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Home My WebLink About031045 RES - 01/24/2017 RESOLUTION RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS AUTHORIZING AND APPROVING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION; COMPLYING WITH THE REQUIREMENTS CONTAINED IN SECURITIES AND EXCHANGE COMMISSION RULE 15c2-12; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council (the City Council) of the City of Corpus Christi, Texas (the City) has determined that it is advisable and necessary to issue and sell one or more series of certificates of obligation (the Certificates) as taxable or tax-exempt obligations and in an aggregate amount not to exceed $2,500,000 as provided pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Texas Local Government Code, Section 271.041 through Section 271.064, for the purpose of paying contractual obligations of the City to be incurred for making permanent public improvements and for other public purposes, to-wit: (1) the construction of improvements to the City's solid waste facilities, including (without limitation)paying contractual obligations to be incurred with respect to the construction of a gas collection and control system and procurement of a gas flare, (2) the purchase of materials, supplies, equipment, machinery, landscaping, land, and rights-of-way for authorized needs and purposes relating to the aforementioned facilities; and (3)the payment of professional services related to the design, construction, management and financing of the aforementioned projects; and WHEREAS, prior to the offering, sale, and issuance of the Certificates, the appropriate officials of the City must review and approve the distribution of a "deemed final" preliminary official statement (the Official Statement) in order to comply with the requirements contained in 17 C.F.R. §240.15c2-12 (the Securities and Exchange Commission Rule); and WHEREAS, based upon their review of the Official Statement, the appropriate officials of the City must find to the best of their knowledge and belief, after reasonable investigation, that the representations of facts pertaining to the City contained in the Official Statement are true and correct and that, except as disclosed in the Official Statement, there are no facts pertaining to the City that would adversely affect the issuance of the Certificates or the City's ability to pay the debt service requirements on the Certificates when due; and WHEREAS, the City Council will comply with the requirements contained in the Securities and Exchange Commission Rule concerning the creation of a contractual obligation between the City and the proposed purchaser(s) of the Certificates (the Purchasers) to provide the Purchasers with an Official Statement in a time and manner that will enable the Purchasers to comply with the distribution requirements and continuing disclosure requirements contained in the Securities and Exchange Commission Rule; and WHEREAS, the City Council authorizes the City Manager, the Director of Financial Services, the City Secretary, and the City Attorney, as appropriate, or their designees, to review, 62231940.2 031045 INDEXED approve, and execute any document or certificate in order to allow the City to comply with the requirements contained in the Securities and Exchange Commission Rule; and WHEREAS, prior to the issuance of the Certificates, the City Council is required to publish notice of its intention to issue the Certificates in a newspaper of general circulation in the City, such notice stating (i) the time and place the City Council tentatively proposes to pass the ordinance authorizing the issuance of the Certificates, (ii) the maximum amount proposed to be issued, (iii) the purposes for which the Certificates are to be issued, (iv) and the manner in which the City Council proposes to pay the Certificates; and WHEREAS, the City Council hereby finds and determines that such documents pertaining to the sale of the Certificates should be approved, and the City should proceed with the giving of notice of intention to issue the Certificates in the time, form, and manner provided by law; and WHEREAS, the City Council hereby finds and determines that the adoption of this Resolution is in the best interests of the residents of the City; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS THAT: SECTION 1: The City Secretary is hereby authorized and directed to cause notice to be published of the City Council's intention to issue the Certificates in an amount not to exceed $2,500,000 for the purpose of paying contractual obligations of the City to be incurred for making permanent public improvements and for other public purposes, to-wit: (1) the construction of improvements to the City's solid waste facilities, including (without limitation) paying contractual obligations to be incurred with respect to the construction of a gas collection and control system and procurement of a gas flare, (2) the purchase of materials, supplies, equipment, machinery, landscaping, land, and rights-of-way for authorized needs and purposes relating to the aforementioned facilities; and (3)the payment of professional services related to the design, construction, management and financing of the aforementioned projects. The Certificates will be payable from the levy of an annual ad valorem tax, within the limitations prescribed by law, upon all taxable property within the City and additionally from a pledge of and lien on certain revenues derived from the operation of the City's solid waste system facilities. The notice hereby approved and authorized to be published shall read substantially in the form and content of Exhibit A attached hereto, which notice is incorporated herein by reference as a part of this Resolution for all purposes. SECTION 2: The City Secretary shall cause the notice described in Section 1 to be published in a newspaper of general circulation in the City, once a week for two consecutive weeks, the date of the first publication shall be at least thirty(30) days prior to the date stated therein for passage of the ordinance authorizing the issuance of the Certificates. SECTION 3: The City Manager and the Director of Financial Services, as appropriate, or their designees, are authorized to review and approve the Official Statement pertaining to the offering, sale, and issuance of the Certificates and to execute any document or certificate in order to comply with the requirements contained in the Securities and Exchange Commission Rule. 62231940.2 -2- SECTION 4. 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. SECTION 5: 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 remain controlling as to the matters resolved herein. SECTION 6: This Resolution shall be construed and enforced in accordance with the laws of the State of Texas and the United States of America. SECTION 7: 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 8: 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 9: This Resolution shall be in force and effect from and after the date of its adoption,and it is so resolved. [The remainder of this page intentionally left blank.] 62231940.2 -3- PASSED AND APPROVED, this the 24th day of January, 2017. CITY OF CORPUS CHRISTI,TEXAS Mayor PC " 4 ATTEST: City Secretary (CITY SEAL) APPROVED THIS 24th DAY OF JANUARY,2017: X,Z4. Miles Risley,City Attorne 62231940.2 54 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 a Resolution passed by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 24th day of January, 2017, relating to establishing the City's intention to publish a notice of intention concerning the issuance of certificates of obligation, which Resolution 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 17th day of January, 2017. _12JCIL(-Le 14-1ACif r;:- ity Secretary (CITY SEAL) 62231940.2 S-2 The foregoing resolution was read and passed on this the 24th day of January, 2017, by the following vote: def- V lI lfA Rudy Garza I..J 1 Carolyn Vaughn Paulette Guajardo I / Ben Molina Michael Hunter li11 Lucy Rubio L, 1 Joe McComb Iti. Greg Smith !.- il . i I PASSED AND APPROVED, this the 24`h day of January, 2017. ATTEST: ca_tA.e& 4-1--"„-tc,,, Da _ Re ecca Huerta Ca1'a l,� Q •cr\---) City Secretary Mayor Pro -T�.+rr-L- ,J 62231940.2 S-3 031045 Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF CORPUS CHRISTI, TEXAS CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the City Council of the City of Corpus Christi, Texas will convene at its regular meeting place in the City Hall in Corpus Christi, Texas, at 2:00 P.M., Corpus Christi, Texas time on March 28, 2017, and, during such meeting, the City Council will, on second reading (and after a first reading to occur at the March 21, 2017 meeting of the City Council), consider the passage of an ordinance or ordinances and take such other actions as may be deemed necessary to authorize the issuance of one or more series of certificates of obligation in an aggregate principal amount not to exceed $2,500,000 for the purpose or purposes of paying contractual obligations of the City to be incurred for making permanent public improvements and for other public purposes, to-wit: (1) the construction of improvements to the City's solid waste facilities, including (without limitation) paying contractual obligations to be incurred with respect to the construction of a gas collection and control system and procurement of a gas flare, (2) the purchase of materials, supplies, equipment, machinery, landscaping, land, and rights-of- way for authorized needs and purposes relating to the aforementioned facilities; and (3)the payment of professional services related to the design, construction, management and financing of the aforementioned projects. The certificates of obligation (the Certificates) will be payable from the levy of an annual ad valorem tax, within the limitations prescribed by law, upon all taxable property within the City and from a lien on and pledge of certain revenues derived by the City from the operation of the City's solid waste system. The Certificates are to be issued, and this notice is given, under and pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Texas Local Government Code Section 271.041 through Section 271.064, Subchapter G of Chapter 363, as amended, Texas Health and Safety Code, and the City's Home Rule Charter. /s/ Rebecca Huerta City Secretary, City of Corpus Christi, Texas 62231940.2 A-1