HomeMy WebLinkAbout023036 RES - 08/19/1997RESOLUTION
AUTHORIZING THE CITY MANAGER, OR DESIGNEE, TO DEVELOP
AND IMPLEMENT A $50 MILLION TAX-EXEMPT COMMERCIAL
PAPER PROGRAM FOR A TERM OF SEVEN YEARS.
Recitals:
The City of Corpus Christi is looking for ways to control costs.
Use of a Tax -Exempt Commercial Paper Program (TECP) can significantly reduce the costs
of financing utility system capital projects over traditional financing.
In Texas the use of TECP is limited, by law, to revenue -backed, utility system projects.
The proceeds of TECP can be used only for: capital project costs, refunding outstanding
commercial paper, and paying the issuance costs associated with the establishment of the TECP.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
SECTION 1. The City Manager, or designee, is authorized to develop and implement a $50
million Tax -Exempt Commercial Paper Program for a term of seven years.
ATTEST:
Armando Chapa, City Secretary
THE CITY OF CORPUS CHRISTI
SamNeal, r., Mayor
Legal form approved 1 ft ,/9 u_y u4 , 1997; James R. Bray, Jr., City Attorney
By: (A.nArv^-
Alison Galla ay
Assistant City Attorney
AGA97A5000.284 August 20, 1997 (2:50pm)
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Corpus Christi, Texas
Day of 19 01
The above resolution was passed by the following vote:
Loyd Neal
Jaime Capelo
Melody Cooper
Alex L. Garcia, Jr.
Arnold Gonzales
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
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AGA97A5000.284 August 11, 1997 (3:23pm)