HomeMy WebLinkAbout14601 ORD - 11/08/1978C. PAY may
THE STATE OF TEXAS
COUNTY OF NUECES
CITY -OF CORPUS CHRISTI
On this the 8th day of November, 1978, the City
yca s,
Council of the City of Corpus Christi, Texas, convened in
Regular Meeting, with the following members of said Council
and officials of said City present, to -wit:
Gabe Lozano, Sr., Mayor
Bob Gulley, Mayor Pro -Tem
David Diaz
Ruth Gill
Edward L. Sample s Councilmen
Tony Juarez, Jr.
Joe Holt
R. Marvin Townsend, City Manager
J. Bruce Aycock, City Attorney
Harold F. Zick, Director of Finance
Bill G. Read, City Secretary
Al*_4@4�4,- - Jr- :---- - - - - -- T-a*c - Ass e -&&c r-- Fo-tleet-o-�-
with the following absent: None
constituting a quorum, at which time the following among other
business was transacted.
R: Martin Towase presented for the consideration of
the Council an ordinance. The ordinance was read by the City
Secretary. The Mayor presented to the Council a communication
in writing pertaining to said proposed ordinance, as follows:
"Corpus Christi, Texas
"TO THE CITY COUNCIL
Corpus Christi, Texas
Gentlemen:
The public importance and pressing need for the
permanent improvements to be constructed by the use of the pro-
ceeds of bonds contemplated to be issued pursuant_ to an ordinance
create an emergency and an imperative public necessity requiring
the suspension of rules and Charter provisions requiring ordi-
nances 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 for passage by the,
City Council on this subject.
"Yours very truly, Al Gabe Lozano, Sr. ,�_0 OFpIL IYIE _
Mayor" ML 0 8 1304
14601
Councilman _Diaz _ moved that the Charter
rovision prohibiting ordinances from being passed finally
• the date introduced be suspended for the reasons stated
• the written request of the Mayor and stated in the emergency
lause of the ordinance. The motion was seconded by Councilman
Sample The motion was carried by a unanimous vote
y the City Council, viz.:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the records show that he
oted Aye. This was done.
Councilman _ Holt moved that the ordinance
e passed finally. The motion was seconded by Councilman
Gill The motion was carried by the following vote:
AYES: All present voted Aye.
NAYS: None.
The Mayor requested that the record show that he
oted Aye. This was done.
The Mayor announced that the ordinance has been
assed. The ordinance is as follows:
ORDINANCE NO. 14601
BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING; FOR THE ISSUANCE
OF $5,000,000 CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BONDS, SERIES.1978 -A,
BEARING INTEREST AT THE RATES HEREINAFTER
SET FORTH, AND PROVIDING FOR THE LEVY, ASSESS-
MENT AND COLLECTION OF A TAX SUFFICIENT TO PAY
THE INTEREST ON SAID'BONDS AND TO CREATE A
SINKING FUND FOR THE REDEMPTION THEREOF AT
MATURITY; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH AND DECLARING AN EMERGENCY
WHEREAS, it is deemed advisable and to the best
terest of the City that bonds authorized at elections here -
fore held in said City be sold at this time, the dates of
e elections, amounts of bonds authorized thereat, purposes,
3 the amount now to be sold being as follows:
ATE OF
AMOUNT
AMOUNT PRE -
AMT.NOW
LECTION
AUTHORIZED
PURPOSE
VIOUSLY SOLD
OFFERED
6/26/76
$14,400,000
Convention Center
$ 14,000,000
$ 400,000
1/08/77
11,710,000
Sanitary Sewers
2,530,000
2,750,000
1/08/77
825,000
Airport
300,000
225,000
1/08/77
4,310,000
Parks and Recreation
550,000
600,000
1/08/77
1,690,000
Public Buildings
300,000
150,000
1/08/77
3,000,000
Storm Sewer
285,000
100,000
1/08/77
9,425,000
Streets
885,000
750,000
1/08/77
100,000
Transit
-0-
25,000
WHEREAS, it is hereby officially found and determined:
t a case of emergency or urgent public necessity exists which
uires the holding of the meeting at which this Ordinance is
, such emergency or public necessity being that the pro-
ds from the proposed bonds are required as soon as possible
without delay for necessary and urgently needed public
rovements; that this meeting was open to the public as
uired by law; and that public notice of the time, place and
pose of this meeting was given as required by Vernon's Ann.
v. St. Article 6252 -17, as amended.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CHRISTI, TEXAS:
1. That said City's coupon bonds to be designated
"City of Corpus Christi, Texas, General Improvement Bonds,
as 1978 -A" are hereby authorized to be issued and delivered
in accordance with the Constitution and the laws of the State of
Texas in the principal amount of $5,000,000 for the purpose of
providing $400,000 for making permanent public improvements,
to wit: a community - convention facility, including an exhibit
hall, meeting rooms, banquet hall, additional auditorium im-
provements, and further acquisition and development of the site,
at the bayfront center for the arts and sciences; $2,750,000 for
constructing improvements to the Sanitary Sewer-System, including
improvements to Broadway, Westside, Oso, Laguna Madre, and
Allison Plants; rehabilitation of McArdle trunk lines; replace-
ment of Port Avenue trunk lines; extension of Five Points area
trunk lines; extension of laterals in Flour Bluff, Calallen
and Annaville areas, and other Sanitary Sewer improvements;
$225,000 for constructing airport improvements at the City's
International Airport, including expansion of terminal
building, parking and access facilities, aircraft parking ramps,
and other airport improvements; $600,000 for improving lands for
park purposes and recreation facilities, including Cole Park,
Corpus Christi Beach and Bayfront Parks, various neighborhood
parks; marina improvements; parks maintenance facilities; tennis
courts and lighting; Kennedy Causeway facilities; softball fields,
and other park improvements; $150,000 for public buildings,
coliseum and museum improvements, multicultural center in exist-
ing Bayfront Arts and Science Park, and library in northwest area
Of City, for cultural enhancement; $25,000 for buying buses
to operate the City's public bus transportation system, con-
structing bus -stop shelters and improving maintenance and
administrative facilities for said system; $100,000 for construct-
ing drainage improvements, including extension of storm sewers in
Lincoln Terrace, Cabaniss Acres, Flour Bluff and Annaville areas
Ind other storm sewer improvements; and $750,000 for improving
PA
f � ,
the streets of the City, including various neighborhood streets,
Port Avenue from Agnes to Buford and SH 286 to Ayers; Carroll
Lane from Staples to Gollihar and Padre Island Drive to Tiger
Lane; Everhart Road from Padre Island Drive to Staples; Horne
Road, from Columbia to Old Brownsville Road; Nueces Bay Boule-
vard from IH 37 to Broadway; Airport Road from Morgan to Agnes;
McArdle Road from Ayers to Carroll Lane; Saratoga from Staples
to Weber; Baldwin Boulevard from Highway 44 to Highway 9, and
other street improvements.
2. That said bonds shall be dated November 15, 1978,
shall be numbered consecutively from 1 through 1000, shall be
in the denomination of $5,000 each, and shall mature and become
due and payable serially on November 15 in each of the years,
and in the amounts, respectively, as set forth in the follow-
ing schedule.
YE
ARS
AMOUNTS
YEARS
AMOUNTS
1979
$ 175,000
1989
$ 300,000
1980
175,000
1990
300,000
1981
200,000
1991
300,000
1982
200,000
1992
300,000
1983
200,000
1993
300,000
1984
200,000
1994
300,000
1985
200,000
1995
300,000
1986
200,000
1996
300,000
1987
200,000
1997
300,000
1988
250,000
1998
300,000
3. That as to said bonds scheduled to mature on
and after November 15, 1989, said City shall have the right and
Option to redeem such bonds prior to their scheduled maturities,
in whole or in part, in their inverse numerical order, on Novem-
ber 15, 1988, or on any interest payment date thereafter, for
the principal amount thereof plus accrued interest to the
date fixed for redemption, plus a premium of 2'h%, such premium
to be reduced ; of 1% on November 15 of each year thereafter.
At least thirty days before the date fixed for any
such redemption, the City shall cause a written notice of such
redemption to be published at least once in a financial publica-
tion printed in the City of New York, New York. By the date
3
fixed for any such redemption, due provision shall be made with
the paying agents for the payment of the principal amount of the
bonds to be so redeemed, plus accrued interest thereon to the
date fixed for redemption and any premium as required above. If
the written notice of redemption is published, and if due pro-
vision for such payment is made, all as provided above, the
bonds, which are to be so redeemed, thereby automatically shall
be redeemed prior to maturity, and they shall not bear interest
after the date fixed for redemption, and shall not be regarded
as being outstanding except for the purpose of receiving the
funds so provided for such payment.
4. That said bonds shall bear interest from their
date, until maturity or redemption, at the following rates per
1 annum:
Bonds
maturing
1979
through
1982 __-
6.75
Bonds
maturing
1983
through
1993 ___
5.25
%
Bonds
maturing
1994
through
Only ___
5.40
—%
Bonds
maturing
1995
through
1996 ___
_ 5.50
%
Bonds
maturing
1997
through
1998 -__
5.60
g
with said interest to be
evidenced by
interest
coupons payable
on May 15, 1979,
and semiannually
thereafter
on
each
November
15 and May 15.
5. That the principal of and interest on said bonds
shall be payable to bearer, in lawful money of the United
States of America, without exchange or collection charges to
the bearer, upon presentation and surrender or proper bond or
interest coupon at Corpus Christi National Bank, Corpus Christi,
Texas, or at the option of the holder, at The Chase Manhattan
Bank, N. A., New York, New York, or at Harris Trust and Savings ,
Bank, Chicago, Illinois, which places shall be the paying agents
for said bonds.
4
i
6. That each of said bonds and interest coupons shall
be signed by the imprinted or lithographed facsimile signature
of the Mayor of said City and countersigned by the imprinted Sr '
lithographed facsimile signature of the City Secretary of said
City, and the official seal of said City shall be impressed, or
printed, or lithographed on each of said bonds.
7. That the form of said bonds, including the form
of Registration Certificate of the Comptroller of Public Accounts
of the State of Texas to be printed and endorsed on each bond,
and the form of the interest coupons to be attached to said
bonds, shall be, respectively, substantially as follows:
(FORM OF BOND)
NO.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS,
GENERAL IMPROVEMENT BOND
SERIES 1978 -A
$5,000
On November 15, 19_, the City of Corpus Christi, in the
County of Nueces, State of Texas, promises to pay to bearer
the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest'thereon, from the date hereof, at the rate
of % per annum, evidenced by interest coupons payable
May 15, 1979, and semiannually thereafter on each November
15 and May 15 while this bond is outstanding. The principal
of this bond and the interest coupons attached hereto shall be
payable to bearer, in lawful money of the United States of
America, without exchange or collection charges to the bearer,
upon presentation and surrender of this bond or proper interest
coupon, at the Corpus Christi National Bank, Corpus Christi,
Texas, or, at the option of the bearer, at The Chase Manhattan
Bank, N. A., New York, New York, or at Harris Trust and Savings
9
Bank, Chicago, Illinois, which places shall be the paying agents
for this Series of bonds.
x
This bond is one of a Series of bonds of like tenor
and effect except as to number, maturity, interest rate and
right of prior redemption, numbered 1 through 1000, of the de-
nomination of $5,000 each, dated November 15, 1973, issued rh
�r
in the aggregate principal amount of $5,000,000 for the pur-
pose of providing $400,000 for making permanent public
improvements, to -wit: a community - convention facility,
$2,750,000 for constructing improvements to the Saaitary Sewer
System, $225,000 for constructing airport improvements at the
City's International Airport, $600,000 for improving lands for
park purposes and recreation facilities, $150,000 for public
buildings, $25,000 for purchasing buses and other transporta-
tion improvements, $100,000 for constructing drainage improve-
ments, and $750,000 for improving the streets of the city.
The bonds of this Series scheduled to mature on and
after 'Rovember 15, 1989, may be redeemed prior to their'-scheduled
maturities, in whole or in part, in inverse numerical order, at
the option of said City, on November 15, 1988, or on any interest
payment date thereafter, for the principal amount thereof plus
accrued interest to the date fixed for redemption, plus a premium
of 2h%, such premium to be reduced h of 1% on November 15 of each
year thereafter. At least thirty days before the date fixed for
any such redemption the City shall cause a written notice of such
redemption to be published at least once in a financial publica-
tion printed in the City of New York, New York. By the date
fixed for any such redemption, due provision shall be made with
the paying agents for the payment of the principal amount of the
bonds to be redeemed, plus accrued interest thereon to the date
fixed for redemption, and any premium as required above. If the
written notice of redemption is published, and if due provision
6
for such payment is made, all as provided above, the bonds, which
are to be so redeemed, thereby automatically shall be redeemed
Prior to maturity, and they shall not bear interest after the
date fixed for redemption, and shall not be regarded as being
outstanding except for the purpose of receiving the funds so
t xty
provided for such payment.
It is hereby certified and recited that this bond has
been duly and validly voted, authorized, issued, and delivered
in accordance with the Constitution and laws of the State of
Texas; that this bond is a general obligation of said City,
issued on the full faith and credit thereof; and that the ad
valorem taxes, upon all taxable property in said City, necessary
to pay the interest on and principal of this bond, as such
interest comes due, and such principal matures, have been pledged
irrevocably for such purpose, within the limit prescribed by law.
In witness whereof, this bond and the interest coupons
attached hereto have been signed by the imprinted or lithographed
facsimile signature of the Mayor of said City and countersigned
by the imprinted or lithographed facsimile signature of the
City Secretary of said City, and the official seal of said City
has been duly impressed, or printedAlithaphed on this
bond.
City Secret ary, City of Corpus us Christi,
Christi, Texas
(FORM OF REGISTRATION CERTIFICATE)
2OMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this bond has been examined,
:ertified as to validity, and approved by the Attorney General
)f the State of Texas; and that this bond has been registered
)y the Comptroller of Public Accounts of the State of Texas.
Witness my signature and seal this
7
Comptroller of Public Accounts of
the State of Texas
i
(FORM OF INTEREST COUPON) z
NO.
On 19_, the City of Corpus Christi,
in the County of Nueces, State of Texas, promises to pay to
bearer, the amount shown on this interest coupon, in lawful
money of the United States of America, without exchange or
collection charges to the bearer, upon presentation and surrender
of this interest coupon, at the Corpus Christi National Bank,
Corpus Christi, Texas, or, at the option of the bearer, at The
Chase Manhattan Bank, N. A., New York, New York, or at Harris
Trust and Savings Bank, Chicago, Illinois, said amount being
interest due that day on the bond, bearing the number hereinafter
designated, of that issue of City of Corpus Christi, Texas,
General Improvement Bonds, Series 1978 -A, da November 15,
1978. Bond No.
City Secretary yo
8. That a special fund or account, to be designated
the "City of Corpus Christi, Texas, General Improvement Bonds,
Series 19.78 -A Interest and Sinking Fund" is hereby created and
shall be established and maintained by said City at its official
depository bank. Said Interest and Sinking Fund shall be kept
separate and apart from all other funds and accounts of said
City, and shall be used only for paying the interest on and
principal of said bonds. All taxes levied and collected for and
on account of said bonds shall be deposited, as collected, to the
credit of said Interest and Sinking Fund. During each year while
any of said bonds or interest coupons appertaining thereto are
outstanding and unpaid, the City Council of said City shall com-
pute and ascertain the rate and amount of ad valorem tax, based
Dn the latest approved tax rolls of said City, with full
allowances being made for tax delinquencies and costs of tax
8
collections, which will be sufficient to raise and produce the
money required to pay the interest on said bonds as such interest
comes due, and to provide a sinking fund to pay the principal of
such bonds as such principal matures, but never less than 2% of
the original principal amount of said bonds as a sinking fund
each year. Said rate and amount of ad valorem tax is hereby
ordered to be levied and is hereby levied against all taxable
property in said City for each year while any of said bonds or
interest coupons appertaining thereto are outstanding and unpaid,
and said ad valorem tax shall be assessed and collected each
such year and deposited to the credit of the aforesaid Interest
and Sinking Fund. Said ad valorem taxes necessary to pay the
interest on and principal of said bonds, as such interest comes
due, and such principal matures, are hereby pledged irrevocably
for such purpose, within the limit prescribed by law.
9. (a) That said bonds are hereby sold and shall be
delivered to Republic'National Bank of Dallas & Assoc.q
, at a price of par and
accrued interest to date of delivery, plus a premium of $ 637.50 .
(b) That the City Manager of said City is hereby autho-
rized to have control of said bonds and all necessary records and
proceedings pertaining to said bonds pending their delivery and
their investigation, examination, and approval by the Attorney
General of the State of-Texas, and their registration by the
Comptroller of Public Accounts of the State of Texas. Upon
registration of said bonds, said Comptroller of Public Accounts
(or a deputy designated in writing to act for said Comptroller)
shall manually sign the Comptroller's Registration Certificate
prescribed herein to be printed and endorsed on each bond, and
the seal of said Comptroller shall be impressed or printed, or
lithographed on each of said bonds.
10. It is hereby officially found and determined that
the meeting at which said bonds were authorized was open to the
9
Public as required by law and public notice of the time, place,
and purpose of said meeting was given as required by Vernon's
Ann. Civ. St. Article 6252 -17, as amended.
11. That for the interest scheduled to come due on
the bonds herein authorized on May 15, 1979 there is hereby {
appropriated from City funds 'lawfully available for such purpose
a sufficient amount of money to pay said interest.
12. That the City covenants to and with the purchasers
of the bonds that it will make no use of the proceeds of the
bonds at any time throughout the term of this issue of bonds
which, if such use had been reasonably expected on the date of
delivery of the bonds to and payment for the bonds by the
purchasers, would have caused the bonds to be arbitrage bonds
within the meaning of Section 103(c) of the Internal Revenue Code
Of 1954, as amended, or any regulations or rulings pertaining
thereto; and by this covenant the City is obligated to comply
with the requirements of the aforesaid Section 103(c) and all
applicable and pertinent Department of the Treasury regulations
relating to arbitrage bonds. The City further covenants that
the proceeds of the bonds will not otherwise be used directly or
indirectly so as to cause all or any part of the bonds to be or
become arbitrage bonds within the meaning of the aforesaid
Section 103(c), or any regulations or rulings pertaining thereto.
13. The fact that the contemplated use of the proceeds
>f the bonds is necessary for the orderly development and growth
rf the City of Corpus Christi, Texas, creates a public emergency
nd an imperative public necessity requiring the suspension of
he Charter Rule providing that no ordinance or resolution shall
e passed finally on the date it is introduced and that such
rdinance or resolution shall be read at three several meetings
10
it
of the City Council and the Mayor having declared that such
Public emergency and imperative necessity exist, and having
requested that said Charter Rule be suspended and that this
ordinance take effect and be in full force and effect from and
after its passage, it is accordingly so ordained.
14. That all ordinances and resolutions or parts .
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the 8 day of November,
1978.
Mayo4corpus City sti, Texas
ATTEST:
JAY-
City
Secretary
City of Corpus Christi, Texas
The foregoing ordinance was approved prior to passage
as to form and correctness this the 8
day of November, 1978,
Ai y Attorney
City of Corpus ClUisti, Texas
11
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, City Secretary of the City of
Corpus Christi, Texas, do hereby certify, that the above and
foregoing is a true, full and correct copy of an ordinance
passed by the City Council of the City of Corpus Christi,
Texas, (and of the minutes pertaining thereto) on the 8th
day of November, 1978, authorizing the issuance of $5,000,000
of City of Corpus Christi, Texas, General Improvement Bonds,
Series 1978 -A, which ordinance is duly of record in the minutes
of said City Council and said meeting was open to the public
as required by law and public notice of the time, place and
purpose of said meeting was given as required by Vernon's
9nn. Civ. St. Article 6252 -17, as amended.
EXECUTED UNDER MY AND AND SEAL of said City, this
:he __ 8 day of November, 1978.
1-5'le �
�j
ity Secretary
City of Corpus Christi, Texas
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
We, the undersigned, hereby officially certify that
we are the Mayor, City Secretary and Director of Finance,
respectively, of said City, and we further certify as follows:
1. That said City is a duly incorporated Home Rule
City, having more than 5000 inhabitants, operating and existing
under the Constitution and laws of the State of Texas and the
duly adopted Home Rule Charter of said City, which Charter has
not been changed or amended since February 15, 1978, the date of
passage of the ordinance authorizing the issuance of the most
recently dated, issued and outstanding tax obligations of said
City.
2. That no litigation of any nature has ever been
filed pertaining to, affecting or contesting: (a) the issuance,
delivery, payment, security or validity of the proposed City of
Corpus Christi, Texas, General Improvement Bonds, Series 1978 -A,
dated November 15, 1978, in the aggregate principal amount of
$5,000,000; (b) the authority of the officers of said City to
issue, execute and deliver said bonds and interest coupons; or
(c) the validity of the corporate existence, the current Tax
Rolls, or the Charter of said City; and that with the exception
of the following cases contesting certain annexation proceed-
ings of the City, which if lost by the City would not reduce
the amount of the 1978 ad valorem tax rolls as shown below, no
litigation is pending pertaining to, affecting or contesting
the boundaries of said City, to -wit:
State of Texas ex rel. City of Corpus Christi
vs. Percy A. Hartman, et al, No. 115,034 -D,
105th Judicial District Court, Nueces County.
The City of Corpus Christi vs. Percy Hartman,
et al, No 115,039E, 148th District Court,
Nueces County, Texas.
State of Texas ex rel. Lonnie Glasscock III vs.
City of Corpus Christi, et al, -No- -
o _ . 15,776, 36th
Judicial District Court, San Patricio County,
Texas.
3. That on the 2nd day of June, 1976, the date the
Zity Council called the election authorizing the issuance of
part of said Bonds, and on June 30, 1976, the date said City
2ouncil canvassed the returns of said election, the following
persons were the duly elected or appointed and qualified
)fficials of said City:
Jason Luby
Mayor
Bill Tipton, DDS,
Mayor Pro -Tem
Eduardo de Ases
Ruth Gill
Bob Gulley
Councilmen
Gabe Lozano, Sr.
Edward L. Sample
R. Marvin Townsend,
City Manager
Michael L. May,
Asst. City Attorney
Harold F. Zick,
Director of Finance
Bill G. Read,
City Secretary
Alton White, Jr.,
Tax Assessor- Collector
p�
4. That on the 28th day of September, 1977, the date
the City Council called the electing authorizing the issuance
of the balance of the Bonds, and on the 9th day of November,
1977, the date the City Council canvassed the returns of said
election, the following persons were the duly elected or
appointed and qualified officials of said City:
Jason Luby,
Mayor
Eduardo De Ases
Mayor Pro -Tem
David Diaz
Ruth Gill
Bob Gully
Councilmen
Gabe Lozano, Sr.
Edward L. Sample
R. Marvin Townsend,
City Manager
J. Bruce Aycock,
City Attorney
Harold F. Zick,
Director of Finance
Bill G. Read,
City Secretary
Alton T. White, Jr.,
Tax Assessor - Collector
•
4. That on the 8th day of November, 1978, the
date an ordinance was passed authorizing the issuance of City
of Corpus Christi, Texas, General Improvement Bonds, Series
1978 =A, and at the Present time, the following persons were and
are the duly elected or appointed and qualified officials of
said City:
Gabe Lozano, Sr.,
Mayor
Bob Gulley,
Mayor Pro -Tem
David Diaz
Ruth Gill
Edward L. Sample
Councilmen
Tony Juarez, Jr.
Joe Holt
R. Marvin Townsend,
City Manager
J. Bruce Aycock,
City Attorney
Harold F. Zick,
Director of Finance
Bill G. Read,
City Secretary
Alton T. White, Jr.,
Tax Assessor - Collector
•
4. That the currently effective ad valorem Tax Rolls
of said City are those for the year 1978, being the most re-
cently approved Tax Rolls of said City; that the City Commission-
ers of said City have caused the taxable property in said City to
be assessed as required by law; that the Board of Equalization of
said City has equalized and approved the valuation of taxable
Property in said City for said year; that the Tax Assessor of
said City has duly verified the aforesaid Tax Rolls, and said
Board of Equalization has finally approved the same; and that
the valuation of taxable property in said City, and the aggre-
gate amount of exemptions, and the net effective taxable value
of taxable property in said City, according to the aforesaid
Tax Rolls for said year, as delivered to the City Secretary of
said City, and finally approved and recorded by the City Council
of said City, are as follows:
'Y'
Assessed Value: $ 2,427,902,695
Exemptions: 81,088,573
Taxable Values: 2,346,814,122
SIGNED AND SEALED this the -.day f 1978.
Cify Secretary Mayor
City of Corpus Christi, Texas City of us Christi, Texas
Director of Fin e
City of Corpus C risti, Texas
(SEAL)
APPROVED AS TO FORM AND CORRECTNESS this day of
1978.
it Attorney
City of Corpus 4hristi, Texas
SIGNATURE IDENTIFICATION AND NO- LITIGATION
CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
We, the undersigned, hereby certify as follows:
(a) That this certificate is executed and delivered
With reference to that issue of City of Corpus Christi, Texas,
General Improvement Bonds, Series 1978 -A, dated November 15, 1978
in the aggregate principal amount of $5,000,000.
(b) That we officially executed and signed said Bonds
and the interest coupons attached thereto by causing facsimiles
Of our manual signatures to be imprinted or lithographed on each
Of said Bonds and interest coupons, and we hereby adopt said
facsimile signatures as our own, respectively, and declare that
said facsimile signatures constitute our signatures the same as
if we had manually signed each of said Bonds and interest coupons.
(c) That said Bonds and interest coupons are substan-
tially in the form, and have been duly executed and signed in the
manner, prescribed in the order, resolution, or ordinance
authorizing the issuance of said Bonds and interest coupons.
(d) That at the time we so executed and signed said
Bonds and interest coupons we were, and at the time of executing
this certificate we are, the duly chosen, "qualified, and acting
officers indicated therein, and authorized to execute the same.
(e) That no litigation of any nature has been filed
or is now pending to restrain or enjoin the issuance or delivery
Of said Bonds or interest coupons, or which would affect the
provision made for their payment or security, or in any manner
questioning the proceedings or authority concerning the issuance
of said Bonds and interest coupons, and that so far as we know
and believe no such litigation is threatened.
(f) That neither the corporate existence nor
boundaries of said issuer is being contested except the follow-
ing cases involving the validity of annexation proceedings of the
City, to -wit:
State of Texas ex rel. Cit of Cor us Christi
vs. Percy A. Hartman, et _a_1, No. 115,034 -D, 105th
Judicial District Court, Nueces County.
The City of Corpus Christi. vs. Perc
Texas. y Hartman, et al,
No. 115,039E, 148th District Court, Nueces County,
State _of Texas ex rel. _Lonnie Glasscock III _vs.
City of Corpus Christi, et al, No. 15,776,V36th
Sudicial District Court, San Patricio County,
Texas;
that no litigation has been filed or is now pending which would
affect the authority of the officers of said issuer to issue,
execute, and deliver said Bonds and interest coupons, and that
no authority or proceedings for the issuance of said Bonds and
interest coupons have been repealed, revoked, or rescinded.
(g) That we have caused the official seal of said
issuer to be impressed, or printed, or lithographed on each of
said Bonds; and said seal on said Bonds has been duly adopted
as, and is hereby declared to be, the official seal of said
issuer.
MANUAL S
this
OFFICIAL TITLES
Mayor, City of Corpus Christi
City Secretary, City of Corpus
Christi
The signatures of the officers subscribed
above are hereby certified to be true and
genuine.
(BANK SEAL)
APPROVED AS TO FORM AND CORRECTNESS this the day
of , 1978.
�� � ty Attorney
ity of Corpus Chaisti, Texas
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
-4
CERTIFICATE CONCERNING OFFICIAL STATEMENT
On behalf of the City of Corpus Christi, Texas,
(the "City ") we the duly appointed and acting City Manager
and Director of Finance of the City do hereby certify that
the Official Statement prepared for use in connection with
the offering and sale of City of Corpus Christi, Texas,
General Improvement Bonds, Series 1978 -A has been authorized
and approved by the City Council of the City of Corpus
Christi, and to the best of our knowledge and belief and
after reasonable investigation:
(a) Neither the "Official Statement" nor any amend-
ment or supplement thereto pertaining to City of Corpus Christi,
Texas, General Improvement Bonds, Series 1978 -A contains any
untrue statement of a material fact necessary to make the
statements therein, in light of the circumstances in which
they were made, not misleading;
(b) Since the date of the "Official Statement" no
event has occurred which should have been set forth in an
amendment or supplement to the "Official Statement" which has
not been set forth in such amendment or supplement; and
(c) There has been no material adverse change
K
in the operation or financial affairs of the City since the
date of such "Official Statement ".
DATED the __day of 1978
(SEAL)
'r
ATTEST:
City Secretary T t
City of Corpus Christi, Texas
City Manage
City of Corpus Christi, Texas
Dire40f r of Fina
City Corpus C risti, Texas
STATEMENT OF INDEBTEDNESS
STATE OF TEXAS
TY OF NUECES
:ITY OF CORPUS CHRISTI :
I, the undersigned, Director of Finance of the City
f Corpus Christi, Texas, do hereby certify that attached
ereto is a true, full and correct statement of the indebtedness
f said City of every character on the 8th day of November, 1978
s shown by the books and records of said City in my office.
WITNESS MY HAND AND SEAL of said City, this the
3y of 1978.
irector of Finance
City of Corpus Ch i, Texas
I(SEAL)
c J
SCHEDULE OF OltTSTANDIN(; BONDED DEBT
ACCORDING TO SCHEDULED MATURITIES
OCTOBER 31, 1978
Water District No,
2 Bonds, Series
1950, 3 1/2%
1979 -80
$
38,000
1980 -81
39,000
$
77,000
Storm Sewer Bonds,
Series 1954,
3%
1978 -79
$
90,000
1979 -80
90,000
1980 -81
90,000
1981 -82
90,000
1982 -83
80,000
1983 -84
80,000
$
520,000
Street Right -of -Way Bonds, Series
1954, 3 - 2 3/4%
1978 -79
$
15,000
1979 -80
15,000
1980 -81
15,000
1981 -82
15,000
1982 -83
25,000
1983 -84
25,000
$
110,000
Storm Sewer Bonds,
Series 1957,
4 - 3 3/4%
1978 -79
$
35,000
1979 -80
35,000
1980 -81
35,000
1981 -82
35,000
$
140,000
Airport Bonds, Series
1958, 3 1/4%
1978 -79
$
40,000
1979 -80
40,000
1980 -81
40,000
1981 -82
40,000
1982 -83
40,000
$
200,000
General Improvement
Bonds, Series
1958,
3 1/2%
1978 -79
$
500,000
Storm Sewer Bonds, Series 1958, 3
1/4%
1978 -79
$
25,000•
1979 -80
30,000
1980 -81
30,000,
1981 -82
35,000
1982 -83
35,000
General Improvement
Bonds, Series
1959,
3 7/8%
1978 -79
$
275,000
1979 -80
310,000
$
585,000
General Improvement Bonds, Series 1960,
3 7/10 - 3 3/4%
1978 -79 $ 125,000
1979-80 180,000
$ 305,000
General Improvement Bonds, Series 1961,
3 1/2 - 3 6/10 - 3 7/10 - 3 3/4%
1978 -79 $ 200,000
1979 -80 200,000
1980 -81 200,000
$ 600,000
General Improvement Bonds, Series 1962,
2 7/8 - 3 - 3 1 /10%
1978 -79 $ 300,000
1979 -80 300,000
1980 -81 300,000
19 81- 82 300,000
$ 1,200,000
General Improvement Bonds, 1963,
3 - 3 1 /10%
1978 -79 $ 1603000
19 79- 80 160,000
1980 -81 160,000
1981 -82 160,000
1982 -83 160,000
$ 800,000
General Improvement Bonds, Series 7963 -A,
3 - 3 1 /10 - 3 2/10 - 3 1/4%
1979 -80 $ 275,000
1980 -81 275,000
1981 -82 275,000
1982 -83 275,000
1983 -84 275,000
$ 1,375,000
General Improvement Bonds, Series 1964,
3 1 /10 - 3 1/4 - 3 3/10%
1979 -80 $ 255,000
1980 -81 255,000
1981 -82 255,000
1982 -83 2$5;000
1983 -84 255,000
1984 -85 255,000
$ 1,530,000
Park Improvement Bonds, Series 1964,
3 -1 /10 - 3 1/4 - 3 3/10%
1979-80 $ 20,000
1980 -81 20,000
1981-82 20,000
1982 -83 20,000
1983 -84 20,000
1984 -85 20,000
$ 120,000
General improvement Bonds,
Series 1965,
3 1/4 - 3 4/10 - 3 1/2%
Improvement Bonds, Series 1967 -A,
1978 -79
$ 90,000
1979 -80
90,000
1980 -81
90,000
1981 -82
90,000
1982 -83
90,000
1983 -84
90,000
19 84- 85
80 , 000
$ 620,000
General Improvement Bonds,
Series 7966 -A,
3 9/10%
- 66/10 -6 7/10 -6%
1978 -79
$ 135,000
1979 -80
135,000
1980 -81
i 135,000
1981 -82
1352000
1982 -83
1353000
1983 -84
135,000
1984 -85
135,000
1985 -86
135,000
1986 -87
135,000
General
$ 1,215,000
General Improvement Bonds,
Series 1967,
3 9/10 - 4 - 4 1 /10%
$ 150,000
1979 -80
$ 185,000
1980 -81
185,000
1981 -82
185,000
1982 -83
185,000
1983 -84
200,000
1984 -85
200,000
1985 -86
200,000
1986 -87
200,000
1987 -88
200,000
1988 -89
$ 1,740,000
General Improvement Bonds, Series 1968,
S- 4 3/10 - 4 5/10 - 46/10%
1978 -79
$ 125,000
1979-80
150,000
1980 -81
150,000
1981 -82
150,000
1982 -83
150,000
1983 -84
150,000
1984 -85
150,000
1985-86
150,000
1986 -87
150,000
1987 -88
1501000
275,000
$ 1,475,000
General Improvement Bonds, Series
1969
5 1/2 - 5 - 5 3/10 - 5 4/10 - 4 5/10%
1978 -79
$ 150,000
1979 -80
200,000
1980 -81
200,000
1981 -82
200,000
1982 -83
200,000
1983-84
200,000
1984 -85
250,000
1985 -86
250,000
1986 -87
250,000
1987 -88
250,000
1988 -89
250,000
100, 000
$ 2,400,000
$ 1,000,000
Page 2
General
Improvement Bonds, Series 1967 -A,
6 1/2
- 6 2/10 - 6 1/4 - 6 3/10 - 6.35%
1978 -79
$ 150,000
1979 -80
150,000
1980 -81
150,000
1981 -82
150,000
1982 -83
150,000
1983 -84
150,000
$ 900,000
General
Improvement Bonds, Series 1970,
8- 61/2
- 66/10 -6 7/10 -6%
1978 -79
$ 300,000
1979 -80
400,000
19 80- 81
500,000
1981 -82
500,000
1982 -83
500,000
1983 -84
500,000
1984 -85
500,000
1985 -86
500,000
$ 3,700,000
General
Improvement Bonds, Series 1971,
4 - 4
1/2 - 4 7/10 - 4 8/10 - 5%
1978 -79
$ 150,000
1979-80
s� 150,000
1980 -81
150,000
1981 -82
150,000
1982 -83
200,000
1983 -84
200,000
1984 -85
200,000
1985 -86
200,000
1986 -87
200,000
1987 -88
200,000
1988 -89
250,000
1989 -90
250,000
$ 2,300,000
General Improvement Bonds, Series 1972,
59/10
-5 -5 2/10 -51/4- 4%
1978 -79
$ 275,000
1979 -80
275,000
1980 -81
275,000
1981 -82
275,000
1982 -83
275,000
1983 -84
275,000
1984 -85
275,000
1985 -86
275,000
1986 -87
275,000
1987 -88
275,000
1988 -89
2753000
1989 -90
275,000
1990 -91
275,000
1991 -92
275,000
$ 3,850,000
Upper Level College Bonds, Series 1973,
5 1/4%
7978-79
$ 100,000
1979 -80
100,000
1980 -81
100,000
1981 -82
1003000
1982-83
100, 000
1983 -84
100,000
1984 -85
1003000
1985 -86
100,000
1986 -87
100,000
1987-88
100,000
$ 1,000,000
`
Page
Genera .. mprovement Bonds,
6- 49/10 -5 1/10 -5
Series 1973,
2/10-
General
Improvement Bonds, Series 19/3,
4%
7 -.51/2
-5 3/4 -6 -5%
1978 -79
1979 -80
$ 250,000
1978 -79
$ 200,000
1980 -81
300,000
300,000
1979 -80
300,000
1981 -82
300,000
1980 -81
300,000
1982 -83
300,000
1981 -82
1982 -83
300,000
1983 -84
300,000
1983 -84
300,000
1984 -85
300,000
400,000
1985 -86
30000
1985 -86
400,000
1986 -87
1987 -88
300,000
1986 -87
400,000
400,000
1988 -89
300,000
400,000
1987 -88
400,000
1989 -90
400,000
400,000
1990 -91
400,000
1989 -90
1990 -91
400,000
1991 -92
400,000
1991 -92
400,000
1992 -93
400,000
1992 -93
400,000
$ 4,950,000
1993 -94
400,000
400,000
Tax & Revenue Certificates
of Obligation,
1994 -95
40
Series 1974, 4 1/47
$ 6,200,000
1978 -79
$ 45,000
General
Improvement Bonds,kSerieS 1976,
6 1/2
- 5 1/4 - 4 3/4 - 4.85 - 5%
Certificates of Obligation,
Series 1975,
1978 -79
$ 100,000
4 - 5 - 5.1 - 5.2 - 5.3%
1979 -80
100,000
1978-79
$ 200,000
1980 -81
100,000
1979 -80
200,000
1981 -82
200,000
1980 -81
200,000
1982 -83
200,000
1981 -82
200,000
19 83- 84
200,000
1982 -83
200,000
1984 -85
200,000
1983 -84
200,000
1985 -86
200,000
1984 -85
200,000
1986 -87
200,000
$ 1,400,000
1987 -88
1988-89
200,000
200,000
Tax & Revenue Certificates of Obligation,
g-
1989 -90
1990 -91
200,000
Series 1974 -A, 6 - 5 1/4
- 5 1/2
1991 -92
200,000
5 6/10 - 5 7/10%
200,000
1992 -93
200,000
1978 -79
$ 50,000
1993 -94
1994 -95
200,000
1979 -80
1980 -81
502000
1995 -96
200,000
200,000
1981 -82
50,000
50,000
$ 3,300,000
1982 -83
1983 -84
50,000
General Improvement Bonds, Series 1977,
1984 -85
502000
50,000
6 - 4
1/2 - 4.70 - 4.90 - 5%
1985 -86
1986 -87
50,000
50,000
1978 -79
$ 125,000
1987 -88
50,000
1979 -80
125,000
1988 -89
50,000
1980 -81
150,000
1989 -90
50 000
1981 -82
150,000
1990 -91
50,000
$ 650,000
1983 -84
1984 -85
50,000
r"
t General'Improvement Bonds, Series
1974,
1985 -86
150,000
150,000
"�6 = 5` 4/10 - 5 1%2 - 5.65 -,5 7/10%
1986 -87
150,000
1987 -88
150,000
1978-79
$ 150,000
1988 - 89
1989 -90
150,000
1979 -80
150,000
1990 -91
50,000
1980 -81
1981 -82
200,000
1991 -92
150,000
150,000
1982 -83
200,000
225,000
1992 -93
150,000
1983 -84
225,000
1994 -95
1984 -85
1985 -86
225,000
1995 -96
150,000
150,000
1986 -87
225,000
225,000
1996 -97
150,000
1987 -88
225,000
$ 2,800,000
1988 -89
225,000
1989 -90
225,000
1990 -91
225,000
1991 -92
225,000
1992 -93
225,000
1993 -94
225,000
7$7 ,400,000
Page
General -improvement Bonds; aeries 1977 -A,
6- 4.7- 4.8- 4.9 -4%
1978 -79
$ 200,000
1979 -80
200,000
1980 -81
300,000
1981 -82
300,000
1982 -83
4002000
1983 -84
400,000
1984 -85
400,000
1985-86
400,000
1986 -87
400,000
1987 -88
400,000
1988 -89
400,000
1989 -90
500,000
1990 -91
500,000
1991 -92
500,000
1992 -93
500,000
1993 -94
500,000
1994 -95
500,000
1995 -96
500,000
1996 -97
500,000
$ 7,800,000
General
Improvement Bonds, Series 1978,
5.75 -
4.80 - 4.90 - 5.00 - 3.75%
1978 -79
$ 300,000
1979 -80
300,000
1980 -81
350,000
1981 -82
400,000
1982 -83
450,000
1983 -84
500,000
1984 -85
500,000
1985 -86
500,000
1986 -87
500,000
1987 -88
550,000
1988 -89
600,000
1989 -90
600,000
1990 -91
600,000
1991 -92
600,000
1992 -93
650,000
1993 -94
700,000
1994 -95
700,000
1995 -96
700,000
1996 -97
750,000
�+-1�9,97 -98
`
750,000
- +
$11,000,000
Total Bonded Debt $68,962,000
Total Cash & Securities in
Interest & Redemption
Fund as of October 31, 1978 $ 7,178,136.68;--
0
The Attorney General of the
State of Texas
Attention: Bond Division
Capitol Station
Austin, TX 78711
Re: City of Corpus Christi, Texas, General
Improvement Bonds, Series 1978 -A, $5,000,000
Dear Sir:
The captioned series of bonds is being sent to your
office, and it is requested that you examine and approve the
bonds in accordance with law. After such approval, please
deliver the bonds to the Comptroller of Public Accounts of
the State of Texas for registration.
Enclosed herewith is a signed but undated copy of
the Signature Identification and No- Litigation Certificate
for said series. You are hereby authorized and directed to
date said certificate concurrently with the date of approval
of the bonds. If any litigation or contest should develop
pertaining to the bonds or any other matters covered by said
Certificate, the undersigned will notify you thereof imme-
diately by telephone and telegraph. with this assurance you
can rely on the absence of any such litigation or contest,
and on the veracity and currency of said Certificate at the
time you approve the bonds, unless you are notified otherwise
as aforesaid.
Yours very truly,
CITY OF CORPUS CHRISTI, TEXAS
City Tanager
ATTEST:
City Secretary
(SEAL)
, 1978
The Comptroller of Public Accounts
of the State of Texas
Attention: Bond Division
Capitol Station
Austin, Texas 78711
CITY OF CORPUS CHRISTI, TEXAS, GENERAL
IMPROVEMENT BONDS, SERIES 1978-A, $5,000,000
Dear Sir:
The approved bonds of the captioned series will be
delivered to you by the Attorney General of the State of Texas.
You are hereby requested to register the bonds as required by law
and by the proceedings authorizing the bonds.
After such registration you are hereby authorized and
directed to notify, and deliver the bonds to, the City National
Bank of Austin, Austin, Texas, which has been instructed to pick
up the bonds at the Bond Division of your office. Please'disre-
gard the letter dated February 27, 1978 authorizing delivery to
First National Bank in Dallas.
Please send to McCall, Parkhurst & Horton, Attorneys at
Law, Dallas, Texas, three copies of each of the following:
1. Attorney General's Approving Opinion
2. Comptroller's Signature Certificate
Your statement for this service should be sent to M. E.
Allison & Company, Inc., 1615 National Bank of Commerce Building,
San Antonio, Texas 78205.
Yours very truly,
CITY OF CORPUS CHRISTI, TEXAS
A��
City Xanager
ATTEST:
Le �A
City Secretary
(SEAL)
k�
O R
TREASURER'S RECEIPT
THE STATE OF TEXAS:
COUNTY OF NUECES:
CITY OF CORPUS CHRISTI:
The undersigned hereby certifies as follows:
(a) That this certificate is executed and delivered with reference to that issue of
CITY OF CORPUS CHRISTI, TEXAS, GENERAL
IMPROVEMENT BONDS,
Series 1978 —A, dated November 15, 1978, in the principal amount of $ 5,000,000.
(b) That the undersigned is the duly chosen, qualified, and acting Treasurer of the issuer of
said Bonds.
(c) That all of said Bonds have been duly delivered to the purchasers thereof, namely:
(d) That all of said Bonds have been paid for in full by said purchasers concurrently with the
delivery of this certificate, and the issuer of said Bonds has received, and hereby acknowledges
receipt of, the agreed purchase price for said Bonds, being the par or principal amount thereof
and accrued interest to the date of delivery.
(e) That all interest coupons representing interest scheduled to come due on said Bonds were
attached to said Bonds at the time of delivery thereof; except that all interest coupons, if any,
scheduled to come due prior to the date of delivery of said Bonds were detached and cancelled prior
to said delivery.
EXECUTED and delivered this
— -- — --
T SURER
Corpus Christi, Texas
,7,) day of 19?�
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 suspension 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 ordinance
finally on the date it is introduced, or at the present eeting of the City
Council.
Respectfully
THE CITY OF C0R093— CHRISTI, TEXAS
The Charter Rule was suspended by the following vote:
Gabe Lozano, Sr.
Bob Gulley
David Diaz
Q
Ruth Gill
Joe Holt��_
Edward L. Sample
` The above ordinance was
passed by the following vote:
Gabe Lozano, Sr.
Bob Gulley
�.
David Diaz
Ruth Gill
Joe Holt
Edward L. Sample
4--
City National Bank of Austin
P. 0. Box 1727
Austin, Texas 78767
Re: City of Corpus Christi, Texas, General
Improvement Bonds, Series 1978 -A, $5,000,000
Gentlemen:
The issuer and the purchasers of the captioned
series of bonds have designated your bank as the place, and
as their agent, for the delivery and payment of the bonds.
�X. Upon notice of their registration, you are hereby authorized
•' and directed to pick up the bonds at the Bond Division of
the office of the Comptroller of Public Accounts of the State
of Texas, and to hold the bonds for safekeeping pending said
delivery and payment.
When you receive the bonds, please send Bond Number
One of said series to McCall, Parkhurst & Horton, Attorneys
at Law, Dallas, Texas, for examination and return to you.
Upon your receipt of the final unqualified approving legal
opinion of said attorneys as to the validity of the bonds,
you are authorized and directed to deliver the bonds to the
purchasers thereof, Republic National Bank of Dallas and
Associates, when you have received payment for the bonds, in
immediately available funds, in the sum of the principal
amount or par value thereof and accrued interest to the date
of delivery, plus a premium of $637.50, less $100,000, repre-
senting the amount of the good faith check retained by the
City of Corpus Christi.
You are further authorized and directed to remit all ,
i of the aforesaid proceeds received from the delivery and pay-
ment of the bonds, immediately upon receipt, and by the fastest
means available, to the credit of the issuer of the bonds, at
its official depository, Corpus Christi National Bank, Corpus'
Christi, Texas.
Enclosed herewith are four signed but undated copies
of the Treasurer's Receipt, the Signature Identification and
No- Litigation Certificate and the Certificate Concerning the
Official Statement for said series. You are hereby authorized
and directed to date all copies of the Receipt and the Certif-
icates concurrently with the date of delivery of and payment
City National Bank of Austin
Page 2
for the bonds. If any litigation or contest should develop
or be filed, or if any event should occur, or any knowledge
should come to our attention, which would change or affect
the veracity of the statements and representations contained
in any of said documents, the undersigned will notify you
thereof immediately by telephone and telegraph. With this
assurance you can rely on the absence of any such litigation,
contest, event or knowledge, and on the veracity and currency
of each of said documents at the time of delivery of and pay-
ment for the bonds, unless you are notified otherwise as
aforesaid. After all copies of each of said documents have
been dated in accordance with the foregoing instructions,
please send all of them to McCall, Parkhurst & Horton.
Yours very truly,
CITY OF CORPUS CHRISTI, TEXAS
City' Manager
ATTEST:
City Secretary
(SEAL I
cc: M. E. Allison & Company
1615 National Bank of Commerce
San Antonio, Texas 78205
._Republic National Bank of Dallas
-Band Department
Dallas, Texas 75201
McCall, Parkhurst & Horton
1400 Mercantile Bank Building
Dallas, TX 75201
Re: City of Corpus Christi, Texas, General
Improvement Bonds, Series 1978-A, $5,000,000
Gentlemen:
Enclosed herewith are five signed but undated copies
of No- Arbitrage Certificate relating to the above - captioned
bonds. You are hereby authorized and directed to date all
copies of the Certificate concurrently with the date of de-
livery of the bonds. You can rely on the veracity and currency
of said Certificate at such time unless you are notified
otherwise by the undersigned.
Sincerely%,
City of Corpus-9.heisti, Texas
— dw 44 W
City secretary
City of Corpus Christi, Texas
Y
NO- ARBITRAGE CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
The undersigned, being the duly chosen and qualified
Mayor and City Secretary, respectively, of the City of Corpus
Christi, Texas (the "City "), hereby certify with respect to
that issue of City of Corpus Christi, Texas'General Improve-
ment Bonds, Series 1978 -A, dated November 15, 1978, in the
principal amount of $5,000,000 (the "bonds "), as follows:
1. That we, along with other officers, are chargeq with
the responsibility of issuing the bonds and expending the
proceeds of the bonds.
2. That this Certificate and covenant are made pursuant
to Sections 1.103 -13, 1.103 -14, and 1.103 -15 of the proposed
Income Tax Regulations (the "Regulations ") of the Internal
Revenue Service with respect to arbitrage bonds as described
in Section 103(c) of the Internal Revenue Code of 1954, as
amended (the "Code "), and the words and phrases used herein
have the same meanings as defined and used in the Regulations.
3. That this Certificate is based on facts, estimates,
and circumstances in existence on the date of this Certificate,
which is the date of the issue of the bonds, and on such basis
it is reasonably expected that the following will occur with
respect to the bonds, and, to the best knowledge and belief of
the undersigned, such expectations are reasonable:
(a) that the bonds are issued for the purpose of
constructing convention facilities and various general
improvement projects;'
(b) that the City will incur, within six months after
the date of issue of the bonds, binding obligations to
commence each of the projects, respectively, to be fi-
nanced by the bonds, either by entering into contracts for
the construction of such projects to be financed by the
bonds, or by entering into contracts for architectural
or engineering services for such projects, or contracts
for land acquisition, site development, purchase of con-
struction materials, or purchase of equipment, for such
projects, or in case of services, will commit itself to
make an equivalent expenditure for similar services by
employees of the City, with the amount to be paid under
each such contract and commitment with respect to each
such project, respectively, to be in excess of the lesser
of $100,000 or 2318 of the portion -of the amounts received
from the sale of the bonds allocated to each such project,
respectively (with the aggregate amounts to be paid under
all of such contracts to be in excess of the lesser of
$100,000 or 2h% of all of the amounts received from the
sale of the bonds).
(c) that after entering into said contracts or making
such commitments, work on all of such projects will pro-
ceed promptly with due diligence to completion;
(d) that all of the amounts received from the sale
of the bonds will be expended for the purposes of the bonds
by the end of the three -year period beginning on the date
of issue of the bonds;
Y
(e) that none of the amounts received from the sale
of the bonds will be placed in a reserve or replacement
fund, and, except as provided in (f) and (g), below, none
of the amounts received from the sale of the bonds and
none of the proceeds of the bonds of any kind will either
(i) be placed in a reserve or replacement fund, or (ii)
be used directly or indirectly to replace funds which were
used directly or indirectly to acquire any securities or
obligations of any kind;
•(f) that a separate and special "Interest and Sinking
Fund" has been created and established solely to pay the
principal of and interest on the bonds, with a portion of
such fund constituting a bona fide debt service fund for
the bonds, and money deposited into the "Interest and
Sinking Fund" for the bonds will not be invested except
during the thirteen month period beginning on the date of
each such deposit of money, and the amounts received from
the investment of money in the "Interest and Sinking Fund"
will not be invested except during the one year period
beginning on the date of receipt of such amounts; provided,
however, and except that, if any money so deposited, and
any amounts received from the investment thereof, are
accumulated in the "Interest and Sinking Fund" and remain
on hand in the "Interest and Sinking Fund" after thirteen
months from the date of deposit of any such money or one
year after the receipt of any such amounts from the in-
vestment thereof, such money and amounts, to the extent of
an aggregate not exceeding 15% of the original face amount
of the bonds (with the bonds having been sold at face value
or par), shall constitute a reasonably required debt
service reserve fund for the bonds, and may be invested,
and will not be subject to investment yield restrictions,
and shall constitute a separate portion of the "Interest
and Sinking Fund ";
(g) that it is expected that a portion of the
"Interest and Sinking Fund" will be used primarily to
achieve a proper matching of tax revenues collected for
the Bonds and debt service on the bonds within each bond
year, and it is expected that such portion of the "Interest
and Sinking Fund" will be depleted once a year on a first
in - first out basis, except for a possible carryover
amount which will not exceed the greater of one year's
earnings on such fund or 1/12 of annual debt service paya-
ble from anv such fund, but any money and amounts which may
be accumulated in the "Interest and Sinking Fund" to con-
stitute a debt service reserve fund for the bonds as
described in (f), above, shall constitute a separate portion
of the "Interest and Sinking Fund ", and will not be depleted
annually and will not be subject to yield restrictions;
provided, that in no event will such debt service reserve
fund portion of the "Interest and Sinking Fund" ever exceed
15% of the original face amount of the bonds;
(h) that except as provided in (f) and (g) above, no
money or amounts will be held or accumulated in or invested
from any sinking fund, debt service fund, redemption fund,
reserve fund, replacement fund, or similar fund which is
reasonably expected to be used to pay principal or inter-
est on the bonds;
(i) that none of the projects to be financed by the
bonds will be sold or otherwise disposed of, in whole or
in part, prior to the final maturity of the bonds;
1
(j) that the amounts received from the sale of the
bonds will not exceed the amounts necessary for the
governmental purposes of the bonds;
(k) that the City has not been notified of of any
listing of it by the internal Revenue Service as an
issuer that may not certify its bonds.
4. That it is not expected that the proceeds of the bonds
ill be used in any manner that would cause such obligations to
e arbitrage bonds under Section 103(c) of the Code and the
:gulations prescribed under that Section, and it is further
pecifically covenanted that the proceeds of the bonds will not
e used directly or indirectly so as to cause all or any part
f the bonds to be or become arbitrage bonds within the meaning
f that Section or the Regulations prescribed by that Section.
5. That to our best knowledge and belief there are no
ther facts, estimates, or circumstances that would materially
hange the foregoing conclusions or statements.
EXECUTED this
(SEAL)