HomeMy WebLinkAbout028654 RES - 06/22/2010RESOLUTION NO.
AUTHORIZING THE DEPOSIT OF $2,000 IN REVENUES FROM THE
CITY'S SOLID WASTE SYSTEM INTO THE INTEREST AND SINKING
FUND FOR EACH SERIES OF THE CITY'S COMBINATION TAX AND
LIMITED PLEDGE REVENUE CERTIFICATES OF OBLIGATION
ADDITIONALLY SECURED BY A LIMITED PLEDGE OF CERTAIN OF
THE CITY'S SOLID WASTE SYSTEM REVENUES, THE PURPOSE OF
SUCH DEPOSITS BEING THE EXTINGUISHMENT OF THE LIEN ON
SUCH REVENUES ADDITIONALLY SECURING THE IDENTIFIED
DEBT OBLIGATIONS; ENACTING OTHER PROVISIONS INCIDENT
AND RELATED TO THE SUBJECT AND PURPOSE OF THIS
RESOLUTION; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City of Corpus Christi, Texas (the City) is a home rule municipality and
a political subdivision of and is duly organized and existing pursuant to the Constitution and
laws of, the State of Texas (the State); and
WHEREAS, pursuant to State law, the City Council (the City Council) of the City has
heretofore issued, and there are currently outstanding, combination tax and limited pledge
revenue certificates of obligation designated as "City of Corpus Christi, Texas Combination Tax
and Limited Pledge Revenue Certificates of Obligation, Series 2009", dated July 15, 2009, and
"City of Corpus Christi, Texas Combination Tax and Limited Pledge Revenue Certificates of
Obligation, Series 2010 (Convention Center)", dated July 15, 2010 (together, the Limited Pledge
Certificates); and
WHEREAS, for the purpose of complying with Subchapter C of Chapter 271, as
amended, Texas Local Government Code, permitting the Limited Pledge Certificates to be sold
for cash, the Limited Pledge Obligations are secured, in addition to the pledge of the City's
limited ad valorem tax (being the primary source of security therefor), by a limited pledge of the
City revenues derived from its ownership and operation of its solid waste system in the amount
of $1,000 per series of Limited Pledge Obligations; and
WHEREAS, for the purpose of easing administrative burden, the City now desires to
extinguish such limited lien on and pledge of the solid waste system revenues by depositing the
amount of $1,000 into the interest and sinking fund for each series of Limited Pledge
Obligations; and
WHEREAS, the City Council hereby finds and determines that the adoption of this
Resolution is in the best interests of the citizens of the City; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI
THAT:
SECTION 1. Authorization of Deposit. City staff is hereby directed to deposit to the
interest and sinking fund for each series of Limited Pledge Obligations the amount of $1,000 for
the purpose of extinguishing the limited lien on and pledge of the solid waste system revenues
additionally securing the repayment of the Limited Pledge Obligations.
8566 1544.1
398654
INDEXED
SECTION 2. Appropriation of Necessary Amounts. An amount of money necessary to
make the deposits specified in Section 1 hereof is hereby appropriated and made available for
such purpose from lawfully available solid waste system revenues.
SECTION 3: Inconsistent Provisions. All ordinances and resolutions, or parts thereof,
which are in conflict or inconsistent with any provision of this Resolution are hereby repealed to
the extent of such conflict, and the provisions of this Resolution shall be and iumain controlling
as to the matters ordained herein.
SECTION 4: Governing Law. This Resolution shall be construed and enforced in
accordance with the laws of the State of Texas and the United States of America.
SECTION 5: Severability. If any provision of this Resolution or the application thereof
to any person or circumstance shall be held to be invalid, the remainder of this Resolution and
the application of such provision to other persons and circumstances shall nevertheless be valid,
and the City Council hereby declares that this Resolution would have been enacted without such
invalid provision.
SECTION 6: Incorporation of Preamble Recitals. The recitals contained in the
preamble hereof are hereby found to be true, and such recitals and other statements therein are
hereby made a part of this Resolution for all purposes and are adopted as a part of the judgment
and findings of the City Council.
SECTION 7: Public Meeting. It is officially found, determined, and declared that the
meeting at which this Resolution is adopted was open to the public and public notice of the time,
place, and subject matter of the public business to be considered at such meeting, including this
Resolution, was given, all as required by Chapter 551, as amended, Texas Government Code.
SECTION 8: Delegation of Duties: Further Proceedings. The City Council hereby
delegates to the Mayor of the City, the City Manager of the City, and the Interim Assistant City
Manager for Administrative Services, individually, the authority to take any and all other actions
consistent with the provisions of this Resolution, which includes the making any deposits
necessary to accomplish the extinguishment of the lien, as described herein. In addition, officers
and employees of the City are hereby authorized, empowered, and directed from time to time and
at any time to do and perform all such acts and things and to execute, acknowledge, and deliver
in the name and under the corporate seal and on behalf of the City all such instruments, whether
or not herein mentioned, as may be necessary or desirable in order to carry out the terms and
provisions of this Resolution. In case any officer of the City whose signature shall appear on any
certificate shall cease to be such officer before the delivery of such certificate, such signature
shall nevertheless be valid and sufficient for all purposes the same as if such officer had
remained in office until such delivery
SECTION 9. Incorporation of Preamble Recitals. The recitals contained in the
preamble hereof are hereby found to be true, and such recitals are hereby made a part of this
Resolution for all purposes and are adopted as a part of the judgment and findings of the City
Council of the City.
85661549.1
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SECTION 10. Effective Date. The effective date of this Resolution shall be governed by
the provisions of the Home Rule Charter of the City.
85661549.1
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PASSED AND ADOPTED on the 22nd clay of June, 2010.
ATTEST:
�r]k17t
APPROVED THIS9P1 DAY OF
Carlos Valdez, City Attorne
(CITY SEAL)
8566 1549.1
2010:
S-1
CITY OF CORPUS CHRISTI, TEXAS
Mayor
2,feafio.„
!P�
THE STATE OF TEXAS )(
COUNTY OF NUECES )(
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 22nd day of
June, 2010, authorizing the issuance of the City's Combination Tax and Limited Pledge Revenue
Certificates of Obligation, Series 2010 (Convention Center), which ordinance is duly of record in
the minutes of said City Council, and said meeting was open to the public, and public notice of
the time, place and purpose of said meeting was given, all as required by Texas Government
Code, Chapter 551.
EXECUTED UNDER MY HAND AND SEAL of said City, this the 22nd day of June, 2010.
85551549.1
City Secretary
(CITY SEAL)
S-2
Corpus Christi, Texas
of
Okne_._, 2010
The above resolution was passed by the following vote:
Joe Adame
Chris N. Adler
Brent Chesney
Larry Elizondo, Sr.
Kevin Kieschnick
Priscilla Leal
John E. Marez
Nelda Martinez
Mark Scott
028654
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
1, the Director of Finance of the City of Corpus Christi, Texas (or his/her duly authorized representative), hereby
certify to the City Council and other appropriate officer that the money required for the contract, agreement,
obligation or expenditure described below is in the Treasury to the credit of the Fund specified below, from which
it is to be drawn, and has not been appropriated for any other purpose.
City Council Action Date: 22 2010
Agenda Item:
6, B. Resolution authorizing the deposit of $2,000 in revenues from the City's Solid Waste System
into the Interest and Sinking Fund for each series ofthe City's Combination Tax and Limited
Pledge Revenue Certificates of Obligation additionally secured by a limited pledge of certain
of the City's Solid Waste System revenues, the purpose of such deposits being the
extinguishment of the lien on such revenues additionally securing the identified debt
obligations; enacting other provisions incident and related to the subject and purpose of this
resolution; and providing an effective date.
Amount Required:
$
Fund Name
Fund No.
Org. No.
Account No.
Project No.
Amount
General Fund
1020
12500
$2,000.00
Total
$2,000.00
Certification Not Required
�_a��•L�ta—amu
Director of Financial Services •
Date: i o