HomeMy WebLinkAbout19062 ORD - 10/17/1985THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the417th day of October, 1985, the City
of the City of Corpus Christi, Texas convened in
Council
Special
Meeting, with the following members of said Council present,
to -wit:
Luther Jones,
Dr. Jack Best,
Frank Mendez,
David Berlanga, Sr.,
Leo Guerrero,
Linda Strong,
Joe McComb,
Bill Pruet,
Mary Pat Slavik,
Edward A. Martin,
J. Bruce Aycock,
Juan Garza,
Armando Chapa,
with the following absent:
Mayor,
Mayor Pro -Tem,
Councilmembers,
City Manager,
City Attorney,
Director of Finance,
11 City Secretary,
/Aid/3 3 o A d.
constituting a quorum, at which time the following among
other business was transacted:
PlQ• m AP4HN presented for the consideration of the
Council an ordinance. The ordinance was read by the City
Secretary. The Mayor presented to the Council a communica-
tion in writing pertaining to said proposed ordinance, as
follows:
"Corpus Christi, Texas
October 17, 1985
"TO THE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
"The public importance and pressing need for the
issuance of general improvement and refunding bonds for the
construction of permanent improvements and refunding of the
City's General Improvement Bonds and Certificates of
Obligation to facilitate further financing for permanent
improvements creates 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 fdr passage by the City Council on the
subject.
"Yours very truly,
/s/ Luther Jones
Mayor"
19062MICROFILMFD
Councilmember Leo Guerrero
moved that the resolu-
tion be adopted finally. The motion was seconded by Coun-
cilmember Bill Pruet . The motion was carried by the
following vote:
AYES: All present voted Aye , except Mayor Luther Jones abstained,
and Council Member Mary Pat Slavik voted nay.
NAYS:
Council Member Mary Pat Slavik
The Mayor announced that the resolution had been
adopted. The resolution is as follows:
ORDINANCE NO. //o&2 -
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$108,231,312.30 GENERAL IMPROVEMENT AND
REFUNDING BONDS, SERIES 1985A, OF THE CITY OF
CORPUS CHRISTI, TEXAS, 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 CON-
FLICT HEREWITH; DECLARING AN EMERGENCY; AND
ALL OTHER MATTERS RELATED THERETO.
WHEREAS, the City of Corpus Christi, Texas (the "City")
has outstanding as of November 13, 1985, the following
obligations secured in whole or in part by a pledge of ad
valorem taxes (the "Refunded Obligations"), to -wit:
Series
Number
1966-A
1967
1968
1969
1970
1971
1972
1973
1973
1974
1975
1976
1977
1977-A
1978
1978-A
1979
1980
1981
1982
1983
1984
1985
1974-A
1979
1985
Principal Amount
Dated Outstanding
127-176 $ 270,000
10/ 1/67 400,000
6/ 1/68 450,000
4/ 1/69 1,000,000
6/ 1/70 500,000
3/ 1/71 1,100,000
4/10/72 1,925,000
1/ 1/73(Upper Lvl Coll) 300,000
4/ 1/73 2,900,000
6/ 1/74 2,025,000
3/ 1/75 4,000,000
4/15/76 2,200,000
3/ 1/77 1,800,000
7/ 1/77 5,600,000
2/15/78 8,200,000
11/15/78 3,650,000
11/15/79 5,625,000
11/15/80 6,000,000
7/15/81 7,200,000
11/ 1/82 9,750,000
6/ 1/83 10,575,000
4/15/84 12,250,000
3/15/85 13,330,000
6/ 1/74 COs 300,000
11/15/79 COs 4,275,000
10/ 1/85 COs 1,300,000
TOTAL OUTSTANDING $108,375,000
WHEREAS, the refunding bonds hereinafter authorized are
to be issued and delivered pursuant to Article 717k,
V.A.T.C.S., as amended, for the purpose of refunding the
Refunded Obligations; and
WHEREAS, Article 717k, V.A.T.C.S., as amended, further
authorizes the City to enter into an escrow agreement with
any paying agent for the Refunded Obligations with respect
to the safekeeping, investment, reinvestment, administration
and disposition of any such deposit, upon such terms and
•
conditions as the City and such paying agent may agree,
provided that such deposits may be invested and reinvested
including obligations the principal of and interest on which
are unconditionally guaranteed by the United States of
America, and which shall mature and bear interest payable at
such times and'in such amounts as will be sufficient to
provide for the scheduled payment or prepayment of the
Refunded Obligations; and
WHEREAS, the City deems it advisable to refund the
Refunded Obligations in order to lower the overall annual
debt service requirements of the City, to restructure the
City's cash flow and to establish uniform dates for the
principal and interest payments for the City's bond debt;
and
WHEREAS, the Refunded Obligations have the following
Paying Agents: MBank Corpus Christi, N.A., Corpus Christi,
Texas (formerly Corpus Christi State National Bank and
formerly Corpus Christi National Bank), The Chase Manhattan
Bank, New York, New York, Harris Bank and Trust, Chicago,
Illinois, and First City Bank of Corpus Christi, Corpus
Christi, Texas (formerly Corpus Christi Bank and Trust); and
WHEREAS, in accordance with Article 717k, V.A.T.C.S.,
the City has concurrently herewith authorized an Escrow
Agreement with First City Bank of Corpus Christi, Texas,
wherein proceeds from the Refunding Bonds herein authorized,
together with other available funds, are held for the
purpose of the payment of principal of and interest on the
Refunded Obligations; and
WHEREAS, all the Refunded Obligations mature or are
subject to redemption prior to maturity within twenty years
of the date of the bonds hereinafter authorized; and
WHEREAS, it is deemed advisable and to the best
interest of the City that bonds authorized at an election
held in said City on February 20, 1982 be sold at this time,
amounts of bonds authorized thereat, purposes, and the
amount now to be sold being as follows:
2
DATE OF AMOUNT AMOUNT PRE- AMT.NOW
ELECTION AUTHORIZED PURPOSE VIOUSLY SOLD OFFERED
2-20-82 $15,675,000 San. Sewer $ 8,000,000 $ 7,675,000
2-20-82 12,315,000 Street 9,250,000 3,065,000
2-20-82 800,000 San.Land Fill 800,000
2-20-82 1,212,000 Parks & Recrea. 1,212,000
2-20-82 5,000,000 Airpt. Land &
Hazard Elimin. 3,750,000 1,250,000
2-20-82 1,642,000 Airport Impr. 1,543,000 99,000
2-20-82 2,255,000 Storm Sewer 1,280,000 975,000
2-20-82 1,565,000 Public Safety 1,565,000
2-20-82 5,000,000 Library 5,000,000
$45,464,000 $32,400,000 $1 ,064,000
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. Stat. Article
6252-17, as amended.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
1. That the bonds of said City to be called "General
Improvement
"Bonds"),
and Refunding Bonds, Series
in the aggregate principal
1985A"
amount
(the
of
$108,231,312.30 be issued under and by virtue of the Consti-
tution and laws of the State of Texas and the Charter of
said City for the purpose of refunding all of the outstand-
ing obligations of the City secured in whole or in part by a
pledge of ad valorem taxes and providing funds for permanent
improvements, such bonds issued for refunding being in the
aggregate principal amount $95,167,312.30 and bonds issued
for permanent improvements being the aggregate of
$13,064,000, to -wit: for the purpose of providing
$7,675,000 for constructing ,improvements to the Sanitary
Sewer System, including improvements to Allison, Laguna
Madre, and Westside Plants, extension of laterals and trunk
lines at various locations within the City limits, and other
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Sanitary Sewer Improvements; $3,065,000 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;
$1,250,000 for acquiring land to eliminate airport hazards;
$99,000 for constructing airport improvements at the City's
International Airport, including extension of the concourse;
expansion of ticket wings and other airport improvements;
and $975,000 for storm sewer improvements.
2. That the Bonds shall be issued as fully registered
bonds without interest coupons and shall be dated October
15, 1985.
3. (a) That such Bonds aggregating in principal amount
$97,585,000.00 (the "Current Interest Bonds"), each in the
denomination of $5,000 or any integral part thereof,
numbered from R-1 upward, shall mature and be payable on
November 1 in each of the years, and in the amounts, and
bear interest at the rates per annum, as follows:
YEAR OF MATURITY AMOUNT INTEREST RATE
1986 $3,355,000 5.25
1987 6,455,000 5.90
1988 6,625,000 6.40
1989 6,750,000 6.90
1990 7,000,000 7.25
1991 7,705,000 7.50
1992 8,900,000 7.75
1993 10,195,000 8.00
1994 11,300,000 8.20
1995 12,630,000 9.40
1996 5,685,000 8.40
1997 5,625,000 8.50
1998 5,360,000 8.70
Said interest shall be payable to the registered owner of
each such Current Interest Bond in the manner provided and
on the dates stated in the FORM OF BOND set forth in this
Ordinance.
(b) That such Bonds aggregating in principal amount
$10,646,312.30 (the "Capital Appreciation Bonds"), each in
the maturity amount of $5,000 or any integral part thereof,
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numbered from CR -1 upward, shall be issued in the original
aggregate principal amounts, shall mature and be payable in
the aggregate maturity amounts on November 1 in the years as
follows:
ORIGINAL AGGREGATE
PRINCIPAL AMOUNT
$ 2,999,666.25
2,999,993.00
2,998,818.80
1,647,834.25
(c) The Capital
MATURITY
DATE
November 1, 1996
November 1, 1997
November 1, 1998
November 1, 1999
AGGREGATE
MATURITY AMOUNTS
$ 7,875,000
8,650,000
9,565,000
5,825,000
Appreciation Bonds scheduled to mature
on the dates, respectively, set forth below shall accrue
interest from the Issuance Date, calculated on the basis of
a 360 -day year composed of twelve 30 -day months (subject to
rounding to the Appreciated Amounts (hereinafter described)
thereof), compounded semiannually on May 1 and November 1 of
each year commencing May 1, 1986, and payable, together with
the principal amount thereof, in the manner provided in the
FORM OF BOND set forth in this Ordinance, to yield at
maturity the following rates per annum:
DATE INTEREST RATE
November
November
November
November
1, 1996
1, 1997
1, 1998
1, 1999
9.00%
9.05%
9.15%
9.25%
Reference is hereby made to Schedule I hereto, which
sets forth the rounded original principal amounts at the
Issuance Date for the Capital Appreciation Bonds and, as of
each May 1 and November 1, commencing May 1, 1986, and
continuing until stated maturity, the original principal
amount thereof, plus all interest accrued and compounded to
the particular date of calculation (the "Appreciated
Amount"). The Appreciated Amount with respect to any date
other than May 1 or November 1 is the
Schedule I with respect to the last
November 1, as the case may be, plus
difference between such amount and the
amount set forth on
preceding May 1 or
the portion of the
amount set forth on
Schedule I with respect to the next succeeding May 1 or
November 1, as the case may be, that the number of days
5
(based on 30-day months) from such last preceding May 1 or
November 1, as the case may be, to the date for which such
determination is being calculated bears to the total number
of days (based on 30-day months) from such last preceding
May 1 or November 1, as the case may be, to the next
succeeding May 1 or November 1, as the case may be.
4. (a) That the City reserves the right to redeem the
Current Interest Bonds maturing on or after November 1,
1996, in whole or in part, on November 1, 1995, or on any
date thereafter, at a redemption price equal to the
principal amount thereof and accrued interest thereon to the
date fixed for redemption. The years of maturity of the
Current Interest Bonds called for redemption at the option
of the City prior to stated maturity shall be selected by
the City. The Current Interest Bonds or portions thereof
redeemed within a maturity shall be selected by lot.
At least 30 days prior to the date fixed for any such
redemption a written notice of such redemption shall be
given to the registered owner of each Bond or a portion
thereof being called for redemption by depositing such
notice in the United States Mail, postage prepaid, addressed
to each such registered owner at his address shown on the
registration books of the Paying Agent/Registrar (herein-
after defined). By the date fixed for any such redemption
due provision shall be made by the City with the Paying
Agent/Registrar for the payment of the required redemption
price for the Bonds or the portions thereof which are to be
so redeemed, plus accrued interest thereon to the date fixed
for redemption. If such written notice of redemption is
given, and if due provision for such payment is made, all as
provided above, the Bonds, or the portions thereof, which
are to be so redeemed, thereby automatically shall be
redeemed prior to their scheduled maturities, and shall not
bear interest after the date fixed for their redemption, and
shall not be regarded as being outstanding except for the
6
right of the registered owner to receive the redemption
price plus accrued interest to the date fixed for redemption
from the Paying Agent/Registrar out of the funds provided
for such payment. The Paying Agent/Registrar shall record
in the registration books all such redemptions of principal
of the Bonds or' any portion thereof. If a portion of any
Bond shall be redeemed a substitute Bond or Bonds having the
same maturity date, bearing interest at the same rate, in
any denomination or denominations in any integral or
maturing amount or amounts multiple of $5,000, at the
written request of the registered owner, equal to the
unredeemed portion thereof, will be issued to the registered
owner upon the surrender thereof for cancellation, at the
expense of the City, all as provided in this Ordinance.
(b) That the Capital Appreciation Bonds are not
subject to redemption prior to stated maturities.
5. (a) The City shall keep or cause to be kept at the
principal corporate trust office of First City Bank of
Corpus Christi, Corpus Christi, Texas, or such other bank,
trust company, financial institution, or other agency named
in accordance with the provisions of (g) of this Section
hereof (the "Paying Agent/Registrar") books or records of
the registration and transfer of the Bonds (the "Registra-
tion Books"), and the City hereby appoints the Paying
Agent/Registrar as its registrar and transfer agent to keep
such books or records and make such transfers and registra-
tions under such reasonable regulations as the City and
Paying Agent/Registrar may prescribe; and the Paying Agent/
Registrar shall make such transfers and registrations as
herein provided. It shall be the duty of the Paying Agent/
Registrar to obtain from the registered owner and record in
the Registration Books the address of such registered owner
of each bond to which payments with respect to the Bonds
shall be mailed, as herein provided. The City or its
designee shall have the right to inspect the Registration
Books during regular business hours of the Paying
7
Agent/Registrar, but otherwise the Paying Agent/Registrar
shall keep the Registration Books confidential and, unless
otherwise required by law, shall not permit their inspection
by any other entity. Registration of each Bond may be
transferred in the Registration Books only upon presentation
and surrender of such bond to the Paying Agent/Registrar for
transfer of registration and cancellation, together with
proper written instruments of assignment, in form and with
guarantee of signatures satisfactory to the Paying Agent/
Registrar, evidencing the assignment of such bond, or any
portion thereof in any integral multiple of $5,000, to the
assignee or assignees thereof, and the right of such as-
signee or assignees to have such bond or any such portion
thereof registered in the name of such assignee or as-
signees. Upon the assignment and transfer of any Bond or
any portion thereof, a new substitute bond or bonds shall be
issued in exchange therefor in the manner herein provided.
(b) The entity in whose name any Bond shall be regis-
tered in the Registration Books at any time shall be treated
as the absolute owner thereof for all purposes of this
Ordinance, whether or not such bond shall be overdue, and
the City and the Paying Agent/Registrar shall not be
affected by any notice to the contrary; and payment of, or
on account of, the principal of, premium, if any, and
interest on any such bond shall be made only to such
registered owner. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such
bond to the extent of the sum or sums so paid.
(c) The City hereby further appoints the Paying
Agent/Registrar to act as the paying agent for paying the
principal of and interest on the Bonds, and to act as its
agent to exchange or replace Bonds, all as provided in this
Ordinance. The Paying Agent/Registrar shall keep proper
records of all payments made by the City and the Paying
Agent/Registrar with respect to the Bonds, and of all
8
exchanges of such bonds, and all replacements of such bonds,
as provided in this Ordinance.
(d) Each Bond may be exchanged for fully registered
bonds in the manner set forth herein. Each bond issued and
delivered pursuant to this Ordinance, to the extent of the
unredeemed principal amount thereof, may, upon surrender of
such bond at the principal corporate trust office of the
Paying Agent/Registrar, together with a written request
therefor duly executed by the registered owner or the
assignee or assignees thereof, or its or their duly
authorized attorneys or representatives, with guarantee of
signatures satisfactory to the Paying Agent/Registrar, at
the option of the registered owner or such assignee or
assignees, as appropriate, be exchanged for fully registered
bonds, without interest coupons, in the form prescribed in
the FORM OF BOND set forth in this Ordinance, in the
denomination or maturity amount of $5,000, or any integral
multiple of $5,000 (subject to the requirement hereinafter
stated that each substitute bond shall have a single stated
maturity date), as requested in writing by such registered
owner or such assignee or assignees, in an aggregate princi-
pal amount or maturity amount equal to the unredeemed
principal amount or maturity amount of any Bond or Bonds so
surrendered, and payable to the appropriate registered
owner, assignee, or assignees, as the case may be. If a
portion of any Bond shall be redeemed prior to its scheduled
maturity as provided herein, a substitute bond or bonds
having the same maturity date, bearing or accruing interest
at the same rate, in the denomination or denominations or
maturity amount or amounts of any integral multiple of
$5,000 at the request of the registered owner, and in an
aggregate principal amount or maturity amount equal to the
unredeemed portion thereof, will be issued to the registered
owner upon surrender thereof for cancellation. If any Bond
or portion thereof is assigned and transferred, each bond
issued in exchange therefor shall have the same principal
9
maturity date and bear or accrue interest at the same rate
as the bond for which it is being exchanged. Each substi-
tute bond shall bear a letter and/or number to distinguish
it from each other bond. The Paying Agent/Registrar shall
exchange or replace Bonds as provided herein, and each fully
registered bond or bonds delivered in exchange for or re-
placement of any Bond or portion thereof as permitted or
required by any provision of this Ordinance shall constitute
one of the Bonds for all purposes of this Ordinance, and may
again be exchanged or replaced. It is specifically
provided, however, that any Current Interest Bond delivered
in exchange for or replacement of another Current Interest
Bond prior to the first scheduled interest payment date on
the Current Interest Bonds (as stated on the face thereof)
shall be dated the same date as such Current Interest Bond,
but each substitute bond so delivered on or after such first
scheduled interest payment date shall be dated as of the
interest payment date preceding the date on which such
substitute bond is delivered, unless such substitute bond is
delivered on an interest payment date, in which case it
shall be dated as of such date of delivery; provided,
however, that if at the time of delivery of any substitute
bond the interest on the Current Interest Bond for which it
is being exchanged has not been paid, then such substitute
bond shall be dated as of the date to which such interest
has been paid in full. On each substitute bond issued in
exchange for or replacement of any Bond or Bonds issued
under this Ordinance there shall be printed thereon a Paying
Agent/Registrar's Authentication Certificate, in the form
hereinafter set forth. An authorized representative of the
Paying Agent/Registrar shall, before the delivery of any
such substitute bond, date such substitute bond in the
manner set forth above, and manually sign and date such
Certificate, and no such substitute bond shall be deemed to
be issued or outstanding unless such Certificate is so ex-
ecuted. The Paying Agent/Registrar promptly shall cancel
10
all Bonds surrendered for exchange or replacement. No addi-
tional ordinances, orders, or resolutions need be passed or
adopted by the City Council or any other body or person so
as to accomplish the foregoing exchange or replacement of
any Bond or portion thereof, and the Paying Agent/Registrar
shall provide for the printing, execution, and delivery of
the substitute bonds in the manner prescribed herein, and
said bonds shall be of type composition printed on paper
with lithographed or steel engraved borders of customary
weight and strength. Pursuant to Article 717k-6,
V.A.T.C.S., and particularly Section 6 thereof, the duty of
exchange or replacement of any Bonds as aforesaid is hereby
imposed upon the Paying Agent/Registrar, and, upon the
execution of said Paying Agent/Registrar's Authentication
Certificate, the exchanged or replaced bond shall be valid,
incontestable, and enforceable in the same manner and with
the same effect as the Bonds which originally were delivered
pursuant to this Ordinance, approved by the Attorney Gen-
eral, and registered by the Comptroller of Public Accounts.
Neither the City nor the Paying Agent/Registrar shall be
required (1) to issue, transfer, or exchange any Bond during
a period beginning at the opening of business 30 days before
the day of the first mailing of a notice of redemption of
bonds and ending at the close of business on the day of such
mailing, or (2) to transfer or exchange any Bond so selected
for redemption in whole when such redemption is scheduled to
occur within 30 calendar days.
(e) All Bonds issued in exchange or replacement of any
other Bond or portion thereof, (i) shall be issued in fully
registered form, without interest coupons, with the
principal of and interest on such Bonds to be payable only
to the registered owners thereof, (ii) may be redeemed prior
to their scheduled maturities, (iii) may be transferred and
assigned, (iv) may be exchanged for other Bonds, (v) shall
have the characteristics, (vi) shall be signed and sealed,
and (vii) the principal of and interest on the Bonds shall
11
be payable, all as provided, and in the manner required or
indicated, in the FORM OF BOND set forth in this Ordinance.
(f) The City shall pay all of the Paying
Agent/Registrar's reasonable and customary fees and charges
for making transfers and exchanges of Bonds, but the
registered owner of any Bond requesting such transfer shall
pay any taxes or other governmental charges required to be
paid with respect thereto. [The registered owner of any
Bond requesting any exchange shall pay the Paying Agent/Reg-
istrar's reasonable and standard or customary fees and
charges for exchanging any such bond or portion thereof,
together with any taxes or governmental charges required to
be paid with respect thereto, all as a condition precedent
to the exercise of such privilege of exchange, except,
however, that in the case of the exchange of an assigned and
transferred bond or bonds or any portion or portions thereof
in any integral multiple of $5,000, and in the case of the
exchange of a portion the unredeemed portion of a Bond which
has been redeemed in part prior to maturity, as provided in
this Ordinance, such fees and charges will be paid by the
City.] In addition, the City hereby covenants with the
registered owners of the Bonds that it will (i) pay the
reasonable and standard or customary fees and charges of the
Paying Agent/Registrar for its services with respect to the
payment of the principal of and interest on the Bonds, when
due, and (ii) pay the fees and charges of the Paying
Agent/Registrar for services with respect to the transfer or
registration of Bonds solely to the extent above provided,
and with respect to the exchange of Bonds solely to the
extent above provided.
(g) The City covenants with the registered owners of
the Bonds that at all times while the Bonds are outstanding
the City will provide a competent and legally qualified
bank, trust company, financial institution, or other agency
to act as and perform the services of Paying Agent/Registrar
for the Bonds under this Ordinance, and that the Paying
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Agent/Registrar will be one entity. The City reserves the
right to, and may, at its option, change the Paying
Agent/Registrar upon not less than 60 days written notice to
the Paying Agent/Registrar. In the event that the entity at
any time acting as Paying Agent/Registrar (or its successor
by merger, acquisition, or other method) should resign or
otherwise cease to act as such, the City covenants that
promptly it will appoint a competent and legally qualified
national or state banking institution which shall be a
corporation organized and doing business under the laws of
the United States of America or of any state, authorized
under such laws to exercise trust powers, subject to super-
vision or examination by federal or state Authority, and
whose qualifications substantially are similar to the
previous Paying Agent/Registrar to act as Paying Agent/Reg-
istrar under this Ordinance. Upon any change in the Paying
Agent/Registrar, the previous Paying Agent/Registrar
promptly shall transfer and deliver the registration books
(or a copy thereof), along with all other pertinent books
and records relating to the Bonds, to the new Paying
Agent/Registrar designated and appointed by the City. Upon
any change in the Paying Agent/Registrar, the City promptly
will cause a written notice thereof to be sent by the new
Paying Agent/Registrar to each registered owner of the
Bonds, by United States Mail, postage prepaid, which notice
also shall give the address of the new Paying Agent/Regis-
trar. By accepting the position and performing as such,
each Paying Agent/Registrar shall be deemed to have agreed
to the provisions of this Ordinance, and a certified copy of
this Ordinance shall be delivered to each Paying
Agent/Registrar.
6. The form of all Bonds, including the form of the
Comptroller's Registration Certificate to accompany the
Bonds on the initial delivery thereof, the form of Paying
Agent/Registrar's Authentication Certificate, and the Form
of Assignment to be printed on each of the Bonds, shall be,
13
•
respectively, substantially as follows, with such
appropriate variations, omissions, or insertions as are
permitted or required by this Ordinance.
FARM OF BOND
NO. R -
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT AND REFUNDING BOND
SERIES 1985A
[FORM OF FIRST TWO PARAGRAPHS
OF CURRENT INTEREST BOND]
MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP
October 15, 1985
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF
CORPUS CHRISTI, TEXAS (the "Issuer"), hereby promises to pay
to , or to the registered
assignee hereof (either being hereinafter called the "regis-
tered owner") the principal amount of
and to pay interest thereon, from the original issue date of
this Bond specified above, to the date of its scheduled
maturity or the date of its redemption prior to scheduled
maturity, at the rate of interest per annum specified above,
with said interest being payable on November 1, 1986, and
semiannually on each May 1 and November 1 thereafter, except
that if the Paying Agent/Registrar's Authentication Certif-
icate appearing on the face of this Bond is dated later than
November 1, 1986, such interest is payable semiannually on
each May 1 and November 1 following such date.
THE PRINCIPAL OF AND INTEREST ON this Bond are payable
in lawful money of the United States of America, without
exchange or collection charges. The principal of this Bond
shall be paid to the registered owner hereof upon presenta-
tion and surrender of this Bond at maturity or upon the date
fixed for its redemption prior to maturity, at the principal
corporate trust office of First City Bank of Corpus Christi,
Corpus Christi, Texas, which is the "Paying Agent/Registrar"
for this Bond. The payment of interest on this Bond shall
be made by the Paying Agent/Registrar to the registered
14
•
owner hereof as shown by the Registration Books kept by the
Paying Agent/Registrar at the close of business on the 15th
day of the month next preceding such interest payment date
by check drawn by the Paying Agent/Registrar on, and payable
solely from, funds of the Issuer required to be on deposit
with the Paying'Agent/Registrar for such purpose as herein-
after provided; and such check shall be sent by the Paying
Agent/Registrar by United States mail, postage prepaid, on
each such interest payment date, to the registered owner
hereof at its address as it appears on the Registration
Books kept by the Paying Agent/Registrar, as hereinafter
described, or by such other method, acceptable to the Paying
Agent/Registrar, requested by, and at the risk and expense
of, the registered owner. The Issuer covenants with the
registered owner of this Bond that no later than each prin-
cipal payment and/or interest payment date for this Bond it
will make available to the Paying Agent/Registrar from the
Interest and Sinking Fund as defined by the ordinance
authorizing the Bonds (the "Ordinance") the amounts required
to provide for the payment, in immediately available funds,
of all principal of and interest on the Bonds, when due.
[FORM OF FIRST TWO PARAGRAPHS
OF CAPITAL APPRECIATION BOND]
NO. CR -
MATURITY
AMOUNT
INTEREST RATE MATURITY DATE ISSUANCE DATE CUSIP NO.
, 1985
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF
CORPUS CHRISTI, TEXAS (the "Issuer"), hereby promises to pay
to
or the
registered assignee hereof (either being hereinafter called
the "registered owner") the Maturity Amount specified above,
representing the principal amount hereof and accrued and
compounded interest hereon. Interest shall accrue on the
principal amount hereof from the Issuance Date to yield at
maturity the interest rate per annum specified above,
15
•
compounded semiannually on May 1 and November 1 of each
year, commencing May 1, 1986.
THE MATURITY AMOUNT of this Bond is payable in lawful
money of the United States of America, without exchange or
collection charges. The Maturity Amount of this Bond shall
be paid to the registered owner hereof upon presentation and
surrender of this Bond at maturity, at the principal
corporate trust office of First City Bank of Corpus Christi,
Corpus Christi, Texas, which is the "Paying Agent/Registrar"
for this Bond, and shall be drawn by the Paying
Agent/Registrar on, and solely from, funds of the Issuer
required to be on deposit with the Paying Agent/Registrar
for such purpose as hereinafter provided, payable to the
registered owner hereof, as it appears on the Registration
Books kept by the Paying Agent/Registrar, as hereinafter
described. The Issuer covenants with the registered owner
of this Bond that on or before the Maturity Date for this
Bond it will make available to the Paying Agent/Registrar,
from the Interest and Sinking Fund as defined by the
ordinance authorizing the Bonds (the "Ordinance"), the
amounts required to provide for the payment, in immediately
available funds of the Maturity Amount, when due.
[FORM OF REMAINDER OF BOND]
THE TERMS AND PROVISIONS of this Bond are continued on
the reverse side hereof and shall for all purposes have the
same effect as though fully set forth at this place.
*IF THE DATE for the payment of the principal of or
interest on this Bond shall be a Saturday, Sunday, a legal
holiday, or a day on which banking institutions in the city
where the Paying Agent/Registrar is located are authorized
by law or executive order to close, then the date for such
payment shall be the next succeeding day which is not such a
Saturday, Sunday, legal holiday, or day on which banking
institutions are authorized to close; and payment on such
date shall have the same force and effect as if made on the
original date payment was due.
16
*THIS BOND is one of a Series of Bonds aggregating in
principal amount $108,231,312.30 of like tenor and effect
except as to number, principal amount, interest rate,
maturity, option of redemption, and method of payment of
interest, authorized in accordance with the Constitution and
laws of the State of Texas being $95,167,312.30 in principal
amount for the purpose of refunding all of the outstanding
obligations of the City secured in whole or in part by a
pledge of ad valorem taxes, and being $13,064,000.00 in
principal amount for the purpose of various permanent
improvements, and is comprised of (i) Bonds in the aggregate
principal amount of $10,646,312.30 that pay interest only at
maturity or redemption prior to maturity (the "Capital
Appreciation Bonds") and (ii) Bonds in the aggregate
principal amount of $97,585,000.00 that pay interest
semiannually until maturity or redemption prior to maturity
(the "Current Interest Bonds").
[THE FOLLOWING PARAGRAPHS ARE ONLY TO BE INSERTED
SIN THE CURRENT INTEREST BOND]
*ON NOVEMBER 1, 1995, or on any date thereafter, the
Current Interest Bonds of this Series maturing on November
1, 1996 and thereafter may be redeemed prior to their
scheduled maturities, at the option of the Issuer, with
funds derived from any available and lawful source, as a
whole, or in part, and, if in part, the particular Current
Interest Bonds, or portions thereof, to be redeemed shall be
selected and designated by the Issuer (provided that a
portion of a Current Interest Bond may be redeemed only in
an integral multiple of $5,000), at par and accrued interest
to the date fixed for redemption.
*AT LEAST 30 days prior to the date fixed for any such
redemption a written notice of such redemption shall be
given to the registered owner of each Bond or a portion
thereof being called for redemption by depositing such
notice in the United States Mail, postage prepaid, addressed
to each such registered owner at his address shown on the
Registration Books of the Paying Agent/Registrar. By the
17
• •
date fixed for any such redemption due provision shall be
made by the Issuer with the Paying Agent/Registrar for the
payment of the required redemption price for this Bond or
the portion hereof which is to be so redeemed, plus accrued
interest thereon to the date fixed for redemption. If such
written notice of redemption is given, and if due provision
for such payment is made, all as provided above, this Bond,
or the portion hereof which is to be so redeemed, thereby
automatically shall be redeemed prior to its scheduled
maturity, and shall not bear interest after the date fixed
for its redemption, and shall not be regarded as being
outstanding except for the right of the registered owner to
receive the redemption price plus accrued interest to the
date fixed for redemption from the Paying Agent/Registrar
out of the funds provided for such payment. The Paying
Agent/Registrar shall record in the Registration Books all
such redemptions of principal of this Bond or any portion
hereof. If a portion of any Bond shall be redeemed a
substitute Bond or Bonds having the same maturity date,
bearing interest at the same rate, in any denomination or
denominations in any integral multiple of $5,000, at the
written request of the registered owner, and in aggregate
principal amount equal to the unredeemed portion thereof,
will be issued to the registered owner upon the surrender
thereof for cancellation, at the expense of the Issuer, all
as provided in the Ordinance.
[THE FOLLOWING PARAGRAPH IS ONLY TO BE INSERTED
IN THE CAPITAL APPRECIATION BOND]
*THE CAPITAL APPRECIATION BONDS of which this Bond is
one may not be redeemed prior to their scheduled maturities.
*ALL BONDS OF THIS SERIES are issuable solely as fully
registered bonds, without interest coupons, in the denomina-
tion or maturity amount of any integral multiple of $5,000.
As provided in the Ordinance, this Bond, or any unredeemed
portion hereof, may, at the request of the registered owner
or the assignee or assignees hereof, be assigned,
transferred, and exchanged for a like aggregate principal
18
amount or maturity amount of fully registered bonds, without
interest coupons, payable to the appropriate registered
owner, assignee, or assignees, as the case may be, having
the same maturity date, and bearing interest at the same
rate, in any denomination or denominations in any integral
multiple of $5,000 as requested in writing by the
appropriate registered owner, assignee, or assignees, as the
case may be, upon surrender of this Bond to the Paying
Agent/Registrar for cancellation, all in accordance with the
form and procedures set forth in the Ordinance. Among other
requirements for such assignment and transfer, this Bond
must be presented and surrendered to the Paying Agent/Reg-
istrar, together with proper instruments of assignment, in
form and with guarantee of signatures satisfactory to the
Paying Agent/Registrar, evidencing assignment of this Bond
or any portion or portions hereof in any integral multiple
of $5,000 to the assignee or assignees in whose name or
names this Bond or any such portion or portions hereof is or
are to be transferred and registered. The form of Assign-
ment printed or endorsed on this Bond may be executed by the
registered owner to evidence the assignment hereof, but such
method is not exclusive, and other instruments of assignment
satisfactory to the Paying Agent/Registrar may be used to
evidence the assignment of this Bond or any portion or
portions hereof from time to time by the registered owner.
The Issuer shall pay the Paying Agent/Registrar's reasonable
standard or customary fees and charges for transferring and
exchanging any Bond or portion thereof. [The foregoing
notwithstanding, in the case of the exchange of a portion of
a Current Interest Bond which has been redeemed prior to
maturity, as provided herein, and in the case of the
exchange of an assigned and transferred Bond or Bonds or any
portion or portions thereof, such fees and charges of the
Paying Agent/Registrar will be paid by the Issuer.] In any
circumstance, any taxes or governmental charges required to
be paid with respect thereto shall be paid by the one
19
•
requesting such assignment, transfer, or exchange as a
condition precedent to the exercise of such privilege. In
any circumstance, neither the Issuer nor the Paying Agent/
Registrar shall be required (1) to make any transfer or
exchange during a period beginning at the opening of busi-
ness 30 days before the day of the first mailing of a notice
of redemption of bonds and ending at the close of business
on the day of such mailing, or (2) to transfer or exchange
any bonds so selected for redemption when such redemption is
scheduled to occur within 30 calendar days.
*IN THE EVENT any Paying Agent/Registrar for the Bonds
is changed by the Issuer, resigns, or otherwise ceases to
act as such, the Issuer has covenanted in the Ordinance that
it promptly will appoint a competent and legally qualified
substitute therefor, and promptly will cause written notice
thereof to be mailed to the registered owners of the Bonds.
*IN ADDITION TO ALL OTHER RIGHTS, the holders of this
series of Bonds shall be subrogated to all pertinent and
necessary rights of the holders of the obligations being
refunded thereby.
*IT IS HEREBY CERTIFIED AND RECITED that the issuance
of this Bond, and the series of which it is a part, is duly
authorized, issued and delivered in accordance with the
Constitution and laws of the State of Texas; that all acts,
conditions and things required to be done precedent to and
in the issuance of this series of bonds, and of this Bond,
have been properly done and performed and have happened in
regular and due time, form and manner as required by law;
and that ad valorem taxes, upon all taxable property in said
City, necessary to pay the interest on and principal of this
bond, and the series of which it is a part, as such interest
comes due, and such principal matures, have been pledged for
such purpose, within the limit prescribed by law.
*BY BECOMING the registered owner of this Bond, the
registered owner thereby acknowledges all of the terms and
provisions of the Ordinance, agrees to be bound by such
20
•
terms and provisions, acknowledges that the Ordinance is
duly recorded and available for inspection in the official
minutes and records of the governing body of the Issuer, and
agrees that the terms and provisions of this Bond and the
Ordinance constitute a contract between each registered
owner hereof and the Issuer.
IN WITNESS WHEREOF, this Bond has been signed by the
printed or lithographed facsimile signature of the Mayor of
said Issuer, attested by the printed or lithographed facsim-
ile signature of the City Secretary, and the official seal
of the Issuer has been duly affixed to, or impressed, or
printed, or lithographed, on this Bond.
ATTEST:
(facsimile signature) (facsimile signature)
City Secretary Mayor
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Bond has been issued
under the provisions of the Ordinance described on the face
of this Bond; and that this Bond has been issued in conver-
sion of and exchange for or replacement of a bond, bonds, or
a portion of a bond or bonds of an issue which originally
was approved by the Attorney General of the State of Texas
and registered by the Comptroller of Public Accounts of the
State of Texas.
Dated:
Paying Agent/Registrar
By
Authorized Representative
FORM OF ASSIGNMENT:
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto
Please insert Social. Security or Taxpayer
Identification Number of Transferee
21
(Please print or typewrite name and address, including
zip code of Transferee)
the within Bond and all rights thereunder, and hereby
irrevocably constitutes and appoints
attorney to register the transfer of the within Bond on the
books kept for registration thereof, with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: Signature(s) must
be guaranteed by a member
firm of the New York Stock
Exchange or a commercial
bank or trust company.
**
NOTICE: The signature above
must correspond with the name
of the Registered Owner as it
appears upon the front of this
Bond in every particular,
without alteration or enlarge-
ment or any change whatsoever.
(FORM OF COMPTROLLER'S CERTIFICATE ATTACHED TO
THE BONDS UPON INITIAL DELIVERY THEREOF)
OFFICE OF COMPTROLLER :
STATE OF TEXAS
I hereby certify that there is on file and of record in
my office a certificate of the Attorney General of the State
of Texas to the effect that this Bond has been examined by
him as required by law, and that he finds that it has been
issued in conformity with the Constitution and laws of the
State of Texas, and that it is a valid and binding obliga-
tion of the City of Corpus Christi, Texas, payable in the
manner provided by and in the ordinance authorizing same,
and said Bond has this day been registered by me.
WITNESS MY HAND and seal of office at Austin, Texas
REGISTER NO.
Comptroller of Public Accounts of
the State of Texas
(SEAL)
NOTE TO PRINTER:
*¶s to be on reverse side of bond
**¶ not to be on bond
There shall also included on the form of Capital
Appreciation Bond a compounding schedule in the form of such
schedule attached to this Ordinance as Schedule I.
22
7. That a special fund or account, to be designated
the "City of Corpus Christi, Texas 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 the Bonds. All taxes levied and collected for and on
account of the Bonds shall be deposited, as collected, to
the credit of said Interest and Sinking Fund. During each
year while any of the Bonds 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 allowances 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 the Bonds as such interest
comes due, and to provide a sinking fund to pay the
principal of the Bonds as such principal matures, but never
less than 2% of the original principal amount of the 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 the Bonds 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 the Bonds, as such
interest comes due, and such principal matures, are hereby
pledged for such purpose, within the limit prescribed by
law.
8. (a) In the event any outstanding Bond is damaged,
mutilated, lost, stolen, or destroyed, the Paying
Agent/Registrar shall cause to be printed, executed, and
delivered, a new bond of the same principal amount,
maturity, and interest rate, as the damaged, mutilated,
23
..,.
1110
lost, stolen, or destroyed Bond, in replacement for such
Bond in the manner hereinafter provided.
(b) Application for replacement of damaged, mutilated,
lost, stolen, or destroyed Bonds shall be made to the Paying
Agent/Registrar. In every case of loss, theft, or
destruction of a Bond, the applicant for a replacement bond
shall furnish to the City and to the Paying Agent/Registrar
such security or indemnity as may be required by them to
save each of them harmless from any loss or damage with
respect thereto. Also, in every case of loss, theft, or
destruction of a Bond, the applicant shall furnish to the
City and to the Paying Agent/Registrar evidence to their
satisfaction of the loss, theft, or destruction of such
Bond, as the case may be. In every case of damage or
mutilation of a Bond, the applicant shall surrender to the
Paying Agent/Registrar for cancellation the Bond so damaged
or mutilated.
(c) Notwithstanding the foregoing provisions of this
Section, in the event any such Bond shall have matured, and
no default has occurred which is then continuing in the
payment of the principal of, redemption premium, if any, or
interest on the Bond, the City may authorize the payment of
the same (without surrender thereof except in the case of a
damaged or mutilated Bond) instead of issuing a replacement
Bond, provided security or indemnity is furnished as above
provided in this Section.
(d) Prior to the issuance of any replacement bond, the
Paying Agent/Registrar shall charge the owner of such Bond
with all legal, printing, and other expenses in connection
therewith. Every replacement bond issued pursuant to the
provisions of this Section by virtue of the fact that any
Bond is lost, stolen, or destroyed shall constitute a
contractual obligation of the City whether or not the lost,
stolen, or destroyed Bond shall be found at any time, or be
enforceable by anyone, and shall be entitled to all the
24
•
benefits of this Ordinance equally and proportionately with
any and all other Bonds duly issued under this Ordinance.
(e) In accordance with Section 6 of Vernon's Ann. Tex.
Civ. St. Art. 717k-6, this Section of this Ordinance shall
constitute authority for the issuance of any such replace-
ment bond without necessity of further action by the govern-
ing body of the City or any other body or person, and the
duty of the replacement of such bonds is hereby authorized
and imposed upon the Paying Agent/Registrar, subject to the
conditions imposed by this Section 8, and the Paying Agent/
Registrar shall authenticate and deliver such bonds in the
form and manner and with the effect, as provided in Section
5(d) of this Ordinance for Bonds issued in exchange for
other Bonds.
9. That the Mayor of the City is hereby authorized to
have control of the Bonds and all necessary records and
proceedings pertaining to the 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 the 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 accompanying the
Bonds, and the seal of said Comptroller shall be impressed,
or placed in facsimile, on each such certificate.
10. (a) That the Bonds are hereby sold and shall be
delivered to Salomon Brothers Inc, MBank Capital Markets,
Texas Commerce Bank National Association, Smith Barney,
Harris Upham & Co. Incorporated, and Dillon Read & Co.,
Inc., as managers for the underwriters shown in the Purchase
Contract of even date herewith, for a total purchase price
of $107,033,717.83, plus any accrued interest on the Current
Interest Bonds to the date of delivery, pursuant to the
terms and provisions of said Purchase Contract.
25
(b) That the City Manager of the City is hereby
authorized and directed to execute and deliver and the City
Secretary of the City is hereby authorized and directed to
attest said Purchase Contract. It is hereby officially
found, determined, and declared that the terms of this sale
are the most advantageous reasonably obtainable. The Bonds
shall initially be registered in the name of Texas Commerce
Bank National Association or its designee.
11. That is is specifically found and determined by
the City that it is advisable to refund the Refunded
Obligations in order to lower the overall annual debt
service requirements of the City, to restructure the City's
cash flow, to shorten the length of maturity of the City's
bond debt and to establish uniform dates for the principal
and interest payments for the City's bond debt.
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 their term 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. That 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. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
26
•
14. That this Ordinance shall take effect and be in
full force and effect from and after the date of its
passage, and it is so ordained.
15. It is hereby officially found and determined that
the meeting at which this ordinance was passed was open to
the public, and public notice of the time, place and purpose
of said meeting was given, all as required by Article
6252-17, Vernon's Annotated Texas Civil Statutes, as
amended.
16. That upon written request of the Mayor or five
Council members, copy attached, to find and declare an
emergency due to the immediate need for the efficient and
effective administration of City affairs by authorizing the
issuance of the above-mentioned Bonds, such finding of an
emergency is made and declared requiring suspension of the
Charter rule as to consideration and voting upon ordinances
or resolutions at three regular meetings so that this
ordinance is passed and shall take effect upon first
reading.
PASSED AND APPROVED this 17th day October, 1985.
"
Mayor, Ci 4 of Corpus Christi, Texas
City Secretary, Cit of Corpus
Christi, Texas
APPROVED AS TO s,rRM AND, EGALITY:
City Attorney,
Christi, Texas
ty of Corpus
27
SCHEDULE I
CITY OF CONPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT AND REFUNDING BONDS
SERIES 1985-A
03MBDUHD AMOUNTS FOR MUNICIPAL MULTIPLIER BODS
PERIOD SERIAL DUE SERIAL DUE SERIAL DUE SERIAJ. DUE
ENDING 11 1 1996 11 1 1997 11 1 1996 11 1 1999
11 14 1985 1,904.55 1,734.10 1,587.80 1,414.45
5 1986 1,983.94 1,806.78 1,634.83 1,475.04
11 1986 2,073.21 1,888.54 1,708.79 1,543.27
5 1987 2,166.51 1,974.00 1,786.97 1,614.84
11 1987 2.284.00 2,083.32 1.868.73 1,689.32
5 1988 2.385.66 2.156.69 1,954.22 1,767.45
11 1988 2.472.35 2,254.26 2.843.83 1,849.20
5 1989 2,583.60 2,356.28 2.137.13 1.934.73
11 1989 2.699.86 2,462.90 2,234.91 2.024.21
5 1990 2,821.38 2.574.35 2.337.18 2.117.83
11 1990 2,948.32 2,690.84 2,444.08 2,215.78
5 1991 3,000.99 2,812.60 2,555.90 2.318.26
11 1991 3,219.64 2,939.87 2,672.84 2,425.48
5 1992 3,364.52 3,072.90 2.795.12 2.537.86
11 1992 3,515.93 3,211.95 2.923.00 2.655.03
5 1993 3,674.14 3.357.29 3,056.74 2.777.83
11 1993 3,839.48 3,509.20 3,196.58 2,906.31
5 1994 4,012.26 3,666.00 3,342.83 3.040.72
11 1994 4,192.81 3,833.97 3,495.77 3,181.36
5 1995 4,381.46 4,087.46 3,655.71 3,328.50
11 1995 4,578.85 4,180.88 3.622.96 3,482.44
5 1996 4,784.69 4,378.34 3.997.86 3,643.51
11 1996 5,000,00 4,576.46 4,160.77 3,812.02
5 1997 4,783.54 4,372.05 3,988.33
11 1997 5.000.00 4,572.07 4,172.80
5 1998 4,761.25 4,365.79
11 1998 5.000.00 4.567.71
.5 1999 4,778.97
11 1999 5,000.09
•
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, Armando Chapa, City Secretary of the City of Corpus
Christi, in the State of Texas, do hereby certify that I
have compared the attached and foregoing excerpt from the
minutes of the regular, open, public meeting of the City
Council of the City of Corpus Christi, Texas, and of
Ordinance No. o 06 Z which was duly passed at said meeting,
and that said copy is a true and correct copy of said
excerpt and the whole of said ordinance.
In testimony whereof, I have set my hand and have here-
unto affixed the seal of said City of Corpus Christi, this
/' `day of OO/ , 1985.
(SEAL)
City Secretary of the City of
Corpus Christi, Texas
•
Corpus Christi, Texas
// day of
. 198.E
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,
Council Members
MAYOR
THE CITY
The above ordinance was passed by
Luther Jones
Dr. Jack Best
David Berlanga, Sr.
Leo Guerrero
Joe McComb
Frank Mendez
Bill Pruet
Mary Pat Slavik
Linda Strong
the
F CORPUS CHRISTI, TEXAS
following
vote:
19062.