HomeMy WebLinkAbout16411 ORD - 07/22/1981•
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the 22nd day of July, 1981, 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,
Betty N. Turner,
Bob Gulley,
Herbert Hawkins, Jr.:
Dr. Charles Kennedy,:
Jack K. Dumphy,
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: ejy Al. lt/nL -
constituting a quorum, at which time the following among
other business was transacted:
.hCh k• mp2j 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:
"Cor us Christi, Texas
Uhl ")..2- , 1981
"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"
UF16M.a+
16411
V% -f•• '�° '
Councilman lump_hy moved that the Charter
provigion prohibiting ordinances fr^^1 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 of the ordinance. The motion was seconded by
Councilman ZgrsKy 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.
Councilman Urr�Liy moved that the ordinance
be passed finally. The motion was seconded by Councilman
rSkH The motion was carried by the following
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:
ORDINANCE NO.
16411
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, PROVIDING FOR THE ISSUANCE OF $8,000,000
CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT
BONDS, SERIES 1981, 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, purpoes, 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 $ 9,210,000 $2,500,000
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. 3,310,000 1,000,000
11-8-77 1,690,000 Public Buildings 570,000 1,120,000
11-8-77 915,000 Public Safety Bldgs. 335,000 580,000
11-8-77 3,000,000 Storm Sewer 2,200,000 800,000
11-8-77 9,425,000 Street Imprs. 7,425,000 2,000,000
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 1981" 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 $8,000,000 for the
purpose of providing $2,500,000 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;
$1,000,000 for improving lands for park purposes and recreation
facilities, including Cole Park, Corpus Christi Beach and
Bayfront Parks, various neighborhood parks; marina improve-
ments; parks maintenance facilities; tennis courts and
lighting; Kennedy Causeway facilities; softball fields, and
other park improvements; $1,120,000 for public buildings,
coliseum and museum improvements, multicultural center in
existing Bayfront Arts and Science Park, and library in
northwest area of City, for cultural enhancement; $580,000
for making permanent public improvements, to -wit: police
and fire department buildings, animal shelter improvements
and related permanent improvements; $800,000 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 $2,000,000 for
improving the streets of the City, including various neighbor-
hood 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
Lane; Saratoga from Staples to Weber; Baldwin Boulevard from
Highway 44 to Highway 9, and other street improvements.
2. That said bonds shall be dated July 15, 1981, shall
be numbered consecutively from 1 through 1600, shall be in
the denomination of $5,000 each, and shall mature and become
due and payable serially on July 15 in each of the years,
and in the amounts, respectively, as set forth in the following
schedule:
YEARS AMOUNTS YEARS AMOUNTS
1982 $ 150,000 1992 $ 450,000
1983 150,000 1993 450,000
1984 150,000 1994 450,000
1985 350,000 1995 450,000
1986 450,000 1996 450,000
1987 450,000 1997 450,000
1988 450,000 1998 450,000
1989 450,000 1999 450,000
1990 450,000 2000 450,000
1991 450,000 2001 450,000
3. That as to said bonds scheduled to mature on and
after July 15, 1992, said City shall have the right and
option to redeem such bonds prior to their scheduled maturi-
ties, in whole or in part, in their inverse numerical order,
on July 15, 1991, or on any interest payment date there-
after, 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 July 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 prin-
cipal 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:
Bonds maturing 1982 -- /2.00% Bonds maturing 1992 --/i7.00%
Bonds maturing 1983 -- 1.aa% Bonds maturing 1993 -- /12.3o%
Bonds maturing 1984 -- L.42.% Bonds maturing 1994 -- /M5o%
Bonds maturing 1985 -- 2.00% Bonds maturing 1995 --
Bonds maturing 1986 -- z.0o% Bonds maturing' 1996 -- /o.8e%
Bonds maturing 1987 -- /s. 00% Bonds maturing 1997 -- II. oo %
Bonds maturing 1988 -- Iz.00% Bonds maturing 1998 -- /I.00%
Bonds maturing 1989 -- /z.00% Bonds maturing 1999 --
Bonds maturing 1990 -- /z.00 % Bonds maturing 2000 -- 35o%
Bonds maturing 1991 -- //,'7r% Bonds maturing 2001 -- 9.5n%
with said interest to be evidenced by interest coupons
payable on January 15, 1982, and semiannually thereafter on
July 15 and January 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 of 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 signa-
ture 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. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BOND
SERIES 1981
On July 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 January 15, 1982, and semiannually thereafter on
each July 15 and January 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 1600, of the
denomination of $5,000 each, dated July 15, 1981, issued in
the aggregate principal amount of $8,000,000 for the purpose
of providing $2,500,000 for constructing improvements to the
Sanitary Sewer System, $1,000,000 for improving lands for
park purposes and recreation facilities, $1,120,000 for
public buildings, coliseum, and museum improvements, multi-
, cultural center in existing Bayfront Arts and Science Park,
and library in northwest area of City, for cultural enhance-
; ment, $580,000 for making permanent public improvements, to-
wit: police and fire department buildings, animal shelter
improvements and related permanent improvements, $800,000
for constructing drainage improvements, and $2,000,000 for
improving the streets of the City.
The bonds of this Series scheduled to mature on and
after July 15, 1992 may be redeemed prior to their scheduled
maturities, in whole, or in part in inverse numerical order,
at the option of said City, on July 15, 1991, 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 July 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 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.
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
Christi, Texas
Mayor, City of Corpus
Christi, Texas'
(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 1981, dated July 15, 1981. 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 1981 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
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
principal 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
Wc.. flan% o P laM s and /nerca/7i4e, NtL�lara�
delivered to L'+ank R .Ai//asi ./oinf/Y7�nsJ f f%SSoGa}es , at a price
of par and accrued interest to date of delivery, plus a
premium of $ /toVI..
(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
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 January 15, 1982 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
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 22 d • - /�u1y, 1981.
May
Texas
ATTEST:
C. y Secretary, ity o Corpus
Christi, Texas
Corpus Christi,
The foregoing ordinance was approved prior to passage
as to form and correctness this the
1981.
li
day of July;
ty Attorney, ty of Corpus
Christi, Texas
f
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CIIRI3TI
•
•
•
•
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 an ordinance
passed by the City Council of the City of Corpus Christi,
Texas (and of the minutes pertaining thereto) on the 22nd
day of July, 1981, authorizing the issuance of $8,000,000 of
City of Corpus Christi, Texas General Improvement Bonds,
Series 1981, which ordinance 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. St.
Article 6252-17, as amended.
EXECUTED UNDER MY HAND AND SEAL of said City, this the
„P"-' day of July, 1981.
(SEAL)
City Secretary, City of Corpus
Christi, Texas
CITY OF CORPUS CHRISTI, TEXAS
'$8,000,000 GENERAL IMPROVEMENT BONDS, SERIES 1981.
BIDS OPENED: 11:00 A.M., JULY 22, 1981
Effective Total Less Net
Interest Interest Cash Interest
BIDDER Rate Cost Premium Cost
Republic Bank of Dallas, N.A. 10.6539 $ 9,833,550.00 $ -- $ 9,833,550.00
Mercantile National Bank at Dallas
Bache Halsey Stuart Shields
Cullen Center Bank & Trust
First National Bank of Fort Worth
Shearson Loeb Rhoades
Smith Barney, Harris Upham & Co.,Inc.
Kidder Peabody & Co.
Alex Brown & Sons
National Bank of Commerce -Memphis
Eppler, Guerin & Turner, Inc.
First National Bank & Trust Co. of Tulsa
Corpus Christi National Bank
Capital Bank, N.A. of Houston
Citibank, N.A.
Bankers Trust Company
First National Bank of Chicago
Continental Illinois National
Bank & Trust Co. of Chicago
First National Bank of Boston
BancNorthwest
Matthews & Wright, Inc.
Cowen & Co. Rowles, Winston Div.
Rauscher Pierce Refsnes Inc.
Underwood, Neuhaus & Co., Inc.
A. G. Becker Inc.
Allied Bank of Texas
Goldman Sachs & Co.
Thomson -McKinnon Securities Inc.
Greer Moreland Fosdick Shepherd Inc.
10.8166 .$ 9,984,300.00 $ 500.00 $ 9,983,800.00
10.982449
$10,136,800.00 $10,136,800.00
PROPOSAL FOR
° $8,000,000
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BONDS
SERIES 1981
The City of Corpus Christi
Corpus Christi, Texas
July 22, 1981
Gentlemen:
Subject to the terms of your Official Notice of Sale and Official Statement, dated June 1, 1981, which
are made a part of this proposal by'references, we hereby submit the following bid for $8,000,000 City of
Corpus Christi, Texas General Improvement Bonds, Series 1981 dated July 15, 1981.
For your legally issued Bonds, as described in said Official Statement, we will pay you par and accrued
interest from date of the Bonds to date of delivery to us, plus a cash premium of $ — for Bonds
maturing and bearing interest as follows:
July 15, 1982 49, 0 E % July 15, 1992 /0.'00 %
July 15, 1983 ,rx9.0 d % July 15, 1993 /0,30 %
July 15, 1984 /4.7. 00 % July 15, 1994 /0S'D %
July 15, 1985 /t7•0 0 % July 15, 1995 /0.70
July 15, 1986 id -00 % July 15, 1996 /0 •.I'0 %
July 15, 1987 J02•00 % July 15, 1997 //.o& %
July 15, 1988 R. % July 15, 1998 //, 0 %
July 15, 1989 /a7-00 % July 15, 1999 A..\'D %
July 15, 1990 /..,7.00 % July 15, 2000 94.7
July 15, 1991 /%. ZS-- % July 15, 2001 9. ,V7) % n
Interest cost in accordance with the above bid is: / 0lj /
Gross Interest Cost $ / Q t tP33;• `3 'oD i
Less: Premium $ — 0
Net Interest Cost $ 9/t33 S3/B'oo
Effective Interest Rate ! 0. 6_:5-3/ % ?
Cashier's Check of the City National Bank; Austin, Texas (8���
in the amount of $160,000 which represents our Good Faith Deposit ('sI4 dl/e,6/}/efj46) or (has been made
available to you prior to the opening of this bid), and is submitted in accordance with the terms as set forth in
the "Official Notice of Sale". Upon delivery of the Bonds, said check shall be applied on the purchase price.
We agree to accept delivery of and make payment for the Bonds at City National
Bank, Austin, Texas, or at the , when tendered for delivery,
pursuant to the terms set forth in the "Official Notice of Sale".
Respectively submitted,
RepublicBank Dallas, N.A.
in Association with:
Mercantile National Bank at Dallas)Mgrs.
)Jt. (See Member List Attached)
and Associates
ACCEPTED by the City Council on this c9
ATTEST:
Cory5.00o7
rren M. Newman, Vice President
day off/ — 1981.
Cay of Coen Christi. Texas
Receipt is acknowledged on behalf of bidder of above described Good Faith Check this
of 1981.
By
day
$8,000,000 CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BONDS
SELLING: JULY 22, 1981 @ 11:00 A.M. (CDT)
Members
RepublicBank Dallas, N. A.
Bache Halsey Stuart Shields
Cullen Center Bank & Trust
First National Bank of Fort Worth
Shearson Loeb Rhoades
Smith Barney, Harris Upham & Co., Inc.
Kidder Peabody & Co.
Alex Brown & Sons
National Bank of Commerce -Memphis
Eppler, Guerin & Turner, Inc.
First National Bank & Trust Company of Tulsa
IN ASSOCIATION WITH
Mercantile National Bank At Dallas
Corpus Christi National Bank
Capital Bank, N. A. of Houston
) Jt. Manager
Jt. Manager
The City of Corpus Christi
Corpus Christi, Texas
PROPOSAL FOR
$8,000,000
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BONDS
SERIES 1981
July 22. 1981
Gentlemen:
Subject to the terms of your Official Notice of Sale and Official Statement, dated June 1, 1981. which
are made a part of this proposal by references, we hereby submit the following bid for $8,000,000 City of
Corpus Christi, Texas General Improvement Bonds. Series 1981 dated July 15, 1981.
For your legally issued Bonds, as described in said Official Statement, we will pay you par and accrued
interest from date of the Bonds to date of delivery to us, plus a cash premium of S. 500.00 for Bonds
maturing and bearing interest as follows:
July 15, 1982 1 7 _ 00 % July 15, 1992 10.40 %
July 15, 1988 17 00 % July 15, 1998 10 50 %
July 15, 1984 17 00 % July 15, 1994 10 70 %
July 15, 1985 17 00 % July 15, 1995 10.80 %
July 15, 1986 12 00 % July 15, 1996 11.OQ %
July 15, 1987 17 00 % July 15, 1997 11 .10 %
July 15, 1988 1 7 00 % July 15, 1998 11.20 %
July 15, 1989 1 7 on % July 15, 1999 11.25 %
July 15, 1990 11 ft() % . July 15, 2000 9.50 %
July 15, 1991 10 75 % ' July 15, 2001 9.50 %
Interest cost in accordance with the above bid is:
Gross Interest Cost $ 9,984,900.00
Less: Premium $ 500.00
Net Interest Cost $ 9,981,800.00
Effective Interest Rate 10.81 fib %
Cashier's Check of the Citibank, N.A. Bank; Naw Yprk, N, V,
in the amount of $160,000 which represents our Good Faith Deposit (is attached hereto) or
and is submitted in accordance with the terms as set forth in
the "Official Notice of Sale". Upon delivery of the Bonds, said check shall be applied on the purchase price.
We agree to accept delivery of and make payment for the Bonds at (will advise )'
Bank, Austin, Texas, or at the when tendered for delivery,
pursuant to the terms set forth in the "Official Notice of Sale".
Respectively submitted,
1) Citibank, N. A.
2) Bankers Trust Company
3) First National Bank of Chicago
4) Continental Illinois National
Ba rk &—m
us t Co. o P CLicago
5) Firct National Rank of Roston
(Joint Managers)
6) BancNorthwest
7) Matthews & Wright, Inc.
By 11
Margaret c ulltte,
la_LAACCEPTED by the City Council on this day of 1981,
ss
ATTEST:
Guy Secretary
Ice Presiden
Mayor, City of Corns Christi, Texas
Receipt is acknowledged on behalf of bidder of above described Good aith Check tday
19of By
By
The City of Corpus Christi
Corpus Christi, Texas
PROPOSAL FOR
$8,000,000
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BONDS
SERIES 1981
July 22, 1981
Gentlemen:
Subject to the terms of your Official Notice of Sale and Official Statement, dated June 1, 1981, which
are made a part of this proposal by references, we hereby submit the following bid for $8,000,000 City of
Corpus Christi, Texas General Improvement Bonds, Series 1981 dated July 15, 1981.
For your legally issued Bonds, as described in said Official Statement, we will pay you par and accrued
interest from date of the Bonds to date of delivery to us, plus a cash premium of $ ' for Bonds
maturing and bearing interest as follows:
July 15, 1982 J/' 4 b % July 15, 1992 / d, 7.S
July 15, 1983 /1, 00 % July 15, 1995 / d' SC %
July 15, 1984 // ' n 0 % July 15, 1994 / a' 7 0 %
July 15, 1985 // , o O % July 15, 1995 / 0 + 90
July 15, 1986 // + O O % July 15, 1996 ✓ /' 00 %
July 15, 1987 /11 00 % July 15, 1997 / /I J a %
July 15, 1988 //' ' 00 % July 15, 1998 //' ;''
July 15, 1989 //. Oa % July 15, 1999 / / , 410 %
July 15, 1990 /a' 70 % July 15, 2000 % J' /0
July 15, 1991 /a. O O % July 15, 2001 / /, 4/0 %
Interest cost in accordance with the above bid is:
Gross Interest Cost $ /O, I . d, S'o°
Less: Premium $ r ---
Net Interest Cost $ / a, J'3 6, O0
Effective Interest Rate / Oi 7 22 '4 I, I % %
Cashier's Check of the City National Bank- Austin, Texas
in the amount of $160,000 which represents our Good Faith Deposit (is attached hereto) or (has been made
available to you prior to the opening of this bid), and is submitted in accordance with the terms as set forth in
the "Official Notice of Sale". Upon delivery of the Bonds, said check shall be applied on the purchase price.
We agree to accept delivery of and make payment for the Bonds at City National
Bank, Austin, Texas, or at the when tendered for delivery,
pursuant to the terms set forth in the "Official Notice of Sale".
Respectively submitted,
COWEN & COMPANY ROWLES, WINSTON DIVISION - Manager
(see attached)
By �---_—�
Barry Ovdrbaugh
ACCEPTED by the City Council on this day of 1981.
ATTEST:
Mayor. City of Corus Christi, Texas
Cary scnn,ry
Receipt is acknowledged on behalf of bidder of above described Good Faith Check this
of , 1981.
By
day
CORPUS CHRISTI, TEXAS GENERAL OBLIGATIOF
COWEN & COMPANY ROWLES, WINSTON DIVISION Jt. Mgr.
RAUSCHER PIERCE REFSNES INC. Jt. Mgr.
UNDERWOOD, NEUHAUS & CO., INC. Jt. Mgr.
A. G. Becker Incorporated
Allied Bank of Texas
Goldman Sachs & Co.
Thomson -McKinnon Securities Inc.
Greer Moreland Fosdick Shepherd Inc.
Corpus Christi, Texas
;22 day of
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, but that such ordinance or resolution shall be read
at three meetings of the City Council; I/we, 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.
,19X/
Respectfully, Respectfully,
Council Members
MAYOR
The City of Corpus Christi, Texas
The Charter rule was suspended by the following vote:
Luther Jones
Betty N. Turner
Jack K. Dumphy
Bob Gulley
Herbert L.—Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
The above ordinance was
Luther Jones
Betty N. Turner
Jack K. Dunphy
Bob Gulley
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
passed by
the
following vote:
16411
SIGNATURE IDENTIFICATION AND
NO -LITIGATION CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
We, the undersigned, hereby certify as follows:
(a) That this certificate is executed and delivered
with reference to that issue of City of Corpus Christi,
Texas General Improvement Bonds, Series 1981, dated July 15,
1981, in the aggregate principal amount of $8,000,000.
(b) That we officially executed and signed said Bonds
and the interest coupons attached thereto by causing
facsimiles of our manual signatures to be imprinted or
lithographed on each of said Bonds and interest coupons, and
we hereby adopt said facsimile signatures as our own, re-
spectively, and declare that said facsimile signatures
constitute our signatures the same as if we had manually
signed each of said Bonds and interest coupons.
(c) That said Bonds and interest coupons are substan-
tially in the form, and have been duly executed and signed
in the manner, prescribed in the order, resolution or ordinance
authorizing the issuance of said Bonds and interest coupons.
(d) That at the time we so executed and signed said
Bonds and interest coupons we were, and at the time of
executing this certificate we are, the duly chosen, qualified
and acting officers indicated therein, and authorized to
execute the same.
(e) That no litigation of any nature has been filed or
is now pending to restrain or enjoin the issuance or delivery
of said Bonds or interest coupons, or which would affect the
provision made for their payment or security, or in any
manner questioning the proceedings or authority concerning
the issuance of said Bonds and interest coupons, and that so
far as we know and believe no such litigation is threatened.
(f) That neither the corporate existence nor boundaries
of said issuer is being contested; that no litigation has
been filed or is now pending which would affect the authority
of the officers of said issuer to issue, execute, and deliver
said Bonds and interest coupons, and that no authority or
proceedings for the issuance of said Bonds and interest
coupons have been repealed, revoked or rescinded.
(g) That we have caused the official seal of said
issuer to be impressed, or printed, or lithographed on each
of said Bonds; and said seal on said Bonds has been duly
adopted as, and is hereby declared to be, the official seal
of said issuer.
EXECUTED and delivered this
A S GNATURES OFFICIAL TITLES
i _ OF
4410/
Mayor, City of Corpus Christi
City Secretary, City of
Corpus Christi
The signatures of the officers subscribed
above are hereby certified to be true and
genuine.
CORPUS CHRISTI NATIONAL BANK
( BANK -SEAL )
"7F,_
•
fficer
APPROVED AS TO FORM AND CORRECTNESS this the� lay of
July, 1981.
Ci'Ey Attorney, Ci
Corpus Christi, T
1
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
ereto is a true, full and correct statement of indebtedness
•f said City of every character on the 22nd day of July,
1981 as shown by the books and records of said City in my
•ffice.
WITNESS MY HAND AND SEAL of said City this the,,K,Glay
•f July, 1981.
Director of Finance
City of Corpus Chri i, Texas
(SEAL)
;r Cyt
SCHEDULE OF OUTSTANDING BONDED DEBT
. ACCORDING TO SCHEDULED MATURITIES
JUNE 30, 1981
Storm Sewer Bonds, Series 1954, 3% General Improvement Bonds, Series 1965,
3 1/4 - 3 4/10 - 3 1/2%
1981-82 $ 90,000
1982-83 80,000 1981-82 $ 90,000
1983-84 80,000 1982-83 90,000
$ 250,000 1983-84 90,Q00
1984-85 80,000
Street Right -of -Way Bonds, Series $ 350,000
1954, 3 - 2 3/4%
General Improvement Bonds, Series 1966-A,
1981-82 $ 15,000 3 9/10%
1982-83 25,000
1983-84 25,000 1981-82 $ 135,000
$ 65,000 1982-83 135,000
1983-84 135,000
Storm Sewer Bonds, Series 1957, 1984-85 135,000
4 - 3 3/4% 1985-86 135,000
1986-87 135,000
1981-82 $ 35,000 $ 810,000
Airport Bonds, Series 1958, 3 1/4% General Improvement Bonds, Series 1967,
3 9/10 - 4 - 4 1/10%
1981-82 $ 40,000
1982-83 40,000 1981-82 $ 185,000
$ 80,000 1982-83 185,000
1983-84 200,000
Storm Sewer Bonds, Series 1958, 3 1/4% 1984-85 200,000
1985-86 200,000
1981-82 $ 35,000 1986-87 200,000
1982-83 35,000 1987-88 200,000
$ 70,000 $ 1,370,000
General Improvement Bonds, Series 1962, General Improvement Bonds, Series 1968,
2 7/8 - 3 - 3 1/10% 5 - 4 3/10 - 4 5/10 - 4 6/10%
1981-82 $ 300,000 1981-82 $ 150,000
1982-83 150,000
General Improvement Bonds, 1963, 1983-84 150,000
3 - 3 1/10% 1984-85 150,000
1985-86 150,000
1981-82 $ 160,000 1986-87 150,000
1982-83 160,000 1987-88 150,000
$ 320,000 $ 1,050,000
General Improvement Bonds, Series 1963-A, General Improvement Bonds, Series 1968
3-31/10- 3 2/10 - 3 1/4% 5 1/2 - 5 - 5 3/10 - 5 4/10 - 4 5/10%
1981-82 $ 275,000 1981-82 $ 200,000
1982-83 275,000 1982-83 200,000
1983-84 275,000 1983-84 200,000
$ 825,000 1984-85 250,000
1985-86 250,000
General Improvement Bonds, Series 1964, 1986-87 250,000
3 1/10 - 3 1/4 - 3 3/10% 1987-88 250,000
1988-89 250,000
1981-82 $ 255,000 $ 1,850,000
1982-83 255,000
1983-84 255,000 General Improvement Bonds, Series 1969-A,
1984-85 255,000 6 1/2 - 6 2/10 - 6 1/4 - 6 3/10 - 6.35%
$ 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
1981-82 $ 150,000
1982-83 150,000
1983-84 150,000
$ 450,000
General Improvement Bonds, Series 1970,
8 - 6 1/2 - 6 6/10 - 6 7/10 - 6%
1981-82
1982-83
1983-84
1984-85
1985-86
$ 500,000
500,000
500,000
500,000
500,000
$ 2,500,000
General Improvement Bonds, Series 1971,
4 - 4 1/2 - 4 7/10 - 4 8/10 - 5%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
$ 150,000
200,000
200,000
200,000
200,000
200,000
200,000
250,000
250,000
$ 1,850,000
General Improvement Bonds, Series 1972,
5 9/10 - 5 - 5 2/10 - 5 1/4 - 4%
1981-82
1982-83
1983-84
1984-85
_1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
$ 275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
$ 3,025,000
Upper Level College Bonds, Series 1973,
5 1/4%
1981-82
1982-83
1983-84
1984-85
1985-86
.1986-87
1987-88
$ 100,000
100,000
100,000
100,000
100,000
100,000
100,000
$ 700,000
General Improvement Bonds, Series 1973,
6 - 4 9/10 - 5 1/10 - 5 2/10 - 4%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-81
1991-92
1992-93
$ 300,000
300,000
300,000
300,000
300,000
300,000
300,000
400,000
400,000
400,000
400,000
400,000
$ 4,100,000
s Page' 2
Certificates of Obligation, Series 1975,
4 - 5 - 5.1 - 5.2 - 5.3%
1980-81
1981-82
1982-83
1983-84
1984-85
Tax & Revenue Certificates
Series 1974-A, 6 - 5 1/4
5 6/10 - 5 7/10%
1981-82
1982-83
1983-84
1984-85
'1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
$ 200,000
200,000
200,000
206,000
200,000
$ 1,000,000
of Obligation,
- 5 1/2 -
$ 50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
$ 500,000
General Improvement Bonds, Series 1974,
6 - 5 4/10 - 5 1/2 - 5.65 - 5 7/10%
1981-82
1982-83
1983-84
1984-85
1985-86
1987-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
$ 200,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
$ 2,900,000
General Improvement Bonds, Series 1975,
7- 5 1/2 - 5 3/4 - 6- 5%.
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
$ 300,000
300,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
$ 5,400,000
• 'age . 3
C .
General Improvement Bonds, Series 1976, General Improvement Bonds, Series 1978,
6 1/2 - 5 1/2 - 4 3/4 - 4.85 - 5% 5.75 - 4.80 - 4.90 - 5.00 - 3.75%
1981-82 $ 200,000 1981-82 $ 400,000
1982-83 200,000 1982-83 450,000
1983-84 200,000 1983-84 500,000
1984-85 200,000 1984-85 500,000
1985-86 200,000 1985-86 506,000
1986-87 200,000 1986-87 500,000
1987-88 200,000 1987-88 550,000
1988-89 200,000 1988-89 600,000
1989-90 200,000 1989-90 600,000
1990-81 200,000 1990-91 600,000
1991-92 200,000 1991-92 600,000
1992-93 200,000 1992-93 650,000
1993-94 200,000 1993-94 700,000
1994-95 200,000 1994-95 700,000
1995-96 200,000 1995-96 700,000
$ 3,000,000 1996-97 750,000
'1997-98 750,000
General Improvement Bonds, Series 1977, $10,050,000
6 - 4 1/2 - 4.70 - 4.90 - 5%
General Improvement Bonds, Series 1978-A,
1981-82 $ 150,000 6.75 - 5.25 - 5.4 - 5.5 - 5.6%
1982-83 150,000
1983-84 150,000 1981-82 $ 200,000
1984-85 150,000 1982-83 200,000
1985-86 150,000 1983-84 200,000
1986-87 150,000 1984-85 - 200,000
1987-88 150,000 1985-86 200,000
1988-89 150,000 1986-87 200,000
1989-90 150,000 1987-88 200,000
1990-91 150,000 1988-89 200,000
1991-92 150,000 1989-90 250,000
1992-93 150,000 1990-81 300,000
1993-94 150,000 1991-92 300,000
1994-95 150,000 1992-93 300,000
1995-96 150,000 1993-94 300,000
1996-97 150,000 1994-95 300,000
$ 2,400,000 1995-96 300,000
1996-97 300,000
General Improvement Bonds, Series 1977-A, 1997-98 300,000
6 - 4.7 - 4.8 - 4.9 - 4% 1998-99 300,000
$ 4,650,000
1980-81 $ 300,000
1981-82 300,000 General Improvement Bonds, Series 1979,
1982-83 400,000 7.50 - 7.125 - 6.2 - 6.25 -.6.3 -
'1983-84 400,000 6.35 - 6.4 - 6.5 - 6.6 - 6.7 - 5.5%
1984-85 400,000
.1985-86 400,000 1981-82 $ 200,000
1986-87 400,000 1982-83 200,000
1987-88 400,000 1983-84 250,000
1988-89 400,000 1984-85 450,000
1989-90 500,000 1985-86 450,000
1990-91 500,000 1986-87 425,000
1991-92 500,000 1987-88 400,000
1992-93 500,000 1988-89 400,000
1993-94 500,000 1989-90 400,000
3.994-95 500,000 1990-91 400,000
1995-96 500,000 1991-92 400,000
1996-97 500,000 1992-93 400,000
$ 7,400,000 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
$ 7,175,000
Certificates of Obligation, Series 1979,
7.5.- 6.25 - 6.3 - 6.4 - 6.5 -
6.6 - 6.75 - 5.5%
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
$ 5,750,000
General Improvement Bonds, Series 1980
3.00 - 3.60 - 8.10 - 8.30 - 8.40 -
8.60 - 8.75 - 8.90 - 7.00
1981-82 $ 100,000
1982-83 100,000
-1983-84 100,000
1984-85 300,000
1985-86 400,000
1986-87 400,000
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
'2000-2001 400,000
$ 7,000,000
TOTAL BONDED DEBT $78,325,000
Total Cash & Securities in
Interest & Redemption Fund
as of June 30, 1981
$10,548,925.08
' Page 4
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
We, the undersigned, hereby officially certify that we
are the Mayor, City Secretary and Director of Finance,
respectively, of said City, and we further certify as follows:
1. That said City is a duly incorporated Home Rule
City, having more than 5000 inhabitants, operating and
existing under the Constitution and laws of the State of
Texas and the duly adopted Home Rule Charter of said City,
which Charter has not been changed or amended since November
19, 1980, the date the ordinance was passed by the City
Council authorizing the City of Corpus Christi, Texas General
Improvement Bonds, Series 1980.
2. That no litigation of any nature has ever been
filed pertaining to, affecting or contesting: (a) the issu-
ance, delivery, payment, security or validity of the proposed
City of Corpus Christi, Texas General Improvement Bonds,
Series 1981, dated July 15, 1981, in the aggregate principal
amount of $8,000,000; (b) the authority of the officers of
said City to issue, execute and deliver said bonds and
interest coupons; or (c) the validity of the corporate
existence, the current Tax Rolls, or the Charter of said
City; and that no litigation is pending pertaining to,
affecting or contesting the boundaries of said City.
3. That on the 28th day of September, 1977, the date
the City Council called the election authorizing the issuance
of said Bonds, and on the 9th day of November, 1977, the
date the City Council canvassed the returns of said election,
the following persons were the duly elected or appointed and
qualified officials of said City:
Jason Luby,
Eduardo De Ases,
David Diaz
Ruth Gill
Bob Gully
Gabe Lozano, Sr.
Edward L. Sample
R. Marvin Townsend,
J. Bruce Aycock,
Harold F. Zick,
Bill G. Read,
Alton T. WNI-E-6TJr±:,
Mayor
Mayor Pro -Tem
Councilmen
City Manager
City Attorney
Director of Finance
City Secretary
Tax Assessor -Collector
4. That on the 22nd day of July, 1981, the date an
ordinance was passed authorizing the issuance of City of
Corpus Christi, Texas General Improvement Bonds, Series
1981, and at the present time, the following persons were
and are the duly elected or appointed and qualified officials
of saiu City:
Luther Jones,
Betty N. Turner,
Jack K. Dumphy,
Bob Gulley,
Herbert Hawkins, Jr.,
Dr. Charles Kennedy,
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.
m••
5. That the currently effective ad valorem Tax Rolls
of said City are those for the year 1980, being the most
recently approved Tax Rolls of said City; that the City
Council of said City has caused the taxable property in said
City to be assessed as required by law; that the Board of -
Equalization of said City has equalized and approved the
valuation of taxable property in said City for said year;
that the Tax Assessor of said City has duly verified the '
aforesaid Tax Rolls, and said Board of Equalization has
finally approved the same; and that the valuation of taxable
property in said City, and the aggregate amount of exemptions,
and the net effective taxable value of taxable property in
said City, according to the aforesaid Tax Rolls for said
year, as delivered to the City Secretary of said City, and
finally approved and recorded by the City Council of said
City, are as follows:
Assessed Value:
Exemptions:
Taxable Values:
$ 3,214,975,732
$ 130,333,269
$ 3,345,309,001
SIGNED AND SEALED this the 22nd da, `f J y, 1981.
Citf Secretary
City of Corpus Christi, Texas ity o Corpus Christi, Texas
Dir -ector of Finance
City of Corpus Chri i, Texas
(SEAL) •
APPROVED AS TO FORM AND CORRECTNESS thigp2 ""Qday of
-July, 1981.
ity Attorney
City of Corpus(/Christi, Texas
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 1981, 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 or omits to state a material fact required to
be stated therein or necessary to make the statements therein
in light of the circumstances in which they were made, not
misleading;
(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; nor
(c) Has there been any material adverse change in the
operation or financial affairs of the City since the date of
such "Official Statement".
r.
DATED the 22 Hay of July, 1981.
(SEAL)
ATTEST:
City M-nager, C " y of
Corpus Christi, Texas
Director of Finance, `C
Corpus Christi, Texas
City Secretary, City of
Corpus Christi, Texas
APPROVED
cki-44 ' JULY, 1980
sst. y orney
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
We, .the undersigned, City Manager and Director o_`
Finance of the City of Corpus Christi, Texas (the "City"),
do hereby certify as follows:
(1) That this certificate is given for the benefit 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 1981, in the aggregate
principal amount of $8,000,000 (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 10.00% 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 1982 and the anticipated tax rate and such '
other revenues for each of the subsequent Fiscal Years.
Fiscal
Year Estimated Tax Rate Estimated Tax Estimated Other
Ending Total All Expressed in Levy at 95% Revenues Availab:
7-31 Principal Interest Issues Cents Per $100 Collections For Debt Service
1982 $6,110,000 $5,117,835 $11,227,835 $0.26 $ 8,929,426 $ 2,500,000
1983 6,000,000 4,798,391 10,798,391 0.23 8,531,037 2,196,000
1984 6,030,000 4,476,671 10,507,671 0.22 8,812,932 2,030,32I
1985 6,315,000 4,135,725 10,450,725 0.20 8,652,967 1,948,625
1986 5,935,000 3,766,585 9,701,585 0.18 8,410,421 1,461,110
1987 5,385,000 3,404,920 8,789,920 0.15 7,569,379 1,193,695
1988 5,200,000 3,080,788 8,280,788 0.13 7,084,939 1,028,300
1989 5,000,000 2,770,456 7,770,456 0.12 7,063,139 1,149,231
1990 4,900,000 2,463,119 7,363,119 0.10 6;356,825 1,053,644
1991 4,650,000 2,165,563 6,815,563 0.08 5,492,297 1,283,338
1992 4,600,000 1,885,450 6,485,450 0.07 5,190,220 1,312,475
1993 4,375,000 1,612,800 5,987,800 0.06 4,733,760 1,192,275
1994 4,025,000 1,348,775 5,373,775 0.06 5,018,760 980,000
1995 3,800,000 1,101,675 4,901,675 0.05 4,419,800 980,000
1996 3,400,000 864,775 4,264,775 0.04 • 3,725,840 985,000
1997 3,250,000 650,925 3,900,925 0.03 2,936,880 985,000
1998. 2,600,000 442,950 3,042,950 0.02 2,052,920 990,000
1999 1,850,000 274,950 2,124,950 0.01 1,073,960 995,000
2000 1,550,000 151,250 1,701,250 0.01 1,121,460 995,000
2001 850,000 59,000 909,000 0.00 --- 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.
Fiscal Tourist Interest Accrued Interest Topal.
Year Airport Gas (A) Wastewater and Convert- en On Sate of the 8osohtaL (C) Other
1291 Airrort toner System Marina 5vstem (e) Caen Center Investments The ?onds 715'-`^' 2evenue
1941 5259.510 5 37.900 8251,360 525,585 5 300.000 5 357.315 5 950,000 i 55,000 5 137,170 52,314,200
1932 350.995 79.550 252.300 - 300.000 452.795 950,000 --- 113.150 2.500.000
1941 250.000 75.925 249.300 --- 300.000 308.067 755.000 --- 35.208 2.595,000
1394 250.000 74,300 235.500 -- 200.000 258.509 955,000 --- 25.012 2.030.321
1985 '200.000 71.550 220,000 -- 150,000 297,705 •950.000 --- -- 2.748,625
4.780 200,200 68.800 210.000 --- ---27.690 960,000 -- ---
1.4/3.300
4.757 175.000 56.050 -- -- --- ---• 960.000 --- --- 1.776.050
1038 150.000 63,300 -- - -- --- 965.000 -^- -- 1.179,300
1999 125.000 60.500 -- - --- --- 965.000 -- ---
1.150.500
1990 '100,000 57.700 -- --•' -� -- 370,000 -- ---1.127.700
1991 75.000 52.050 -- --- --- ---970.000 - --- 1.097.850
/992 50,000 --- -- --- - 975.000 -- --- 1.025.000
1993 25,000 ------ �' -� 975.000 �- ---
1.000,000
1994 --- - --- -- - -- 980.000 -- --•' 980.000
1995 --- --- -- -__. 980.000980.000
1996 --- -- --- - 985,000 -- -- 983.000
1797 -- --- -.- -- 585.000 - 985.000
1998 -- r '-' - 990,000 - --- 990,000
1399 --- -- - 990,000 -- -- 990.000
1000 -.. -- - --- - - 995.000 --- -- 995,000
296E --- -- -- --� 795.000 -- 995.000
(A) •excess monies received from the City's Gas System
after payment of operating expenses thereof and the princi-
pal 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
payable from revenuesofthe 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, Park-
ing Improvement Fund and Tourist and Convention Development
Fund. -
(6) That the following shows the anticipated revenues
and the anticipated expenditures (1982 through 2001) of the
General Governmental Funds, i.e., General Fund, Marina
Revenue Fund, Parking Improvement Fund and Tourist and
Convention Development Fund:
Fiscal, Estimated
Year Tax Rate In
Ending Cents per
7-31 $100
1982
1983
1984
1985
1986
1087
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000-
2001
$0.42
0.45
0.46
0.48
0.50
0.53
0.55
0.56
0.58
0.60
0.61
0.62
0.62
0.63
0.64
0.65
0.66
0.67
0.66
0.68 --
Estimated •
Receipts
from.Tax at
Rate Shown
With 95%
Collection
$14,424,458
16,691,159
18,427,039
20,766,472
23,362,281
26,745,139
29,974,741
32,961,315
36,869,585
41,192,226
45,229,065
48,915,525
51,860,525
55,689,485
59,613,445
63,632,405
67,746,365
71,955,325
76,259,286
79,489,286
Estimated Revenues
To Be Received
And Beginning
Fund Balance
$ 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
$ 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
(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 operation
of. the City, to -wit:
Combined Tax
Receipts_ Levied -
At A Rate of
68 cents per
$100 valuation
1982=$23,353,885
1983 - 25,222,196
1984 27,239,971
1985 - 29,419,439
1986 31,772,702
1987 34,314,518
,1988 37,059,680
1989 40,024;454
1990 43,226,410
'1991_ 46,684,523
1992 50,419,285
1993 53,649,285
1994 56,879,285
1995 -60,109,285
1996 63,339,285
1997 66,569,285
1998 69,799,285
1999 73,029,285
2000 77,380,746
2001 79,489,286
Expenditures
All Revenues Debt Service Other Than
Except Taxes Of All Types -For Debt Service Surplus
$ 46,845,000 $11,227,835 $-58,050,000 $ 921,050
52,029,000 10,798,391 65,016,000 1,436,805
• 56,620,321 10,507,671 72,818,000 534,621
58,971,625 10,450,725 77,915,000 25,339
65,228,500 9,701,585 83,369,000 930,617
67,735,050 8,789,920 89,205,000 4,054,648
70,664,500 8,280,788 95,449,000 3,994,392
-73,157,700 7,770,456 102,130,000 3,281,698
76,302,850 7,363,119 109,279,000 2,887,141
80,717,000 6,815,563 116,928,000 3,657,960
83,835,000 6,485,450 - 122,774,000 4,994,835
87,075,000 5,987,800 128,913,000 5,823,485
93,198,000 5,373,775 135,358,000 9,345,510
96,840,000 4,901,675 142,126,000 9,921,610
100,608,000 4,264,775 149,232,000 10,450,510
104,523,000 3,900,925 156,690,000 10,501,360
- 107,446,000 3,042,950 164,525,000 9,677,335
110,406,000 2,124,950 172,751,000 8,559,335
114,590,000 1,701,250 181,389,000 8,880,496
118,338,375 909,000 190,458,000 6,460,661
WITNESS OUR HANDS and seal of the City of Corpus Christi,
Texas, this the Z2 day of , 1981:
ATTEST:
City Secretary
(srAL)