HomeMy WebLinkAbout15653 ORD - 07/23/1980•
AN ORDINANCE
APPROPRIATING -FOR THE PURPOSE OF PREPAYING RENT FOR
A LEASE WITH THE CORPUS CHRISTI CHAMBER OF COMMERCE
OF A PORTION OF THE CHAMBER OF COMMERCE BUILDING
AS FOLLOWS: REAPPROPRIATING TO ACTIVITY 5507
TOURIST AND CONVENTION OFFICE SPACE $66,139.50
PREVIOUSLY DESIGNATED FOR A SECOND FLOOR ON THE EXIST-
ING CONVENTION AND TOURIST BUREAU BUILDING UNDER
ACTIVITY 5507 TOURIST BUREAU BUILDING EXPANSION;
TRANSFERRING $23,860.50 FROM ACTIVITY 5515 CONVENTION
CENTER CONSTRUCTION TO ACTIVITY 5507 TOURIST AND
CONVENTION OFFICE SPACE; DEFERRING $250,000.00 FROM
THE GAS FUND'S TRANSFER TO DEBT SERVICE AND TRANSFERRING
SUCH SUM TO ACTIVITY 5507 TOURIST AND CONVENTION OFFICE
SPACE AND PAYING $250,000.00, PLUS 8.8% ANNUAL INTEREST,
TO THE GENERAL OBLIGATION DEBT SERVICE RESERVE IN TEN
ANNUAL PAYMENTS OF $38,690.00 EACH OUT OF THE TOURIST
AND CONVENTION DEVELOPMENT FUND NO. 103; AND THAT
RENTALS AND/OR PROCEEDS FROM THE LEASE OR SALE OF THE
EXISTING CONVENTION AND TOURIST BUREAU BUILDING BE PAID
INTO THE TOURIST AND CONVENTION DEVELOPMENT FUND NO. 103;
AND DECLARING AN EMERGENCY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. That there is hereby appropriated for the purpose of
prepaying rent for a lease with the Corpus Christi Chamber of Commerce of
a portion of the Chamber of Commerce building as follows:
a. There is hereby reappropriated to Activity 5507 Tourist and
Convention Office Space $66,139.50 previously designated for a second floor
on the existing Corpus Christi Convention and Tourist Bureau building under
Activity 5507 Tourist Bureau Building Expansion;
b. There is hereby transferred $23,860.50 from Activity 5515
Convention Center Construction to Activity 5507 Tourist and Convention
Office Space; and
c. There is hereby deferred $250,000.00 from the Gas Fund's
transfer to debt service, and such sum is hereby transferred to Activity
5507 Tourist and Convention Office Space.
SECTION 2. That $250,000.00, plus 8.8% annual interest, shall be
paid out of the Tourist and Convention Development Fund No. 103 to the General
Obligation Debt Service Reserve in ten annual payments of $38,690.00 as
follows:
25r 53
MICROFILMEDU9
A00
FY
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
Principal Interest Total
$ 16,690.00 $ 22,000.00 $ 38,690.00
18,070.00 20,620.00 38,690.00
19,660.00 19,030.00 38,690.00
21,390.00 17,300.00 38,690.00
23,275.00 15,415.00 38,690.00
25,320.00 13,370.00 38,690.00
27,550.00 11,140.00 38,690.00
29,975.00 8,715.00 38,690.00
32,610.00 6,080.00 38,690.00
35,460.00 3,230.00, 38,690.00
$250,000.00 $136,900.00 $386,900.00
SECTION 3. That the existing Corpus Christi Convention and Tourist
Bureau 6uilding be leased until such time as it can be sold for development
as a hotel or other major improvement in conjunction with adjacent property.
Rentals for the lease of such building and proceeds from its sale shall be
paid into the Tourist and Convention Development Fund No. 103.
SECTION 4. The necessity to make the appropriations as hereinabove
set forth in order that the prepayment of rent for a lease from the Corpus
Christi Chamber of Commerce' of a portion of the Chamber of Commerce building
may be effected at the earliest practicable date creates a public emergency
and an imperative public necessity requiring the suspension of the Charter
rule that no ordinance or resolution shall be passed finally on the date
of its introduction but that such ordinance or resolution shall be read
at three several meetings of the City Council, and the Mayor having declared
that such emergency and necessity exist, having requested the suspension of
the Charter rule and that this ordinance be passed finally on the date
of its introduction and take effect and be in full force and effect from
and after its passage, IT IS ACCORDINGLY SO ORDAINED, this the 0E2 day
Of J ij ."%_. 1980.
ATTEST:
. 22: of ii .dC
y Secretary • MAYOR
APPROVED:
2_3 DAY OF JULY, 1980:
J. BRUCE AYCOCK, CITY ATTORNEY
THE'ITY OF CORPUS CHRISTI, TEXAS
•
CITY OF CORPUS CHRISTI, TEXAS
CIIFICATION OF FUNDS
(City Charter Article IV Section 21)
I certify to the City Council that $ 340,000.00
•
July 23, 1980
, the amount required
for the contract, agreement, obligation or expenditures contemplated in the
above and foregoing ordinance is in the Treasury of the City of Corpus Christi
to the credit of:
Fund No. and Name 03 .. • . • • .
Project No.
Activity 5507 - Cultural Projects
Project Name
Code 332 - Leases and Rentals
(Tourist & convention Office Space)
from which it is proposed to be drawn, and such money is not appropriated for
any other purpose.
FIN 2-55
Revised 7/31/69
Corpus Christi, Texas
aZirr4laY of , 19g)
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance, a
public emergency and imperative necessity exist for the suspension of the Charter
rule or requirement 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 meetings of the City Council; I, therefore, request that you suspend
said Charter rule or requirement and pass this ordinance finally,on the date it
is introduced, or at the present meeting of the City Council.
The Charter rule was
Luther Jones
Edward L. Sample
Dr. Jack Best
David Diaz
Jack K. Dumphy
Betty N. Turner
Cliff Zarsky
Respectfully,
MAYOR
THE CI
F CORPUS CHRISTI, TEXAS
suspended by the following vote:
The above ordinance was passed by the following vote:
Luther Jones
Edward L. Sample
Dr. Jack Best 1 .
David Diaz 4,�i
Jack K. Dumphy
Betty N. Turner
Cliff Zarsky
15G53