HomeMy WebLinkAbout022837 RES - 02/11/1997RESOLUTION
AUTHORIZING AND DIRECTING THE CITY MANAGER, UPON
APPROPRIATION BY THE CITY COUNCIL, TO PAY TO THE
NUECES RIVER AUTHORITY AN AMOUNT NOT TO EXCEED
$11,100,000 WHICH AMOUNT HAS BEEN MADE AVAILABLE BY
FEDERAL LEGISLATION DEFERRING CHOKE CANYON
PAYMENTS, FOR USE BY THE RIVER AUTHORITY TO PAY
PROJECT COSTS OF THE LAKE TEXANA PIPELINE PROJECT
AND REDUCE THE PRINCIPAL AMOUNT OF BONDS REQUIRED
TO BE ISSUED FOR SAID PROJECT
WHEREAS, the City Council desires to keep water rates as low as possible.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS, THAT:
SECTION 1. The City Manager of the City of Corpus Christi is authorized and directed,
upon appropriation of funds by the City Council, to deliver to the Nueces River Authority (the
"Authority") an amount not to exceed $11,100,000.
SECTION 2. Said monies shall be deposited by the Authority in a construction fund to be
used exclusively for the Authority's acquisition and construction of the Project as defined in the
Nueces River Authority - City of Corpus Christi Water Transmission Facilities Contract (the
"Contract") approved by the City Council on November 12, 1996. Said monies shall be used in lieu
of the principal amount of Bonds to be issued under the Contract, as prepayment of the Bonds under
the Contract, thereby reducing the amount of Bonds to be issued and reducing interest costs for the
Project.
SECTION 3. The monies appropriated by the City Council to implement this Resolution
shall be derived from savings, and restored from anticipated savings, resulting from the five-year
deferral of payments to the federal government on Choke Canyon authorized by the United States
Congress in Public Law 104-318.
SECTION 4. The actual amount paid by the City Manager to the Authority, up to the limit
provided herein, shall be equal to the principal amount of bonds which are determined to be
necessary to capitalize interest payments until the anticipated completion date of the Project.
022837 toaikilkEk)
Corpus Christi, Texas
/1 day of r_2 b( j
, 19 97
The above resolution was passed by the following vote:
Mary Rhodes
Dr. Jack Best
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
022837
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