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HomeMy WebLinkAboutMinutes City Council - 11/19/1980 - Special (2)rf:tas CITY OF CalPtiS CnAISTI, TEXAS SPECIAL COS,CIL MEETING NOVEMER 19, 1980 11:00 A.M. PRESENT: Mayor Luther James Mayor Pro Tem Edward L. Sample Council Members: Dr. Jack Best David Diaz Jack K. Dunphy Betty N. Turner Cliff Zarsky City Manager R. Marvin Townsend Ass't. City Attorney Bob Coffin City Secretary Bill G. Read Mayor Luther Jones called the meting to order in the Council Climbers of City Hall. City Secretary Bill G. Read verified that the necessary quorum of required Charter Officers was present to conduct a legally constituted meeting. 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. James Seal of the firm of H. E. Allison A Co., Inc., which is the company that serves as the City's financial consultants on bond sales. Mayor Jones announced the scheduled Old opening for the sale of $7.000.000 of General improvement Bonds. Series 1990 and requested that Mr. Harold F. Zick. Director of Finance. conduct the bid opening. Mr. Zick opened and read bids from the following five firms: Citibank, U.A. and Associates; First National Bank in Dallas: Morgan Guaranty Trust Co., N.Y.; Bowies. Winston (Div. of Cowen); and Republic National Bank of Dallas A Associates. (Bid tabulations of the bids from these firms are attached and constitute a portion of the "drones.) City Manager Townsend informed the Council that the usual procedure when bids are received for the sale of bonds is to recess the meeting in order to provide the bond attorneys and the City's financial and accounting personnel an opportunity to analyze the bids and make a recommendation for bid award. Motion by Dumphy. seconded by Ofaz, and passed unanimoJsly that the meeting be recessed at 111I a.m. to allow for the computation of bids. Minutes Special Cocrr.f i rs:eti November 19. 153 Page 2 Motion by Turner that the Special Council ifneting be reconvene. at a1:33 a.m., seconded by Best, and Passed unaninmusIY. Mr. Harold F. Zick, Director of Finance recommended award of bid for S7.00o.e7O of General Improvement Bonds, Series 1963 to Citibank, N.A. and Associates, New York, 11. T., with an effective interest rata of 8.3850. Motion by Turner that Mr. Zick's recommendation be approved; seconded by Zarsky, and passed unanimously. City Manager Townsend presented the following Ordinance and Resolution pertaining to the sale of bonds. City Secretary Read polled the Council for their votes, and they were approved as follows: ORDINANCE NO. 15884: BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS. PROVIDING FOR THE ISSUANCE OF $7.000,000 CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS, SERIES 1980, 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 FUNK FOR THE REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND DECLARING Ail EMERGENCY. The Charter Rule was suspended and the Foregoing ordinance was passed by the following vote: Jones, Sample. Best. Diaz. BueRhy. Turner and Zarsky voting. "Aye". RESOLUTION 1i0. 15885: APPROVING THE FORM OF THE OFFICIAL STATEIENT PERTAINING TO CITY OF CORPUS CHRISTI. TEXAS, GERERAL IMPROVEMENT BONDS, SERIES 1980, AND AUTHORIZING, RATIFYING AND APPROVING THE OFFICIAL STATEMENT AND THE USE THEREOF IN THE OFFERING AND SALE OF BONDS. The Charter Rule was suspended and the foregoing ordinance was passed by the following vote: Janes, Sample, Best, Diaz, Duzpf{y, Turner and Zarsky voting "Aye". There being no further business to come before the Council during this Special Council Meeting, on motion by Sample. seconded by best. and passed unanimously, the meeting was adjourned et 11:52 a.m. C1135 "F 5331939 919311713 9EXAE F7919333991 1:9:999 999:9A9:99 393395. 91.61ES 1933 as.= 39E13113- 1;9,91 A.3%, 9r51113,9119 19. 1990 9fF9F99,99 19F1FF; .99.9„9 N.a.t .mneramt F:9909e.3F1 ...99F39 Cast Pn=icm ant l,,St: s e.st,,,nrscs 5 5.555.55%5 - Citibank. N.A. amd Asam.niatys Rankers Trust co. First Nat'l Bank of Chirlic Continental Illinois :::aticnal Back a Trust Cm. of W.H. =rum A Ce. ;Div. of 4nea. EsFress CO.) Matthey WriOhs. I. First national. Bank of Boat= Ft Natic4a4 nk inJ14114a esical Sank Southeast First N.ational Ba=k - Miani The Fort worth National Sank Blyth Eastman Paine webber Inz. Cotoerce Bank, N.A. E. F. Hutton A Co... Inc. a Division of Maseley. Hallgarten Es mak A Weeden Bank o! Cklahoma. N.A. Starling. Grace Municipal Sec. Corp. W. E. Pollodc L Co., Inc. Harris Trust A Savings Bank The Northern Trutt Co. First Boston Corp. - Dallas Mellon Sank N.A. Clayton Brown a Associates, Inc. ra rancv TT;ST Co.. N.T. noon cthnrs A Assoc. 49341E3 6489,0'39 0.6101 7'.045.400 Yinatoo (Div. of_Dosen) 8.6:76 ersood, Neuhaus D. Becker Co. Allied Sank dean Sachs r, Moreland Fosdick United California Bank Walla NatiOn4111ank of ealkaa a M. 8.0659 e ey Stuart sheaCis ler Center Sank A Trust t Nat'l Bank of Fort Worth son Loeb Rona Barney, sarris Uphaoc co.. Iva. Bidder Peabody &Co., Inc - alas Brown &Some Phil 1phia National Sank National. Bank of Conmerce Hnphie. ler. Guerin A Tamar. Inc. First Nat'l Bank s Trust cc. of Tu1aa centile National Bank at Dallas Corona Christi National Bank Canital Motional Bank of Houston 555,5.5- .5 5 99.95 6,S05,94%:74 7,n43,221.r' 7.049.200 7.049.200.CF! 1, 11j rij O99,C,9-9Y9n.F9104 1-00,00 7.9355595." 3 The it. eiCerp.o.Ce..nw. Capes. Cain& Thai Genders& Subject w the +emu ef !etee ar4 erf.etak Stateawnt dated September 1 1960, as made a pan of ibe prireesa?,b titre, we beret., y tubessz the following b.d for Si. Cir, Cann Texas Gesseal Item,a.errncro Sorts Senn ic lb dazed Nutember 15. 1950. Fel you: legaps I± Dom:, destrbra Ultznstrit hr ...II pay you par and accrued im.menfronstLate Of the &nisch to date ...feel:lee? 111,.1, cao.prmstuen el 9 for Done. and bearing sotesma as fol!m,s pRoPosAL !Fox C_171 Of CORPCS CORISTI. TEXAS GENERAL, 151PROl EmEN-r BONDS; SERIES 1950 N....ember 19. 1960 November '15 1931 November 15. lsr: 9.00 November 15, 1955 9..00 November 15, 1934 9.00 c7 Now=her 15 1965 9.00 c. Nmember Is. 1956 9 00 ez 51 15. 1957 9.00 ember 15. 1991 UU Ncnrrober 15, 1992 %member 15 1993 Nenember 15. 1991 1 rl Notembet 15. 1995 S 413 Nmember 15. 1996 a 50 Norembet 15. 1991 R 7 N . 15, 1955 9. 0Q Nos -wok.: 15. 1995 11 (10 37, November 15. 1939 9.00 Ti November 15. 1999 7 nn % ts. 1990 9.00 November 15. 7 nn % 1 1.15, tbm amount available:a -ofr loseren cm to amerdance with the above bid is. Grtna Intern; Cost Len: Rankine Net Imerest Goa Effective Interest Rate s 6.859.000 s 611:;. 5 Citibank. N. A. k: New York, O. T. represents aur Good Faith r (is attached hereto) or (has been made 'ng of this bid). and it submitted in accordance with the terms as set forth in &Inters of she Bonds, said check shall be applied on the purchase price We agree w accept delivery of and male payment for the Bands at Bank Tia.ariipb, Cit i bank. NJ. pursuant in rbe terms sec forth in the -Official Notice of Sale - y soba 1) Ciethank. 1. A. 2) liankora Trust Company 3 4) when tendered for delivery, 1—Amar.E,,7 ational Bank of Boston ACCZPTED by the Cir y Council on oho ./ ATT.! • •Z fa, Mattager „1911, a cvp& Chrome. Irma, Cce,r Snirtan - Receipt is acknowledged on behalf of bidder of above described Good Faith Check. alas day of 1960 5y ;"""11001011,1111111111111040140stivor , '1 TROPOSAL Fon 57.eco all Ur omens cIttisTi TX CESLItiti. 1311,/tOvEmENT BONDS SEJULS 1999 11*Crolui CAepm CC:no Ntuember 19. 150 Cce_ma =Eclat. ieett. etelkaien, 3wIrim es the te-4a yo.st LH:kat Noswe el Sale .itsti Olfscul Summer:I, damo September 1, 1990 telskb err nude a rats of &Ss. proFesaf eimmle waning zbe teitreesns kisd roe Sts:03,ann Gs, of Corse Chime. Tress Corecui leepresed-rod Bond. Senes 199,7 &Lied NoLerdber 15, 1050 Fee yoto lectay eftetS &o41. trs %awl Official Staternent, esti pay ?co par and accrued interest front 0.ate er T-%. floods to date of. deb: cry to es pLes a cam premium of CI 14 for. Bonds 10.040. -PIS and bearing incense as fcikrwst se.eni5. 15. 15ist c,„..b.3 % Ncieember is 1991 _i...E..._1. tri Noretate.r. 15. I5t: c....t_ca si Nnternhet IL i992 F. -35 , c Natbet 15 1995 g _ 5. % hcoember 15. 1993 Nowntalam- 13. II -_...5(. orenther /5. 19,14 E 41) .* timember 15 1953 II r7„.6 % timembre 15. 1995 F • F:a cl Notarenber 15. 1959 •—i...b.C—.. '1% elmeather 15. 1996 _6.....7-0.--. . Noscenbre 15_ 1957 g,5 ni, November 15. 1997 7 50 % lceirember 15, 1518 0 „ 5 0 t; Nerermher 15. 1948 7- !0 % Nowtrober 15. 19E9 c _ so e4 Nocernher 15. 1999 7 Joa % November 15 Imo _s,....50...... % Is:member 15. 550o 7.50 ienrser ant in accordance with the above bid is: Gm. lincrese am 5 ..EL.F16400...00 L. Premium $ _____A._`0.06 Nee Inter= CeoL 5'f.1.1.5...0.4.0_94 Effective lummox Rale P 4 1 rat % Cashiers Check of dr serrarr rawrrnsrac,...saurtIlatIALLDALL.AS.,_=x&s_ Le the amount of 91413000 ..Mach repeesesto mut Good Faith Depot.' (la attached hereto) or Logicauxowe ZiliEtStapplX103WCOMMICOXIXR. and is submitted in accordance with the terms as set Rah in the "Official Nader af Sale. Upon &&.,n of the Boncie. said dwelt shall be applied on the purchase price We agree w accept deritery of and nuke psernen: for the Bond. II City Nat 'anal Bank Bank.. Mona. Toms. or at tbx ...„,_ , when tendered for delivery. pursuant to the tetras set fonh in the -0111cial Notice of Safe" Res/methyl, submitted. PTBS7 HAT/13/1AZ. DANK 111 DALLAS Sy Vinton A. Jackson, Jr. V.P. ACCEPTED by she sty Council on :Se day of • 1990 Malta Car as Crepe ch...., tee. Coe Seneue Roo,* Lnn..Ildgrd oe bases of ',deter of &bore described Good raids Check this day of 1950 TaallTS C:cPIS I 5allia ., `::.5 r,.n. FI BST NATIONAL Zvi, =... r. La S c!Fo . l Chcaical Bane Southeast First National Bank - *!sari to Fort Worth National 3 ani: Blyth :astcsan Paine t:!;lxhr,r Inc. Texas F :rce :, R.1. E. F. Hutton i Co., Ire. cErDE , a division of Moseley. Ballcarten EstabIaoh a tread= Bank of Oklahoma, IL r7. Sterling. Grace Municipal Shcuritins Corp. we. E. Pollock i Ca.,, Ina. IN ASSOCIA':ION WITH Harris ':rust i Savings Bank ) at. The Northern Trust. Ca. ) !Mars. First Boston Corp - Dallas :cellon h U.L. Clayton Brown i Associato>;, Inc. nV§7gftif:4, PROPOS NIL IOR 57,9MM LITT OF CORPUS CHRISTI. TEXAS GENERAL IMPROYDIENT *arms SLUES IWO Tie On of GsrproCIonse Noses:Mee 19, 1990 Corso Chrism_ T mot Geodes:ma Sebrect tat kermaGiyom 01.4ki al Notice of 5ale and Official Stumm, noted September 1 1950. oh:shal* nude a part ot dua propose by Edmore oe barbs' submit dr (Dacron% bid ice 57000.070 City 41Coepas General Irsipernsmer Rao& Senn teso dated 4tiax1ri66r 13. 1150. For ram Lep* mod Rood& *a described in said 001m11 Summar= ot _id pay you par and accord teems &modest. attic boesb to daft of alb. ery tom_ plot a cash permittro of .1 60 .00 tor Bonds coolciejoi aectl:essists keserew as (atom fiber 15. 1951 % 51.r.cattyrr 45. 1991 Norrolier 15. 1952 -•• % No...ember 15, Isar. 5towe43cr 15. 150 % Nusaviber 15. 19.99 _LAD_ % Nom:Wats is. 4954 % Nrotenber is. 1994 R % November 15„ 1555 % N member is. nes % Nowt:they 15. 1955 1.% Nmenther 15. 1996 h • a % November 15. Ise % November 15„ 1997 9 . GD % November 15, 1555 November 13. 1990 % November 15. 4965 4 % November 15, 1999 _ 7 50 % Non:sober 15. 19911 '34 November is. 2000 7 - SO % Werra coat is accordacce with the above bid is: Grim kronen Con 5 7.065.600-00 Lac Prengunt s 2.1 69.Q0 Net lamest Cast 5 7.843.23140 Effectirc harvest Rate 8 . 51 03 % Cathiericnies of the City Kktional win; Austin. Texas in the omount 411 9140,000 which st our Good Faith Deposit (is-witosbesiimmo) or (has been made mailabie trout prior to the opening of this bid}, and 1wbcthtcd in argon:4= with she terms asset forth in the'O/Seia% Notice of We. Upon denary of the Boo& said check shail be applied on the purchase price. We agree to accept &limy of arxt rade proem for the Bonds at Lo _be designated 13ank. Amato. Tema. or at ar . When tendered for delivery, poem= to the sorra eft forth in the "011ieial Notice cr Sale”. Respnnively submitted, 'Organ GilACAMILTLASS...Coanoor Salomon BrotberS & ACCEPTED by the City Council on this day ter 19410, Mew. Cmy Corpus Tau. ATTEST: Ur" 6.0[1117 Receipt is ledged co behalf ed bidder of above described Good FaJth C.bedt this day of 1950 97 ;4:21.741 20FIr YE3.115 r..9aR000 art OF CO12113S Cl6R1511. TEXAS GENERAL 171PR4)YI34E 0T !C ."ii3. SRt1ES 1969 DATED. NavDIRER IS. 1930 Dl1EI MAYE111EEit 13 Hard Years Cniauluirr Year 4aaor Hood Yana Bond Yara Year 1951 9900.000 199! 160.000 1943 100.000 1904 350.000 1905 400.090 1986 400.000 1947 400.000 1966 400,000 1909 400.000 1990 400.000 199I 400.000 1992 466.000 1993 400.000 1594 400.000 1995 400.000 1996 400.000 1997 405.000 1998 400.000 1999 400.000 2000 100.009 Average Mamie; 11_7 !ran. 106 100 1981 160 900 1982 306 600 3963 1.W0 1.800 1984 2.000 3,606 1965 2.400 5.200 1986 2.600 9.000 1907 9.200 12.200 1955 3.6110 19200 1969 4.000 19.600 1990 4.400 24,980 1991 4,900 29.000 1992 5.200 34.200 1993 5.600 19.500 1994 6.900 45.506 1995 5.400 32.200 1995 6.900 99.000 1997 7.100 66.200 1998 7600 73.600 1999 9.000 81.590 2000 The Om of Coop. Ctran CMp+2 Ctraca.. Tex.= ixoros.% IDR 5 7,ct9.414.6 all. DE CDR CIIR1.571. 71.:S.AS GEN EAU. IMPamisinsi boNhs sraars !tip November 19 1950 Geruhavers Suhrct s.. she steam I tote 08-..-41: Nctoee 5e oftee.al Stale= cra stated September 1 1990 ..tach 47C made a paned dm propels! 6". J.-freer:set we. newt• ie brd kr S7,080.000 City of Cm-oss Cbmus.. Truss Gcr.eral iropemeroent boncs Smut-, 1900 dated Nmember IS. /996 FCC !OW klITLY hosed ft 3de,no.d 1..ud Offu.si Statement, 1..r win pay !ou par and accrued Monts foam daue of the Booth to date o. de:etc:I; ca tu plus a cash premium of S r Bonds matua*It and hearMB semen at foi:r.sis Normal= 15. 1591 November IS, 1991 5...-,0 Nonnsancr 151 1942 .:S -a - November 15 1985 -9-2 t.: !:fosememnsberber 1555.. 111r;32 1:-:: Noterober 15. 1984 % Nor ember 15. 1994 3 • 00 % sent=.7 55. igis r •,,,,... % November 19 :993 .0., ''t II November IS. 1986 9 1•7•--% Nolember 55 1996 cl• 5-0 % November 15. 1987 9 A lz••• % Noeember 15 1997 9. November 15. 1988 .r.-.• % November R. 1996 9. '3 Nomober IS. HD November 15. 1999 7. Norember 19. 1990 November IS, 2000 7.4 karma cast in accordance with the abort bid is Grum Interen Cou $ 7; 9, A cas Lew Premium $ Nes lcurrest Con $ Effmtim Interest Rate S... C.i......ax.th a thr c ,,, 7- y ..4,4 7... a...di.? d aink fist 4: ; P.V. re:a A . N.. in the amount of 5140.000 which represent& our Good Faith Deposit (bt onetimd hereto) or (has been made %.: available 10 yap prior to the opening of this bi4). and is su brained in accordance with the terms asset forth in %. ....4 .. the -Mid Notice of Sak" Upon &Gorey of the bonds. said cheek shall be applies: on the purchase prier • 7 : ", Bank. Mafia. Texas. or at die We agree to accept delivery Grand male parmern for rhe Bonds SI C 1 7 V .444 7 '''' '''' "4 .1- '4 f1/4......a 1. . when tendered far delivery. 1 '71 pursuant to the terms set forth in the -Officiai Notice of Sale% ' [Respeniseir submitted. 'cw Z ,..,:•4 Af_., i.....:, ...... - RPg. 4 4... tqi dAt-s r. i'-' ( D i s C, ...-.= .—_., c.te.re-,c-: ti •J .ete wipe 0 Ni-P.v...iii A.' 4; • 4 v 1/j7 cv.7 g"c e/v/t7 rs. /?!.a_.t.y.._ des of . 1980 SLIM CO) at rorput Milli. Teta Receipt is acknot.ledged an behalf rf bidder cf above drstribrd Gond Faith Cheek Au • of 1980. dav By • 750106 .411. we CtiTOf=MS CHUM. TECAS GINIERAL tf199DV1151114T 110:4115 31M UMW TheCh rt CamasChaini Craps Mad. Teas C: mSa e Subject to she seas of lata 01156A Notice of S•le aid [1Ricvi Seatesame, dated Scpatebee 1. 1560, ukiciare ear&apis of deb reseal* niesates.•eheselrs hoed the foIowisjhid for $7.1101.001Col ofCorsa Chiari., Testi Censsal raprr•esree iawir. Series 15M dead tiwetwiee 15. 1501. Tor rose iejaMj Steed lawn. w desteled board OC�c►a1Scatorrat. a•e rill pa! you per and accrued irereashoesdamoftie&adstodatea&beerysos.piracashpaeliMwdlimin-aij fur 0 atrw twj and braiuj Mantra s hems thereshtr l5. 1511 9-00 it,. tiwcsicr 15, 1991 ...11.25-- % bla.ember 15., t5Q 9.00 % Now:caber 15. 1952 A 155.— % Nwsket 15. 1901 — S 1..ewber is. am - g-50 -- % tga.twbes 15. 1904 9 00 % Nosesaber 15. 1954 B.SO % Nosenakre 15. 1105 9.00 _. % Nutmeats 15. 5555 f1 75 % Nawtakr 15. 1105 8_00 '.lie Nawasbtr 15. 1996 ALIO— S. Nwewier 15, 1107 Nweslar 15. 1997 4 _ 00 % Nomember 11_ 1510 9-00 % Natess5Q I5. alga % Necker 15, 1505 9.00 % Siatoaber 15, 1999 9 - 50 % Naeemier 55. 1591 9 041 % bottler 15. woo 9 • SO % 7-aoss ler 11. 1.940 basest ova it acsordawrt with the album bid is: Gros learnt Cost 3 7)1W50 Ls Premiss 1 1110 tee lasetes Casa $ 7.115 Y00 Mai,* Leases[ kw R. 60859 % Cstbierk Cheek of the C14 145710001 Eaei: Attrl1a Time is the amiss of5145AW which spotters for Good Faith Depoit( ) or{Iranbest made anwtiailesolaspile•mdewadi%ofthio bilk and itarbmittdiswards= with the tens sisforth its the •Oirechd Notice of Sale'_ Ups denary of the bia2dt. ,fail cheek shad be apprad at the peaches price. We apse as arrrm defaces of and malt lapses for for hoods at city1<atiaoi1 bank. Austin. Teras. or at the _________ ____ _ - ahett teadered for delivery. pumas to the tens tet fetch b< thr-04Icial Notice of Sale. Marr, aR d Cage. Ctefei. Two Year 1381 1982 1953 1994 1935 1966 1987 IOW 1989 1994 13.5 1996 0997 1998 1999 GEs .026 00 409 400. 400 400, 4110.400 .090 46. 460, COO •• .34 1 r Annie Maturity 11.7 ream BONIILtR 37:730 CITY OE CORPUS bTl. TEXAS f. 1.241920VE5 BONDS, 5 ES 1920 . NO 01 15, 19E0 LIVE: NOVEMBER 15 Yam Y soa 1100 2,0041 2.400 3 .41 14 411 5.660 6.000 &co 6, 7.600 7.600 8.000 %dative Bond Year 100 300 Eon 1,800 3.800 6.260 12. 14. 29. 34.7.00 39. 45,800 50.290 59.000 66. 73, 81.800 .1 111 1981 1982 1983 1981 1985 1986 1 1998 1989 1991 1992 1993 1994 1993 1995 1997 1995 IIMPC.;" SZACII.9aaa city of Carta Carlota. 7tses 5rrri United rax Roods Cameral liPcstr+nroc November rs ISMS It MOO x.11. C.S.T. Sepabtic Rational Baan of Dallas ladle llalaey Straw Sicilia } llaNaRltr Callen Canter kook a Trost First Rational Bast of Fant Riartlt Shearoaa Loeb shames SKtk tatse7. barna Sabani Co., lar. Kidder rea►ody a Co.. loc. Alex kronen L Sias lkiL+elpkta Rational Bash liatinnal Bank of Commerce , lRey,Reta pavlova Coorin i Torpor. Inc. First Rattan/kJ Sank a Mist Compaq., of Theins Rlareaatile Rational Rank at Dallas Corpus Christi Mattonal Rank Capital Rational Rask of Ihiwton