HomeMy WebLinkAbout033653 RES - 05/13/2025RESOLUTION
Resolution by the City Council of the City of Corpus Christi, Texas,
authorizing and approving publication of Notice of Intention to issue not more
than $43,200,000 of Certificates of Obligation, in one or more series, for
certain capital improvements, as included and approved by City Council in
the Fiscal Year 2025 Capital Budget; 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 $43,200,000 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) (a) constructing,
acquiring, purchasing, renovating, enlarging, and improving City administrative facilities and
signage, including renovations and improvements to City Hall and the La Retama Central Library,
(b) constructing, acquiring, purchasing, renovating, enlarging, and improving City public health
and safety facilities and signage, including renovations and improvements to the City's fire
department resource center, (c) constructing, acquiring, purchasing, renovating, enlarging, and
improving the City's animal care facility, (d) designing, demolishing, constructing, renovating,
improving, reconstructing, restructuring and extending streets and thoroughfares and related land"
and right-of-way sidewalks, streetscapes, collectors, drainage, landscape, signage, acquiring lands
and rights -of -way necessary thereto or incidental therewith, (e) constructing, acquiring,
purchasing, renovating, enlarging, and improving City solid waste facilities, including landfill site
development and related road improvements, and (f) constructing, acquiring, purchasing,
renovating, enlarging, and improving City park facilities, including Ben Garza Park, Dr. H.J.
Williams Park, North Beach Trail, T.C. Ayers Park, Washington Coles Park, and a park operations
building; (2) the purchase of materials, supplies, equipment, machinery, landscaping, land, and
rights -of -way for authorized needs and purposes; 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
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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, any Assistant City Manager,
the Director of Finance and Procurement, and the City Attorney, as appropriate, or their designees,
to review, 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,
and if the City maintains an internet website, publish such notice of intent on the City's internet
website, 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 purposes for which the Certificates
are to be issued, (iii) the manner in which the City Council proposes to pay the Certificates; (iv) the
then -current principal amount of all outstanding ad valorem debt obligations of the City; (v) the
then -current combined principal and interest required to pay all outstanding ad valorem debt
obligations of the City on time and in full, which may be based on the City's expectations relative
to the interest due on any variable rate ad valorem debt obligations; (vi) the maximum principal
amount of the Certificates to be authorized; (vii) the estimated interest rate for the Certificates to
be authorized or that the maximum interest rate for the Certificates may not exceed the maximum
legal interest rate; and (viii) the maximum maturity date of the Certificates to be authorized; 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
$43,200,000 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) (a) constructing,
acquiring, purchasing, renovating, enlarging, and improving City administrative facilities and
signage, including renovations and improvements to City Hall and the La Retama Central Library,
(b) constructing, acquiring, purchasing, renovating, enlarging, and improving City public health
and safety facilities and signage, including renovations and improvements to the City's fire
department resource center, (c) constructing, acquiring, purchasing, renovating, enlarging, and
improving the City's animal care facility, (d) designing, demolishing, constructing, renovating,
improving, reconstructing, restructuring and extending streets and thoroughfares and related land
297943753.4
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and right-of-way sidewalks, streetscapes, collectors, drainage, landscape, signage, acquiring lands
and rights -of -way necessary thereto or incidental therewith, (e) constructing, acquiring,
purchasing, renovating, enlarging, and improving City solid waste facilities, including landfill site
development and related road improvements, and (f) constructing, acquiring, purchasing,
renovating, enlarging, and improving City park facilities, including Ben Garza Park, Dr. H.J.
Williams Park, North Beach Trail, T.C. Ayers Park, Washington Coles Park, and a park operations
building; (2) the purchase of materials, supplies, equipment, machinery, landscaping, land, and
rights -of -way for authorized needs and purposes; 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 management system.
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 forty-six (46) days prior to the date stated therein
for passage of the ordinance authorizing the issuance of the Certificates. Additionally, the City
Secretary shall cause the notice described in Section 1 to be posted continuously on the City's
website for at least forty-five (45) days prior to the date stated therein for passage of the ordinance
authorizing the issuance of the Certificates.
SECTION 3: The City Manager, any Assistant City Manager, the Director of Finance and
Procurement, and the City Attorney, 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.
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.
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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.
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PASSED AND APPROVED, this the l3th day of May, 2025.
C TY OF CORPUS CHRISTI, TEXAS
ATTEST:
(CITY SEAL)
APPROVED THIS 13TH DAY OF MAY, 2025:
Mil2LYX
s Risle CityAttorney
Y�
297943753.4
S-1
ayor
EFFECTIVE DATE
033 653
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, beginning at
11:30 A.M., Corpus Christi, Texas time on Tuesday, July 15, 2025, to consider at its first reading,
and beginning at 11:30 A.M., Corpus Christi, Texas time on Tuesday, July 22, 2025, to consider
at its second and final reading 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, as taxable or tax-exempt obligations, in an aggregate principal amount not to exceed
$43,200,000 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) (a)
constructing, acquiring, purchasing, renovating, enlarging, and improving City administrative
facilities and signage, including renovations and improvements to City Hall and the La Retama
Central Library, (b) constructing, acquiring, purchasing, renovating, enlarging, and improving City
public health and safety facilities and signage, including renovations and improvements to the
City's fire department resource center, (c) constructing, acquiring, purchasing, renovating,
enlarging, and improving the City's animal care facility, (d) designing, demolishing, constructing,
renovating, improving, reconstructing, restructuring and extending streets and thoroughfares and
related land and right-of-way sidewalks, streetscapes, collectors, drainage, landscape, signage,
acquiring lands and rights -of -way necessary thereto or incidental therewith, (e) constructing,
acquiring, purchasing, renovating, enlarging, and improving City solid waste facilities, including
landfill site development and related road improvements, and (f) constructing, acquiring,
purchasing, renovating, enlarging, and improving City park facilities, including Ben Garza Park,
Dr. H.J. Williams Park, North Beach Trail, T.C. Ayers Park, Washington Coles Park, and a park
operations building; (2) the purchase of materials, supplies, equipment, machinery, landscaping,
land, and rights -of -way for authorized needs and purposes; 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 management system. In accordance with Section 271.049, as amended, Texas
Local Government Code, (i) the current principal amount of all of the City's outstanding public
securities secured by and payable from ad valorem taxes is $498,825,000.00; (ii) the current
combined principal and interest required to pay all of the City's outstanding public securities
secured by and payable from ad valorem taxes on time and in full is $671,556,222.06; (iii) the
estimated combined principal and interest required to pay the Certificates to be authorized on time
and in full is $68,380,225.00; (iv) the maximum interest rate for the Certificates may not exceed
the maximum legal interest rate; and (v) the maximum maturity date of the Certificates to be
authorized is March 1, 2045. 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
297943753.4
A-1
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.
297943753.4
A-2
/s/ Rebecca Huerta
City Secretary,
City of Corpus Christi, Texas
* LocaliQ
Texas/New Mexico PO Box 631667 Cincinnati, OH 45263-1667
GANNETT
NOTAFFIDAVIT OF PUBLICATION CITY OFCE CO INTENTION TO, ISSUE
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
Mariah Resendez meeting place in the City Hall in Corpus Christi, Texas,
of Corpus Christi-Secretarybeginning at 11:30 A.M.,Corpus Christi,Texas time on Tues-
Cityrp day,July 15,2025,to consider at its first reading,and begin-
1201 Leopard St ping at 11:30 A.M., Corpus Christi, Texas time on Tuesday,
fl July 22,2025,to consider at its second and final reading the
Corpus Christi TX 78401 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,as
taxable or tax-exempt obligations, in an aggregate principal
amount not to exceed$43,200,000 for the purpose or purposes
STATE OF WISCONSIN, COUNTY OF BROWN of paying contractual obligations of the City to be incurred
for making permanent public improvements and for other
public purposes, to-wit: (1) (a) constructing, acquiring,
The Corpus Christi Caller-Times, a newspaper published in the city Purchasing, renovating,s, enlarging, and improvingingeoi City
administrative facilities and signage, including renovations
of Corpus Christi, Nueces County, State of Texas, generally and improvements to City Hall and the La Retama Central
Library, (b)constructing,acquiring,purchasing,renovating,
circulated in Aransas, Bee, Brooks, Duval, Jim Hogg, Jim Wells, enlarging,and improving City public health and safety facili-
tiesto
Kleber , Live Oak, Nueces, Refugio, and San Patricio Counties, and signage,including renovations eons and improvementsc) ig,
9 9 the City's fire department resource center, (c)constructing,
and personal knowledge of the facts herein state and that the acquiring, purchasing, renovating,enlarging,and improving
the City's animal care facility, (d) designing, demolishing,
notice hereto annexed was Published in said newspapers in the constructing,renovating,improving,reconstructing,restruc-
turing and extending streets and thoroughfares and related
issue: land and right-of-way sidewalks, streetscapes, collectors,
drainage, landscape, signage, acquiring lands and rights-of-
way necessary thereto or incidental therewith,(e)construct-
05/18/2025,05/25/2025 ing, acquiring, purchasing, renovating, enlarging, and
improving City solid waste facilities, including landfill site
development and related road improvements, and (f)
and that the fees charged are legal. constructing, acquiring, purchasing, renovating, enlarging,
and improving City park facilities, including Ben Garza
Sworn to and subscribed before on 05/25/2025 Park,Dr.H.J.Williams Park,North Beach Trail,T.C.Ayers
Park, Washington Coles Park, and a park operations build-
ing; (2) the purchase of materials, supplies, equipment,
machinery, landscaping, land, and rights-of-way for autho-
rized needs and purposes; and (3) the payment of profes-
sional services related to the design, construction, manage-
ment and financing of the aforementioned proiects. The
certificates of obligation (the Certificates) will be payable
//�/I/,+/",,�/ from the levy of an annual ad valorem tax,within the limita-
tions prescribed by law, h all n prof hety within d
City and from a lien on and pledge of certain revenues
derived by the City from the operation of the City's solid
waste management system. In accordance with Section
271.049, as amended, Texas Local Government Code, (i) the
Legal C current principal amount of all of the City's outstanding
public securities secured by and payable from ad valorem
taxes is $498,825,000.00; (ii) the current combined principal
and interest required to pay all of the City's outstanding
Nota o 1, unty of IAB o public securities secured by and payable from ad valorem
taxes on time and in full is$671,556,222.06; (iii)the estimated
combined principal and interest required to pay the Certifi-
cates to be authorized on time and in full is$68,380,225.00;
(iv)the maximum interest rate for the Certificates may not
exceed the maximum legal interest rate; and (v) the maxi-
My commission ex 1 es mum maturity date of the Certificates to be authorized is
p March 1, 2045. 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
Publication Cost:
$1433.52 Local Government Code Section 271.041 through Section
271.064, Subchapter G of Chapter 363, as amended, Texas
Tax Amount: $0.00 Health and Safety Code,and the City's Home Rule Charter.
Payment Cost: $1433.52 BSc tybSecre ary Huerta
Order No: 11318339 #of C
City of Corpus Christi,Texas
opies:
Customer No: 1356906 1
PO#:
I i ll l \O.I
Please do not use this form for payment remittance.
VICKY FELTY
Notary Public
State of Wisconsin
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