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,
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•
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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
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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:
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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:
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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 -
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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
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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
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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
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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.
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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