Loading...
HomeMy WebLinkAbout11584 RES - 07/18/1973RESOLUTION APPROVING CORPUS CHRISTI AIRPORT DEV�ELLOPMENT CORPORATION AND CORPUS CHRISTI AIRPORT DEVELOPMENT CORPORATION FIRST MORTGAGE REVENUE BONDS, SERIES 1973, AND RECEIPT OF TITLE TO PROPERTIES IN RESPECT TO WHICH SAID BONDS ARE ISSUED. WHEREAS, the Corpus Christi Airport Development Cor- portion (hereinafter called the "Corporation ") was organized and is to be operated for the exclusive purpose of benefiting the City of Corpus Christi, Texas, by constructing, purchasing or otherwise acquiring, owning, leasing, enlarging, extending, improving, furnishing, equipping and operating and maintaining buildings, facilities and improvements on behalf of the City of Corpus Christi, Texas, located in the vicinity of the City's airport; and WHEREAS, the City proposes to enter into an Agreement of Lease with the Corporation for the leasing to the Corporation from the City of a ten (10) acre tract of land situated at the Corpus Christi International Airport; and WHEREAS, the Corporation is authorized by law, and deems it necessary to borrow money, it proposes to issue its "Corpus Christi Airport Development Corporation First Mortgage Revenue Bonds, Series 1973," in the aggregate principal amount of $1,500,000, for the purpose of constructing upon said leased real estate a manufacturing warehouse, and office building and related facilities; and WHEREAS, the Corporation proposes to enter into an Agreement of Sublease with Power Monolithics, Inc. ( "Power Monolithics") a Corporation organized and existing under the laws of the State of Delaware, under which the properties pro- posed to be acquired by the Corporation pursuant to the Agre of Lease and the manufacturing, warehouse and office building and related facilities to be constructed thereon with the pro- ceeds of the bonds would be subleased to Power Monolithics; and WHEREAS, the Bonds will be issued pursuant to and be secured by an Indenture of Mortgage and Deed of Trust between I the Corporation and Corpus Christi Bank and Trust, Trustee (hereinafter called the "Indenture "); and WHEREAS, it is provided in the Agreement of Lease by and between the Corporation and the City that title to the building to be constructed on the leased real estate will vest in the City upon completion of construction thereof; and 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 resolu- tion is adopted, such emergency being that the adoption of this resolution is necessary for obtaining a favorable ruling as to the tax exempt status of the Corporation and the interest on the proposed Bonds; that obtaining the favorable ruling is a prerequisite to the issuance of the Bonds; and that the pro- ceeds from the issuance of said Bonds are needed as soon as possible and without delay to advance the industrial development of the City of Corpus Christi and thus advance the general wel- fare of the citizens of the City; that said meeting was open to ' the public as required by law; and that public notice of time, place and purpose of said meeting was given as required by Vernon's Ann. Civ. St. article 6252 -17, as amended. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI: Section 1. That the incorporation of the Corporation for the purpose stated in its Articles of Incorporation executed by the incorporators on the 29th day of April, 1973, and filed in the Office of the Secretary of State of Texas on the 30th day of April, 1973, and assigned by such office Charter No. 323692, is hereby approved by the City. Section 2. That the issuance of the Bonds by the Corporation in the aggregate principal amount of $1,500,000 for the purpose described in the preambles of this resolution is hereby approved by the City. Section 3. That the vesting in the City of title to the properties in respect to which the Bonds are issued upon the completion of construction in accordance with the terms of the Agreement of Lease, and any renewals or extensions thereof is hereby approved by the City. Section 4. The fact that the contemplated use of the proceeds of the bonds is necessary for the industrial developmen and growth of the City of Corpus Christi, Texas, creates a pub- tic emergency and an imperative public necessity requiring the suspension of the Charter Rule providing that no ordinance or resolution shall be passed finally on the date it is introduced and that such ordinance or resolution shall be read at three regular meetings of the City Council and the Mayor having de- clared that such public emergency and imperative necessity exist, and having requested that said Charter Rule be suspended and that this resolution take effect and be in full force and effect from and after its passage, it is accordingly so resolved Section 5. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the //� day of ATTEST: City Secretary/ City of Cor Christi, Text . The foregoing resolution was approved prior `to passage as to form and correctness this �6 day of Jri1L , 1973 'i Alzot. City Attorney, City of Corpus Christi, Texas. r Corpus Christi, Texas day of TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of the foregoing ordinance, a public emergency and imperative necessity exist for the suspen- sion of the Charter rule or requirement that no ordinance or resolution shall be passed finally on the date it is introduced, and that such ordinance or resolution shall be read at three meetings of the City Council; I, therefore, request that you suspend said Charter rule or requirement and pass this ordi- nance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, MAYOR THE CITY OF CORPUS CHRISTI, TEXAS The Charter rule was suspended by the following vote: Jason Luby James T. Acuff Rev. Harold T. Branch Thomas V. Gonzales Ricardo Gonzalez Gabe Lozano, Sr. J. Howard Stark The above ordinance was passed by the following vote: Jason Luby James T. Acuff Rev. Harold T. Branch Thomas V. Gonzales Ricardo Gonzalez Gabe Lozano, Sr. J. Howard Stark 7