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Home My WebLink AboutMinutes City Council - 11/21/1979 - SpecialENT: Mayor Luther Jones Mayor Pro Tem Edward L. Sample Council Members: Dr. Jack. Best David Diaz Jack K. Dumphy Betty M. Turner Cl;ffaZareky MUTES CITY OF CORPUS CHRISTI, TEXAS SPECIAL COUNCIL METING NOVENSER ZI, 1975. - II:00 A. N. City Manager R. Mervin Townsend City Attorney J. Bruce Aycock City Secretary Bill G. Read • - - May6Ciatner joaear4 tbe meeting to order in the Council Chambers of City Nall. . _ .• • City Secretary Rill G. Read verified that the necessary quorum of required Charter Officers was present to conduct a legally constituted meeting. City Secretary Read also noted that the time was exactly 1100 a.m., and the deadline for receipt of bids for the sale of General improvement. Bonds and Certificates of Obligation was passed; ••_ City Manager R. Marvin Townsend introduced Mr. Hobby H. McCall of the firm of MCCall, Parkhurst and Horton, which is the City's Bond Counsel; Mr. M. E. Allison, Sr., and mr.. E. JiMes Seal of the firm of M. E..Allison & Co., Inc., which is the company that serves as the City's financial consultants on bond sales. Jones announced the scheduled bid opening for the sale of $7,375,000 of General Improvement Bonds and $5,950,000 of Certificates of Obligation, total sale of $13-325,000. . • .City Manager Townsend requested that Mr. Harold F. Zick, Director of Finance, conduct the bid opening. Z-isk sanagested that the bids for the General Improvement Bonds be opened first and proceeded to open the bid from the Citibank of North America. and Associates. City Secretary Read stated that the required security check from this firm was 1-nahia posaessloa, as avauired by the bidding spealficatiaas. _ • _ . City Manager Townsend noted at 11:05 a.m. that another bid had just been.' --tana-aaliaaaaaata tr Council Chamber, it was ascertained that the bid was from the Republic National Bang of beliaf. and aasociates, and their representative wno - . Minute* Special Coa.€ec i `: Meeting November 21, 19,i9 Page 2 submitted the bid stated that :e had delivered the bid to the Office or the City Secretary on the third floor of C,ty `call where he was informed that the bids were to be delivered to trap Council Chambers_ Council Member O!az commented stat t" l__s, had �� __:....�arriY-eti; in elle Council Chambers with the sea/ed bids at the same time that Mr. Zick was opening the first bid and suggested that the bid be accepted. Mayor Jo„` asked fora fecal opinion as to whether or not the bid should be acceptee, and it was the consensus of the attorneys that if the bid was actually In the Office of the City Secretary prier to 11:00 a.m., it could be legally accepted. City Secretary Read verified with his office that the bid was actually received in the Office of the City Secretary at €1:02 but informed the Council that the clock in that office is actually three minutes fast; therefore, it was actually submitted to the office prior to 11:00 a.m. City Manager Townsend informed the Council further that although the speci- fications state that the bids will be received in the Council Chambers of City Nall, they also provide that the Council has the authority to waive irregularities, and the fact that this incl wes submitted in this manner could be considered an irregu- larity. 6 1 motion by Turner that this irregularity in the bidding procedure be waived and the ttr;d of Republic National Bank of Dallas and Associates be accepted since it was delivered to the Office of the City Secretary prior to 11:00a.rii; seconded by Diaz; and passed unanimously. Mr. ,lick then continued the bid opening of the General improvement Bonds and.opened and read the bids from the following: Morgan Guaranty Trust Company of New York and Associates: First National Bank in Dallas and Associates; and Republic National Banff, of Gallas and Associates. Mr, -7J(-,t .opened bids from the following bidders on the $5,950,000 of Certificates of e.aiigerioi, Series 1979: First National Rank in n,il,s ec,r Associates; C tibsni: _,f Nerth America and .Associates; republic National Bank of Dai,Tai and As ce'iate; .are 1"nrzan Guaranty Tryst Company of New York and Li =mss . • Or notes Special Council e ting N oer Zt, 1973 Page 3 City Marager owaaseo4 informed the rCele..Fil that the usual procedure when bids are received far the sale of bonds and certificates of obligation is to recess the meetine in order to provide the bond attorneys and the City's financial and accounting personnel an opportunity to analyze the bids and make a r eco rsendat for for bid award_ Motion by Diaz that the Special Council Meeting be recessed at 11:38 a.m., seconded by Zarsky and passed unanimously. * * * * .. .. .. * * * * * .. * ., * Motion by Best that the Special Council Meeting be reconvened at 11:50 a.m., seconded by Diaz, and passed unanimously. Mr_ Hobby H. McCall, the City's bond counselor, suggested that the Council approve the ordinance authorizing the form of the official statement pertaining to thl3'tale. Motion by Dunphy that the following Resolution be passed, seconded by Diaz `3isd passed unanimously. City Secretary polled the Council for their votes, and the following • Resolution was approved: RESOLUTION. NO. 15232: APPROVING THE FORM OF THE OFFICIAL STATEMENT PERTAINING TO CITY OF CORPUS CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 1979, AND TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1979, MW AUTHORIZING, RATIFYING AND APPROVING THE OFFICIAL STATEMENT AND THE USE THEREOF IN THE OFFERING AND SALE OF SAID BONDS AND CERTIFICATES OF OBLIGATION; AND DECLARING AN EMERGENCY. The Charter Rule was suspended and the foregoing ordinance passed by the following vote: Jones, Sample, hest, Diaz, Dismphy, Turner, and Zarsky voting, "Ayer'. Mr. Zick reported to the Council that the first and second low bids on the General Improvement Bonds had been checked and the low bid was that submitted by `the First National Bank in Dallas and Associates. Mr. Zick recommended that the bid be awarded to that firm. Motion by Diaz that the bid on the General Improvement Bonds be awarded to Firsr National Da_.as and Associates, seconded by Turns? and pasted unani- mously. Mr. ilcCall briefly explained the ordinance which authorized the issuance 4 e :` 1r�I 1. rartr nes, Sr*mots 1571 City Secretary Read polled the Council for the:r votes, and the following .ordinance wax approved: Minute, Special Otionel Seetipg Rehmember 21. 15,74 Page. 4 4- ORDINANCE NO. 152,33: •• • • •• • BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, PROVIDING FOR THEI!S!!CE oF $7m .3ou, 1,1,1_vr clig4sT4IHTEmm“migml_ImanvFNENT MINDL SERIES 1979. • BEARING /NTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, • ASSESSMENT ?JD COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES' IN'CONFLICT HEREWITH AND DECLARING AN EMERGENCY. :-ThsCherter Ri1wft-q:sospended and the foreoolna ordinance passed by the foliowingvpte! Jones. Sample, Best..._ Diaz. Duephy, Turner, and Zarsky voting, "Aye". lir. Zick informed the Council that the first and second low bids on the hedbeen analyzed and the low bid was that submitted . by the First National Bank in Dallas and Associates and recoumended bid award to that firm, motion bti- Diaz tat the hid An the Certificates of Obligation be awarded to Winne! Bank in Dallas and Associates, secondedLby Turner and passed , . udanimouSly. Mr. McCall then presented the ordinance authorizing the issuance of Tax and Revenue Certificates of Obligation, Series 1979. City Secretary Read -polled the Council for their votes, and the following ordinan6e was approved: IAD -DANCE KO, 1523#1 - • STINE CITY CQUNCL oTfieftmor 05 CURPub.-t3RESEr--; TEXAS, PROVIDING -FOR THE,ISSUANCE OF 000 CITY OF CORPUS CHRISTI TEXAS TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1979; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST OR SAID CERTIFICATES or OBLIGATION AND TO CREATE A SINKING FUND FOR litg-npornut-- AT MATURITY; PROM-ING TgAT SUCH CERTIFICATES OF OBLIGATION wfu-BE PAYABLE FROM AND SECURED BY OTHER REVENUES; PRESCRIBING THE FORM OF SAID CERTIFICATES OF 0111.14ATI1N; AND ORDAINING- OTHER BATTERS RELATING TO SUBJECT. The Charter Rule was suspended and the foregoing ordinance passed by the following vote: Dumpbv, Turner, and Zarsky voting, "Aye"-- Thera beino no further business to come before the Council during the Special Council Meeting,ago muton by Turner, seconded by Diaz and passed unanimously, the - meeting 1'as adjourned at 12:15 p.m., November 21, 1975- -