive, of the denomination of One
Thousand ($1,000.00) Dollars each, aggregating Three Million Five Hundred
Thousand ($3,500,000.00) Dollars, issued for the purpose of improving the
streets of said City; the construction of storm sewers and the installation
of traffic control systems; constructing and equipping fire stations; improv-
ing and extending the Sewer System; providing funds to pay the cost of plannin
and acquiring, developing, constructing and equipping an airport and a site
therefor, including building and other facilities incidental to the operation
thereof, and the acquisition or elimination of airport hazards; the acquisi-
tion of right -of -way for-the freeway; constructing improvements and safety
facilities for the high level bridge and providing funds to pay costs incident
to the construction of said high level bridge; and constructing permanent im-
provements to the Oso Bay Sewage Disposal facility and Oso Bay area, 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 minute;
of said City Council.
The date of this bond in conformity with the ordinance
above mentioned is December 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, 1974, 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
thereafter bear interest.)
N
0
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
City on November 24, 1953, September 25, 1954 and October 6, 1956; that all
acts, conditions and things required to be done precedent to and in the issu-
ance 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 re-
quired by law; that sufficient and proper provision for the levy and collectioi
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, includ-
ing the entire series of bonds of which this is one, does not exceed any con-
stitutional, statutory or charter limitation.
IN WITNESS TIBMEOF, 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.
'(This paragraph should be omitted from Bonds Nos. 1 to 1340, both incl.)
9• The form of coupon shall be substantially as follows:
NO. $
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 ($ ) Dollars,
in lawful money of the United States of America, being months' interest
due that day on "City of Corpus Christi, Texas, General Improvement Bond,
Series 1958 ", dated December 1, 1958, No.
City Secretary Mayor.
*-(This parenthetical expression should be printed only in coupons maturing
September 1, 1974, and subsequent.)
10. 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.
11. That a special fund shall be created and is hereby
created to be designated "City of Corpus Christi, Texas, General Improvement
Bonds, Series 1958 Fund ". 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 installment of principal as it becomes due, and said
fund shall be used for no other purpose. For the current year and each year
_o
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 make, raise and produce in each of said years a
fund to pay the interest on said bonds and to provide a sinking fund suffi-
cient to pay the principal as it matures, or at least 2% of the outstanding
principal as a sinking fund, whichever is greater, full allowances being
made for delinquencies and costs of collection. A tax at the rate as here-
inabove 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 paying the interest maturing
and principal of said bonds and for no other purpose.
12. That to pay the interest scheduled to mature on
September 1, 1959, there is hereby appropriated the sum of $ 95,775.00
from funds of the City available for such purpose. The money thus appro-
priated shall be used for no other purpose than to pay said interest. The
Mayor and City Secretary are hereby directed to do any and all things neces-
sary or convenient to accomplish the purpose of said appropriation.
13. 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
I
each bond, and the seal of said Comptroller shall be affixed to each of said
bonds.
o� o
14. The sale of the bonds herein authorized.to
Re -public National Bank of Dallas; White Weld & Co. and Associates
at a price of par and accrued interest to date of delivery, plus a premium
of $_g5 0.00 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 payment therefor in accordance with the terms of sale.
15. That all ordinances and resolutions or parts thereof
in conflict herewith are hereby repealed.
16. The fact that the contemplated use of the proceeds
of the bonds are necessary for the orderly development 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 12 day of November, 1958.
Mayor, City of Corpus Christi., Texas.
ATTEST:
City Secretary, C of rpus C ti,
T -xVs.
The foregoing ordinance has been approved as to form and
correctness this y day of November, 1958.
Texas.
(SEAT,)
0 0
CORPUS CHRISTI, TEXAS
NOVEMBER 12, 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 251 1953, SEPTEMBER 25, 1954, 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
MEETING. I, THEREFORE, REQUEST THAT THE CITY COUNCIL PASS THE PROPOSED ORDINANCE
AUTHORIZING THE ISSUANCE OF $315500,000.00 GENERAL IMPROVEMENT BONDS AS AN EMER-
GENCY. 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,
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE CHARTER RULE WAS SUSPENDED BY
THE FOLLOWING VOTE:
FARRELL D. SMITH ,
W. J. ROBERTS I
B. E. BIGLER
MANUEL P. MALDONADO
CHARLIE J. AILLS /
ARTHUR R. JAMES
,
ODELL INGLE
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 INGLE