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Home My WebLink About18837 ORD - 05/16/1985THE STATE oF TEXAS COUNTY Or NUECES CITY OF CORPUS CHRISTI On this the 16th day of May, 1985, the City Council of Inc City of Corpus Christi, Texas convened in Special Meetang, Math the following members 00 3010 Council present, to -wit: Luther Jones, Dr. Jack Best, 2P;'Pro-Tem, Frank Mendez, David Berlanga, Sr., Leo Guerrero, Landa Strong, ; Councslmemhers, Joe McComb, Bill Pruet, Mary Pat Slavak, Edward A. Martan, City Manager, 0. Bruce Aycock, City Attorney, Juan Garza, Darector of Finance, Armando Chapa, CIty Secretary, with the following absent: NONE constituting a quorum, at whIch time the followang among other business was transacted: d City 005ager Edward .ardra presented for the consideration of the Council an ordinance. The ordinance was read by the City Secretary. The Mayor presented to the Council a communaca- t10n an Writing pertaining to said proposed ordinance, as follows: Tezas "TO THE CITY COUNCIL Corpus Chrlsta, Texas Gentlemen: • "The public maportance and pressang need to effect the full savings contemplated an assuance of the City's Waterworks Revenue Refunding )3onds createS an emergency and an amperatave nubile necessaty reguarang the suspen- slon of rules and Charter provasions reguarang ordinances to be considered and voted upon at three regular meetings. I, therefore, request that the City Councal pass the pro- posed ordinance amendang the Bond Ordinance and the assoc, ated resolution as an emergency measure. You wail please consader thas request an connection with the ordinance whach as to be antroducedfor passage by the Caty Council on the subject. "Yours very truly, /s/ Luther Jones Mayor" 18837 kididrionek • Mayor Pro Tem -Tack Best - moved that the Charter provision prohibiting ordinances from being passed finally on the date introduced be suspended for the reasons stated in the written request of the mayor and stated in the emer- gency clause of the ordinance. The motion was Seconded by Councilmember Leo Guerrero . The motion was carried by an unanimous vote by the City Council, vic. AYES: All presentyoted Aye. NAYS: None. Nyor Pro Tem_Tack Best moved that the ordi- nance be passed finally. The motion was seconded by Coun- cilmember leo Guerrero - . The motion was carried by the following vote AYES: All present voted Aye. NAYS: None. The Mayor armoUnced that the ordinance had been paSsed. The ordinance Is as follows: ORDINANCE N0. 18837 AMENDING ORDINANCE N0. 18834 AND RESOLUTION N0. 18833 IN ORDER TO IMPLLMLNF THE FULL SAVINGS CON1LMPLATED IN THE ISSUANCE AND SALE OF CITY OF CORPUS CHRISTI, TEXAS WATERWORKS SYSTEM REVENUE REFUNDING BON05, SERIES 1985. AND DECLARING AN EMERGENCY. THE STATE OF TEXAS COUNTY OF HEM CITY OF CORPUS CHRISTI § WHEREAS, at a special meeting of the City Council this the 16th day of May, 1985, the City Council passed an ordinance (the "Ordinance") authorizing the issuance and sale of its City of Corpus Christi, Teras Waterworks System Revenue Refunding Bonds, Series 1985 (the "Bonds"), and WHEREAS, concurrently with the passage of such ordinance, the City Council adopted a resolution (the "Resolution") authorizing, ratifying and approving the official statement and the use thereof in offering and sale of said bonds; and WHEREAS, it is the desire of the City Council to amend such ordinance and such resolution. NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: 1. That the Ordinance is amended as follows: (a) Section 1 of the Ordinance is amended to read as follows: Section 1 BONDS AUTHORIZED That the City's bonds (the "Series 1985 Bonds") are hereby authorized to be Issued In the aggregate principal amount of 132,645.0011. for the purpose o£ refunding all of the outstanding waterworks system revenue bonds of the City. The Serves 1985 Bonds shall be designated as the "City of Corpus Christi, Texas Waterworks System Revenue Refunding Honda, Series 1985". (b) Section 2 of the Ordinance is amended to read as follows. Section 2 DATE AND MATURITIES That the Series 1985 Bonds shall be dated May 10, 1985, shall be in the denomina- tion of $5,000 each, or any integral multiple thereof, shall be numbered consecutively from one upward, and shall mature serially on the maturity date, in each of the years, and in the amounts, respectively, as set forth in the following schedule MATURITY DATE July 10 YEARS AMOUNTS YEARS AMOUNTS 1966 $ 1,360,000 1994 $ 2,090,000 1967 1,620,000 1995 2,155,000 1988 1,695,000 1996 2,125,000 1989 1,770,000 1997 2,085,000 1990 1,865,000 1998050,000 1991 1,965,000 1999 2,010,000 1992 2,010,000 1993 2,045,000 2002 5,800,000 The Series 1985 Bonds maturing in the year 2002 are hereby designated "Term Bonds", and shall be subject to retirement by operation of the Mandatory Redemption Account, as herein provided (c) The reference in Section 6 of the Ordinance to the aggregate principal amount of the Bonds is changed to read "$32,645,000". (d) Subsection (3) of Section 15(b) of the Ordinance is amended to read as follows (3) such amounts, deposited 1n monthly install- ments on or before the 25th day of each month as Amortisation Installments for the Serres 1985 Bonds scheduled to mature on July 10, 2002 to the credit of the Mandatory Redemption Account commencing in July, 1999 and confirming through June, 2002, 1/12 of the respective annual amounts as follows Twelve Month Period Ending s June 25 Amortization Installment 2000 $ 1.965.000 2001 1,930,000 2002 *1,905,000 *Payable at maturity The City shall redeem Term Bonds of the Series 1985 Bonds maturing on July 10, 2002 on July 10 of each of the years 2000 to 2002, inclusive The principal amount of the Terra Bonds required to be redeemed pursuant to the operation of such mandatory redemption provisions shall be reduced, at the option of the City, by the principal arsount of any Term Bonds which, at least 50 days prior to the mandatory redemp- tion date, (1) shall have been acquired by the City at a price not exceeding the principal amount of such Tem Bonds plus accrued interest 00 0100 date of purchase thereof, and delivered to the Paying Agent/Registrar for cancellation, (2) shall 0000 been purchased and cancelled by the Paying Agent/Registrar at the request of the City with moneys In the Mandatory Redemption Account, at a price not exceedang the principal amount of such Term Bonds plus accrued inter- est to the date of purchase thereof, or (3) ha,. been redeemed pursuant to the optional redemption provisions set forth above in Section 3 hereof 602 000 theretofore credited against a mandatory redemption requirement. On the maturity date of any Tem Bonds, the City shall. apply the monies on 0502 10 the Mandatory Redemption Account for the payment of the principal of the maturing Term Bond. If the monthly transfers to the Mandatory Redemptaan Account reqUired by this Section 15(b) 0111 produce a surplus in the Mandatory Redemption Account at maturity of the Term Bonds 00 000 Series 1925 Bonds, the monthly transfers required on the account of the Term Bonds of the Series 1905 Bonds may be reduced accordingly and inapproximatelyequal amounts. (d) Section 29 of the Ordinance is amended to read a5 follows Section 29. SALE of SERIES 1985 BCMOB (a) That the sale of the Serves 1985 Bonds, at a prate of $ 31,992,100 00 to the underwriters named an the Purchase Contract described below, together with accrued interest on the Series 1985 Bonds from May 10, 1985 to date of delivery, and in accord- ance with the terms and condataons of the Purchase Contract, between the City and Smith Barney, Harris Upham 6 Co Incorporated, accepted by the City concurrently herewith, relating to the Series 1985 Bands, as hereby authoraxed, ratafaed and oonfarmed (b) That the Purchase Contract setting forth the terms of the sale of the Series 1985 Bonds to the purchasers thereof referred to an (a) above, as hereby accepted, approved and authorized to be delivered an executed form to sand purchasers The Purchase Contract shall be executed by the Caty Manager, attested by the Caty Secretary, and approved as to form and legalityby the City Attorney 2. That the first recital of the Resolution is amended to read as follows: WHEREAS, the City of Corpus Christi 1s authorized to issue and sell its 532,645,000 Waterworks System Revenue Refunding Bands, Series 1985, pursuant to the Constitution and laws of Texas and 3 That the fact that the amendment of the Ordinance and the Resolution is necessary to effect the full savings contemplated in the sale of the Bonds, Creates a public emergency and an imperative public necessity requiring the suspension of the Charter Rule prov,d,ng that no ordinance or resolution shall be passed finally on the date it 1s 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 resolution take effect and be in full farce and effect from and after its adoption, it is accordingly so ordained. PASSED AND APPROVED THIS I5th day of May, 1985. MAYOR THE CI! OF CORPUS CHRISTI, TEXAS (SEAL) ATTEST. City Secretary v""'X`T- City of Corpus Christi, Texas The foregoing Ordinance was approved prior to passage as to form and corrections this the 16th day of May, 1985 orneyCity of Corpus Ch stn, Texas THE STATE OF TEXAS • COUNTY OF NUECES CITY OF CORBUS CHRIST/ 1, the undersigned,City Secretary of the City of Corpus Christi, Texas, do hereby certify that the above and forego., .. a true, full and correct copy of an ordinance adopted by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the Ifith day of May, 1985, amend- ing the ordlnance authorizing the Issuance and sale of City of Corpus Christi, Texas Waterworks System Revenue Refunding Bonds, Series 1985 andanassocrated 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 Ifith day of May, 1985. City 5scsetarY, Corpus Christi, Texas 18837 Corpus Christi,' Texas a Am day of , /OH-. , 198V' TO THE HOMERS OF THE CITY COUNCIL Corpus Christi, Texas For the re set forth in the emergency clause of the foregoing ordinance or resolution,emergency exists requiring suspension of the Charter rule as to consideration and voting upon ordinances or esolutions 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 ofthe City Council. Respectfully, Respectfully, Councii Members MAYOR THE CI Y OF CORPUS CHRISTI, TEXAS The above ordinance was passed by the following vote Luther Jones Betty N. Turner David Berlanga, Sr Welder Brown Leo Guerrero Dr Charles W Kennedy Joe McComb Frank Mendez Mary Pat Slavin