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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 3 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, 4 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 12 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.