Loading...
HomeMy WebLinkAbout15885 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, Mayor, Edward L. Sample, Mayor Pro -Tem, Dr. Jack Best, David Diaz, Jack K. Dumphy, Commissioners, Betty N. Turner, Cliff Zarsky, R. Marvin Townsend, City Manager, J. Bruce Aycock, City Attorney, Harold F. Zick, Director of Finance, Bill G. Read, City Secretary, with the following absent: /Ifilr,C / constituting a quorum, at which time the following among other business was transacted: (flGr�, N•tpresented for the consideration of the 0 ' Council a resolution. The resolution was read by the City Secretary. The Mayor presented to the Council a communication in writing pertaining to said proposed resolution, as follows: "Copus Christi, Texas .an,der._ /9 , 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 sold pursuant to an offering made by an Official Statement to be authorized, ratified and approved by a resolution create an emergency and an imperative public necessity requiring the suspension of rules and Charter provisions requiring resolutions to be considered and voted upon at three regular meetings. I, therefore, request that the City Council adopt the proposed resolution authorizing, ratifying and approving the use of said Official Statement as an emergency measure. You will 15885 MICROFILMED NE"P 27 1984 1 please consider this request in connection with the resol- ution which is to be introduced for adoption by the City Council on the subject. "Yours very truly, /s/ Luther Jones j > (� Mayor" Councilman aC nC}cam, moved that the Charter D provision prohibiting resolutions from being adopted 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 'oJf� the�resolution. The motion was seconded by Councilman (21a L---50.4aLr. The motion was carried by an ,/./ (/ 11 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. Councilman .t.1,4., _ C� tX.t 1 moved that the resolution S be adopted finally. The motion was seconded by Councilman �� e� eCJI tom- i . The motion was carried by the following vote: U 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 resolution had been adopted. The resolution is as follows: THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI I, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certify that the above and foregoing ,is a true, full and correct copy ,of a resolution adopted by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 19th day of November, 1980, approving the form of the Official Statement pertaining to City of Corpus Christi, Texas General Improvement Bonds, Series 1980, and authorizing, ratifying and approving the Official Statement and the use thereof, which resolution is duly of record in the minutes of said City Council, and said meeting 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. Stat., art. 6252-17, as amended. EXECUTED UNDER MY HAND AND SEAL of said City, this the /9 day of (SEAL) 0tcam �i[n , 1980. City -Secretary, City of Corpus Christi, Texas Corpus Christi, Texas 1f day of LiA , 19 S91) 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, MA 4 THE C i Y OF CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Luther Jones Edward L. Sample //yy Dr. Jack Best David Diaz Jack K. Dumphy (//j�,o / Betty N. Turner a,{aa/ Cliff Zarsky vi The above ordinance was passed by the following vote: Luther Jones Edward L. Sample Dr. Jack Best David Diaz /1( Jack K. DumphyA, Betty N. Turner (1424,,/ � Cliff Zarsky (1, 1 A/A� v 15885 CERTIFICATE CONCERNING. OFFICIAL STATEMENT THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI on behalf of the City of Corpus Christi, Texas (the • "City") we the duly appointed and acting City Manager and Director of Finance of the City do hereby certify that the Official Statement prepared for use in connection with the offering and sale of City of Corpus Christi, Texas General Improvement Bonds, Series 1980, has been authorized and approved by the City Council of the City, and to the best of our knowledge and belief and after reasonable investigation: (a) Neither the "Official Statement" nor any amendment or supplement thereto contains any untrue statement of a material fact necessary to make the statements therein in light of the circumstances in which they were made, not mis- leading; (b) Since the date of the "Official Statement" no event has occurred which should have been set forth in an amendment or supplement to the "Official Statement" which has not been set forth in such amendment or supplement; and (c) There has been no material adverse change in the operation or financial affairs of the City since the date of such "Official Statement". DATED the = day of November, 1980. (SEAL) ATTEST: City'Secretary, City of Corpus Christi, Texas City Manager, City of Corpus Christi, Texas Director of Financ City of Corpus Christi, Te as STATEMENT OF INDEBTEDNESS THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI I, the undersigned, Director of Finance of the City of Corpus Christi, Texas, do hereby certify that attached hereto is a true, full and correct statement of indebtedness of said City of every character on the 19th day of November, 1980 as shown by the books and records of said City in my office. WITNESS MY HAND AND SEAL of said City this the day of November, 1980. (SEAL) Di±ector of Finance City of Corpus Chris , Texas SCHEDULE OF OUTSTANDING BONDED DEBT ACCORDING TO SCHEDULED MATURITIES , • OCTOBER 31, 1980 Storm Sewer Bonds, Series 1954, 3% 1980-81 $ 90,000 1981-82 90,000 1982-83 80,000 1983-84 - 80,000 $ 340,000 Street Right -of -Way Bonds, Series 1954, 3 - 2 3/4% 1980-81 $ 15,000 1981-82 15,000 1982-83 25,000 1983-84 25,000 Storm Sewer Bonds, Series 1957, 4 - 3 3/4% 1980-81 1981-82 $ 80,000 $ 35,000 35,000 $ 70,000 Airport Bonds, Series 1958, 3 1/4% 1980-81 $ 40,000 1981-82 40,000 1982-83 40,000 $ 120,000 Storm Sewer Bonds, Series 1958, 3 1/4% 1980-81 $ 30,000 1981-82 35,000 1982-83 35,000 $ 100,000 General Improvement Bonds, Series 1961, 3 1/2 - 3 6/10 - 3 7/10 - 3 3/4% 1980-81 $ 200,000 General Improvement Bonds, Series 1962, 2 7/8 - 3 - 3 1/10% 1980-81 1981-82 $ 300,000 300,000 $ 600,000 General Improvement Bonds, Series 1964, 3 1/10 - 3 1/4 - 3 3/10% 1981-82 $ 255,000 1982-83 255,000 1983-84 255,000 1984-85 255,000 $ 1,020,000 Park Improvement Bonds, Series 1964, 3 1/10,- 3 1/4 - 3 3/10% 1981-82 $ 20,000 1982-83 20,000 1983-84 20,000 1984-85 20,000 $ 80,000 General Improvement Bonds, Series 1965, 3 1/4 - 3 4/10 - 3 1/2% 1980-81 $ 90,000 1981-82 90,000 1982-83 90,000 1983-84 90,000 1984-85 80,000 $ 440,000 General Improvement Bonds, Series 1966-A, 3 9/10% 1980-81 $ 135,000 1981-82 135,000 1982-83 135,000 1983-84 - 135,000 1984-85 135,000 1985-86 135,000 1986-87 135,000 $ 945,000 General Improvement Bonds, Series 1967, 3 9/10 - 4 - 4 1/10% 1981-82 $ 185,000 1982-83 185,000 1983-84 200,000 1984-85 200,000 1985-86 200,000 1986-87 200,000 1987-88 200,000 General Improvement Bonds, 1963, $ 1,370,000 3 - 3 1/10% 1980-81 $ 160,000 1981-82 160,000 1982-83 160,000 $ 480,000 General Improvement Bonds, Series 1963-A, 3- 3 1/10 - 3 2/10 - 3 1/4% 1981-82 $ 275,000 1982-83 275,000 1983-84 275,000 $ 825,000 General Improvement Bonds, Series 1968, 5- 4 3/10 - 4 5/10 - 4 6/10% 1980-81 $ 150,000 1981-82 150,000 1982-83 150,000 1983-84 150,000 1984-85 150,000 1985-86 150,000 1986-87 150,000 1987-88 150,000 $ 1,200,000 Pagr Germs mprovement Bonds, Seiies 1969 Upper Level College Bonds, Serie 73, 5 1/2 - 5 - 5 3/10 - 5 4/10 - 4 5/10% 5 1/4% 1980-81 $ 200,000 1980-81 $ 100,000 1981-82 200,000 1981-82 100,000 1982-83 200,000 1982-83 100,000 1983-84 200,000 1983-84 100,000 1984-85 250,000 1984-85 100,000 1985-86 250,000 1985-86 100,000 1986-87 250,000 1986-87 100,000 1987-88 250,000 1987-88 100,000 1988-89 250,000 $ 800,000 $ 2,050,000 General Improvement Bonds, Series 1969-A, 6 1/2 - 6 2/10 - 6 1/4 - 6 3/10 - 6.35% General Improvement Bonds, Series 1973, 6 - 4 9/10 - 5 1/10 - 5 2/10 - 4% 1980-81 $ 300,000 1980-81 $ 150,000 1981-82 300,000 1981-82 150,000 1982-83 300,000 1982-83 150,000 1983-84 300,000 1983-84 150,000 1984-85 300,000 $ 600,000 1985-86 300,000 1986-87 300,000 General Improvement Bonds, Series 1970, 1987-88 300,000 8 - 6 1/2 - 6 6/10 - 6 7/10 - 6% 1988-89 400,000 1989-90 400,000 1980-81 $ 500,000 1990-91 400,000 1981-82 500,000 1991-92 400,000 1982-83 500,000 1992-93 400,000 1983-84 500,000 $ 4,400,000 1984-85 500,000 1985-86 500,000 Certificates of Obligation, Series 1975, $ 3,000,000 4 - 5 - 5.1 - 5.2 - 5.3% General Improvement Bonds, Series 1971, 1980-81 $ 200,000 4 - 4 1/2 - 4 7/10 - 4 8/10 - 5% 1981-82 200,000 1982-83 200,000 1980-81 $ 150,000 1983-84 200,000 1981-82 150,000 1984-85 200,000 1982-83 200,000 $ 1,000,000 1983-84 200,000 1984-85 200,000 Tax & Revenue Certificates of Obligation, 1985-86 200,000 Series 1974-A, 6 - 5 1/4 - 5 1/2 - 1986-87 200,000 5 6/10 - 5 7/10% 1987-88 200,000 1988-89 250,000 1980-81 $ 50,000 1989-90 250,000 1981-82 50,000 $ 2,000,000 1982-83 50,000 1983-84 50,000 General Improvement Bonds, Series 1972, 1984-85 50,000 5 9/10 - 5 - 5 2/10 - 5 1/4 - 4% 1985-86 50,000 1986-87 50,000 1980-81 $ 275,000 1987-88 50,000 1981-82 275,000 1988-89 50,000 1982-83 275,000 1989-90 50,000 1983-84 275,000 1990-91 50,000 1984-85 275,000 $ 550,000 1985-86 275,000 1986-87 275,000 General Improvement Bonds, Series 1974, 1987-88 275,000 6 - 5 4/10 - 5 1/2 - 5.65 - 5 7/10% 1988-89 275,000 1989-90 275,000 1980-81 $ 200,000 1990-91 275,000 1981-82 200,000 1991-92 275,000 1982-83 225,000 $ 3,300,000 1983-84 225,000 1984-85 225,000 1985-86 225,000 1986-87 225,000 1987-88 225,000 1988-89 225,000 1989-90 225,000 1990-91 225,000 1991-92 225,000 1992-93 225,000 1993-94 225,000 $ 3,100,000 Pagr Genes-mprovemerit Bonds, Seties 1975, General Improvement Bonds, Seri, ,77-A, 7 - 5 1/2 - 5 3/4 - 6 - 5% 6 - 4.7 - 4.8 - 4.9 - 4% 1980-81 $ 300,000 1980-81 $ 300,000 1981-82 300,000 1981-82 300,000 1982-83 300,000 1982-83 400,000 1983-84 400,000 1983-84 400,000 1984-85 400,000 - 1984-85 400,000 1985-86 400,000 1985-86 400,000 1986-87 400,000 1986-87 400,000 1987-88 400,000 1987-88 400,000 1988-89 400,000 1988-89 400,000 1989-90 400,000 1989-90 500,000 1990-91 400,000 1990-91 500,000 1991-92 400,000 1991-92 500,000 1992-93 400,000 1992-93 500,000 1993-94 400,000 1993-94 500,000 1994-95 400,000 1994-95 500,000 $ 5,700,000 1995-96 500,000 1996-97 500,000 General Improvement Bonds, Series 1976, $ 7,400,000 6 1/2 - 5 1/2 - 4 3/4 - 4.85 - 5% General Improvement Bonds, Series 1978, 1980-81 $ 100,000 5.75 - 4.80 - 4.90 - 5.00 - 3.75% 1981-82 200,000 1982-83 200,000 1980-81 $ 350,000 1983-84 200,000 1981-82 400,000 1984-85 200,000 1982-83 450,000 1985-86 200,000 1983-84 1 500,000 1986-87 200,000 1984-85 500,000 1987-88 200,000 1985-86 500,000 1988-89 200,000 1986-87 500,000 1989-90 200,000 1987-88 550,000 1990-91 200,000 1988-89 600,000 1991-92 200,000 1989-90 600,000 1992-93 200,000 1990-91 600,000 1993-94 200,000 1991-92 600,000 1994-95 200,000 1992-93 650,000 1995-96 200,000 1993-94 700,000 $ 3,100,000 1994-95 700,000 1995-96 700,000 General Improvement Bonds, Series 1977, 1996-97 750,000 6 - 4 1/2 - 4.70 - 4.90 - 5% 1997-98 750,000 $10,400,000 1980-81 $ 150,000 1981-82 150,000 General Improvement Bonds, Series 1978-A, 1982-83 150,000 6.75 - 5.25 - 5.4 - 5.5 - 5.6% 1983-84 150,000 1984-85 150,000 1980-81 $ 175,000 1985-86 150,000 1981-82 200,000 1986-87 150,000 1982-83 200,000 1987-88 150,000 1983-84 200,000 1988-89 150,000 1984-85 200,000 1989-90 150,000 1985-86 200,000 1990-91 150,000 1986-87 200,000 1991-92 • 150,000 1987-88 200,000 1992-93 150,000 1988-89 250,000 1993-94 150,000 1989-90 300,000 1994-95 150,000 1990-91 300,000 1995-96 150,000 1991-92 300,000 1996-97 150,000 1992-93 300,000 $ 2,550,000 1993-94 300,000 1994-95 300,000 1995-96 300,000 1996-97 300,000 1997-98 300,000 1998-99-- 300,000 $ 4,825,000 Gene. _mprovement Bonds, Series 1979, 7.50 - 7.125 - 6.2 - 6.25 - 6.3 - 6.35 - 6.4 - 6.5 - 6.6 - 6.7 - 5.5% 1980-81 $ 200,000 1981-82 200,000 1982-83 200,000 1983-84 250,000 1984-85 450,000 1985-86 450,000 1986-87 425,000 1987-88 400,000 1988-89 400,000 1989-90 400,000 1990-91 400,000 1991-92 400,000 1992-93 400,000 1993-94 400,000 1994-95 400,000 1995-96 400,000 1996-97 400,000 1997-98 400,000 1998-99 400,000 1999-2000 400,000 $ 7,375,000 Certificates of Obligation, Series 1979, 7.5 - 6.25 - 6.3 - 6.4 - 6.5 - 6.6 - 6.75 - 5.5% 1980-81 $ 200,000 1981-82 200,000 1982-83 200,000 1983-84 250,000 1984-85 425,000 1985-86 400,000 1986-87 375,000 1987-88 300,000 1988-89 300,000 1989-90 300,000 1990-91 300,000 1991-92 300,000 1992-93 300,000 1993-94 300,000 1994-95 300,000 1995-96 300,000 1996-97 300,000 1997-98 300,000 1998-99 300,000 1999-2000 300,000 $ 5,950,000 TOTAL BONDED DEBT $75,970,000 Total Cash & Securities in Interest & Redemption Fund as of October 31, 1980 $ 12,162,095.90 Page THE STATE OF TEXAS COUNTY OF NUECES CITY OF CORPUS CHRISTI We, the undersigned, City Manager and Director of Finance of the City of Corpus Christi, Texas (the "City"), do hereby certify as follows: (1) That this -certificate is given forthebenefit of the Attorney General of the State of Texas and the purchasers and subsequent holders of the City of Corpus Christi, Texas General Improvement Bonds, Series 1980, in the aggregate principal amount of $7,000,000 (the "Bonds"). (2) That the following table sets forth the principal and interest requirements on all of the City's debt payable from ad valorem taxes (including the effect of the issuance of the Bonds with an assumed interest rate of 8.00% for the Fiscal Years ending July 31 as indicated. The outstanding principal and interest requirements include the debt service requirements on all of such outstanding indebtedness including Certificates of Obligation, Combination Tax and Revenue Cer- tificates of Obligation, assumed Water District Bonds and Hospital Bonds issued by the City (although now being paid by the Nueces County Hospital District). Included in such table is the actual tax rate and budgeted and estimated other Revenues available for debt service for the Fiscal Year ending in 1981 and the anticipated tax rate and such other revenues for each of the subsequent Fiscal Years. • Fval Year Eoimoced Ending Tout ,t11 731 Principal Limes Issue 1981 9 5.919.000 3 4.304.260 $ 10,203.260 1982 5.960.000 4.277.735 10.237.735 1983 5.350.000 3.974.291 9.824.291 1984 5.880.000 3.669.571 9.549,571 1985 5,965,000 3,344.625 9.309.625 1986 5.485.000 3,013.985 8.498.985 1987 4,935,000 2,701.320 7.696.320 1988 4.750,000 2,426.188 7.176.188 1989 4,550.000 2.164,856 6.714.856 1990 4,450.000 1.906.519 6.356.519 1991 4,200.000 1,657.963 5.357.963 199E 4.150,000 1,426.850 5,576.850 1993 3.925.000 1,202,400 5.127.400 1994 3.575,000 984,775 4,559.775 1995 3.350,000 783.475 4,133,475 1996 2.950.000 ' 592,975 3.542.975 1997 2.800.000 426.125 3.226.125 1998 2,150.000 265.850 2.415.850 1999 1,400,000 146,150 1,346.150 2000 1.100.000 67.250 1.167.250 2001 400,000 16.000 416.000 383,744.000 559.353.163 5123,097,163 Tax Rate Estimated Tax Estimated Other Expressed in Levy at 954 Revenues Available Cents Per 5100 Collections Fur Debt Service $ 0.26 9 8,285,439 $ 2,444,200 0.26 8,398,000 2,500,000 0.25 8,379,000 2,196,000 0.22 8,255,500 2,030,321 0.21 8,179,500 1,948,625 0.20 7,980,000 1,461,110 0.18 7,353,000 1,193,695 0.17 7,030,000 1,028,300 0.15 6,412,500 1,149,231 0.14 6,118,000 1,053,644 0.12 5,358,000 1,283,338 0.11 5,016,000 1,312,475 0.10 4,655,000 1,192,275 0.09 4,265,000 980,000 0.08 3,010,000 980,000 0.07 3,185,000 985,000 0.06 2,840,000 985,000 0.04 1,986,975 990,000 0.02 1,090,000 990,000 0.01 670,000 995,000 --- ---- 995,000 (3) That there follows a tabulation showing the sources of estimated "Other Revenues Available for Debt Service" as reported in the above Section (2) table. 7tsc3l Tourist Interest Accrued Interest Total Year Airport Gas (Al wastewater and Conven- on On SaLe 00 the Hospital (C3 Other 1981 Airport Tower System Marina System (8) tion Center Investments The Sands District Revenue 1981 0259,610 0 07,900 5251,360 025.585 S 300,000 5 357,315 i 350,000 1982 350,995 79,550 252,300 -- 300.000 452.995 950,000 1983 250.000 76,925 249,300 --- 300,000 308,067 955,000 1994 250,000 74.300 235,500 -- 200,000 288.609 .955.000 1985 250.000 71,550 220,000 --- 150,000 297,705 960,000 1986 200,000 68,800 210,000 -- -- 27,690 960,000 1987 175,000 56.050 -- --- -- - --- 960,000 1988 150.000 63,300 --- -- --- --- 965.000 1989 125,000 , 60.500 -- -- --- --- 965,000 1990 100,000 57,700 -- --- -- --- 970,000 1991 75,000 92,050 --- --- --- 970,000 1992 50,000 --- --- --- --- 87,000 975,000 1993 25,000 -- -- --- .-- - 975,000 1994 --- --- --- --- -- 980.000 1995 --- ------ --- -- - 980,000 1996 --- --- --- --- --- 985,000 1997 --- -- --- -- -- 985.000 1998 -- -- --- --- -- -- 990,000 1399 --- -- --- --- -- 990.000 2000 --- --- --- --- --- 995,000 2901 --- --- -- 995,000 3 45,000 5 117,430 02,444,200 114,160 2,500,000 56,200 2,196,000 26,912 2,030,321 -- 1,948,625 1.438.800 1.376,050 -- 1.178,300 1,150,500 1,127,700 1.097.850 1.025.000 1.000,000 980.000 980,000 985,000 985,000 990,000 990,000 995,000 321,375 (A) excess monies received from the City's Gas System after payment of operating expenses thereof and the principal and interest on revenue debt outstanding payable from revenues of the Gas System. (B) excess monies received from the City's Waterworks and Sewer System after payment of operating expenses thereof and the principal and interest on revenue debt outstanding paya- ble from revenues of the Waterworks and Sewer System. (c) payments received from Hospital District to retire City's bonds assumed by the District. (4) That all revenues of the City other than pledged revenues are placed in the General Governmental Funds, i.e., General Fund, Marina Revenue Fund, Parking Improvement Fund and Tourist and Convention Development Fund. (5) That the cost of operating the City other than the cost of operating the Waterworks and Sewer System, the Gas System, the Airport, the Ambulance Service, Internal Services and Trust and Agency Funds, is paid from the General Govern- mental Funds, i.e., General Fund, Marina Revenue Fund, Parking Improvement Fund and Tourist and Convention Development Fund. (6) 'That the following shows the anticipated revenues and the anticipated expenditures (1981 through 2001) of the General Governmental Funds, i.e., General Fund, Marina Revenue Fund, Parking Improvement Fund and Tourist and Convention Development Fund: Estimated Receipts Fiscal Estimated from Tax at Year Tax -Rate ,In Rate -Shown Ending Cents per With 95% 7-31 $100 Collection $0.42 $13,347,561 0.42 14,275,000 0.43 16,325,000 0.46 19,507,000 0.43 22,261,000 0.48 25,008,000 0.50 28,655,000 0.51 32,151,000 0.53 36,752,000 0.54 41,190,000 0.56 44,851,000 0.57 47,935,000 0.58 51,214,000 0.59 54,702,000 0.60 58,411,000 0.61 62,356,000 0.62 66,545,000 0.64 72,126,000 0.66 78,-100,000 0.67 83,247,000 0.68 88,714,000 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 (i) Actual 1980-81 Budget collection rate. All lection rate. Estimated Revenues To Be -Received And Beginning Fund Balance $ 52,740,761 59,070,000 66,158,000 74,097,000 79,284,000 88,798,000 95,014,000 101,665,000 108,782,000 116,395,000 124,543,000 130,770,000 137,309,000 146,920,000 154,266,000 161,979,000 170,078,000 178,582,000 .187,511,000 196,887,000 206,731,000 Expenditures $ 51,830,268 58,050,000 65,016,000 72,818,000 77,915,000 83,369,000 89,205,000 95,449,000 102,130,000 109,279,000 116,928,000 122,774,000 128,913,000 135,358,000 142,126,000 149,232,000 156,690,000 164,525,000 172,751,000 181,389,000 190,458,000 calculates tax collections at 96.8% other years are estimated at 95% col - (7) That there follows a recapitulation of the fore- going demonstrating the effect of a tax levy each year at a rate of 68 cents per $100 valuation on the overall opera- tion of the City, to -wit: Combined Tax Receipts Levied At A Rate of 68 cents per $100 valuation Expenditures All Revenues Debt Service Other Than Except Taxes Of All Types For Debt Service Surplus WITNESS OUR HANDS and seal of the City of Corpus Christi, ..Texas, this .the ARday =of1980. Director of Fi ATTEST: A(AeW City/Secretary (SEAL) a