HomeMy WebLinkAbout17594 ORD - 05/18/1983ORDINANCE NO. / 59',/
BY' THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, PROVIDING FOR THE ISSUANCE OF $11,045,000
CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT
BONDS, SERIES 1983, 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 inter-
est of the City that bonds authorized at an election held in
said City on February 20, 1982 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
2-20-82 $ 15,675,000 San. Sewer $ 5,800,000 $ 100,000
2-20-82 12,315,000 Street 825,000 3,030,000
2-20-82 800,000 San.Land Fill 450,000 350,000
2-20-82 1,212,000 Parks & Recrea. 560,000 300,000
2-20-82 5,000,000 Airpt.Land &
Hazard Elimin. 1,000,000 1,500,000
2-20-82 1,642,000 Airport Impr. 440,000 80,000
2-20-82 2,255,000 Storm Sewer 425,000 555,000
2-20-82 1,565,000 Public Safety 725,000 430,000
2-20-82 5,000,000 Library 300,000 4,700,000
$ 45,464,000 $10,525,000 $11,045,000
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,
17594
SEP 28 1984
MJCROFILMED
Kf
Series 1983" 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 $11,045,000
for the purpose of providing $100,000 for constructing
improvements to the Sanitary Sewer System, including im-
provements to Allison, Laguna Madre, and Westside Plants,
extension of laterals and trunk lines at various locations
1,
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within the City limits, and other Sanitary Sewer Improve-
ments; $3,030,000 for improving the streets of the City,
including Tiger Lane from Weber Road to Flynn Parkway;
Purdue Road from Waldron Road to Flour Bluff Drive and from
Debra Lane to Laguna Shores Road; McArdle Road from Crescent
Drive to Nile Drive; various traffic signal improvements;
intersection improvements throughout the City, and other
street and sidewalk_ improvements; $350,000 for purchasing
land for permanent improvements, to -wit: Expansion of the
Elliott sanitary landfill site and other sanitation
improvements; $300,000 for improving lands for park and
recreation facilities, including various neighborhood parks;
Greenwood Park, including grading and fill; improvements to
St. Andrews Park; tennis court lighting, and other park
improvements; $1,500,000 for acquiring land to eliminate
airport hazards; $80,000 for constructing airport improve-
ments at the City's International Airport, including
extension of the concourse; expansion of ticket wings and
other airport improvements; $555,000 for constructing
drainage improvements, including improved storm sewers in
the Calallen, Clarkwood areas; various intersections along
South Padre Island Drive, and other storm sewer improve-
ments; $430,000 for making permanent improvements, to -wit:
Building and equipping additional fire stations and/or
public safety buildings in the Saratoga -Weber, Five Points,
and Padre Island areas of the City, and related permanent
improvements; and $4,700,000 for permanent improvements,
to -wit: # Constructing a central library including' land
acquisition and equipment, and other cultural enhancements.
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2. That said bonds shall be dated June 1, 1983, shall
be numbered consecutively from 1 through 2209, shall be in
the denomination of $5,000 each, and shall mature and become
due and payable serially on June 1 in each of the years, and
in the amounts, respectively, as set forth in the following
schedule:
YEARS AMOUNTS YEARS AMOUNTS
1984 $ 220,000 1994 $ 600,000
1985 250,000 1995 600,000
1986 375,000 1996 600,000
1987 600,000 1997 600,000
1988 600,000 1998 600,000
1989 600,000 1999 600,000
1990 600,000 2000 600,000
1991 600,000 2001 600,000
1992 600,000 2002 600,000
1993 600,000 2003 600,000
3. That as to said bonds scheduled to mature on and
after June 1, 1999, said City shall have the right and
option to redeem such bonds prior to their scheduled maturi-
ties, in whole or in part, on June 1, 1998, or on any
interest payment date thereafter, for the principal amount
thereof plus accrued interest to the date fixed for redemp-
tion.
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 redemp-
tion 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.
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4. That said bonds shall bear interest from their
date, until maturity or redemption, at the following rates
per annum:
Bonds maturing 1984 -- /So% Bonds maturing 1994 -- 8.625%
Bonds maturing 1985 -- c1.50% Bonds maturing 1995 -- g.tio %
Bonds maturing 1986 -- '.5o % Bonds maturing 1996 -- S!5o 8
Bonds maturing 1967 -- q.6o% Bonds maturing 1997 --
Bonds maturing 1988 -- q.s0% Bonds maturing 1998 -- f.fo%
Bonds maturing 1989 -- g..50% Bonds maturing 1999 -- 4.90%
Bonds maturing 1990 -- 9.10% Bonds maturing 2000 --
Bonds maturing 1991 -- 9.50% Bonds maturing 2001 -- o0 8
Bonds maturing 1992 -- 9.so% Bonds maturing 2002 -- ,.5v%
Bonds maturing 1993 -- 9.5'o% Bonds maturing 2003 -- /•So$
with said interest to be evidenced by interest coupons
payable on December 1, 1983, and semiannually thereafter on
December 1 and June 1.
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, substan-
tially as follows:
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(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 1983
On June 1, , 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 December 1, 1983, and semiannually thereafter on
each June 1 and December 1 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 2209, of the
denomination of $5,000 each, dated June 1, 1983, issued in
the aggregate principal amount of $11,045,000 for the
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purpose of providing $100,000 for constructing improvements
to the Sanitary Sewer System; $3,030,000 for improving the
streets of the City; $350,000 for purchasing land for
permanent improvements, to -wit: Expansion of the Elliott
sanitary landfill site and other sanitation improvements;
$300,000 for improving lands for park purposes and recrea-
tion facilities, including various neighborhood parks;
5
$1,500,000 for acquiring land to eliminate airport hazards;
$80,000 for constructing airport improvements at the City's
International Airport, and other airport improvements;
$555,000 for constructing drainage improvements, including
improved storm sewers in the Callallen, Clarkwood areas;
various intersections along South Padre Island Drive, and
other storm sewer improvements; $430,000 for making per-
manent improvements, to -wit: Building and equipping addi-
tional fire stations and/or public safety buildings in the
Saratoga -Weber, Five Points, and Padre Island areas of the
City, and related permanent improvements; and $4,700,000 for
permanent improvements, to -wit: Constructing a central
library including land acquisition and equipment, and other
cultural enhancements.
The bonds of this Series scheduled to mature on and
after June 1, 1999 may be redeemed prior to their scheduled
maturities, in whole, or in part, at the option of said
City, on June 1, 1998, or on any interest payment date
thereafter, for the principal amount thereof plus accrued
interest to the date fixed for redemption. 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.
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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 xxxxxxx
City Secretary, City of Corpus Mayor, City of Corpus
Christi, Texas 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
xxxxxxx
Comptroller of Public Accounts of
the State of Texas
(FORM OF INTEREST COUPON)
NO. $
On 1, , 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
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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 1983, dated June 1, 1983. Bond No.
xxxxx
City Secretary
Mayor
8. That a special fund or account, to be designated
the "City of Corpus Christi, Texas General Improvement
Bonds, Series 1983 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
8
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
delivered to .T'rierIr51 Eank2*//as,N.4. ri%SSoaS/rs, at a price
of par and accrued interest to date of delivery, plus a
premium of $ 371,. /S
(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 December 1, 1983 there is
hereby appropriated from City funds lawfully available for
such purpose a sufficient amount of money to pay said
interest.
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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.
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14. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this 18th daj f May, 1983.
Jr
Mayor, Ci
Texas
ATTEST:
Ci Secretary, ity o Corpus
Christi, Texas
of Corpus Christi,
The foregoing ordinance was approved prior to passage
JogL
as to form and correctness this the f f day of May, 1983.
ity Attorney City of Corpus
Christi, Tex
11
Corpus Christi, Texas
/l ''day of
, 198
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance
or resolution, an emergency exists requiring suspension of the Charter rule
as to consideration and voting upon ordinances or resolutions at three
regular meetings; I/we, therefore, request that you suspend said Charter rule
and pass this ordinance or resolution finally on the date it is introduced,
or at the present meeting of the City Council.
Respectfully, Respectfully,
MAYOR
THE TY OF CORPUS CHRISTI, TEXAS
Council Members
The above ordinance was passed
Luther Jones
Betty N. Turner
Jack K. Dumphy
Bob Gulley
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
y the fallowing vote:
r+
17594