HomeMy WebLinkAbout16627 ORD - 10/28/1981THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On the 14th day of October, 1981, the City Council of
the City of Corpus Christi, Texas convened in Regular
Meeting; with the following members of said Council present,
to -wit:
Luther Jones,
Betty N. Turner,
Bob Gulley,
Herbert Hawkins, Jr.,
Dr. Charles Kennedy,-
Jack
ennedy;Jack K. Dumphy,
Cliff Zarsky,
Ernest M. Briones,
J. Bruce Aycock,
Harold F. Zick,
Bill G. Read,
Mayor,
Mayor Pro -Tem,
Councilmen,
Acting City Manager,
City Attorney,
Director of Finance,
City Secretary,
constituting a quorum, at which time the following among
other business was transacted:
An ordinance was presented for the consideration of the
City Council. The ordinance was read for the first time by
i the City Secretary, and passed to its second reading, on the
14th day of October, 1981, by the following voL44
AYES: 4l!1,2uz4/,
NAYS:
The Mayor requested that the records show that he voted
Aye. This was done.
On the 21st day of October, 1981, the City Council of
the City of Corpus Christi, Texas convened in Regular
Meeting, with the following members of said Council present,
to -wit:
Luther Jones,
Betty N. Turner,
Bob Gulley,
Herbert Hawkins, Jr.,
Dr. Charles Kennedy,
Jack K. Dumphy,
Cliff Zarsky,
Ernest M. Briones,
J. Bruce Aycock,
Harold F. Zick,
Bill G. Read,
Mayor,
Mayor Pro -Tem,
Councilmen,
Acting City Manager,
City Attorney,
Director of Finance,
City Secretary,
constituting a quorum, at which time the following among
other business was transacted:
The ordinance was presented for the consideration of
the City Council. The ordinance was read for the second
time by the City Secretary, and passed to its third reading,
on the 21st day of October, 1981, b, the follow'ng vote:
AYES:
NAYS:
The Mayor requested that the records show that he voted
Aye. This was done.
On the 28th day of October, 1981, the City Council of
the City of Corpus Christi, Texas convened in Regular
Meeting, with the following members of said Council present,
to -wit:
16627
M1
/�w-
iiii !ry,nQ4 §E-13 2719
4
Luther Jones,
Betty N. Turner,
Bob Gulley,
Herbert Hawkins, Jr.,
Dr. Charles Kennedy,
Jack K. Dunphy,
Cliff Zarksy,
Ernest M. Briones,
J. Bruce Aycock,
Harold F. Zick,
Bill G. Read,
constituting a quorum, at which
other business was transacted:
Mayor,
Mayor Pro -Tem,
Councilmen,
Acting City Manager,
City Attorney,
Director of Finance,
City Secretary,
time the following among
The ordinance was presented
the City Council. The ordinance w
by the City Secretary, and passed
of October, 1981, by the following v
AYES:
NAYS:
,���nAA 4.. a. ..:
for the consideration of
as read for the third time
finally, on the 28th day
te:
3Q`-o-sey
The Mayor requested that the records show that he voted
Aye. This was done.
The Mayor announced that the ordinance had been passed
finally. The ordinance is as follows:
ORDINANCE AUTHORIZING THE ISSUANCE OF INTEREST
BEARING CERTIFICATES OF OBLIGATION, SERIES 1981
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
WHEREAS, the City Council deems it advisable to issue
Certificates of Obligation to purchase land and buildings to
be used as a training facility for the City's police department
(the "Project"); and
WHEREAS, the Certificates of Obligation hereinafter
authorized and designated are to be issued and delivered
pursuant to Article 2368a.1, V.A.T.C.S.; and
WHEREAS, the City Council has heretofore, on the 7th
day of October, 1981, adopted a resolution authorizing and
directing the City Secretary to give notice of intention to
issue Certificates of Obligation; and
WHE AS, aid notice has been duly published in the
117 l 6,,i4x44 which is a newspaper of general
circulation in said City, in its issues of October /2- ,
1981 and October 11 , 1981; and
WHEREAS, the City received no petition from the qualified
electors of the City protesting the issuance of such Certifi-
cates of Obligation; and
WHEREAS, it is considered to be to the best interest of
the City that said interest bearing Certificates of Obligation
be issued in the amount of $470,000 which is sufficient to
pay part of the cost of the Project; and
WHEREAS, the Certificates of Obligation will be sold
for cash to the Corpus Christi National Bank, Corpus Christi,
Texas, at the par value plus accrued interest.
BE IT ORDAINED BY .rat. CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
1. That said City's Certificates of Obligation are
hereby authorized to be issued in the aggregate principal
amount of $470,000, for the purpose of paying part of the
cost of purchasing land and buildings to be used as a training
facility for the City' s police department.
2. That said Certificates of Obligation shall be
designated as the CITY OF CORPUS CHRISTI, TEXAS CERTIFICATES
OF OBLIGATION, SERIES 1981.
3. That said Certificates of Obligation shall be dated
November 1, 1981, shall be in the denomination of $50,000
each, with the exception of the Certificate maturing in 1990
which shall be in the denomination of $70,000, shall be
numbered consecutively from one upward, and shall mature
serially on the maturity date, in each of the years, and in
the amounts, respectively, as set forth in the following
schedule:
MATURITY DATE: October 1
YEARS AMOUNTS
1986 $100,000
1987 100,000
1988 100,000
1989 100,000
1990 70,000
1
16627
4. That the Certificates of Obligation shall bear
interest at the following rates per annum:
Certificates maturing 1986, 10.75%
Certificates maturing 1987, 11.00%
Certificates maturing 1988, 11.20%
Certificates maturing 1989, 11.40%
Certificates maturing 1990, 11.60%
Said interest shall be evidenced by interest coupons which
shall appertain to said Certificates of Obligation, and
which shall be payable in the manner provided and on the
dates stated in the Form of Certificate set forth in this
Ordinance.
5. That said Certificates of Obligation and interest
coupons shall be issued, shall be payable, may be redeemed
prior to their scheduled maturities, shall have the charac-
teristics, and shall be signed and executed (and said
Certificate shall be sealed), all as provided, and in the
manner indicated, in the Form of Certificate set forth in
this Ordinance.
6. That the form of said Certificates of Obligation,
including the form of the Registration Certificate of the
Comptroller of Public Accounts of the State of Texas to be
printed and endorsed on each of said Certificates of Obli-
gation, and the form of the aforesaid interest coupons which
shall appertain and be attached initially to each of said
Certificates, shall be, respectively, substantially as
follows:
FORM OF CERTIFICATE
NO. $
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
CERTIFICATE OF OBLIGATION
SERIES 1981
ON OCTOBER 1, 19 8/, the City of Corpus Christi, County
of Nueces, State of Texas, hereby promises to pay to bearer
hereof the principal amount of
THOUSAND DOLLARS
and to pay interest thereon, from the date hereof, at the
rate of § per annum, evidenced by interest coupons
payable on April 1, 1982, and semiannually thereafter while
this Certificate of Obligation is outstanding.
THE PRINCIPAL of this Certificate of Obligation and the
interest coupons appertaining hereto shall be payable to
bearer, in lawful money of the United States of America,
without exchange or collection charges to the bearer, upon
presentation and surrender of this Certificate of Obligation
or proper interest coupon at the following, shall constitute
and be defined as the Paying Agent for this series of Certif-
icates of Obligation:
CORPUS CHRISTI NATIONAL BANK,
CORPUS CHRISTI, TEXAS.
THIS CERTIFICATE OF OBLIGATION is one of a series dated
as of November 1, 1981, authorized, issued and delivered in
the principal amount of $470,000, for the purpose of paying
part of the cost of purchasing land and buildings to be used
as a training facility for the City' s police department.
2
THE CITY RESERVES THE RIGHT to redeem said Certificates
of Obligation prior to their scheduled maturities, in whole
or in an amount not less than the amount maturing in a given
year in inverse numerical order, on October 1, 1982, or on
any interest payment date thereafter at a price of par and
accrued interest to the date fixed for redemption, plus a
premium of 1/2 of 1%, such premium to be reduced to 1/4 of
1% on October 1, 1983, and to 0°% on October 1, 1984 and each
year thereafter.
At least thirty days before the date fixed for any such
redemption, the City shall cause a written notice of such
redemption to be published at least once in a, financial
publication printed in the City of New York, New York. By
the date fixed for any such redemption, due provision shall
be made with the paying agent for the payment of the prin-
ciapl amount of the Certificates to be so redeemed, plus
accrued interest thereon to the date fixed for redemption
and any premium as required above. If the written notice of
redemption is published, and if due provision for such pay-
ment is made, all as provided above, the Certificates, which
are to be so redeemed, thereby automatically shall be redeemed
prior to maturity, and they shall not bear interest after
the date fixed for redemption, and shall not be regarded as
being outstanding except for the purpose of receiving the
funds so provided for such payment.
IT IS HEREBY certified, recited, and covenanted that
this Certificate of Obligation has been duly and validly
authorized issued and delivered; that all acts, conditions,
and things required or proper to be performed, exist and be
done precedent to or in the authorization, issuance and
delivery of this Certificate of Obligation have been performed,
existed and been done in accordance with law; that this
Certificate of Obligation is a general obligation of said
City, issued on the full faith and credit thereof; and that
annual. ad valorem taxes sufficient to provide for the payment
of the interest on and principal of this Certificate of
Obligation, as such interest comes due and such principal
matures, have been levied and ordered to be levied against
all taxable property in said City, and have been pledged
irrevocably for such payment, within the limit prescribed by
law.
IN WITNESS WHEREOF, this Certificate of Obligation has
been signed with the facsimile signature of the Mayor of
said City and countersigned with the facsimile signature of
the City Secretary of said City, and the official seal of
said City has been duly impressed, or placed in facsimile on
this Certificate of Obligation and the interest coupons
appertaining hereto have been signed with the facsimile
signatures of the Mayor and City Secretary.
xxxxxxx xxxxx
City Secretary Mayor
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Certificate of Obligation
has been examined, certified as to validity, and approved by
the Attorney General of the State of Texas, and that this
Certificate of Obligation has been registered by the
Comptroller of Public Accounts of the State of Texas.
Witness my signature and seal this
xxxxxxx
Comptroller of Public Accounts of
the State of Texas
3
FORM OF INTEREST COUPON:
NO. $
ON , 19_,
The City of Corpus Christi, County of Nueces, State of
Texas, promises to pay to bearer the amount shown on this
interest coupon in lawful money of the United States of
America, without exchange or collection charges to the
bearer, unless due provision has been made for the re-
demption prior to scheduled maturity of the Certificate to
which this interest coupon appertains, upon presentation and
surrender of this interest coupon, at the Corpus Christi
National Bank, Corpus Christi, Texas, said amount being
interest due that day on the Certificate of Obligation bear-
ing the number hereinafter designated, of that issue of
City of Corpus Christi, Texas Certificates of Obligation,
Series 1981, dated November 1, 1981. Certificate of Obli-
gation No.
xxxxxxxx xxxxxxxx
City Secretary Mayor
7. That said Certificates of Obligation, in the author-
ized amount of $470,000, shall be executed by the printed or
lithographed facsimile signature of the Mayor and coun-
tersigned by the printed or lithographed facsimile signature
of the City Secretary, and shall have the printed or litho-
graphed coupons attached thereto. The Certificates of
Obligation thus executed are hereby sold to Corpus Christi
National Bank for the principal amount thereof and accrued
interest thereon to date of delivery.
8. That a special "Interest and Sinking Fund" is
hereby created and shall be established and maintained by
the City at an official depository bank of said City. Said
Interest and Sinking Fund shall be kept separate and apart
from all other funds and accounts of said City, and shall be
used only for paying the interest on and principal of said
Certificates of Obligation. All ad valorem taxes levied and
collected for and on account of said Certificates of Obligation
shall be deposited, as collected, to the credit of said
Interest and Sinking Fund. During each year while any of
said Certificates of Obligation or interest coupons appertain-
ing thereto are outstanding and unpaid, the City Council of
said City shall compute and ascertain a rate and amount of
ad valorem tax which will be sufficient to raise and produce
the money required to pay the interest on said Certificates
of Obligation as such interest comes due, and to provide and
maintain a sinking fund adequate to pay the principal of
such Certificates of Obligation as such principal matures
(but never less than 2% of the original amount of said
Certificates of Obligation as a sinking fund each year); and
said tax shall be based on the latest approved tax rolls of
said City, with full allowances being made for tax delinquen-
cies and the cost of tax collection. Said rate and amount
of ad valorem tax is hereby levied, and is hereby ordered to
be levied, against all taxable property in said City, for
each year while any of said Certificates of Obligation or
interest coupons appertaining thereto are outstanding and
unpaid, and said tax shall be assessed and collected each
such year and deposited to the credit of the aforesaid
Interest and Sinking Fund. Said ad valorem taxes sufficient
to provide for the payment of the interest on and principal
of said Certificates of Obligation, as such interest comes
due and such principal matures, are hereby pledged irrevocably
for such payment, within the limit prescribed by law.
9. That the City Manager of said City is hereby author-
ized to have control of said Certificates of Obligation and
4
all necessary records and proceedings pertaining to said
Certificates of Obligation pending their delivery and their
investigation, examination and approval by the Attorney Gen-
eral of the State of Texas, and their registration by the
Comptroller of Public Accounts of the State of Texas. Upon
registration of said Certificates of Obligation, said Comp-
troller of Public Accounts (or a deputy designated in writing
to act for said Comptroller) shall manually sign the Comp-
troller's Registration Certificate printed and endorsed on
each of said Certificates of Obligation, and the seal of
said Comptroller shall be impressed, or placed in facsimile,
on each of said Certificates of Obligation.
10. That the City covenants to and with the purchasers
of the Certificates of Obligation that it will make no use
of the proceeds of the Certificates of Obligation at any
time throughout the term of this issue of Certificates
which, if such use had been reasonably expected on the date
of delivery of the Certificates to and payment for the
Certificates by the purchasers, would have caused the Certif-
icates to be arbitrage bonds within the meaning of Section
103(c) of the Internal Revenue Code of 1954, as amended, or
any regulations, or rulings pertaining thereto; and by this
covenant the City is obligated to comply with the requirements
of the aforesaid Section 103(c) and all applicable and
pertinent Department of the Treasury regulations relating to
arbitrage bonds. The City further covenants that the proceeds
of the Certificates will not otherwise be used directly or
indirectly so as to cause all or any part of the Certificates
to be or become arbitrage bonds within the meaning of the
aforesaid Section 103(c), or any regulations or rulings
pertaining thereto.
12. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED on first reading on October 14,
1981, on second reading on October 21, 1981 and finally on
third reading on October 28, 1981.
ATTEST:
Secretary, City ofrpus
Christi, Texas
Mayer Cit f Corpus Christi,
Texas
The foregoing ordinanceapprov
as to form and correctness this Wday of
5
/5144-r_e
to passage
1981.
ity Attorney, ity of Corpus
Christi, exas
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
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 finally by the City Council of the City of Corpus
Christi, Texas (and of the minutes pertaining thereto) on
October 28, 1981, having been passed on first reading on
October 14, 1981, and on second reading on October 21,
1981. Said ordinance authorizes the issuance of $470,000
City of Corpus Christi, Texas Certificates of Obligation,
Series 1981, 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 Vernon's Ann.
Civ. Stat., art. 6252-17, as amended.
qEXECUTED UNDER MY HAND AND SEAL of said City, this the
/ day of October, 1981.
(SEAL)
6
1�retary, Cit�Corpus
Christi, Texas
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
We, the undersigned, hereby officially certify that we
are the Mayor, City Secretary and Director of Finance,
respectively, of said City, and we further certify as follows:
1. That said City is a duly incorporated Home Rule
City, having more than 5000 inhabitants, operating and
existing under the Constitution and laws of the State of
Texas and the duly adopted Home Rule Charter of said City,
which Charter has not been changed or amended since July 22,
1981, the date the ordinance was passed by the City Council
authorizing the City of Corpus Christi, Texas General Improve-
ment Bonds, Series 1981.
2. That no litigation of any nature has ever been
filed pertaining to, affecting or contesting: (a) the issu-
ance, delivery, payment, security or validity of the proposed
City of Corpus Christi, Texas Certificates of Obligation,
Series 1981, dated November 1, 1981, in the aggregate principal
amount of $470,000; (b) the authority of the officers of
said City to issue, execute and deliver said bonds and
interest coupons; or (c) the validity of the corporate
existence, the current Tax Rolls, or the Charter of said
City; and that no litigation is pending pertaining to,
affecting or contesting the boundaries of said City.
3. That on the 28th day of October, 1981, the date an
ordinance was finally passed authorizing the issuance of
City of Corpus Christi, Texas Certificates of Obligation,
Series 1981, and at the present time, the following persons
were and are the duly elected or appointed and qualified
officials of said City:
Luther Jones,
Betty N. Turner,
Jack K. Dumphy,
Bob Gulley,
Herbert Hawkins, Jr.,
Dr. Charles Kennedy,
Cliff Zarsky,
Ernest M. Briones,
J. Bruce Aycock,
Harold F. Zick,
Bill G. Read,
Mayor,
Mayor Pro -Tem,
Councilmen,
Acting City Manager,
City Attorney,
Director of Finance,
City Secretary.
5. That the currently effective ad valorem Tax Rolls
of said City are those for the year 1981, being the most
recently approved Tax Rolls of said City; that the City
Council of said City has caused the taxable property in said
City to be assessed as required by law; that the Board of
Equalization of said City has equalized and approved the
valuation of taxable property in said City for said year;
that the Tax Assessor of said City has duly verified the
aforesaid Tax Rolls, and said Board of Equalization has
finally approved the same; and that the valuation of taxable
property in said City, and the aggregate amount of exemptions,
and the net effective taxable value of taxable property in
said City, according to the aforesaid Tax Rolls for said
year, as delivered to the City Secretary of said City, and
finally approved and recorded by the City Council of said
City, are as follows:
Assessed Value: $ 3,848,544,835
Exemptions: $ 140,745,831
Taxable Values: $ 3,707,799,004
SIGNED AND SEALED this the 28th day of OCtober, 1981.
Ciy Secretary Mayor
City of Corpus Christi, Texas
(SEAL)
City, of Corpus Christi, Texas
Ci
Director of Fin�f'ce
City of Corpus hristi, Texas
APPROVED AS TO FORM AND CORRECTNESS this day of
October, 1981.
4
City Attorney
City of Corpus hristi, Texas
STATEMENT OF INDEBTEDNESS
1Hr STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, Director of Finance of the City of
Corpus Christi, Texas, do hereby certify that attached
hereto is a true, full and correct statement of indebtedness
of said City of every character on the 28th day of October,
1981 as shown by the books and records of said City in my
office.
WITNESS MY HAND AND SEAL of said City this the, day
of October, 1981.
D'rector of Finance 9
City of Corpus Chri i, Texas
(SEAL)
•
SCHEDULE OF OUTSTANDING BONDED DEBT
ACCORDING TO SCHEDULED MATURITIES
SEPTEMBER 30, 1981
Storm Sewer Bonds, Serie§ 1954, 3%
1981-82
1982-83
1983-84
$ 90,000
80,000
80,000
$ 250,000
Street Right -of -Way Bonds, Series
1954, 3 - 2 3/4%
1981-82
1982-83
1983-84
$ 15,000
25,000
25,000
$ 65,000
Storm Sewer Bonds, Series 1957,
4 - 3 3/4%
1981-82 $ 35,000
Airport Bonds, Series 1958, 3 1/4%
1981-82 $ 40,000
1982-83 40,000
$ 80,000
Storm Sewer Bonds, Series 1958, 3 1/4%
1981-82
1982-83
$ 35,000
35,000
$ 70,000
General Improvement Bonds, Series 1962,
2 7/8 - 3 - 3 1/10%
1981-82
General Improvement Bonds, 1963,
3 - 3 1/10%
1981-82
1982-83
$ 300,000
$ 160,000
160,000
$ 320,000
General Improvement Bonds, Series 1963-A,
3- 3 1/10 - 3 2/10 - 3 1/4%
1981-82 $
1982-83
1983-84
$ 825,000
General Improvement Bonds, Series 1964,
3 1/10 - 3 1/4 - 3 3/10%
275,000
275,000
275,000
1981-82
1982-83
1983-84
1984-85
$ 255,000
255,000
255,000
255,000
$ 1,020,000
Park Improvement Bonds, Series 1964,
3 1/10 - 3 1/4 - 3 3/10%
1981-82
1982-83
1983-84
1984-85
$ 20,000
20,000
20,000
20,000
$ 80,000
General Improvement Bonds, Series 1965,
3 1/4 - 3 4/10 - 3 1/2%
1981-82
1982-83
1983-84
1984-85
$ 90,000
90,000
90,000
80,000
$ 350,000
General Improvement Bonds, Series 1966-A,
3 9/10%
1981-82 $ 135,000
1982-83 135,000
1983-84 135,000
1984-85 135,000
1985-86 135,000
1986-87 135,000
$ 810,000
General Improvement Bonds, Series 1967,
3 9/10 - 4 - 4 1/10%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
$ 185,000
185,000
200,000
200,000
200,000
200,000
200,000
$ 1,370,000
General Improvement Bonds, Series 1968,
5- 4 3/10 - 4 5/10 - 4 6/10%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
$ 150,000
150,000
150,000
150,000
150,000
150,000
150,000
$ 1,050,000
General Improvement Bonds, Series 1968
5 1/2 - 5 - 5 3/10 - 5 4/10 - 4 5/10%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
$ 200,000
200,000
200,000
250,000
250,000
250,000
250,000
250,000
$ 1,850,000
General Improvement Bonds, Series 1969-A,
6 1/2 - 6 2/10 - 6 1/4 - 6 3/10 - 6.35%
1981-82
1982-83
1983-84
$ 150,000
150,000
150,000
$ 450,000
Page 2
General Improvement Bonds, Series 1970, Certificates ofObligation, Series 1975,
8-61/2-66/10-67/10-6% 4-5-5.1-5.2-5.3%
1981-82
1982-83
1983-84
1984-85
1985-86
$ 500,000
500,000
500,000
500,000
500,000
$ 2,500,000
General Improvement Bonds, Series 1971,
4 - 4 1/2 - 4 7/10 - 4 8/10 - 5%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
$ 150,000
200,000
200,000
200,000
200,000
200,000
200,000
250,000
250,000
$ 1,850,000
General Improvement Bonds, Series 1972,
5 9/10 - 5 - 5 2/10 - 5 1/4 - 4%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
$ 275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
275,000
$ 3,025,000
Upper Level College Bonds, Series 1973,
5 1/4%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
$ 100,000
100,000
100,000
100,000
100,000
100,000
100,000
$ 700,000
General Improvement Bonds, Series 1973,
6 - 4 9/10 - 5 1/10 - 5 2/10 - 4%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-81
1991-92
1992-93
$ 300,000
300,000
300,000
300,000
300,000
300,000
300,000
400,000
400,000
400,000
400,000
400,000
$ 4,100,000
1980-81
1981-82
1982-83
1983-84
1984-85
Tax & Revenue Certificates
Series 1974-A, 6 - 5 1/4
5 6/10 - 5 7/10%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
$ 200,000
200,000
200,000
200,000
200,000
$ 1,000,000
of Obligation,
- 5 1/2 -
$ 50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
$ 500,000
General Improvement Bonds, Series 1974,
6 - 5 4/10 - 5 1/2 - 5.65 - 5 7/10%
1981-82
1982-83
1983-84
1984-85
1985-86
1987-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
$ 200,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
225,000
$ 2,900,000
General Improvement Bonds, Series 1975,
7 - 5 1/2 - 5 3/4 - 6 - 5%
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
$ 300,000
300,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
$ 5,400,000
•
Page.' 3
General Improvement Bonds, Series 1976, General Improvement Bonds, Series 1978,
6 1/2 - 5 1/2 - 4 3/4 - 4.85 - 5% 5.75 - 4.80 - 4.90 - 5.00 - 3.75%
1981-82 $ 200,000 1981-82 $ 400,000
1982-83 200,000 1982-83 450,000
1983-84 200,000 1983-84 500,000
1984-85 200,000 1984-85 500,000
1985-86 200,000 1985-86 500,000
1986-87 200,000 1986-67 500,000
1987-88 200,000 1987-88 550,000
1988-89 200,000 1988-89 600,000
1989-90 200,000 1989-90 600,000
1990-81 200,000 1990-91 600,000
1991-92 200,000 1991-92 600,000
1992-93 200,000 1992-93 650,000
1993-94 200,000 1993-94 700,000
1994-95 200,000 1994-95 700,000
1995-96 200,000 1995-96 700,000
$ 3,000,000 1996-97 750,000
1997-98 750,000
General Improvement Bonds, Series 1977, $10,050,000
6 - 4 1/2 - 4.70 - 4.90 - 5%
General Improvement Bonds, Series 1978-A,
1981-82 $ 150,000 6.75 - 5.25 - 5.4 - 5.5 - 5.6%
1982-83 150,000
1983-84 150,000 1981-82 $ 200,000
1984-85 150,000 1982-83 200,000
1985-86 150,000 1983-84 200,000
1986-87 150,000 1984-85 200,000
1987-88 150,000 1985-86 200,000
1988-89 150,000 1986-87 200,000
1989-90 150,000 1987-88 200,000
1990-91 150,000 1988-89 200,000
1991-92 150,000 1989-90 250,000
1992-93 150,000 1990-81 300,000
1993-94 150,000 1991-92 300,000
1994-95 150,000 1992-93 300,000
1995-96 150,000 1993-94 300,000
1996-97 150,000 1994-95 300,000
$ 2,400,000 1995-96 300,000
1996-97 300,000
General Improvement Bonds, Series 1977-A, 1997-98 300,000
6 - 4.7 - 4.8 - 4.9 - 4% 1998-99 300,000
1980-81 $ 300,000 $ 4,650,000
1981-82 300,000 General Improvement Bonds, Series 1979,
1982-83 400,000 7.50 - 7.125 - 6.2 - 6.25 - 6.3 -
1983-84 400,000 6.35 - 6.4 - 6.5 - 6.6 - 6.7 - 5.5%
1984-85 400,000
1985-86 400,000 1981-82 $ 200,000
1986-87 400,000 1982-83 200,000
1987-88 400,000 1983-84 250,000
1988-89 400,000 1984-85 450,000
1989-90 500,000 1985-86 450,000
1990-91 500,000 1986-87 425,000
1991-92 500,000 1987-88 400,000
1992-93 500,000 1988-89 400,000
1993-94 500,000 1989-90 400,000
1994-95 500,000 1990-91 400,000
1995-96 500,000 1991-92 400,000
1996-97 500,000 1992-93 400,000
$ 7,400,000 1993-94 400,000
1994-95 400,000
1995-96 400,000
1996-97 400,000
1997-98 400,000
1998-99 400,000
1999-2000 400,000
$ 7,175,000
Certificates
7.5 - 6.25
6.6 - 6.75
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
of Obligation, Series 1979, General Improvement Bonds
- 6.3 - 6.4 - 6.5 - 12.00 - 11.75 - 10.00 -
- 5.5% 10.70 - 10.80 - 11.00 -
$ 200,000
200,000
250,000
425,000
400,000
375,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
$ 5,750,000
General Improvement Bonds, Series 1980
3.00 - 3.60 - 8.10 - 8.30 - 8.40 -
8.60 - 8.75 - 8.90 - 7.00
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-2001
$ 100,000
100,000
100,000
300,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
'$ 7,000,000
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-01
TOTAL BONDED DEBT
Page 4
, Series 1981,
10.30 - 10.50
9.50%
$ 150,000
150,000
150,000
350,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
450,000
$ 8,000,000
$85,825,000
Total Cash & Securities in
Interest & Redemption Fund
as of September 30, 1981 $10,292,793.41
N0 -ARBITRAGE CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
The undersigned, being the duly chosen and qualified
Mayor and City Secretary, respectively, of the City of
Corpus Christi, Texas (the "City"), hereby certify with
respect to that issue of City of Corpus Christi, Texas
Certificates of Obligation, Series 1981, dated November 1,
1981 in the principal amount of $470,000 (the "certificates
of obligation"), as follows:
1. That we, along with other officers, are charged
with the responsibility of issuing the certificates of
obligation and expending the proceeds of the certificates of
obligation.
2. That this Certificate and covenant are made pursuant
to Sections 1.103-13, 1.103-14, and 1.103-15 of the Income
Tax Regulations (the "Regulations") of the U. S. Treasury
Department with respect to arbitrage bonds as described in
Section 103(c) of the Internal Revenue Code of 1954, as
amended (the "Code"), and the words and phrases used herein
have the same meanings as defined and used in the Regulations.
3. That this Certificate is based on facts, estimates,
and circumstances in existence on the date of this Certificate,
which is the date of the issue of the certificates of obliga-
tion, and on such basis it is reasonably expected that the
following will occur with respect to the certificates of
obligation, and, to the best knowledge and belief of the
undersigned, such expectations are reasonable:
(a) that the certificates of obligation are
issued for the purpose of paying part of the cost of
purchasing land and buildings to be used as a training
facility for the City's police department;
(b) that none of the amounts received from the
sale of the certificates of obligation will be placed
in a reserve or replacement fund, and, except as provided
in (c) and (d), below, none of the amounts received
from the sale of the certificates of obligation and
none of the proceeds of the certificates of obligation
of any kind will either (i) be placed in a reserve or
replacement fund, or (ii) be used directly or indirectly
to replace funds which were used directly or indirectly
to acquire any securities or obligations of any kind;
(c) that a separate and special "Interest and
Sinking Fund" has been created and established solely
to pay the principal of and interest on the certificates
of obligation, with a portion of such fund constituting
a bona fide debt fund for the certificates of obligation,
and money deposited into the "Interest and Sinking
Fund" for the certificates of obligation will not be
invested except during the thirteen month period beginning
on the date of each such deposit of money, and the
amounts received from the investment of money in the
"Interest and Sinking Fund" will not be invested except
during the one year period beginning on the date of
receipt of such amounts; provided, however, and except
that, if any money so deposited, and any amounts received
from the investment thereof, are accumulated in the
"Interest and Sinking Fund" and remain on hand in the
"Interest and Sinking Fund" after thirteen months from
the date of deposit of any such money or one year after
the receipt of any such amounts from the investment
thereof, such money and amounts, to the extent of an
aggregate not exceeding 15% of the original face amount
of the certificates of obligation (with the certificates
of obligation having been sold at face value or par),
shall constitute a reasonably required debt service
reserve fund for certificates of obligation, and may be
invested, and will not be subject to investment yield
restrictions, and shall constitute a separate portion
of the "Interest and Sinking Fund";
(d) that it is expected that a portion of the
"Interest and Sinking Fund" will be used primarily to
effect a proper matching of taxes and revenues collected
for the certificates of obligation and debt on the
certificates of obligation within each bond year, and
it is expected that such portion of the "Interest and
Sinking Fund" will be depleted once a year on a first
in - first out basis, except for a possible carryover
amount which will not exceed the greater of one year's
earnings on such fund or 1/12 of annual debt service
payable from any such fund, but any money and amounts
which may be accumulated in the "Interest and Sinking
Fund" to constitute a debt service reserve fund for the
certificates of obligation as described in (c) above,
shall constitute a separate portion of the "Interest
and Sinking Fund", and will not be depleted annually
and will not be subject to yield restrictions; provided,
that in no event will such debt service reserve fund
portion of the "Interest and Sinking Fund" ever exceed
15% of the original face amount of the certificates of
obligation;
(e) that except as provided in (c) and (d)
above, no money or amounts will be held or accumulated
in or invested from any sinking fund, debt service
fund, redemption fund, reserve fund, replacement fund,
or similar fund which is reasonably expected to be used
to pay principal or interest on the certificates of
obligation;
(f) that the project to be financed by the certif-
icates of obligation will be sold or otherwise disposed
of, in whole or in part, prior to the final maturity of
the certificates of obligation;
(g) that the amounts received from the sale of
the certificates of obligation will not exceed the
amounts necessary for the governmental purposes of the
certificates of obligation;
(h) that the City has not been notified of any
listing of it by the Internal Revenue Service as an
issuer that may not certify its certificate of obligation.
4. That it is not expected that the proceeds of the
certificates of obligation will be used in any manner that
would cause such obligations to be arbitrage bonds under
Section 103(c) of the Code and the Regulations prescribed
under that Section, and it is further specifically covenanted
that the proceeds of the certificates of obligation will not
be used directly or indirectly so as to cause all or any
part of the certificates of obligation to be or become
arbitrage bonds within the meaning of that Section or the
Regulations prescribed by that Section.
5. That to our best knowledge and belief there are no
other facts, estimates or circumstances that would materially
change the foregoing conclusions or statements.
OC Ioi7or 2$ 1911
EXECUTED this
(SEAL)
of Corpus Christi,
Texas
Cit ecre-a y, ity o` orpus
Christi, Texas
SIGNATURE IDENTIFICATION AND NO -LITIGATION CERTIFICATE
THE STATE OF TEXAS .
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
We, the undersigned, hereby certify as follows:
(a) That this certificate is executed and delivered
with reference to that issue of City of Corpus Christi,
Texas Certificates of Obligation, Series 1981, dated November
1, 1981, in the aggregate principal amount of $470,000.
(b) That we officially executed and signed said
Certificates of Obligation and the interest coupons attached
thereto by causing facsimiles of our manual signatures to be
imprinted or lithographed on each of said Certificates of
Obligation and interest coupons, and we hereby adopt said
facsimile signatures as our own, respectively, and declare
that said facsimile signatures constitute our signatures the
same as if we had manually signed each of said Certificates
of Obligation and interest coupons.
(c) That said Certificates of Obligation and interest
coupons are substantially in the form, and have been duly
executed and signed in the manner, prescribed in the order,
resolution or ordinance authorizing the issuance of said
Certificates of Obligation and interest coupons.
(d) That at the time we so executed and signed said
Certificates of Obligation and interest coupons we were, and
at the time of executing this certificate we are, the duly
chosen, qualified and acting officers indicated therein, and
authorized to execute the same.
(e) That no litigation of any nature has been filed or
is now pending to restrain or enjoin the issuance or delivery
of said Certificates of Obligation or interest coupons, or
which would affect the provision made for their payment or
security, or in any manner questioning the proceedings or
authority concerning the issuance of said Certificates of
Obligation and interest coupons, and that so far as we know
and believe no such litigation is threatened.
(f) That neither the corporate existence nor boundaries
of said issuer is being contested, that no litigation has
been filed or is now pending which would affect the authority
of the officers of said issuer to issue, execute and deliver
said Certificates of Obligation and interest coupons, and
that no authority or proceedings for the issuance of said
Certificates of Obligation and interest coupons have been
repealed, revoked or rescinded.
(g) That we have caused the official seal of said
issuer to be impressed, or printed, or lithographed on each
of said Certificates of Obligation; and said seal on said
Certificates of Obligation has been duly adopted as, and is
hereby declared to be, the official seal of said issuer.
EXECUTED and delivered this
OFIGNATURES OFFICIAL TITLES
Nov de.- 3 / 98/
Mayor, City of Corpus Christi
City Secretary, City of
Corpus Christi
The signatures of the officers subscribed
above are hereby certified to be true
and genuine.
CORPUS CHRISTI NATIONAL
BANK
(BANK SEAL)
By
orized Officer
APPROVED AS TO FORM AND CORRECTNESS this the day
of November, 1981.
J
fig* CJty Attorney, City of
rpus Christi, Texas
TREASURER'S RECEIPT
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
The undersigned hereby certifies as follows:
(a) That this certificate is executed and delivered
with reference to that issue of City of Corpus Christi,
Texas Certificates of Obligation, Series 1981, dated November
1, 1981, in the principal amount of $470,000.
(b) That the undersigned is the duly chosen, qualified
and acting Treasurer of the issuer of said Certificates of
Obligation.
(c) That all of said Certificates of Obligation have
been duly delivered to the purchasers thereof, namely:
Corpus Christi National Bank,
Corpus Christi, Texas.
(d) That all of said Certificates of Obligation have
been paid for in full by said purchasers concurrently with
the delivery of this certificate, and the issuer of said
Certificates of Obligation has received, and hereby acknowl-
edges receipt of, the agreed purchase price for said Certif-
icates of Obligation, being the par or principal amount
thereof and accrued interest to the date of delivery.
(4) That all interest coupons representing interest
scheduled to come due on said Certificates of Obligation
were attached to said Certificates of Obligation at the time
of delivery thereof; except that all interest coupons, if
any, scheduled to come due prior to the date of delivery of
said Certificates of Obligation were detached and cancelled
prior to said delivery.
EXECUTED and delivered this A%aubo, y /98/
APPROVED:
4/0— day o, NB , 1981
ty Attorney
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
We, the undersigned, Acting City Manager and Director of Finance of
the City of Corpus Christi, Texas (the "City"), do hereby certify as follows:
(1) That this certificate is given for the benefit of the Attorney
General of the State of Texas and the purchasers and subsequent holders of
the City of Corpus Christi, Texas Certificates of Obligation, 'Series 1981,
in the aggregate principal amount of $470,000 (the "Certificates of Obligation").
- (2) That the following table sets forth the principal and interest
requirements on all of the City's debt payable from ad valorem taxes (including
the effect of the issuance of the Certificates of Obligation with a net effective
interest rate of 11.22074% for the Fiscal Years ending July 31 as indicated._
The outstanding principal and interest requirements include the debt service
requirements on all of -such outstanding indebtedness including Certificates"of
Obligation, Combination Tax and Revenue Certificates of Obligation, assumed
Water -District Bonds and Hospital Bonds issued by the City (although now being
paid by the Nueces County Hospital District). Included in such table is the
actual tax rate and budgeted and estimated other Revenues available for debt
service for the Fiscal Year ending in 1982 and the anticipated tax rate and
such other revenues for each of the subsequent Fiscal Years.
Fiscal Tax Rate Estimated Other
Year Estimated Expressed Estimated Tax Revenues Avail -
Ending Total All in Cents Levy at 95% able for Debt
7-31 Principal Interest Issues Per $100 Collections Service
1982 $6,580,000 $5,251,780 $11,831,780 $0.26 $8,929,426 $2,500„000
1983 6,470,000 4,929,336 , 11,399,336 0.23 8,531,037 2,196,000
1984 6,500,000 4,605,616 11,105,616 0.22 8,812,932 2,030,311
1985 6,785,000 4,260,670 11,045,670 0.20 8,410,421 1,948,625
1986 6,408,000 3,884,530 10,289,530 0.18 7,569,379 1,438,800
1987 5,755,000 3,503,115 9,258,115 0.15 7,084,939 1,376,050
1988 5,470,000 3,158,983 8,628,983 0.13 7,063,139 1,178,500
1989 5,100,000 2,828,451 7,928,451 0.12 6,356,825 1,127,700
1990 4,970,000 2,500,714 .7,470,714 0.10 5,492,297 1,097,850
(3) That there follows a tabulation showing the sources of esti-
mated "Other Revenues Available for Debt Service" as reported in the above
Section (2) table.
Accrued
Interest
on Sale
Fiscal Tourist Inter- of Certi-
Year Gas Waste- & Con- est on ficates Hospital Total
Ending Airport (A) water vention Invest- of Obli- (C) Other
7-31 Airport Tower System Marina System(B) Center ments gation District Revenue
1981 259,610 87,900 251,360 25,585 300,000 357,315 950,000 4,400 147,430 2,383,600
1982 350,995 79,550 252,300 --- 300,000 452,995 950,000 --- 114,160 2,500,000
1983 250,000 76,925 249,800 --- 300,000 308,067 955,000 56,208 2,196,000
1984 250,000 74,300 235,500 --- 200,000 288,609 955,000 26,912 2,030,321
1985 250,000 71,550 220,000 --- 150,000 297,705 960,000 --- 1,949,255
1986 200,000 68,800 210,000 --- --- 27,690 960,000 --- 1,466,490
1987 175,000 66,050 --- --- --- 960,000 1,201,050
1988 150,000 63,300 --- 965,000 1,178,300
1989 125,000 60,500 --- 965,000 1,150,500
1990 100,000 57,700 --- 970,000 1,127,700
(A) excess monies received from the City's Gas System after payment
of operating expenses thereof and the principal and interest on revenue debt
outstanding payable from revenues of the Gas System.
(B) excess monies received from the City's Waterworks and Sewer
System after payment of operating expenses thereof and the principal and
interest on revenue debt outstanding payable from revenues of the Water-
works and Sewer System.
(C) payments received from Hospital District to retire City's
bonds assumed by the District.
(4) That all revenues of the City other than pledged revenues
are placed in the General Governmental Funds, i.e., General Fund, Marina
Revenue Fund, Parking Improvement Fund and Tourist and Convention Development
Fund.
(5) That the cost of operating the City other than the cost of
operating the Waterworks and Sewer System, the Gas System, the Airport, the
Ambulance Service, Internal Services and Trust and Agency Funds, is paid from
the General Governmental Funds, i.e., General Fund, Marina Revenue Fund, Park-
ing Improvement Fund and Tourist and Convention Development Fund.
(6) That the following shows the anticipated revenues and the
anticipated expenditures (1982 through 1990) of the General Governmental
Funds, i.e., General Fund, Marina Revenue Fund, Parking Improvement Fund and
Tourist and Convention Development Fund:
Fiscal
Year Estimated Tax Estimated Receipts Estimated Revenues
Ending Rate in Cents from Tax at Rate to be Received and
7-31 Per $100 Shown with 95% Beginning Fund
Collection Balance
Expenditures
1982 $0.42 $14,424,458 $ 59,070,000 $ 58,050,000
1983 0.45 16,691,159 66,158,000 65,016,000
1984 0.46 18,427,039 74,097,000 72,618,000
1985 0.48 20,766,472 79,284,000 77,215,000
1986 0.50 23,362,281 88,798,000 83,369,000
1987 0.53 26,745,139 95,014,000 89,205,000
1988 0.55 29,974,741 101,665,000 95,449,000
1989 0.56 32,961,315 108,782,000 102,130,000
1990 0.58 36,869,585 116,395,000 109,279,000
(7) That there follows a recapitulation of the foregoing demonstrat-
ing the effect of a tax levy each year at a rate of 68 cents per $100 valuation
on the overall operation of the City, to -wit:
Combined Tax
Fiscal Receipts Levied Expenditures
Year at a Rate of Other Than
Ending 68 cents per All Revenues Debt Service for Debt
7-31 $100 valuation Except Taxes of All Types Service Surplus
1982 $23,353,885 $46,845,000 $11,831,780 $ 58,050,000 $ 317,105
1983 . 25,222,196 52,029,000 11,399,336 • 65,016,000 835,860
1984 27,239,971 56,620,321 11,105,616 72,618,000 136,676
_1985 29,419,439 58,971,625 11,045,670 77,215,000 - 130,394
1986 31,772,702 65,228,500 10,289,530 83,369,000 3,342,672
'1987 34,314,518 67,735,050 9,258,115 - 89,205,000 3,586,453
1988 37,059,680 70,664,500 •• 8,628,983 95,449;000 3,646,197
1989 40,024,454 73,157,700 7,928,451 102,130,000 3,123,703
1990 43,226,410 16,302,850 7,470,714 . 109,279,000 2,779,546
WITNESS OUR HANDS and seal of the City of Corpus Christi, Texas,
this the 344_ day of /U44q,„16,,, 1981.
ATTEST:.
C t Secretary ritegt
(SEAL)
riones
City Manager
nance
...
The American National Bank
Austin, Texas
CITY OF CORPUS CHRISTI, TEXAS CERTIFICATES
OF OBLIGATION, SERIES 1981, $470,000
Gentlemen:
The Issuer and the Purchasers of the captioned Series of
Certificates of Obligation have designated your bank as the
place, and as their agent, for the delivery and payment of
the Certificates of Obligation. Upon notice of their
registration, you are hereby authorized and directed to pick
up the Certificates of Obligation at the Bond Division of
the Office of the Comptroller of Public Accounts, and to
hold the Certificates of Obligation for safekeeping pending
said delivery and payment.
When you receive the Certificates of Obligation, please send
Certificate Number One of said Series to McCall, Parkhurst &
Horton, Attorneys at Law, Dallas, Texas, for examination and
return to you. Upon your receipt of the final unqualified
approving opinion of said Attorneys as to the validity of
the Certificates of Obligation, you are authorized and
directed to deliver the Certificates to the Purchasers
thereof, to -wit:
Corpus Christi National Bank,
Corpus Christi, Texas,
when you have received payment for the Certificates of
Obligation, in immediately available funds, in the sum of
the principal amount or par value thereof and accrued
interest to the date of delivery.
You are further authorized and directed to remit all of the
aforesaid proceeds received from the delivery and payment of
the Certificates of Obligation, immediately upon receipt,
and by the fastest means available, to the credit of the
Issuer of the Certificates of Obligation, at its Official
Depository, as follows:
Corpus Christi National Bank
Corpus Christi , Texas