HomeMy WebLinkAbout033710 RES - 07/29/2025Resolution authorizing an asset purchase and sale agreement with the City
of Rockport in an amount of $5,500,000.00 for the purchase of the assets of
the City of Rockport Natural Gas Utility System with funding available
through the 2025 Utility System Revenue Bond.
WHEREAS, the City of Rockport operates a natural gas utility system and desires to sell certain
assets of the distribution system; and
WHEREAS, the City of Corpus Christi desires to acquire additional distribution assets in order to
expand its existing operations; and
WHEREAS, the asset purchase and sale agreement provides for the purchase and sale of the
pipelines, meters, gates and certain other assets of the Rockport natural gas utility system;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
The City Manager or designee is authorized to execute the Asset Purchase and Sale Agreement with
the City of Rockport for the natural gas utility system in the amount of $5,500,000.00.
PASSED and APPROVED on the d.Ci%y of 1 , 2025.
ATTEST:
Paulette Guajardo, M
7
Rebecca Huerta, City Secretary
033710
SCANNED
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of the Finance & Procurement Department of the City of Corpus Christi, Texas (or his/her
duly authorized representative), hereby certify to the City Council and other appropriate officers that the
money required for the current fiscal year's portion of the contract, agreement, obligation or
expenditure described above is in the Treasury to the credit of the Fund specified above, from which it
is to be drawn, and has not been appropriated for any other purpose. Future payments are subject
to annual appropriation by the City Council.
City Council Action Date: July 29, 2025 Legistar Number: 25-1165
Agenda Item: Resolution authorizing an asset purchase and sale agreement with the City of Rockport
in an amount of $5,500,000.00 for the purchase of the assets of the City of Rockport Natural Gas Utility
System with funding available through the 2025 Utility System Revenue Bond.
Amount Required: $ 5,500,000.00
Fund Name
Accounting Unit
Account No.
Activity No.
Amount
Rockport Gas Fund
4135-11-34001
550060
$5,500,000.00
Total
$5,500,000.00
❑ Certification Not Required
Director of the Finance & Procurement Department
Date: 1 ,- 3 U )5-