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HomeMy WebLinkAbout15884 ORD - 11/19/1980THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI On this the 19th day of November, 1980, the City Council of the City of Corpus Christi, Texas convened in Regular Meeting, with the following members of said Council present, to -wit: Luther Jones, Edward L. Sample, Dr. Jack Best, David Diaz, Jack K. Dumphy, Betty N. Turner, Cliff Zarsky, R. Marvin Townsend, J. Bruce Aycock, Harold F. Zick, Bill G. Read, • • • • Mayor, Mayor Pro -Tem, Councilmen, City Manager, City Attorney, Director of Finance, City Secretary, with the following absent: constituting a quorum, at which time the following among other business was transacted: /htH. in¢sncL 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: " 6Ypus Christi, Texas , 1980 "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 bonds contemplated to be issued pursuant to an ordinance 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 bonds as an emergency measure. You will please consider this request in connection with the ordinance which is to be introduced for passage by the City Council on the subject. "Yours very truly, /s/ Luther Jones Mayor" MICROFILMED,. 15884 Councilman en-GLA!moved 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 emer- gency clause //off�the ordinance. The motion was seconded by Councilman MI %aG/1¢Jl -y . The motion was carried by an unanimous vote by the City Council, viz. : AYES: All present voted Aye. NAYS: None. The Mayor requested that the records show that he voted Aye. This was done.(( �/JJ Councilman /�(� � ja,tt CJ moved that the ordinance 9 The motion was seconded by Councilman The motion was carried by the following be passed finally. vote: AYES: All present voted Aye. NAYS: 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: r ORDINANCE NO.15584 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 FUND FOR THE,REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH AND DECLARING AN EMERGENCY WHEREAS, it is deemed advisable and to the best interest of the City that bonds authorized at an election heretofore held in said City be sold at this time, the date of the election, amounts of bonds authorized thereat, purposes, and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PRE- AMT.NOW ELECTION AUTHORIZED PURPOSE VIOUSLY SOLD OFFERED 11-8-77 $11,710,000 Sanitary Sewers $ 7,910,000 $1,300,000 11-8-77 825,000 Airport 825,000 -0- 11-8-77 100,000 Transit 100,000 -0- 11-8-77 4,310,000 Parks and Recrea. 1,875,000 1,435,000 11-8-77 1,690,000 Public Buildings 570,000 -0- 11-8-77 915,000 Public Safety Bldgs. 335,000 -0- 11-8-77 3,000,000 Storm Sewer 1,785,000 415,000 11-8-77 9,425,000 Street Imprs. 3,575,000 3,850,000 WHEREAS, it is hereby officially found and determined: that a case of emergency or urgent public necessity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or public necessity being that the proceeds from the proposed bonds are required as soon as possible and without delay for necessary and urgently needed public improvements; that this meeting was open to the public as required by law; and that public notice of the time, place and purpose of this meeting was given as required by Vernon's Ann. Civ. St. Article 6252-17, as amended. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: 1. That said City's coupon bonds to be designated the "City of Corpus Christi, Texas General Improvement Bonds, Series 1980" are hereby authorized to be issued and delivered in accordance with the Constitution and the laws of 'the State of Texas in the principal amount of $7,000,000 for the purpose of providing $1,300,000 for constructing improvements to the Sanitary Sewer System, including improvements to Broadway, Westside, Oso, Laguna Madre, and Allison Plants; rehabilitation of McArdle trunk lines; replacement of Port Avenue trunk lines; extension of Five Points area trunk lines; extension of laterals in Flour Bluff, Calallen and Annaville areas, and other Sanitary Sewer improvements; $1,435,000 for improving lands for park purposes and recreation facilities, including Cole Park, Corpus Christi Beach and Bayfront Parks, various neighborhood parks; marina improvements; parks maintenance facilities; tennis courts and lighting; Kennedy Causeway facilities; softball fields, and other park improvements; $415,000 for constructing drainage improvements, including extension of storm sewers in Lincoln Terrace, Cabaniss Acres, Flour Bluff and Annaville areas and other storm sewer improvements; and $3,850,000 for improving the streets of the City, including various neighborhood streets, Port Avenue from Agnes to Buford and SH 286 to Ayers; Carroll Lane from Staples to Gollihar and Padre Island Drive to Tiger Lane; Everhart Road from Padre Island Drive to Staples; Horne Road, from Columbia to Old Brownsville Road; Nueces Bay Boulevard from IH 37 to Broadway; Airport Road from Morgan to Agnes; McArdle Road from Ayers to Carroll rane; Saratoga from Staples to Weber; Baldwin Boulevard from Highway 44 to Highway 9, and other street improvements. 2. That said bonds shall be dated November 15, 1980, shall be numbered consecutively from 1 through 1400, shall be in the denomination of $5,000 each, and shall mature and become due and payable serially on November 15 in each of the years, and in the amounts, respectively, as set forth in the following schedule: 2 YEARS AMOUNTS YEARS AMOUNTS 1981 $ 100,000 1991 $ 400,000 1982 100,000 1992 400,000 1983 100,000 1993 400,000 1984 300,000 1994 400,000 1985 400,000 1995 400,000 1986 400,000 1996 400,000 1987 400,000 1997 400,000 1988 400,000 1998 400,000 1989 400,000 1999 400,000 1990 400,000 2000 400,.000 3. That as to said bonds scheduled to mature on and after November 15, 1991, said City shall have the right and option to redeem such bonds prior to their scheduled maturities, in whole or in part, in their inverse numerical order, on November 15, 1990, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption, plus a premium of 2-1/2%, such premium to be reduced 1/4 of 1% on November 15 of each year thereafter. At least thirty days before the date fixed for any such redemption, the City shall cause a written notice of such redemption to be published at least once in a financial publication printed in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agents for the payment of the principal amount of the bonds to be so redeemed, plus accrued interest thereon to the date fixed for redemption and any premium as required above. If the written notice of redemption is published, and if due provision for such payment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. 4. That said bonds shall bear interest from their date, until maturity or redemption, at the following rates per annum: 3 Bonds maturing 1981 -- % Bonds maturing 1991 -- Bonds maturing 1982 -- _____% Bonds maturing 1992 -- Bonds.maturing 1983 -- Bonds maturing 1993 -- Bonds maturing 1984 -- % Bonds maturing 1994 -- Bonds maturing 1985 -- % Bonds maturing 1995 -- Bonds maturing 1986 -- % Bonds maturing 1996 -- Bonds maturing 1987 -- % Bonds maturing 1997 -- Bonds maturing 1988 -- % Bonds maturing 1998 -- Bonds maturing.1989 -- % Bonds maturing 1999 -- Bonds maturing 1990 -- % Bonds maturing 2000 -- with said interest to be evidenced,by interest coupons payable on May 15, 1981, and semiannually thereafter on each November 15 and May 15. 5. That the principal of and interest on said bonds shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender or proper bond or interest coupon at Corpus Christi National Bank, Corpus Christi, Texas, or at the option of the holder, at The Chase Manhattan Bank, N. A., New York, New York, or at Harris Trust and Savings Bank, Chicago, Illinois, which places shall be the paying agents for said bonds. 6. That each of said bonds and interest coupons shall be signed by the imprinted or lithographed facsimile signature of the Mayor of said City and countersigned by the imprinted or lithographed facsimile signature of the City Secretary of said City, and the official seal of said City shall be impressed, or printed, or lithographed on each of said bonds. 7. That the form of said bonds, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each bond, and the form of the interest coupons to be attached to said bonds, shall be, respectively, substantially as follows: (FORM OF BOND) NO. UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BOND SERIES 1980 4 $5,000 On November 15, , the City of Corpus Christi, in the County of Nueces, State of Texas, promises to pay to bearer the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of per annum, evidenced by interest coupons payable May 15, 1981, and semiannually thereafter on each November 15 and May 15 while this bond is outstanding. The principal of this bond and the interest coupons attached hereto shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the Corpus Christi National Bank, Corpus Christi, Texas, or, at the option of the bearer, at The Chase Manhattan Bank, N. A., New York, New York, or at Harris Trust and Savings Bank, Chicago, Illinois, which places shall be the paying agents for this Series of bonds. This bond is one of a Series of bonds of like tenor and effect except as to number, maturity, interest rate and right of prior redemption, numbered 1 through 1400, of the denomination of $5,000 each, dated November 15, 1980, issued in the aggregate principal amount of $7,000,000 for the purpose of providing $1,300,000 for constructing improvements to the Sanitary Sewer System, $1,435,000 for improving lands for park purposes and recreation facilities, $415,000 for constructing drainage improvements, and $3,850,000 for improving the streets of the City. The bonds of this Series scheduled to mature on and after November 15, 1991 may be redeemed prior to their scheduled maturities, in whole, or in part in inverse numer- ical order, at the option of said City, on November 15, 1990, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption, plus a premium of 2-1/2%, such premium to be reduced 1/4 of 1% on November 15 of each year there - 5 after. At least thirty days before the date fixed for any such redemption the City shall cause a written notice of such redemption to be published at least once in a financial publication printed in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agents for the payment of the prin- cipal amount of the bonds to be redeemed, plus accrued interest thereon to the date fixed for redemption, and any premium as required above. If the written notice of re- demption is published, and if due provision for such payment is made, all as provided above, the bonds which are to be so redeemed thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. It is hereby certified and recited that this bond has been duly and validly voted, authorized, issued and de- livered in accordance with the Constitution and laws of the State of Texas; that this bond is a general obligation of said City, issued on the full faith and credit thereof; and that the ad valorem taxes, upon all taxable property in said City, necessary to pay the interest on and principal of this bond, as such interest comes due, and such principal matures, have been pledged irrevocably for such purpose, within the limit prescribed by law. In witness whereof, this bond and the interest coupons attached hereto have been signed by the imprinted or litho- graphed facsimile signature of the Mayor of said City and countersigned by the imprinted or lithographed facsimile signature of the City Secretary of said City, and the offi- cial seal of said City has been duly impressed, or printed, or lithographed on this bond. xxxxxxx xxxxxx City Secretary, City of Corpus Mayor, City of Corpus Christi, Texas Christi, Texas 6 (FORM OF REGISTRATION CERTIFICATE) COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, certified as to validity, and approved by the Attorney Gen- eral of the State of Texas; and that this bond has been registered by -the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) NO. $ On 15, , the City of Corpus Christi, in the County of Nueces, State of Texas, promises to pay to bearer the amount shown on this interest coupon, in lawful money of the United States of America, without exchange or collection charges to the bearer, unless due provision has been made for the redemption prior to scheduled maturity of the bond to which this interest coupon appertains, upon presentation and surrender of this interest coupon, at the Corpus Christi National Bank, Corpus Christi, Texas, or at the option of the bearer, at The Chase Manhattan Bank, N. A., New York, New York, or at Harris Trust and Savings Bank, Chicago, Illinois, said amount being interest due that day on the bond, bearing the number hereinafter designated, of that issue of City of Corpus Christi, Texas General Improve- ment Bonds, Series 1980, dated November 15, 1980. Bond No. xxxxxxx xxxxxxx City Secretary Mayor 8. That a special fund or account, to be designated the "City of Corpus Christi, Texas General Improvement Bonds, Series 1980 Interest and Sinking Fund" is hereby created and shall be established and maintained by said City at its official depository bank. Said Interest and Sinking 7 Fund shall be kept separate and apart from all other funds and accounts of said City, and shall be used only for paying the interest on and principal of said bonds. All taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, the City Council of said City shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said City, with full allow- ances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide a sinking fund to pay the principal of such bonds as such principal matures, but never less than 2% of the original principal amount of said bonds as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable property in said City for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes necessary to pay the interest on and pr9ncipal of said bonds, as such interest comes due, and such principal matures, are hereby pledged irrevocably for such purpose, within the limit prescribed by law. 9. (a) That said bonds are hereby sold and shall be delivered to , at a price of par and accrued interest to date of delivery, plus a premium of $ (b) That the City Manager of said City is hereby authorized to have control of said bonds and all necessary records and proceedings pertaining to said bonds pending their delivery and their investigation, examination and approval by the Attorney General of the State of Texas, and 8 their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be printed and endorsed on each bond, and the seal of-said Comptroller shall be impressed or printed, or lithographed on each of said bonds. 10. It is hereby officially found and determined that the meeting at which said bonds were authorized was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Vernon's Ann. Civ. St. Article 6252-17, as amended. 11. That for the interest scheduled to come due on the bonds herein authorized on May 15, 1981 there is hereby appropriated from City funds lawfully available for such purpose a sufficient amount of money to pay said interest. 12. That the City covenants to and with the purchasers of the bonds that it will make no use of the proceeds of the bonds at any time throughout the term of this issue of bonds which, if such use had been reasonably expected on the date of delivery of the bonds to and payment for the bonds by the purchasers, would have caused the bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds. The City further covenants that the proceeds of the bonds will not otherwise be used directly or indirectly so as to cause all or any part of the bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c), or any regulations or rulings pertaining thereto. 13. The fact that the contemplated use of the proceeds of the bonds is necessary for the orderly development and 9 growth of the City of Corpus Christi, Texas, creates a public :emergency and an imperative public necessity requir- ing 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. 14. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the 19th day of November, 1980. ATTEST: Ma Texas of Corpus Christi, City"Secretary, City of Corpus Christi, Texas The foregoing ordinance was approved prior to passage as to form and correctness this the day of November, 1980. 10 Corpus Christ' Texas /9 day of✓ 19 Pp 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. Respectfully, THE CI OF CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Luther Jones Edward L. Sample Dr. Jack Best David Diaz Jack K. Dumphy Betty N. Turner Cliff Zarsky The above ordinance was passe. by the following vote: Luther Jones Edward L. Sample Dr. Jack Best David Diaz Jack K. Dumphy Betty N. Turner (/4i,, Cliff Zarsky l.40, 15884