HomeMy WebLinkAbout17320 ORD - 10/20/1982ORDINANCE NO.
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, PROVIDING FOR THE ISSUANCE OF $10,525,000
CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT
BONDS, SERIES 1982, BEARING INTEREST AT THE RATES
HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY,
ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO
PAY THE INTEREST ON SAID BONDS AND TO CREATE A
SINKING FUND FOR THE REDEMPTION THEREOF AT
MATURITY; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH AND DECLARING AN EMERGENCY
WHEREAS, it is deemed advisable and to the best inter-
est of the City that bonds authorized at an election held in
said City on February 20, 1982 be sold at this time, the
date of the election, amounts of bonds authorized thereat,
purposes, and the amount now to be sold being as follows:
DATE OF AMOUNT AMOUNT PRE- AMT.NOW
ELECTION AUTHORIZED PURPOSE VIOUSLY SOLD OFFERED
2-20-82 $ 15,675,000 San. Sewer $ -0- $ 5,800,000
2-20-82 12,315,000 Street -0- 825,000
2-20-82 800,000 San.Land Fill -0- 450,000
2-20-82 1,212,000 Parks & Recrea. -0- 560,000
2-20-82 5,000,000 Airpt.Land &
Hazard Elimin. -0- 1,000,000
2-20-82 1,642,000 Airport Impr. -0- 440,000
2-20-82 2,255,000 Storm Sewer -0- 425,000
2-20-82 1,565,000 Public Safety -0- 725,000
2-20-82 5,000,000 Library -0- 300,000
$ 45,464,000 $10,525,000
WHEREAS, it is hereby officially found and determined:
that a case of emergency or urgent public necessity exists
which requires the holding of the meeting at which this
Ordinance is passed, such emergency or public necessity
being that the proceeds from the proposed bonds are required
as soon as possible and without delay for necessary and
urgently needed public improvements; that this meeting was
open to the public as required by law; and that public
notice of the time, place and purpose of this meeting was
given as required by Vernon's Ann. Civ. St. Article 6252-17,
as amended.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
1. That said City's coupon bonds to be designated the
"City of Corpus Christi, Texas General Improvement Bonds,
17320
SEP 28 1984
micRommEo
Series 1982" are hereby authorized to be issued and
delivered in accordance with the Constitution and the laws
of the State of Texas in the principal amount of $10,525,000
for the purpose of providing $5,800,000 for constructing
improvements to the Sanitary Sewer System, including im-
provements to Allison, Laguna Madre, and Westside Plants,
extension of laterals and trunk lines at various locations
within the City limits, and other Sanitary Sewer Improve-
ments; $825,000 for improving the streets of the City,
including Tiger Lane from Weber Road to Flynn Parkway;
Purdue Road from Waldron Road to Flour Bluff Drive and from
Debra Lane to Laguna Shores Road; McArdle Road from Crescent
Drive to Nile Drive; various traffic signal improvements;
intersection improvements throughout the City, and other
street and sidewalk improvements; $450,000 for purchasing
land for permanent improvements, to -wit: Expansion of the
Elliott sanitary landfill site and other sanitation
improvements; $560,000 for improving lands for park and
recreation facilities, including various neighborhood parks;
Greenwood Park, including grading and fill; improvements to
St. Andrews Park; tennis court lighting, and other park
improvements; $1,000,000 for acquiring land to eliminate
airport hazards; $440,000 for constructing airport
improvements at the City's International Airport, including
extension of the concourse; expansion of ticket wings and
other airport improvements; $425,000 for constructing
drainage improvements, including improved storm sewers in
the Calallen, Clarkwood areas; various intersections along
South Padre Island Drive, and other storm sewer
improvements; $725,000 for making permanent improvements,
to -wit: Building and equipping additional fire stations
and/or public safety buildings in the ,aratoga-Weber, Five
Points, and Padre Island areas of the City, and related
permanent improvements; and $300,000 for permanent
improvements, to -wit: Constructing a central library
including land acquisition and equipment, and other cultural
enhancements.
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2. That said bonds shall be dated November 1, 1982,
shall be numbered consecutively from 1 through 2105, shall
be in the denomination of $5,000 each, and shall mature and
become due and payable serially on November 1 in each of the
years, and in the amounts, respectively, as set forth in the
following schedule:
YEARS AMOUNTS YEARS AMOUNTS
1983 $ 225,000
1984 225,000
1985 325,000
1986 525,000
1987 575,000
1988 575,000
1989 600,000
1990 600,000
1991 625,000
1992 625,000
1993 $ 625,000
1994 625,000
1995 625,000
1996 625,000
1997 625,000
1998 625,000
1999 625,000
2000 625,000
2001 625,000
3. That as to said bonds scheduled to mature on and
after November 1, 1998, said City shall have the right and
option to redeem such bonds prior to their scheduled maturi-
ties, in whole or in part, on November 1, 1997, or on any
interest payment date thereafter, for the principal amount
thereof plus accrued interest to the date fixed for redemp-
tion.
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 agents for the payment of the prin-
cipal amount of the bonds 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 redemp-
tion is published, and if due provision for such payment is
made, all as provided above, the bonds, 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.
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4. That said bonds shall bear interest from their
date, until maturity or redemption, at the following rates
per annum:
Bonds maturing 1983 10.50% Bonds maturing 1993 -- 8.40%
Bonds maturing 1984 10.50% Bonds maturing 1994 -- 8.60%
Bonds maturing 1985 10.50% Bonds maturing 1995 -- 8,75%
Bonds maturing 1986 10.50% Bonds maturing 1996 -- 8 75%
Bonds maturing 1987 10.50% Bonds maturing 1997 -- p 70
Bonds maturing 1988 10,50% Bonds maturing 1998 -- nn%
8.00%
Bonds maturing 1989 10.40% Bonds maturing 1999 --
Bonds maturing 1990 8.00% Bonds maturing 2000 -- 8.00%
Bonds maturing 1991 8,00 Bonds maturing 2001 -- R.00%
Bonds maturing 1992
with said interest to be evidenced by interest coupons
payable on May 1, 1983, and semiannually thereafter on
November 1 and May 1.
5. That the principal of and interest on said bonds
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 proper bond
or interest coupon at Corpus Christi National Bank, Corpus
Christi, Texas, or at the option of the holder, at The Chase
0
Manhattan Bank, N. A., New York, New York, or at Harris
Trust and Savings Bank, Chicago, Illinois, which places
shall be the paying agents for said bonds.
6. That each of said bonds and interest coupons shall
be signed by the imprinted or lithographed facsimile signa-
ture of the Mayor of said City and countersigned by the
imprinted or lithographed facsimile signature of the City
Secretary of said City, and the official seal of said City
shall be impressed, or printed, or lithographed on each of
said bonds.
7. That the form of said bonds, including the form of
Registration Certificate of the Comptroller of Public
Accounts of the State of Texas to be printed and endorsed on
each bond, and the form of the interest coupons to be
attached to said bonds, shall be, respectively, substan-
tially as follows:
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.4_
.4; •
(FORM OF BOND)
NO. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BOND
SERIES 1982
On November 1„ the City of Corpus Christi, in the
County of Nueces, State of Texas, promises to pay to bearer
the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon, from the date hereof, at the
rate of % per annum, evidenced by interest coupons
payable May 1, 1983, and semiannually thereafter on each
November 1 and May 1 while this bond is outstanding. The
principal of this bond and the interest coupons attached
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 bond or proper interest coupon, at the Corpus Christi
National Bank, Corpus Christi, Texas, or, at the option of
the bearer, at The Chase Manhattan Bank, N. A., New York,
New York, or at Harris Trust and Savings Bank, Chicago,
Illinois, which places shall be the paying agents for this
Series of bonds.
This bond is one of a Series of bonds of like tenor and
effect except as to number, maturity, interest rate and
right of prior redemption, numbered 1 through 2105, of the
denomination of $5,000 each, dated November 1, 1982, issued
in the aggregate principal amount cf 510,525,000 for the
purpose of providing $5,800,000 for constructing improve-
ments to the Sanitary Sewer System; $825,000 for improving
the streets oi the City; $450,000 for purchasing land for
permanent improvements, to -wit: Expansion of the Elliott
sanitary landfill site and other sanitation improvements;
$560,000 for improving lands for park purposes and recrea-
tion facilities, including various neighborhood parks;
5
$1,000,000 for acquiring land to eliminate airport hazards;
$440,000 for constructing airport improvements at the City's
International Airport, and other airport improvements;
$425,000 for constructing drainage improvements, including
improved storm sewers in the Callallen, Clarkwood areas;
various intersections along South Padre Island Drive, and
other storm sewer improvements; $725,000 for making per-
manent improvements, to -wit: Building and equipping addi-
tional fire stations and/or public safety buildings in the
Saratoga -Weber, Five Points, and Padre Island areas of the
City, and related permanent improvements; and $300,000 for
permanent improvements, to -wit: Constructing a central
library including land acquisition and equipment, and other
cultural enhancements.
The bonds of this Series scheduled to mature on and
after November 1, 1998 may be redeemed prior to their
scheduled maturities, in whole, or in part, at the option of
said City, on November 1, 1997, or on any interest payment
date thereafter, for the principal amount thereof plus
accrued interest to the date fixed for redemption. 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 agents for the payment of the principal
amount of the bonds to be 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 payment is made,
all as provided above, the bonds 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.
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It is hereby certified and recited that this bond has
been duly and validly voted, authorized, issued and de-
livered in accordance with the Constitution and laws of the
State of Texas; that this bond is a general obligation of
said City, issued on the full faith and credit thereof; and
that the ad valorem taxes, upon all taxable property in said
City, necessary to pay the interest on and principal of this
bond, as such interest comes due, and such principal
matures, have been pledged irrevocably for such purpose,
within the limit prescribed by law.
In witness whereof, this bond and the interest coupons
attached hereto have been signed by the imprinted or litho-
graphed facsimile signature of the Mayor of said City and
countersigned by the imprinted or lithographed facsimile
signature of the City Secretary of said City, and the offi-
cial seal of said City has been duly impressed, or printed,
or lithographed on this bond.
xxxxxxx xxxxxxx
City Secretary, City of Corpus Mayor, City of Corpus
Christi, Texas Christi, Texas
(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this bond has been examined,
certified as to validity, and approved by the Attorney Gen-
eral of the State of Texas; and that this bond 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
(FORM OF INTEREST COUPON)
NO.
On 1„ the CitY of Corpus Christi, in
the 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
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been made for the redemption prior to scheduled maturity of
the bond to which this interest coupon appertains, upon
presentation and surrender of this interest coupon, at the
Corpus Christi National Bank, Corpus Christi, Texas, or at
the option of the bearer, at The Chase Manhattan Bank, N.
A., New York, New York, or at Harris Trust and Savings Bank,
Chicago, Illinois, said amount being interest due that day
on the bond, bearing the number hereinafter designated, of
that issue of City of Corpus Christi, Texas General Improve-
ment Bonds, Series 1982, dated November 1, 1982. Bond
No. .
City Secretary
xxxxx
Mayor
8. That a special fund or account, to be designated
the "City of Corpus Christi, Texas General Improvement
Bonds, Series 1982 Interest and Sinking Fund" is hereby
created and shall be established and maintained by said City
at its official depository bank. 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 bonds. All taxes
levied and collected for and on account of said bonds shall
be deposited, as collected, to the credit of said Interest
and Sinking Fund. During each year while any of said bonds
or interest coupons appertaining thereto are outstanding and
unpaid, the City Council of said City shall compute and
ascertain the rate and amount of ad valorem tax, based on
the latest approved tax rolls of said City, with full allow-
ances being made for tax delinquencies and costs of tax
collections, which will be sufficient to raise and produce
the money required to pay the interest on said bonds as such
interest comes due, and to provide a sinking fund to pay the
principal of such bonds as such principal matures, but never
less than 2% of the original principal amount of said bonds
as a sinking fund each year. Said rate and amount of ad
valorem tax is hereby ordered to be levied and is hereby
levied against all taxable property in said City for each
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year while any of said bonds or interest coupons appertain-
ing thereto are outstanding and unpaid, and said ad valorem
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 necessary to pay the
interest on and principal of said bonds, as such interest
comes due, and such principal matures, are hereby pledged
irrevocably for such purpose, within the limit prescribed by
law.
9. (a) That said bonds are hereby sold and shall be
Morgan Guaranty Trust Company
delivered to of New York, and Associates , at a price
of par and accrued interest to date of delivery, plus a
premium of $ 110.00
(b) That the City Manager of said City is hereby
authorized to have control of said bonds and all necessary
records and proceedings pertaining to said bonds pending
their delivery and their investigation, examination and
approval by the Attorney General of the State of Texas, and
their registration by the Comptroller of Public Accounts of
the State of Texas. Upon registration of said bonds, said
Comptroller of Public Accounts (or a deputy designated in
writing to act for said Comptroller) shall manually sign the
Comptroller's Registration Certificate prescribed herein to
be printed and endorsed on each bond, and the seal of said
Comptroller shall be impressed or printed, or lithographed
on each of said bonds.
10. It is hereby officially found and determined that
the meeting at which said bonds were authorized 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. St. Article 6252-17, as amended.
11. That for the interest scheduled to come due on the
bonds herein authorized on May 1, 1983 there is hereby
appropriated from City funds lawfully available for such
purpose a sufficient amount of money to pay said interest.
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12. That the City covenants to and with the purchasers
of the bonds that it will make no use of the proceeds of the
bonds at any time throughout the term of this issue of bonds
which, if such use had been reasonably expected on the date
of delivery of the bonds to and payment for the bonds by the
purchasers, would have caused the bonds 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 bonds will
not otherwise be used directly or indirectly so as to cause
all or any part of the bonds to be or become arbitrage bonds
within the meaning of the aforesaid Section 103(c), or any
regulations or rulings pertaining thereto.
13. The fact that the contemplated use of the proceeds
of the bonds is necessary for the orderly development and
growth of the City of Corpus Christi, Texas, creates a
public emergency and an imperative public necessity requir-
ing the suspension of the Charter Rule providing that no.
ordinance or resolution shall be passed finally on the date
it is introduced and that such ordinance or resolution shall
be read at three several meetings of the City Council and
the Mayor having declared that such public emergency and
imperative necessity exist, and having requested that said
Charter Rule be suspended and that this ordinance take
effect and be in full force and effect from and after its
passage, it is accordingly so ordained.
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14. That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this 2 th da of October, 1982.
ATTEST:
JA
My6r, Ci of Corpus Christi,
Texas
Ci Secretary, it of Co
Christi, Texas
The foregoing ordinance was approved prior to passage
as to form and correctness this the 241271d/ay of October,
1982.
Ci Attorney, City of Corpus
isti, Texas
11
gratAl'
Corpus Christi, Texas
A2714 y of 1982
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance or resolution,
an emergency exists requiring suspension of the Charter rule as to consideration and voting
upon ordinances or resolutions at three regular meetings; 1/we, therefore, request that you
suspend said Charter rule and pass this ordinance or resolution finally on the date it is
introduced, or at the present meeting of the City Council.
Respectfully, Respectfully,
Council Members
The above ordinance was
Luther Jones
Betty N. Turner
Jack K. Dunphy
Bob Gulley
Herbert L. Hawkins, Jr.
Dr. Charles W. Kennedy
Cliff Zarsky
MAYOR
THE CIT
AO(
lOr
OF CORPUS CHRISTI, TEXAS
passed by the following vote:
11320
A splendid panoramic view of Corpus Christi is
experienced with arrival over the city's Harbor
Bridge. The bridge not only provides an
impressive entrance into the city, but arches high
over the ship channel to allow clearance for ships
entering the hal bor. An evening view along the
same ship channel offers a glimpse of the
multitude of industries which contribute to
Corpus Christi's economy. Below, Choke Canyon
Dam has been completed as an added source of
water for the city's residences and industries.
11
Corpus Christi has scores of cultural amenities as
added inducements—a new convention center has
joined the Art Museum of South Texas along the
city's bayfront. Blending with a progressive
community, too, is the agricultural influence that
long ago formed the backbone of the city's
economy. Growing with the community is Corpus
Christi State University, offering an expanding
level of education for local residents. An overview
of Corpus Christi is not complete without a look at
one of its best drawing cards— a fine Gulf beach
within a few minutes drive of downtown Corpus
Christi.
- .e i• 4:74...i=
_
issued in October, 1975, and the proceeds were used to advance refund all $7,105,000 of the City's out-
standing First Lien Water Revenue Bonds. The second installment of $7,105,000 was issued in January,
1977, and the proceeds were paid to the Bureau of Reclamation as part of the cost of the Project. On
April 4, 1979 the Nueces River Authority sold $13,000,000 Water Supply Revenue Bonds. Debt Service
on the Nueces River Authority Water Supply Revenue Bonds will be paid by the City from revenues from
the sale of water regardless of whether or not the City actually receives and uses water from the project.
Water impoundment officially started August 10, 1982. It is anticipated that the City will commence
paying the balance of the local share during fiscal year 1983-84, which is scheduled over a 40 year period
with payments based upon water consumption.
Effective August, 1982, the City adopted new water rates which are approximately 24.5% higher than
the old rates. The water rates charged by the City for treated water vary in accordance with the amount of
water delivered and meter size. Inside City limits rates are a minimum of $2,46 to $82.23 based on meter
line size from 5/8" to 8" for the first 2,000 gallons. The rate per thousand gallons decreases in five steps
for quantities delivered in excess of the minimum. Outside City limits customers rates are $4.92 to $164.46
depending on the meter line size from 3/8" to 8" for the first 2,000 gallons. The rate per thousand gallons
decreases in five steps for quantities delivered in excess of the minimum. The City has also contracted to
sell treated and raw water to several industrial and municipal customers. The rates charged to the contract
customers vary.
Operations of the Waterworks System may be found under the caption "Comparative Utility Systems
Operating Statements" and number of customers under the caption "Utility Connections".
WASTEWATER DISPOSAL SYSTEM
The City's Wastewater Disposal System is operated by the Wastewater Division of the Department of
Public Utilities. The System consists of approximately 1,027 miles of sanitary sewer mains and seven treat-
ment plants. Sanitary sewer service charges are based on water consumption. In July, 1982, the Waste-
water Rate Ordinance was amended to increase Wastewater rates. Inside City limits rates are based on a
minimum of $4.40 for the first 2,000 gallons with a one -family maximum of $11.94. The charge, in
addition to the minimum, is $.58 for each one thousand gallons of water. Outside City limits rates are
based on a minimum of $8.80 for the first 2,000 gallons with a one -family maximum of $23.88. The
charge, in addition to the minimum, is $1.16 for each one thousand gallons of water.
Operations of the wastewater disposal system may be found under the caption "Comparative Utility
Systems Operating Statements" and number of customers under the caption "Utility Connections".
GAS SYSTEM
The City has been in the natural gas business since 1922 and at December 31, 1981 had 59,748
connections. In January, 1974 the City retired the last outstanding Gas Revenue Bonds and the system is
unencumbered. The Corpus Christi Municipal Gas Corporation, a non-profit corporation, was chartered
'for the exclusive purpose of promoting the public interest in the City of Corpus Christi by constructing,
acquiring, owning, leasing and operating municipal gas utility facilities on behalf of and for the benefit of
the City. In July, 1975, the City issued $2,000,000 Tax Cel..ificates of Obligation with the proceeds used to
pay off the long term indebtedness and current liabilities of the Gas Corporation. The Corporation's
assets are now the property of the City and the system was merged with the City's gas system on
August 1, 1975.
The City's gas supply contracts with Valero Transmission Company, which expire March 1, 1986,
provide rates of 19.5 cents per MCF and 24.5 cents per MCF. However, in September, 1973, the Texas
Railroad Commission issued an interlocutory order creating an interim rate and increasing the cost of gas
to 24.55 cents per MCF to be adjusted monthly to reflect the supplier's monthly weighted average cost of
gas. The customers settled with Valero Energy Company on December 31, 1979, and a fixed charge of 10
cents per MCF was assessed in the settlement order for 1980; and, increased to 15 cents on January 1, 1981.
The price procedure as set forth in the interlocutory order creating an interim rate and increasing the cost
of gas to 24.55 cents per MCF is still being adjusted monthly to reflect the supplier's weighted cost of gas.
The rate for August' 1982 was $4.167 per MCF.
28
The last significant annexation was in the November 3, 1981 election. The City of Corpus Christi annexed
approximately 3,000 acres of land and water in addition to fringe area development made up of
commercial, industrial and residential subdivisions. The City has annexed the developed areas of Padre
Island bounded by Laguna Madre, Packery Channel, the Gulf of Mexico and the Southern boundary of
Nueces County. Padre Island is a nationally (if not worldwide) known resort area offering tourists many
miles of sunny beaches for fun and relaxation. As Padre Island continues to develop it will have a positive
impact on tourism and continue to be a boost to the City's tax base in the years to come.
WATERWORKS SYSTEM
Existing Source of Water
Corpus Christi obtains its water from the Nueces River with a water -shed of some 16,000 square miles
with an average flow of 612,900 acre feet. A portion of the flood waters is impounded in Lake Corpus
Christi by Wesley Seale Dam, owned by the Lower Nueces River Water Supply District. The reservoir has
a capacity of 272,000 acre feet, a maximum water surface of 94 feet above sea level, and an estimated
annual yield of 126,000 acre feet under drought conditions. The current use is approximately 100,000 acre
feet. The water flows some 35 miles of natural river channel of the Nueces River to two treatment plants at
Calallen which have a combined rated capacity of 80,000,000 gallons per day with a 50% overload factor.
The finished water is pumped to customers through five mains which have a capacity of 130,000,000
gallons per day. The City sold $25,000,000 First Lien Waterworks Revenue Bonds, Series 1981, in July,
1981, for treatment plant expansion and main replacements. The Water System Capital Improvement
Program calls for an additional $25,000,000 Revenue Bonds to be sold 1983-1987 to accommodate future
growth of the System.
A water supply contract, dated August 10, 1955, with the Lower Nueces River Water Supply District,
provides that the City has sole right to all water available from the District's reservoir. A minimum
monthly payment of $40,000 for water purchases is agreed upon, and an additional declining scale of
prices ranging from 3.25 cents to 1.50 cents per 1,000 gallons for annual water purchases in excess of the
minimum of fourteen billion gallons. The City also agrees to operate and maintain the District's dam at its
own expense during the term of the contract, which is 30 years. It further agrees to negotiate an additional
contract upon expiration of the 30 -year primary -term should the District remain obligated on Bonds sold
to finance construction of the dam. The agreement further provides that, at the time all Bonds of the
District have been paid off, whether prior to the expiration of the primary -term or during the period
covered by a contract execur^d after expiration of the primary -term, the City shall have the option of
taking title to the reservoir properties from the District under such procedure and for such minimum
payment as may be required by law. As of January 1, 1982, the District had outstanding Bonds payable
totaling $4,965,000 which mature serially through 1986.
Also, the City paid to the District a total of $100,000 during the 1981-82 fiscal year as a payment for
the purpose of enabling the District to meet its operating expense and debt service obligations and thus
expedite the transfer of title of the reservoir to the City of Corpus Christi. These payments do not affect
the 1955 contract. All contract payments to the District are pledged from revenues of the City's Water-
works System.
Future Source of Water
To meet the need for a future raw water supply, the City and Nueces River Authority have entered
into a contract for joint sponsorship of Choke Canyon Project, a 700,000 acre foot reservoir constructed
on the Frio River near Three Rivers, Texas, upstream from the existing Wesley Seale Dam. The project
was completed in June, 1982 by the U.S. Bureau of Reclamation at a January 1, 1981 estimated cost of
$114,000,000 of which approximately 75% will be the local sponsor's share. The Bureau of Reclamation is
in the process of calculating a current estimate of cost which will reflect increased costs due to inflation.
To partially finance initial costs of approximately $19,000,000 the City has sold to the Texas Water
Development $15,000,000 of Junior Lien Water Revenue Bonds. The first installment of $7,895,000 was
27
Payroll Statistics
Fiscal
Year
1975-76
1976-77
1977-78
1978.79
1979.80
1980 81
1981.82
Social
Salaries Security
$26,755,844
28,950,266
33,151,694
35,421.872
38,198,826
45,169,010
48,167,682
31.283,095
1,381,748
1,630,309
1,766,564
1,930,865
2,359,243
2,502,102
Texas
Municipal
Ret. System
$1,335,604
1,605,029
1,857,755
2,054,312
2,269,569
2,887,766
3,274,522
Firemen's
Relief and
Retirement
3367,746
407,908
453,503
482,435
539,057
635,616
751,322
Corpus Christi
Retirement
Plan
$ 5,770
49,298
63,339
74,401
75,063
88,099
100,608
Total Paid Number of
by City as Employe. Last
Employer Payday of Year
$29,748,059 3,048
32,394,249 3,125
37,156,600 3,585
39,799,584 3,322
43,013,380 3,133
51,139,734 3,146
54,796,236 3,017
9,
ANALYSIS OF NUMBER OF EMPLOYEES PAID BY CITY FUNDS AND
GRANT FUNDS LAST SIX FISCAL YEARS
1975-76
1976-77
1977-78
1978-79
1979-80
1980-81
1981-82
Number
Paid by
City Funds
2,613
2,693
2,579
2,651
2,820
2,857
2,997
Number
Paid By
Grant Funds
435
432
1,006
671
313
289
20
Total
3,048
3,125
3,585
3,322
3,133
3,146
3,017
Accrued Vacation and Sick Leave
Effective August 1, 1982, employees accrue vacation days annually at the rate of 11 days for one year
of service, 13 days for over one year service, 18 days for over 15 years service and 21 days for over 30 years
service. Sick leave days accrue at the rate of 1 day per month of service. Policemen and firemen accrue
15 vacation days and 15 sick leave days per year of service.
At July 31, 1982, employees accrued vacation days and sick leave were valued at $15,049,040. These
amounts are not an exact liability of the City since not all of the accrued vacation or sick leave days
would be paid to an employee upon termination of employment.
A maximum of 30 accrued vacation days are paid upon termination except that all accrued vacation
days are paid upon service retirement under Texas Municipal Retirement System Plan, termination at age
62 or over upon completion of ten years service, upon disability retirement or death. A maximum of 90
accrued sick leave days is paid under the same conditions as vacation pay.
ANNEXATION PROGRAM
Background
The City has continued to expand its jurisdiction, and thus increase its tax base, by annexing selected
adjacent areas. The City may annex additional territory adjoining or lying adjacent to the City in any of
three manners: (1) by an election with approval of qualified voters; (2) by contract with the owners of the
land and (3) by ordinance of any roads, highways, streets, alleys, sidewalks, parks or use dedicated for any
other public purpose. As of July 31, 1982, the total area of the City is approximately 392 square miles of
which approximately 117 square miles is land area and 275 square miles water area. The areas covered
by water require no normal City services, but do produce considerable revenues from oil and gas properties
located therein and allow the City to enforce ordinances regarding uses in the areas. The City has had
numerous annexations since its beginning. Significant annexations occurred in 1950 when 96 square miles
of water area in Corpus Christi and Nueces Bay were annexed, in 1962 when 45 square miles of land west
and south of the City were annexed, in 1966 when 38 square miles of water area in Corpus Christi Bay
were annexed and in 1970 when 66 square miles of water area in Corpus Christi Bay and Laguna Madre'
were annexed. HoWever, four oil companies who owned leases in the 1970 annexation of bay water areas
contended the annexation was not legal. The matter ended up in court and was settled in favor of the
City. In December, 1972 an election to re -affirm the annexation of November 1970 was held and carried.
26
The cost of service gas rate charged to residential customers is a minimum of 34.23 for the first MCF
or less, then, four reducing steps for quantities delivered in excess of the minimum. General customer rates
are the same but the rates are reduced in 10 steps for quantities delivered in excess of the minimum. The
cost of gas from Valero is passed through to the customers by adding the cost of gas to the cost of service.
Operations of the Gas System may be found under the caption "Comparative Utility Systems
Operating Statements" and number of customers under the caption "Utility Connections".
COMPARATIVE UTILITY SYSTEMS OPERATING STATEMENT
Fiscal Year Ending
Vater System
Income
Expenses
Net Revenue Available
For Debt Service
Vastewater Disposal System
Income
Expenses
Net Revenue Available
For Debt Service
;as System
Income
Expenses
Net Revenue Available
For Other Lawful
Purposes
7-31-81 7-31-80 7-31-79
313,331,431 313,822,600 312,056,380
9,074,316 7,852,803 6,062,018
7-31-78 _ 7-31-77
310,814,649 $ 8,228,348
5,635,593 4,593,268
3 4,257,115 $ 5,969,797 $ 5,994,362 $ 5,179,056 $ 3,635,080
$ 6,081,182 3 4,531,633 $ 4,184,208 $ 4,024,868 $ 2,297,145
4,502,406 3,832,693 3,226,666 2,799,822 2,306,457
1,578,776 $ 698,940 $ 957,542 $ 1,225,046 3 (9,312)
$22,625,728 520,550,597 818,982,275 318,676,687 318,962,367
21,301,007 17,628,952 17,462,126 16,746,543 16,779,874
$ 1,324,721 $ 2,291,645 8 1,520,149 8 1,930,144 5 2,182,493
Fhe Gas System Has No Revenue Bonds Outstanding
Note: Accounting principles customarily employea to the determination of net revenues Tor coverage of
debt service have been observed and in all instances exclude depreciation.
Year Water
1973
1974
1975
1976
1977
1978
1979
1980
1981
59,318
59,926
60,192
60,575
61,414
62,866
65,298
71,333
72,165
UTILITY CONNECTIONS
(At December 31)
Seim Gas
50,071
50,642
51,368
52,638
56,176
58,603
57,476
64,244
60,310
57,429
57,617
57,815
57,669
58,002
58,603
58,991
59,363
59,748
Electric Telephone
68,668 144,231
69,666 146,713
70,740 152,120
71,715 160,888
73,324 166,584
73,966 178,789
76.612 186,427
82,048 189,306
85,940 196,063
INTERNATIONAL AIRPORT
Corpus Christi International Airport has 2,230 acres with two fully instrumented main runways of 7,500
feet and 6,080 feet. Enplaning and deplaning passengers totaled 821,516 for the fiscal year ended July 31,
1982, an increase of 39,022 over the previous fiscal year. There are 38 scheduled airline arrivals and
departures daily. For the fiscal year ended July 31, 1981 the City had net income of 3383,714 on operation
of the airport compared to a net loss of $36,522 for the previous year. The commercial ramp overlay,
parking lot and access roads projects and terminal building improvements have been completed.
29
TRANSIT SYSTEM
The City Transit System operates 42 City transit, 4 charter, 9 paratransit vehicles and serves an
estimated 1,879,028 passengers. The System provided 1.486,941 vehicle miles, an increase of 335,518 vehicle
miles from 1980-81. Total operating revenues amounted to $905,978 in 1981-82, an increase of 21% from the
previous year. The Transit System's net loss for the year ended July 31, 1981 was $1,747,334, an increase
of $455,360 over the previous year.
ECONOMIC AND DEMOGRAPHIC CHARACTERISTICS
Population
The 1980 U.S. Census population for Corpus Christi was 232,134, which was approximately 13%
greater than the population reported in 1970. The table below shows the history of population from
1920 to 1980:
Population Percent Of Increase Over
U.S. Census Figures for 1920-1980 Preceding Census
1920
1930
1940
1950
1960
1970
1980
'See Caption "Coy of Corpus Christi"
10,522
27,741
57,301
108,053
167,690
204,525
*232,134
27%
163%
106%
88%
54%
21%
13%
It is estimated that by the year 2000 the population of the City will range between 302,000 and
360,000, a 30% to 50% increase over the current population.
Corpus Christi Standard Metropolitan Statistical Area (SMSA) consists of Nueces and San Patricio
Counties and according to the 1980 U.S. Census had a population of 326,228. It is estimated that the
population in the SMSA will exceed 403,000 in the next 20 years.
Trade Area and Location
Corpus Christi's trade area consists of five counties, Nueces, San Patricio, Aransas, Jim Wells, and
Kleberg. Each of the Counties maintain solid and diversified economic basis which contribute material
support to Corpus Christi, due to its location as a trade center and shipping point.
The land is generally flat with strong mineral deposits, rich soil, excellent climate, and a growing
season of approximately 300 days. Grain sorghums and cotton are the principal agricultural, crops. The
region also has a strong supply of livestock including beef, dairy cattle, hogs and poultry. Cash receipts
for agriculture and livestock products in 1981 for the five county area exceeded $180 million which reflect
a 50% increase over 1978 production. It is estimated that the economic impact from thse industries to the
region exceeded $679 million in 1981.
The oil and gas industry is a major factor in the growth and economic stability within the trade
area. Mineral values vary depending on world market and demand. This industry also provides a
secondary market for petro -by-products and chemicals. In 1981 three projects in excess of $1.2 billion were
under construction or announced, which will in the future expand the by-product market.
The trade area's principal outlet for agricultural and petroleum products is the Port of Corpus
Christi, which has served the area for over fifty-five years. The rebuilt grain elevator is expected to be
completed within the year, which will add to the port's capacity to handle various agricultural products.
30
COMPARISON OF GENERAL EXPENDITURES
FOR SELECTED FUNCTIONS
Sanitation Health
Fiscal General Public and Waste and Community Debt
Year Government _Ly_ Streets Removal Environment Libraries Enrichment Service
1974-75 53,608,412 $ 9,734,341 92,830,841 82,221,714 31,105,476 $ 594,872 33,235,931 $ 6,517,215
1975.76 4,312,909 11,258,465 3,014,864 2,418,021 1,107,234 677,640 3,590,211 7,422,800
1976-77 4,630,849 12,350,044 3,173,298 2,654,618 1,163,638 710,431 3,952,061 7,612,392
1977-78 5,080,227 13,815.225 3,499,144 2,795,787 1,248,838 804,069 4.479,975 8,322,210
1978-79 6,021,957 15,486.289 3,680,824 3,449,590 1,500,294 795,071 5.045,565 9,159,196
1979-80 6,358,055 17,430.555 4,216,298 3,605,221 1,564,407 910,777 5,307,062 9,536,535
1980-81 7,946,020 20,490,389 4,704,705 4,419,050 1,829,671 1.099,246 5,968,468 10,247,672
1981.82 8,708,644 23.253.131 5,460,023 4,783.882 2,055,849 1.258,074 8,311,577 11,341,909
Community Enrichment includes expenditures for cultural and convention facilities, parks, recreation,
marina, bayfront Science Park, Corpus Christi Museum, Art Museum, maintenance and tourist and
convention development.
RETIREMENT PLANS
Liabilities of Retirement Plans
Texas Municipal Retirement System...All permanent employees of the City, other than firemen and
employees who were over 54 years of age at the time of their employment, are covered by a state-wide
retirement plan administered by the Board of Trustees of the Texas Municipal Retirement System. The
City's contribution is calculated annually by actuaries of the System using the unit credit method which for
the calendar year 1982 is 8.4%. Total contributions for the fiscal year ending July 31, 1982 were
$3,274,522. At December 31, 1981, the unfunded liability for prior service benefits was $26,645,006 and
for current service benefits was $878,165 which, beginning January 1, 1982, are being amortized over
25 years. Effective January 1, 1982, the City adopted updated service credits and increased retirement
annuities which is the first revision in these benefits since January I, 1976.
Firemen's Relief and Retirement Fund.. .The Firemen's Relief and Retirement Fund is established
and controlled through State Legislative Enactments. The retirement fund is administered locally by a
seven member board, independent of the City Council. City management does not influence or control
the Firemen's Relief and Retirement Fund, and the assets of the Fund are not the property of the City.
The seven member Board of Trustees, composed of the Mayor and Director of Finance as ex -officio
trustees, three firemen elected by majority vote of firemen and two citizens who must be appointed
unanimously by the first five trustees, are subject to, the administrative supervision of and report to the
State Firemen's Pension Commissioner. The affairs of the Firemen's Relief and Retirement Fund are not
included in this report. The Fund is required by State law to be operated on an actuarily sound basis.
Contribution rates must be sufficient to pay normal cost and amortize the net actuarial deficiency over a
30 year period. The firemen member's present contribution rate is 9.0% of the average annual monthly
salary of all firemen. The City's contributions increased from 10.6% to 12% effective January 1, 1982.
The City's contributions were $751,322 for the year ending July 31, 1982. All changes or modifications of
benefits must be approved first by a qualified actuary and, second, by a majority vote of the members of
the Fund.
Corpus Christi Retirement Plan Fund...This fund was established by Ordinance No. 13168 during
fiscal year 1975-76 to provide a limited retirement plan for those employees of the City who were over the
age of 54 at the time of their employment and, consequently, not eligible for participating in the Texas
Municipal Retirement System Plan. The Fund is administered by the City. Employees contribute 5% of
their salaries, and the City contributes at the same rate as contributed to the Texas Municipal Retirement
System Plan. Pension benefits are based solely on contributions by employees, the City and investment
income. There is no liability to the City for prior service contributions under existing provisions of the
Plan. Current service contributions are fully funded. There is no actuarial requirement. The City's
contribution for year ending July 31, 1982 was $100,608.
25
At the request of a company, an alternative to the method of calculation described above may be
used. This method considers, in addition to property included in the company's industrial district, all
company property located inside -City -limits at 100 percent for land and 50 percent or less for improve-
ments, if such property is either contiguous to or forms an integral part of the company's primary operation
located in the company's industrial district. The amount of property taxes ordinarily due to the City on the
inside -City -limit property is then deducted from this amount to derive the final in lieu of tax payment due.
Should this calculation, however, result in an amount less than that required fors a minimum payment
then the company would make the minimum payment.
Under the minimum payment provision of the contract, any industry which has less than two million
dollars of improvements on land located within the industrial district would be required to make an in
lieu of tax payment based on 100 percent of the market value of land and 100 percent of ad valorem
taxes due on one million dollars of improvements regardless if one million dollars of improvements exists
on the land or not. Each company's in lieu of tax payment to the City is due no later than December 31 of
each year over the life of the agreement.
The second agreement approved by the City and made available to all companies within either
industrial district area includes all provisions described above except the following: 1) reduced percentage
of market value of improvements completed after January 1. 1974; 2) alternate method of calculation; and
3) minimum payment provision. Each industry was given an opportunity to execute either of the two
agreements. As of July 23, 1982, 24 companies had executed the first agreement and 36 executed the
second.
The total market value of land and improvements comprising all the existing industrial districts
approximated $1,016,208,000 in 1981. This resulted in total payments by companies of $1,361,000 during
the City's 1981-82 fiscal year The proposed 1982-83 budget estimates the 1982 market value of property
within all industrial districts to total $1,065,000,000. Consequently, payments are expected to increase to
$1,675,000. All in lieu of tax payments are currently credited as revenue to the City's General Fund.
Hotel Occupancy Tax
A 2% hotel -motel occupancy tax was First levied in August, 1968. On September 1, 1972, the tax was
increased to 3% and to 4% on April 1, 1978. Tax collections amounted to $1,313,032 in 1981/82 fiscal
year.
Federal Revenue Sharing
The Federal Revenue Sharing Program began in December 1972 and as of July 31, 1982 $37,375,155
had been received; and with the $539,183 accumulated interest; $5,750 from sale of property and recovery
of prior years expenditures of $21,213 provided total funds of $37,941,301.
Major program expenditures included Public Safety - $25,936,500, Bayfront Science Park -
$1,687,522, Wastewater Disposal - $1,351,594, Sanitation (refuse collection and disposal) - $1,363,454,
Transit System - $946,202, Debt Service - $925,000, Social Services - $896,762, Corpus Christi Beach Park
Sites - $858,698, Auditorium -Coliseum - $778,023, Health - $439,881, General Governmental purposes -
$434,748, Streets - $558,093, Parks and Recreation - $332,123, Public Works - $322,160 and other
expenditures $329,780.
Sales and Use Tax
The City imposes a 1% sales and use tax which is now the General Fund's largest source of income.
Revenues from the sales tax for the past 8 fiscal years have been as follows:
% of General Sales Tax
Fiscal Year Total % of Ad Valorem Fund Tax Equivalent of Ad Per Capita
Ended 7-31 Collected Tax Levy Collections Valorem Tax Rate(1) Last Census
1975 8 5,469,968 40.2%
1976 6,002,747 36.9%
1977 6,852,194 40.5%
1978 7,919,152 43.4%
1979 9,219,007 49.3%
1980 10,671,986 52.8%
1981 13,224,490 60.5%
1982 15,518,662 67.5%
70.0%
61.3%
69.5%
74.6%
84.9%
90.9%
103.8%
117.5%
$0.38
0.34
0.37
0.38
0.39
0.39
0.41
0.42
$26 74
29.35
33.50
38.72
45.08
52.18
57.32
66.85
(1) City changed basis of assessment to 100% of market value in 1978. Equivalent tax rate for prior years adjusted to 100% of market
value for comparative purposes.
24
Corpus Christi has one of the most strategic located waterways in the Southwest with deepwater
transportation to the Gulf of Mexico and barge traffic all along the Texas coast via the Intra -coastal
waterway. The nearest other port is in Brownsville, 160 miles to the South, nearest retail and wholesale
outlet is San Antonio, 145 miles to the northwest; and the nearest heavy industry competition is Houston,
210 miles to the northeast.
INDUSTRY
Corpus Christi industry provides a diversified product market including metal fabrication, chemical
processing, farm and ranch equipment, oil field equipment, cement, clothing manufacturing, food
processing, electronic and petrochemical products.
The diversification is primarily due to the commitment to the Port of Corpus Christi to provide a
quality deep water facility. The Port of Corpus Christi opened the area to world markets in 1926. Deeper
channels have for decades allowed Corpus Christi to be a competitive port for bulk commodities requiring
large, deep draft vessels. It is the terminus of a network of oil and gas pipelines throughout Southwest
Texas and extending into West Texas. The port is located in Corpus Christi Bay and extends into the
Gulf of Mexico along the South Texas Coast. The inner harbor lies along a 91/2 mile stretch of dredge
inland channel and basins within Corpus Christi Bay. The port has four divisions, including the inner
harbor which has a channel depth of forty feet; Harbor Island, near the entrance of the Gulf of Mexico;
Port Ingleside and La Quinta, both of these locations are along the North shore of Corpus Christi Bay.
Harbor Island, Port Ingleside, and La Quinta have all been deepened to 45 feet.
The Port of Corpus Christi is America's deepest inshore gulf port. The extension of the 45 foot
channel across Corpus Christi Bay was completed in 1978 and the final leg of dredging is being scheduled
by the Corp of Engineers. With completion of the dredging, the project will provide the deepest channel
on the Gulf Coast for all reaches of the port. This project will enhance the area by expanding the ability
of the port to handle additional bulk commodities. There was a dramatic up -turn in labor intensive
cargo handled at the general cargo docks and the bulk material terminals in 1981. During the past five
years, dry bulk material tonnage moving through harbor terminals has increased dramatically. In 1979, a
total of 672,000 tons moved through the public bulk material terminal near the upper harbor lift bridge.
In 1980 that climbed to 1.1 million tons and activity hit a record 1.5 million tons in 1981. This growth
is part of the evolution process resulting in increased diversification in the port's cargo mix. Movement of
general cargo was up 50% from the year before and 80% from 1979. Bagged grain, fertilizer and grain
products, along with Mexico bound steel, made up most of this category. The only area of labor intense
cargo handling to show a decline in 1981 was bulk grain, down 36% from 2.9 million tons in 1980 to
1.9 million tons in 1981.
In 1981 1,235 ships and 5,551 barges used the port's facilities. There are a total of 6,816 linear feet of
wharf frontage consisting of 25 public docks; 12 are dry docks, 1 bulk material, 2 grain elevators (1 private
- 1 Public) and 11 oil docks. In addition, there are 21 private oil docks and 7 dry cargo docks owned and
operated by major industries. There is also a public compress with an average capacity to handle 2,500
bales of cotton per eight hour day. Overall shipment of dry bulk materials are expanding as are export
shipments bag grain and cargo of steel and iron ore bound by rail from Mexico. Total tonnage for 1981
was 50.3 million compared to 53.5 million in 1980. Crude oil imports decreased reflecting a national
policy of reduced dependency on foreign oils. Overall tonnage for 1981 was down approximately 6% as
compared to 1980. Port activity during 1981 was affected by world economic conditions, a weakening
demand for petroleum products, the grain embargo and the grain elevator explosion in 1981.
During 1981 the City of Corpus Christi established the Corpus Christi Industrial Development
Corporation to facilitate business expansion within the City. The corporation offers tax exempt Industrial
Revenue Bonds funding for various new and expansion projects. The Port of Corpus Christi has also
developed a similar non-profit organization to provide tax exempt Industrial Revenue Bond funds to
industries within Nueces County. Both corporations were established by the Texas Development Corpora-
tion Act of 1979, as amended, and are guided by the Internal Revenue Service rules and regulations. To
future enhance the ability of Corpus Christi in world markets, efforts are now underway to create a foreign
trade zone to expand industrial development and to open new trade areas.
31
Establishment of Industrial Districts
In 1981 several industrial districts had been established upon the voluntary execution of industrial
district agreements by the City and industries located in two general areas of the City's extraterritorial
jurisdiction. Article 970A, Revised Civil Statutes of Texas, known as the "Municipal Annexation Act"
gives the governing body of any city the right, power, and authority to designate any part of the area
located in its extraterritorial jurisdiction as an industrial district.
The terms of the industrial district agreement provide that the City has no obligation to extend to the
industrial districts any City services except fire protection to certain industries who pay for this service,
and other City services which are paid for by the industries separate and apart from the annual industrial
district in lieu of tax payment. The industrial district agreement and the methods of determining the
amount of the annual payment are subject to all provisions of law relating to determination of market
value including, but not limited to, laws relating to rendition, assessment, equalization, and appeal.
It is anticipated that the City will receive approximately $1,675,000 in 1982 industrial district in lieu
of tax payments if all industries who have indicated an intent to enter into an industrial district agreement
do so. See caption "Industrial Districts" elsewhere in this Official Statement for more details.
MAJOR INDUSTRIES
ASARCO Incorporation...Brings concentrated zinc ores in ocean-going ships from mines in various
foreign countries and from western states. Planned originally to produce 3,500 tons of zinc per month,
the plant had three major expansions of production capacity in 1953, 1956 and 1960 and now produces
more than 100,000 tons of zinc metal per year and 80,000 tons of sulphuric acid. Smaller quantities are
produced of other metals that are Sound in the zinc ores. The company recently completed and put into
service a 350 -ton -per -day acid plant at a cost of $15.7 million. Construction was also started on a $26.3
million program to modernize the leaching and electrolyte purification systems. The number of employees
has increased with each plant enlargement and now numbers about 650.
American Chrome 8c Chemicals, Inc....In late 1979, American Chrome & Chemicals, Inc. purchased
the chrome chemicals business of PPG Industries which included a 358 acre site. ACC is a subsidiary of
the 150 year old Harrisons & Crossfield Ltd., a worldwide chemical manufacturing and distribution firm
headquartered in Great Britain. ACC also announced a $10 million plant expansion and product output
growth over the next 5 years. About 50 employees will be added during the expansion which will bring
ACC's employment to approximately 200.
Baker Marine Corporation. ..Baker Marine Corporation and its operating subsidiaries which include
Baker Manufacturing Co. and Baker Marine Engineers are primarily engaged in the design and
construction of self -elevating mobile offshore drilling platforms. Baker Marine Corporation was originally
organized in 1971. The company was purchased, reorganized and renamed in 1974.
Baker Marine Corporation has three major manufacturing facilities. Cabaniss Field in Corpus Christi
has over 110,000 square feet under cover where it offers precision cutting and fabrication of high strength
steels. This facility is used primarily for the fabrication of elevating gear units, cranes, anchor winches,
skidders and other work where close tolerances and highly skilled craftsmanship is required. Also, in
Corpus Christi at Rincon Industrial Park is located a waterfront facility where Baker Marine Corporation
manufactures major components for barge transportation to its assembly yard at Ingleside. Baker Marine
Corporations main facility is located across Corpus Christi Bay near Ingleside and has over 1,600 feet of
water frontage with unlimited width and height access to the Gulf of Mexico. In 1982 Baker Marine
Corporation announced plans to construct an offshore drilling rig service and repair facility at an
estimated cost of $1 billion and employing 5,000 persons over the next three year period. Present
employment is 750.
32
to
4
Principal Ad Valorem Taxpayers
The following table lists the taxpayers with the twenty largest assessed valuations:
Taxpayer
Central Power & Light Company
Southwestern Bell Telephone Company
Southwestern Refining Company, Inc.
Exxon Corporation & Pipeline
Corpus Christi National Bank
H. E. Butt Company
Tom Martine Properties
First City Bank of Corpus Christi
Atlantic Richfield & Arco Pipeline
Willard H. Hammonds
Argus Properties, Inc.
Citizens State Bank
Celanese Chemical Company, Inc.
Callaway Properties
Arruth Associates, Inc.
Padre -Staples Mall
Deauville Ventures XVI
Sunrise Mall
La Quinta Motor Inns, Inc.
Sears Roebuck
Percentage of total assessed valuation
Industrial District
During 1980 the City of Corpus Christi designated two areas of land within its extraterritorial jurisdic-
tion as industrial district areas for the purpose of collecting an in lieu of tax payment from industries
located thereon in return for continuation of their extraterritorial status.
Both areas combined comprise approximately 14,020 acres. The improvements located thereon are
primarily commercial or industrial in nature. The area designated as Industrial District Number One is
located on the City's northeast side contiguous to Nueces Bay and the harbor area. Industrial District
Number Two is located on the City's northwest side and is bound primarily by the east City limit line,
F.M. Road 1694 and State Highway 44. The City's authority to designate industrial districts is provided
under the Municipal Annexation Act as described under Article 970a of the Revised Civil Statutes of Texas.
Subsequent to desgination of the above mentioned area, all owners or lessees of property used for
industrial purposes in either area were provided an opportunity to execute one of two industrial district
agreements approved by the City. The first agreement, effective January 1, 1981, provides an industry
immunity from annexation for seven years and allows extension of the agreement beyond that period if an
industry so desires.
The agreement also provides for an annual in lieu of tax payment based on the market value of
property within each company's designated industrial district. The basic method of calculating the in lieu
of tax payment applies the existing City tax rate to 100 percent of the market value of land comprising the
company's industrial district and to 50 percent of the market value of improvements located on such land.
New improvements completed since January, 1974, are considered at a reduced percentage of market
value (i.e., 5 percent per year up to 50 percent). An additional 15 percent of market value of an industry's
improvement property is considered in calculating the in lieu of tax payment if an industry is not a
member of the Refinery Terrninal Fire Company and depends on the City Fire Department for fire
protection.
1982
Assessed Value
100% of
Nature of Property Market Value
Electric Utility $167,956,762
Telephone Company 105,199,063
Chemical Company 62,239,271
Oil Company 59,927,981
Bank 35,641,000
Retail Stores 29,481,328
Commercial Property 22,082,011
Bank 21,728,329
Oil Company 19,511,603
Commercial Property 15,370,398
Commercial Property 14,362,247
Bank 13,222,568
Chemical Company 13,058,280
Commercial Property 12,405,590
Commercial Property 12,155,944
Commercial Property 12,060,892
Commercial Property 11,879,846
Commercial Property 10,608,200
Commercial Property 10,346,118
Retail Stores 9,056,991
$658,294,422
14.48%
23
Budget Procedures
The State laws and the City Charter require the preparation and filing of an annual budget. The City
Manager prepares and submits to the City Council for approval the Annual Budget of the estimated
income and expenses for the coming year for all departments not later than the second regular meeting in
June of every year. The Council must comply with State laws as to notice and hearings on the budget and
at the conclusion of the hearings, must meet and remain in session until the budget for the ensuing fiscal
year has been adopted. If no budget has been adopted before the first regular meeting of the Council in
August of each year, then the budget for the preceding fiscal year shall be deemed the budget for that
fiscal year.
Significant Accounting Policies
The City maintains its accounting records in accordance with the principles and policies set forth by
the National Committee on Governmental Accounting, as well as generally accepted accounting principles
as promulgated by the American Institute of Certified Public Accountants.
The accounting records are organized on the fund accounting concept. Each fund constitutes a
separate entity, and has its own set of self -balancing accounts. Accordingly, amounts receivable from, or
payable to, other funds are shown in the accounts of each fund and separately presented in the financial
statements until liquidated by payment or authorized interfund transfer.
The accounting records reflect compliance with legal provisions of the City Charter, ordinances and
other controlling laws and operating and capital budgets. Budgets are used to gauge financial operations
and legally restrict the level of expenditures.
The accrual basis of accounting is used for Enterprise, Intragovernmental Service, and Capital
Projects Funds. All other funds are accounted for under the modified accrual basis, i.e., expenditures
are recorded on the accrual basis and revenues are recognized when they become measurable and
available as net current assets.
Fixed assets owned by the City, except those recorded in the internal service funds, utility and other
enterprise funds, are accounted for in the General Fixed Assets groups of accounts at accumulated
historical costs if purchased or constructed. Donated assets are recorded at estimated market value as of
the date of donation.
Fixed assets recorded in the internal service funds, utility, and other enterprise funds are recorded at
cost and depreciated over the estimated useful lives of the assets. Donated assets are valued at estimated
market value as of the date of donation. The City has opted not to recognize nor record public domain or
"infrastructure" fixed assets such as roads, bridges, curbs, gutters, streets, sidewalks, drainage systems and
similar assets, except those constructed by the City.
General Obligation Bonds and other forms of long-term debt supported by ad valorem taxes are
accounted for in a self -balancing group of accounts entitled the General Long -Term Debt Group of
Accounts. Revenue Bonds are accounted for in the respective enterprise fund, as they will be paid from
those revenues.
Lease -purchase contracts for major data processing equipment are contingent upon funds being
appropriated in future fiscal periods for the lease payments. The City can stop payments at any time and
surrender the property with no further liability on either side. Also, title to the property remains with the
lessor until the final payment. As such, the City does not own the property and the property is not
included as an asset, nor are the future installments included as liabilities.
Inventories are recorded at the lower of cost or market with reductions made for permanent decreases
in value due to obsolescence, damage, deterioration, etc. Inventory issues are expenses on the first -in,
first -out and average cost bases. The nature of the inventory determines which cost method is used.
16
People are attracted by a desire to visit the Gulf Coast, good weather and a splendid system of high-
ways and causeway to Mustang Island and Padre Island where they can enjoy bathing and other recrea-
tional advantages offered by the Gulf. Because of the gulf breezes, winters are mild and summers are
comfortably cool with an annual average mean of 70 degrees. Boating and fishing accommodations are
good and Port Aransas on Mustang Island is famous for deep sea fishing. The National Seashore
Recreational Area on Padre Island has an 88 mile shoreline and excellent facilities are provided by the
National Park Service.
LITIGATION
Miscellaneous Tort Claims
The City of Corpus Christi has been self-insured for tort claim liability since November, 1978. The
self-insurance program covers aggregate losses up to $1,000,000; and excess liability insurance policies in
effect from August 30, 1979, to August 30, 1982, have provided an additional $5,000,000 in protection.
Effective August 30, 1982, the excess liability coverage was raised to $15,000,000.
Presently, self-insurance reserves total approximately $2,200,000, of which $264,871 has been reserved
for outstanding liability claims. The $264,871 outstanding claims reserve is determined by the Claims
Review Committee of the City and Gallagher -Bassett Insurance Service and reflects the estimated actual
exposure on the total number of tort claims filed against the City which have alleged damages in the
aggregate in excess of $10,000,000.
Civil Rights Claims
Fifteen persons represented by the American Civil Liberties Union filed two separate lawsuits against
the City, its officials, and several named police officers claiming $3,775,000 in damages for alleged
incidents of police misconduct. Discovery proceedings in the lawsuits are underway, and the City is
attempting to determine what evidence, if any, can substantiate the claims. According to state law and the
collective bargaining agreement with the Police Officers' Association, the City is not financially responsible
for any liabilities of individual police officers arising from misconduct except for the payment of legal
expenses. In order for liability of the City to be shown, the plaintiffs must additionally prove inadequate
supervision and training of the police officers.
LEGAL OPINIONS
The City will furnish a complete transcript of the proceedings had incident to the authorization and
issuance of the Bonds, including the unqualified approving legal opinions of the Attorney General of the
State of Texas, to the effect that the Bonds are valid and legally binding obligations of the City, and
based upon examination of such transcript of proceedings, the unqualified approving legal opinions of
Messrs. McCall, Parkhurst & Horton, Bond Counsel, to like effect and the effect that the interest on the
Bonds is exempt from Federal income taxation under existing statutes, regulations, rulings and court
decisions. The customary closing papers, including a certificate to the effect that no litigation of any
nature has been filed or is then pending to restrain the issuance and delivery of the Bonds or which would
affect the provision made for their payment or security, or in any manner questioning the validity of said
Bonds or the coupons appertaining thereto, will also be furnished. Messrs. McCall, Parkhurst & Horton
were not requested to participate, and did not take part in the preparation of the Official Statement, and
such firm has not assumed responsibility with respect or undertaken independently to verify any of the
information contained therein, except that, in its capacity as Bond Counsel, such firm has reviewed the
information describing the Bonds in such Official Statement to verify that such description conforms to
the provisions of the Bond Ordinance. The legal fees to be paid Messrs. McCall, Parkhurst & Horton for
services rendered in connection with the issuance of the Bonds are contingent on the sale and delivery of
the Bonds. The legal opinions of Bond Counsel will be printed on the Bonds.
FINANCIAL CONSULTANTS
M. E. Allison & Co., Inc., San Antonio, Texas is employed as financial consultants to the City in
connection with the issuance of the Bonds. The financial consultants fee for their services is contingent on
the sale and delivery of the Bonds. The financial consultant will not submit a bid on the Bonds.
39
AUTHENTICITY OF FINANCIAL INFORMATION
The Financial data and other information contained herein have been obtained from the City's
records, audited financial statements and other sources which are believed to be reliable. There is no
guarantee that any of the assumptions or estimates contained herein will be realized. All of the summaries
of the statutes, documents and resolutions contained in this Official Statement are made subject to all
provisions of such statutes, documents and resolutions. These summaries do not purport to be complete
statements of such provisions and reference is made to such documents for further information. Reference
is made to original documents in all respects.
INDEPENDENT AUDITS
The financial statements as of July 31, 1981 of the General Fund, General Debt Service Fund, and
Tax Debt group of accounts of the City included in this Official Statement have been examined by Fox &
Company, Corpus Christi, Texas, Independent Certified Public Accountants, to the extent stated in their
report appearing herein, and have been so included in reliance upon such report given upon the authority
of that firm as experts in accounting and auditing.
CITY'S ANNUAL FINANCIAL REPORTS
Copies of the Director of Finance annual report of the City for each of the City's last five fiscal years
are available to prospective purchasers at the office of the Director of Finance, Corpus Christi, Texas, and
may be examined at any reasonable time. The annual report for the fiscal year ending July 31, 1982 is
presently under review by Independent Certified Accountants and will be completed and available in late
December, 1982. A copy will be furnished to the purchaser of the Bonds upon request.
CERTIFICATION OF THE OFFICIAL STATEMENT
This Official Statement adopted and approved and the use thereof approved and ratified by the City
Council on this the 20th day of October, 1982.
/5/
Edward A. Martin
City Manager
/s/
Bill G. Read
City Secretary
Certain Governmental Services Provided by the City
Public Safety... The City provides police protection, fire protection, building inspection, street
lighting and traffic signals and civil defense. Law enforcement and civil defense is provided through the
Police Department. The City's Fire Department operates 13 fire stations throughout the City and the
A.I.D. Emergency Ambulance Service. The ambulance service is operated jointly by the City and Nueces
County Hospital District. The City is responsible for the purchase, operation, maintenance, equipping,
housing and staffing of the ambulances and the communications system. The Nueces County Hospital
District is responsible for paramedical training of personnel who operate the ambulances and the account-
ing for and the collection of all ambulance service fees. The City and the District divide any operating loss
on a fifty-fifty basis.
Public Services. ..The City operates waterworks, wastewater disposal, and gas systems. The City also
provides garbage collection and disposal and maintenance of streets and storm drainage areas. Additional
information concerning the City's water, wastewater disposal, and gas system appear elsewhere under the
captions "Waterworks System", "Wastewater Disposal System", and "Gas System".
Community Enrichment...The City's main library and four branches are equipped with over 363,906
volumes. The City owns and maintains approximately 189 parks containing over 1,301 acres. The City also
owns extensive recreational facilities including 82 playgrounds, a marina with 536 yacht basin slips, three
municipal beaches, two fishing piers, two public golf courses, nine swimming pools, 35 tennis courts,
several baseball and softball diamonds and other recreational centers. In addition, the City owns an
auditorium, a coliseum and exposition hall, Little Theatre, the Corpus Christi Museum and the Art
Museum. A Community -Convention facility has recently been completed.
Airport and Transit System... The City owns the Corpus Christi International Airport situated on
2,230 acres. Fifty percent of the gross revenues derived from operation of the airport parking facilities are
part of the "Pledged Revenue" supporting the $5,550,000 Tax and Revenue Certificates of Obligation.
The City's transit system provides passenger bus service between various areas within the City and out-of-
town charter services originating in the City. See captions "International Airport" and "Transit System"
for more information.
Health.. The City maintains preventive health services through health facilities within the community.
Although the City has outstanding two issues of General Improvement Bonds issued in part for hospital
building purposes, the public hospitals located within the City are now owned and operated by the
Nueces County Hospital District. When the Hospital District was created in 1967 and took over operation
of the hospital facilities, the District assumed that portion of the debt service on the Bonds previously
issued by the City for hospital buildings and pays these amounts to the City annually. Additional informa-
tion concerning the amount of annual debt payments by the Hospital District appears above under the
caption "Debt Service Requirements Tax Supported Debt".
The City does not have the responsibility of maintaining hospitals, a school system, or a higher educa-
tion system, and does not expend any funds in providing welfare.
CERTAIN ASPECTS OF THE CITY'S FINANCIAL PROCEDURES
Audit and Financial Reporting
The City Charter requires an annual audit to be made of the books of account, records and
transactions of the City by a Certified Public Accountant. The fiscal year of the City begins the first day of
August of each year and ends with the thirty-first day of July of each year. The Municipal Finance Officers
Association of the United States awarded the City its Certificate of Conformance for its annual financial
report for 1957. In addition, the City has been awarded the Supplemental Certificate of Conformance for
the 1970, 1975, 1978, 1979 and 1980 annual financial reports.
CITY OF CORPUS CHRISTI
Population and Location:
Corpus Christi is now the seventh largest city in the State of Texas with a corrected official population
of 232,134 based on the 1980 Census. Misallocated population was discovered after data was released for
publication. Published reports for Corpus Christi will show a population count of 231,999. The City holds
the fifth ranking spot in percentage of population change over the 1970-1980 decade. It is estimated that
the City's population is about 242,000 for 1982.
The geographic location of the City on the Gulf of Mexico and the Intra -Coastal Waterway gives it
one of the most strategic locations in the Southwest and has been important to its economic development.
From its early days, Corpus Christi has been a focal point for the marketing, processing, packaging and
distribution of agricultural commodities in a twelve -county trade area. Port of Corpus Christi opened the
city to world commerce in 1926.
Additional general information concerning the City's population and economy will be found under
the caption "Economic and Demographic Characteristics".
Area and Topography
The area of the City has increased through annexations as the City's population and industry grew.
The City has had numerous annexations, which have been orderly, and now contains approximately
392 square miles, which is broken down to approximately 117 square miles of land and 275 square miles
of water. While the area covered by water contains no population and does not require normal city
services, it does produce considerable revenues from oil and gas properties located therein.
The topography of Corpus Christi is generally flat with rich soils broken by numerous bays. The ele-
vation ranges from sea level to eighty-five feet.
RPM of Government and Administration
The City was incorporated in 1852. It operated as a general law city until 1926 when a Home Rule
Charter with a commission form of government was adopted. The Charter was amended in 1945 and the
present Council - Manager form of government was adopted.
The City Council consists of the Mayor and six Councilpersons, all elected for two year terms. These
seven Officials are listed on page four of this document.
The City Manager is appointed by the City Council and is the Chief Administrative and Executive
Officer. The Director of Finance is appointed by the City Manager and is charged with the administration
of fiscal affairs.
The City Council fixes the annual tax rate based on a budget prepared under the direction of the City
Manager.
The Assessor and Collector of Taxes is appointed by the City Manager and operates under the
supervision of the Director of Finance.
The names and years of service of these appointed officials appear on page four of this document.
The City has approximately 3,017 employees.
INDEX TO FINANCIAL STATEMENTS
Page
Report of Independent Certified Public Accountants F-2
General Fund:
Comparative Balance Sheet F-3
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual F-4-6
General Obligation Debt Service Fund:
Comparative Balance Sheet F-7
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual F-8
General Long Term Debt:
Statement of General Long Term Debt F-9
Notes to Financial Statement F-10-12
Note— The City of Corpus Christi also administers the following other funds, the assets,
the liabilities, and the operations of which may not be pertinent to the issue of the
Bonds and are included in the Director of Finance Annual Financial Report of the
City of Corpus Christi, Texas:
Special Revenue Funds
Capital Project Funds - General
Enterprise Funds
Trust and Agency Funds
General Fixed Assets Group of Accounts
Internal Service Funds
Grant Programs
Fox &Company
The Honorable Mayor and Council Members
City of Corpus Christi, Texas
Certified Public Accountants
We have examined the financial statements of certain funds and account groups
of the City of Corpus Christi, Texas for the years ended July 31, 1981 and 1980
as listed in the accompanying table of contents. Our examinations were made
in accordance with generally accepted auditing standards and, accordingly, in-
cluded such tests of the accounting records and such other auditing procedures
as we considered necessary in the circumstances.
In our opinion, except for the effects of the City's election to report Ad
Valorem tax revenues on the cash basis and fully reserving delinquent taxes,
as more fully described in Vote 3, the financial statements present fairly
the financial position of the various funds and account groups of the City
of Corpus Christi, Texas at July 31, 1981 and 1980 and the results of opera-
tions of such funds and the changes in financial position of the Proprietary
Funds for the years then ended, in conformity with generally accepted account-
ing principles applied on a consistent basis.
Corpus Christi, Texas
September 20, 1982
A member of
Fox Moore International
Debt Service Requirements
Revenue Bonds
Waterworks System Wastewater System Golf Center
First Junior -
Fiscal Year Lien Lien Total Total Total
Ending 7-31 Bonds Bonds ItqL__.nts. Reqmts. Reqmts.
1983 $ 2,767,000 $ 1,379,856 84,146,865 5152,100 $ 67,760
1984 2,743,938 1,383,063 4,127,001 157,419 65,120
1985 2,720,875 1,384,326 4,105,201 62,480
1986 2,697,812 1,378,645 4,076,457 59,840
1987 2,674,750 1,381,236 4,055,986 57,200
1988 2,651,688 1,381,667 4,033,355 54,560
1989 2,628,625 1,379,938 4,008,563 51,920
1990 2,605,562 1,376,049 3,981,611 49,280
1991 3,957,500 3,957,500 46,640
1992 3,893,500 3,893,500
1993 3,819,250 3,819,250
1994 3,734,750 3,734,750
1995 3,640,000 3,640,000
1996 3,435,000 3,435,000
1997 3,230,000 3,230,000
1998 3,025,000 3,025,000
1999 2,820,000 2,820,000
2000 2,615,000 2,615,000
2001 2,410,000 2,410,000
2002 2,205.000 2,205,000
560,275,250 811,044,780 871,320,030 5309,519 5514,800
Summary Debt Statement
The following table shows the amount of bonded indebtedness and estimated overlapping debt of the
City as of July 31, 1982 as adjusted to give effect to the issuance of these $10,525,000 General Improvement
Bonds.
Pro Forma Bonded Indebtedness
Tax Supported Debt:
General Improvement Bonds (1)573,115,000
Tax Certificates of Obligation 1,070,000
Tax and Revenue Certificates of Obligation 6,050,000
THE BONDS (2) 10 525 000
$90,760,000
Revenue Debt:
First Lien Waterworks System Revenue Bonds $24,800,000
Junior Lien Waterworks System Revenue Bonds 9,205,000
Sewer System Revenue Bonds 300,000
Golf Center Revenue Bonds 396,000 $ 34 701 000
Total Direct Bonded Indebtedness $125,461,000
Estimated Overlapping Debt $ 34 870.,817
Total Direct and Estimated Overlapping Bonded Indebtedness $160,331,817
(1) Includes $89,650 bonds assumed by the Nueces County Hospital District.
(2) Such amount was not outstanding on July 31, 1982 but is included for the purpose of giving effect to the
issuance of the Bonds.
F-2 13
Detailed Interest and Sinking Fund Management Index
Balance on Hand
Previous Year
REVENUES:
Ad Valorem Taxes
Hospital Dist. Payments
Actual Actual Actual
1978-79 1979-80 1980-81
Actual Budget
1981-82 1982-83
$ 8,449,109 $9,538,743 $ 9,971,794 810,469,105 $10,773,260
$ 7,439,973 $8,011,332 $ 8,085,454 $ 8,564,244 $ 9,722,002
161,495 158,989 147,430 142,808 56,234
Fund Contributions:
Airport 329,279 300,000 259,610
Airport Tower 85,867 90,326 87,900
Gas 271,306 11,200 251,360
Marina 25,584 25,584 25,584
Water 61,828 - 0 • - 0 -
Wastewater 300,000 300,000 300,000
Tourist & Convention Fund • 0 - - 0 - 331,314
Interest on Investments:
Reserve Fund 604,525 922,475 1,192,934
Bond Construction Funds 941,327 - 0 - - 0 -
361,000
87,900
241,200
25,584
-0-
300,000
442,692
400,000
87,900
231,200
25,584
-0 -
300,000
422,641
1,225,000 1,300,000
- 0 - - 0 -
Other Revenues:
Accrued Interest Rec. 27,008 149,045 - 0 - 118,317 125,000
Premium Rec. 638 635 63,397 - 0 - - 0 -
Total Revenue $10,248,830 89,969,586 $10,744,983 $11,646,064 $12,670,561
EXPENDITURES:
Principal $ 5,632,000 85,683,000 $ 5,919,000 $ 6,110,000
Interest 3,524,417 3,850,769 4,324,560 5,221,173
Paying Agent Fees 2,779 2,766 4,112 10,736
$ 6,000,000
5,504,336
7,799
Total Expenditures $ 9,159,196 $9,536,535 $10,247,672 $11,341,909 $11,512,135
CLOSING BALANCE
$ 9,538,743 89,971,794 $10,469,105 $10,773,260 $11,931,686
Revenue Bond Obligations
The table below shows the principal amount of the City's revenue bonds outstanding on July 31, 1982:
Title of Bond
Outstanding
Interest &
Sinking
Fund
Balance
Reserve
Fund
Balance
First Lien Waterworks System Revenue Bonds $24,800,000 $254,021 $ 486,128
Junior Lien Waterworks System Revenue Bonds $ 9,205,000 $326,981 $1,350,640
Wastewater System Revenue Bonds $ 300,000 $ 85,364 $ 242,946
Golf Center Revenue Bonds $ 396,000 $ 36,401 N/A
The waterworks and wastewater disposal system are operated as separate utility systems, and the debt
requirements are met from pledges of the revenue of each separate system.
12
CITY OF CORPUS CHRISTI, TEXAS
GENERAL FUND
COMPARATIVE BALANCE SHEET
FOR YEAR ENDING JULY 31, 1981 AND 1980
Cash
Investments, at cost
Notes, accounts and liens receivable - net
Due from other funds
Due from other governmental agencies
Inventories, at cost
Taxes receivable
Investment in other funds!
Stores Fund
Maintenance Service Fund
Transit Fund
Insurance Fund
Prepaid rent expense
Prepaid postage and utility deposits
Property purchased at tax sales
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITIES:
Deposits:
Corpus Christi IMrina customers
Coliseum rental contracts
Auditorium & Convention Center rental contracts
Convention Center electric deposits
Demolition contracts
Animal control
Miscellaneous
D. Corpus Christi Independent School District
Payrolls payable
Accounts payable
Sales tax payable
Due to Ambulance Fund
Due to Vouchers Payable Fund
One to Maintenance Service Fund
Due to Stores Fund
Due to Marina Fund
Due to Insurance Fund
Due to Transit Fund
Due to Park Bond Fund
Due to Payroll Fund
Deferred revenue - tares receivable
Total liabilities
FUND BALANCE:
Reserved for encumbrances
Reserved for inventory
Unreserved
Total fund balance
TOTAL LIABILITIES AND FUND BALANCE
1981
$ 4,118,379
2,100,000
649,556
319,830
327,714
135,040
1,285,734
13,118
26,246
28,824
26,000
4,618
450
14,159
1980
$ 3,735,674
1,175,000
392,357
634,427
166,387
121,017
1,213,105
13,118
26,246
28,824
26,000
450
13,019
$ 9,069,668 0 7,545,624
480 480
19,112 23,134
11,040 4,548
4,801
120 120
8,550
2,297 718
8,640
583,704 1,315,567
658,371 467,522
120 250
122,224 190,253
128
420,803 408,795
67,247 65,103
48,689
388
20,961 28,580
20,836
204,357
1,285,734 1,213,105
0 3,479,962 $ 3,726,817
0 1,068,183 $ 1,115,783
135,040 121,017
4,386,483 2,582,007
$ 5,589,706 $ 3,818,807
$ 9,069,668 $ 7,545,624
The notes to the financial statements arc an integral part of this statement.
F-3
CITY OF CORPUS CHRISTI, TEXAS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED JULY 31, 1981
WITH COMPARATIVE ACTUAL AMOUNTS FOR YEAR ENDED JULY 31, 1980
Revenues:
Taxes:
General property taxes
City sales tax
Liquor drink tax
Business taxes
Total taxes
LIcenses and permsts:
Business licenses
Non -business licenses and permits
Total licenses and permits
Municipal Court fsnes
Charges for servsces:
General government services
Public Safety services
Sanitation services
Health services
Library services
Recreation services
Charges to other governmental agencies
Total charges for services
ContrshutIons from operating funds
Administrative service dharges
Interest on investments.
Miscellaneo. revenues:
Interest and rents (less Interest on
Investments).
Other revenues (1)
Other Interfund recespts
Total miscellaneous revenues
1981
Variance
Favorable
Actual (Unfavorable) 1900
513,497,561 513,212,345 0 (285,216) 512,153,271
11,900,000 13,224,490 1,324,490 10,671,986
320,000 244,052 (75,948) 281,118
4,321,100 4,920,156 599,056 2,649,572
530,038,661 531,601,043 5 1,562,382 525,755,947
5 89,450 $ 98,836 $ 9,386 $ 83,913
488,300 670,500 182,200 530,930
$ 577,750 $ 769,336 5 191,586 5 614,843
5 1,470,100 $ 1,359,913 3 (110,187) 5 1,462,125
5 68,800 $ 94,482 5 25,682 5 68,629
253,200 299,847 46,647 232,036
4,472,500 4,639,194 166,694 3,902,570
342,481 277,006 (65,475) 206,074
39,000 45,456 6,456 35,350
1,267,794 1,298,302 30,508 980,094
997,300 977,651 (19,649) 794,738
$ 7,441,075 $ 7,631,938 0 190,863 $ 6,219,491
5 1,778,704 0 1,756,107 $ (22,597) $ 1,627,642
5 1,806,594 $ 1,806,594 5 -- $ 1,697,598
$ 230,000 $ 656,146 5 426,146 $ 401,951
$ 111,300 8 203,193 5 91,893 $ 177,545
1,797,879 1,980,229 182,350 629,493
465,702 355,559 (110,141) 396,306
$ 2,374,879 $ 2,538,961 5 164,102 5 1,203,344
Total Revenues 045,717,763 548,120,058 $ 2,402,295 538,982,941
(1) Includes Federal Emergency Management Agency budget and actual $1,072,000).
Summary of Tax Supported Debt Service Requirements
Summary of outstanding Tax Supported Debt requirements by years including the $10,525,000 General
Improvement Bonds, Series 1982 calculated at an estimated interest rate of 10.00%.
Fiscal
Year Percent of
Ending Total All Principal
7-31 Principal Interest Issues Retired
1983 $ 6,000,000 $ 5,455,586 $ 11,455,586
1984 6,255,000 5,646,866 11,901,866
1985 6,540,000 5,279,420 11,819,420
1986 6,260,000 4,875,780 11,135,780
1987 6,010,000 4,457,240 10,467,240 34.24%
1988 5,875,000 4,058,233 9,933,233
1989 5,700,000 3,645,301 9,345,301
1990 5,600,000 3,283,914 8,883,914
1991 5,295,000 2,932,598 8,227,598
1992 5,225,000 2,554,300 7,779,300 64.76%
1993 5,000,000 2,219,150 7,219,150
1994 4,650,000 1,891,275 6,541,275
1995 4,425,000 1,579,425 6,004,425
1996 4,025,000 1,276,875 5,301,875
1997 3,875,000 996,925 4,871,925 89.00%
1998 3,225,000 721,950 3,946,950
1999 2,475,000 486,950 2,961,950
2000 2,175,000 303,000 2,478,000
2001 1,475,000 150,500 1,625,500
2002 625,000 31,250 656,250 100.00%
$90,710,000 $51,846,538 $142,556,538
Interest and Sinking Fund Management
A 10 year record of the City's policy of maintaining substantial reserves for the next year's debt service
requirement on the City's General Improvement Bonds is set out below:
Principal Tax Percent of
Year And Interest Collections & I & SF Bal. at Next Year's
Ended Requirements Other Income End of Year Requirements
7-31-1972 $ 5,202,461 $ 5,649,912 $ 5,298,012 95.1%
7-31-1973 5,573,343 5,843,994 5,568,663 90.2%
7-31-1974 6,175,390 6,709,113 6,102,386 93.6%
7-31-1975 6,517,215 7,247,723 6,832,894 92.1%
7-31-1976 7,422,800 7,814,050 7,224,144 95.0%
7-31-1977 7,612,397 8,293,649 7,905,397 95.0%
7-31-1978 8,322,210 8,865,922 8,449,109 92.2%
7-31-1979 9,159,196 10,248,830 9,538,743 100.0%
7-31-1980 9,536,535 9,969,586 9,971,794 97.3%
7-31-1981 10,247,672 10,744,983 10,469,105 92.6%
7-31-1982 11,341,909 11,646,064 10,773,260 94.0%
F-4 11
Debt Service Requirements Tax Supported Bonds
The following table sets forth the principal and interest requirements on the City's tax supported
debt including the effect of the issuance of the Bonds for the fiscal years ending July 31. The Outstanding
Principal and Interest Requirements column includes debt service requirements on all of the City's out-
standing Tax Supported Bonds, Certificates of Obligation, and Combination Tax and Revenue Certifi-
cates of Obligation. Also included in this column is all of the Principal and Interest due the City from the
Nueces County Hospital District. In July, 1967, the Hospital District was created and on January I, 1968,
took over the operation of the hospital facilities and assumed the payment of debt service on Bonds
previously issued by the City and by Nueces County for Hospital building purposes. The Hospital District
levies and collects ad valorem taxes and pays to the City the amounts required to pay debt service on the
Bonds issued by the City for Hospital purposes. The Hospital District has been current in all payments of
Principal and Interest to the City since its creation in 1967 and the amounts due to the City for future
years are $56,208 in 1983 and 326,912 in 1984.
Fiscal
Year
Ending
7-31
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Outstanding
Prin. & Int.
Requirements
$10,929,336
10,635,616
10,575,670
9,819,530
8,993,490
8,464,483
7,934,051
7,506,414
6,910,098
6,498,050
6,000,400
5,385,025
4,910,675
4,270,625
3,903,175
3,040,700
2,118,200
1,696,750
906,750
$120,499,038
THE BONDS
$10,525,000 Series 1982
Principal
Due 11-1(1)
$ 225,000
225,000
325,000
525,000
575,000
575,000
600,000
600,000
625,000
625,000
625,000
625,000
625,000
625,000
625,000
625,000
625,000
625,000
625,000
$10,525,000
Total
Interest Interest All
Due 11-1 Due 5-1 Total Issues
--- $ 526,250 (2) $ 526,250 $ 11,455,586
$ 526,250 515,000 1,266,250 11,901,866
515,000 503,750 1,243,750 11,819,420
503,750 487,500 1,316,250 11,135,780
487,500 461,250 1,473,750 10,467,240
461,250 432,500 1,468,750 9,933,233
432,500 403,750 1,411,250 9,345,301
403,750 373,750 1,377,500 8,883,914
373,750 343,750 1,317,500 8,227,598
343,750 312,500 1,281,250 7,779,300
312,500 281,250 1,218,750 7,219,150
281,250 250,000 1,156,250 6,541,275
250,000 218,750 1,093,750 6,004,425
218,750 187,500 1,031,250 5,301,875
187,500 156,250 968,750 4,871,925
156,250 125,000 906,250 3,946,950
125,000 93,750 843,750 2,961,950
93,750 62,500 781,250 2,478,000
62,500 31,250 718,750 1,625,500
31,250 -0- 656,250 656,250
$5,766,250 35,766,250 $22,057,500 3142,556,538
(1) Principal due November 1, 1983 through 2001.
(2) First Coupon due May 1, 1983.
Note: Interest calculated at 10.00% for purposes of illustration.
CITY OF CORPUS CHRISTI, TEXAS
(Continued) GENERAL FUND
STATEMENT OF REVERUES, EXPENDITURES AND CHANGES IN FUND BAIJVICE - BUDGET AND ACTUAL
YEAR ENDED JULY 31, 1981
WITH COMPARATIVE ACTUAL AMOUNTS FOR YEAR ENDED JULY 31, 1980
Expenditures(
General government(
General government control
Staff agencies
Engineering services
Federal grants
Total general government
Public Safety:
Police
Fire
Civil Detense
Traffic Engineering
Inspections and Operations -Director
Building Inspection
Petroleum Inspection
Total public safety
Streets
Sanitation
Health
Community Enrichment:
Director
Cultural and convention facilities
Libraries
Parks and recreation
Museums
Total Community Enrichment
Insurance
Hurricane Allen damages
Other expenditures:
Refund of prior years' revenue
Utility rate regulation
CATV regulations
Federal Emergency Management Agency
Housing
Special fiscal year projects
Reserve appropriation
Total other expenditures
Total expenditures
Excess (deficiency) of revenues over
expenditures
1981
$ 1,624,412
5,504,207
1,163,019
219,374
$ 8,511,092
$10,693,865
6,718,713
31,315
2,000,844
69,740
626,137
78,576
$20,219,190
$ 5,344,559
Variance
Favorable
Actual (Unfavorable) 1980
$ 1,635,807
5,234,683
856,156
219,374
$ 7,946,020
511,159,859
6,663,565
32,354
1,927,000
71,389
559,108
77,114
$20,490,389
$ 4,704,705
$ (11,395)
269,604
306,863
$ 565,072
$ (465,994)
55,148
(1,039)
73,844
(1,649)
67,029
1,462
$ (271,199)
$ 639,884
$ 1,304,109
4,182,696
812,399
177,376
$ 6,476,580
$ 9,257,612
6,112,940
24,971
1,496,694
58,851
484,924
54,952
$17,490,944
$ 4,216,298
$ 4,515,529 $ 4,419,050 $ 96,479 $ 3,605,221
$ 1,962,716 $ 1,829,671 $ 133,045 $ 1,564,407
$ -- $ -- $ -- $ 59,570
987,129 955,378 31,751 725,326
1,152,508 1,099,246 53,262 910,777
4,333,385 4,028,783 304,602 3,641,039
610,545 653,101 (42.1J73_( 546,179
$ 7,083,567 $ 6,736,508 $ 347,059 $ 5,882,891
$ 2,254,057 $ 2,254,057 $ -- 5 1,676,236
5 1,307,681 $ 658,774 $ 646,907 $
$ 22,409
6,750
380,877
$ 410,036
$ 22,409 $
10,1322
6,750
(10,822)
$ 3,371
8,785
318 (318) --
18,661 (10,661) 40,420
-- 380,877 --
$ 44,210 $ 365,826 $ 52,576
551,608,457 549,083,384 $ 2,525,073 540,965,153
5(5,890,694) $ (963,326) $ 4,927,368 5(1,982,212)
CITY OF CORPUS CHRISTI, TEXAS
(Continued) GENERAL FUND
STATEMENT OF MMNUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED JULY 31, 1981
WITH COMPARATIVE ACTuAL AMOUNTS FOR YEAR ENDED JULY 31, 1980
Other financing sources (uses).
Post closing adjustments
Operating transfers in (Exhibit 2-C)
Operating transfers out (Exhibit 2-D)
Total other financing sources (uses)
Excess (deficiency) of revenues over
expenditures and other uses
Fund balance at beginning of year, AligUet 1
Reimbursement from Parade Place
Development Fund
Adjust Sanitation Services allowance
for bad debts
Correct prior years write off of
acco.ts receivable
Fund balance at end of year, July 31
1981
Variance
Favorable
Actual (Unfavorable) 1980
$ $
3,600,000 3,416,543 (183,457)
(877,109) (847,3613) 29,741
$ 2,722,891 $ 2,569,175 0 (153,716)
$ 7,226
3,564,300
(982,064)
O 2,589,462
0(3,167,803) $ 1,605,849 $ 4,773,652 $ 607,250
3,926,266 3,818,807 (107,459) 3,211,557
185,000 185,000
(17,879) (17,879)
(2,071) (2,071)
0 758,463 0 5 589,706 $ 4,831,243 $ 3,818,807
The notes to the financial statements are an integral part of this statement.
F-6
Estimated Overlapping Net Debt
Expenditures of the various taxing bodies, such as school and special districts, within the territory of the
City are paid out of ad valorem taxes levied by these taxing bodies on properties within the City. These
political taxing bodies are independent of the city and may incur borrowings to finance their expenditures.
The following table reflects the estimated share of overlapping net debt of these various taxing bodies.
Percent Overlapping
Taxing Body Net Debt As of Overlapping Net Debt
Calallen I.S.D. $12,228,839
Corpus Christi I.S.D. 23,324,002
Corpus Christi Jr. College Dist,
Flour Bluff I.S.D. 10,608,000
Lower Nueces River
Water Supply Dist. (1)
Nueces County
Nueces County Hospital Dist.
Nueces County Navigation Dist.
Nueces County Road Dist. No. 4
Nueces County WC & ID No. 4
Port Aransas I.S.D.
Tuloso-Midway I.S.D
West Oso I.S.D. (2)
7-31-82 23.61% 8 2,887,229
7-31-82 76.45% 17,831,200
7-31-82 77.02% - 0 -
7-31-82 53.01% 5,623,301
- 0 - 7-31-82 88.10% - 0 -
6,706,437 7-31-82 47.83% 3,207,689
- 0 - 7-31-82 47.83% - 0 -
- 0 - 7-31-82 47.83% - 0 -
- 0 - 7-31-82 14.92% - 0 -
2,437,231 7-31-82 3.00% 73,117
1,733,439 7-31-82 2.61% 45,243
15,049,673 7-31-82 25.09% 3,775,963
3,113,166 7-31-82 45.84% 1,427,075
Total Overlapping Net Debt $34,870,817
(1) The City and Lower Nueces River Water Supply District have entered into a contract under which the District will not levy ad
valorem taxes and the City will make supplemental payments to the District based on operating cost and sinking fund requirements.
Therefore, although the District has tax bonds outstanding, the District's net debt is considered to be self-supporting See under
caption, "Waterworks System" for additional information.
(2) The District intends to sell an additional 31,300,000 Bonds on September 20, 1982.
Debt Ratios
The following table shows a comparison of the ratios of net tax supported debt, estimated net
overlapping debt and combined net debt to assessed value of taxable property and estimated population in
the City for the past five fiscal years and after giving effect to the issuance of the Bonds.
For the purpose of this table net direct debt consists of the City's tax supported debt less the amounts
considered self-supporting debt and applicable interest and sinking funds.
Adjusted to 7-31-82 Fiscal Year Ended 7-31
And Including
The Bonds 1981 1980 1979 1978 1977
Assessed Valuation 94,547,182,357 53,214,975,732 92,731,614,088 92,346,814,1420) 91,266,729,599 91,099,659,929
Population 242,000 231,999 229,000 227,000 226,500 225,000
Net Direct Debt
Ratio to Assessed
Value
Per Capita
Net Overlapping
Debt 34,870,817 $ 33,192,801 9 34,421,692 9 41,393,948 3 26,583,837 9 29,452,197
Ratio to Assessed
Value
Per Capita
Net Direct and
Overlapping Debt $ 96,369,391 3 82,823,492 87,818,973 $ 89,074,951 9 75,311,840 $ 82,510,507
Ratio to Assessed
Value
Per Capita
61,498,574 $ 49,630,691(2) $ 53,397,281 $ 47,681,003 $ 48,728,003 3 53,058,310
1.35% 1.54% 1.95% 203% 3.85% 4.82%
5254 5214 5233 9210 5215 8236
0 77% 1.03% 1.26% 1 76% 2.10% 2.68%
3144 5143 9150 9182 1117 3131
2.12% 2.58% 3.21% 3.80% 5.95% 7 50%
9398 9357 3383 5392 9333 9367
(1) City changed basis of assessment to 100% of market value — fiscal years 1977 and 1978 am at 60% of market value.
(2) Includes 58,000,000 General Improvement Bonds sold July 22, 1981.
9
Debt Payable from Taxes
The debt of the City which is payable out of the ad valorem tax receipts consists of the City's General
Improvement Bonds, Tax Certificates of Obligation, and Combination Tax and Revenue Certificates of
Obligation.
The table below shows the amount of direct tax supported debt of the City which was outstanding on July
31, 1982 and the amounts deducted as self-supporting debt and applicable interest and sinking funds relating
to such debt. It is adjusted to reflect issuance of the Bonds.
General Improvement Bonds (including the Bonds)(1) $83,640,000
Tax Certificates of Obligation (1) 470,000
Tax Certificates of Obligation (1) 600,000
Tax & Revenue Certificates of Obligation (1) 500,000
Tax & Revenue Certificates of Obligation (1) 5,550,000
Total Indebtedness Payable from Taxes . . $90,760,000
Less: Applicable Interest & Sinking Funds $ 8,295,974(2)
Self -Supporting Debt:
Hospital Bonds $ 89,650(3)
Tax Certificates of Obligation 600,000(1)
Tax & Revenue Certificates of Obligation 500,000(1)
Tax & Revenue Certificates of Obligation 5,550,000(1)
Wastewater System Portion General
Improvement Bonds 14,225,802(1) 20,965,452 29,261,426
Net Indebtedness Payable From Taxes $61,498,574
( 1) The $470,000 Tax Certificates of Obligation (Police Pistol Range) are not selbsupporting. The $600,000 Tax Certificates of
Obligation (Gas System), the $500,000 Tax & Revenue Certificates of Obligation (Airport), and the $5,550,000 Tax & Revenue
Certificates of Obligation (Convention Facilites, Airport Parking and Public Safety Equipment) are selbsupporting. $21,808,680
(including $5,800,000 of the Bonds) of General Improvement Bonds were issued for sanitary sewer purposes, of which
$14,225,802 or 65.2% are self-supporting The computation used in deterrnining the self-supporting debt h as follows:
( 2 )
( 3 )
Net System or Pledged Revenues Available
for Debt Service F/Y ended 7-31-81
Gas
yn
Wastewater
.2!((38. System
31,324,721 $87,900" 3972,777.• 31,578,776
Less: Revenue Bond Debt Service for 156,125
F/Y ended 7-31-82
Balance Available for Other Purposes
31,324,721 387,900 3972,777 01,422,651
System General Obligation Debt Service for $ 241,200 $77,550 $586,100 $2,180,806
F/Y ended 7-31-82
Percent Considered Self -Supporting 100% 100% 100% 65.2%
'Airport FAA Tower Lease Payments
”75%of Gross Receipts of Hotel Occupancy Tax and 50%Gross Revenues of Airport Parking Facilmes.
The Total Interest & Sinking Fund is 510,773,260. After deducting 32,477,286 of the fund which applies to self-supporting tax
debt, the applicable Interest & Sinking Fund is $8,295,974.
The Nueces County I lospital District has assumed $89,650 of the City's General Improvement Bonds previously issued for hospital
purposes which are self-supporting.
8
ASSETS:
Cash
Cash with paying agent
Due from Tax Clearing Fund
Due from Ambulance Fund
Time deposits
Other securities
Taxes receivable
TOTAL ASSETS
CITY OF CORPUS CHRISTI, TEXAS
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEET
JULY 31, 1981 AND 1980
LIABILITIES AND FUND BALANCE
LIABILITIES:
Matured bonds not presented for payment
Matured interest coupons not presented for payment
Accounts payable
DUO Gas Fund
Deferred revenue - taxes receivable
Deferred revenue - recovery on debt service
Total llabiattles
FUND BALANCE:
Unreserved
TOTAL LIABILITIES AND FUND BALANCE
1901 1980
4,336 $ 50,828
224,353 254,859
32,872 45,879
28,558
9,900,000 9,127,000
527,000 791,000
792,915 805,319
$ 11,510,034 11,074,885
$ 105,000 $ 131,000
114,309 116,772
147
50,000
792,915 805,319
28,558
$ 1,040,929 $ 1,103,091
$ 10,469,105 1 9,971,794
$ 11,510,034 $ 11,074,885
The notes to the fiximmal statements are an integral part of this statement.
F-7
CITY OF CORPUS CHRISTI, TEXAS
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED JULY 31, 1981
Revenues,
Ad valorem taxes
Interest income
Payment from Hospital District
Accrued Interest on bonds sold
Total revenues
Expenditures:
Principal retired
Interest paid
Paying agents fees
Total expenditures
Excess of revenues over expenditures
Other Financing Sources:
Transfers in - (from Operating Funds):
Wastewater Services Fund
Gas System
Marina Revenue Fund
Airport Fund
Airport FAA Tower Revenue Fund
Tourist and Convention Fund
Excess of revenues over expenditures
and other financing sources
Fund balance at beginning of year, August 1
Fund balance at end of year, July 31
Actual
Variance
Favorable
(Unfavorable)
$ 8,285,439 $ 8,085,454 (199,985)
950,000 1,192,934 242,934
147,430 147,430
65,000 63,397 (1,603)
$ 9,447,869 $ 9,489,215 0 41,346
$ 5,919,000 $ 5,919,000
4,374,260 4,324,560 49,700
11,255 4,112 7,143
$ 10,304,515 0 10,247,672 56,843
$ (856,646) $ (758,457) 98,189
$ 300,000 0 300,000 --
251,360 251,360 --
25,585 25,584 (1)
259,610 259,610 --
87,900 87,900 --
357,314 331,314 (26,000)
$ 1,281,769 $ 1,255,768 (26,001)
$ 425,123 $ 497,311 72,108
9,937,294 9,971,794 34,500
$ 10,362,417 $ 10,469,105 106,688
The notes to the financial statements are an integral part of this statement.
4.!
AUTHORIZED BUT UNISSUED GENERAL IMPROVEMENT BONDS
The following table indicates the amount of authorized but unissued tax supported Bonds after sale
of the Bonds:
Date Prop.
Voted No. Purpose
2-20-82 I Sanitary Sewer
2-20-82 2 Street
2-20-82 3 Sanitary Land Fill
2-20-82 4 Parks and Recreation
2-20-82 5 Airport Land and Hazard
Elimination
2-20-82 6 Airport Improvement
2-20-82 7 Storm Sewer
2-20-82 8 Public Safety
2-20-82 9 Library
Amount
Authorized
$15,675,000
12,315,000
800,000
1,212,000
5,000,000
1,642,000
2,255,000
1,565,000
5,000,000
$45,464,000
Amount
Previously
Issued
-o-
-o-
-o-
-o-
-o-
The Unissued
Bonds Bonds
$5,800,000 $ 9,875,000
825,000 11,490,000
450,000 350,000
560,000 652,000
1,000,000 4,000,000
-0- 440,000 1,202,000
-0- 425,000 1,830,000
-0- 725,000 840,000
-0- 300,000 4,700,000
-0- 810,525,000 $34,939,000
ANTICIPATED SALE OF ADDITIONAL BONDS
The City does not intend to sell any additional Authorized but Unissued Bonds within ninety days
from the sale of these Bonds The City's Capital Improvement Program projects the sale of the remaining
Authorized But Unissued Bonds as follows:
$13,185,000 in 1983; $11,685,000 in 1984; and $10,070,000 in 1985
DEBT
Payment Record
The City of Corpus Christi has not defaulted in the payment of the principal of, or interest on, its
tax debt obligations within the last forty-four years nor has the City issued any refunding securities for the
purpose of preventing a default in principal of, or interest on, its tax debt obligations within this period.
Authority for Issuance of Debt; Limitations
The City is authorized to issue ad valorem tax supported General Improvement Bonds to finance
capital improvements. A majority vote of the qualified voters is ordinarily required to authorize the
issuance of ad valorem tax supported bonds.
The City is also empowered to issue tax Certificates of Obligation for the purpose of purchasing an
existing utility and for the purpose of paying any contractual obligation incurred in the construction of
public works or the purchase of land, materials and other supplies or services for the City's needs. Such
Certificates of Obligations may be refunded by tax supported General Improvement Bonds. In addition,
the City may issue Certificates of Obligation with a pledge of both tax and revenues derived from the
operation of the facility to be acquired provided the City otherwise has the right to pledge the revenues
involved. The issuance of Certificates of Obligation does not require voter approval except under certain
circumstances. The City has outstanding two issues of combination tax and revenue Certificates of Obliga-
tion and two issues of Tax Certificates of Obligation.
The City is also authorized to issue Revenue Bonds for certain purposes. The authorized purposes
include the financing of the water system, the wastewater disposal system, gas system, transportation
system, civic center, airport and parts. The Revenue Bond indebtedness is not considered in determining
the legal debt margin on ad valorem tax supported General Improvement Bonds.
p
• 7-,
,
o -
A
0
-•=r,
Prepared Under Supervision of:
M. E. Allison & Co., Inc.
National Bank of Commerce Bldg.
San Antonio, Texas 78205
OFFICIAL STATEMENT
Relating to the Sale of
CITY OF CORPUS CHRISTI, TEXAS
$10,525,000
GENERAL IMPROVEMENT BONDS, SERIES 1982
Receiving Bids
Wednesday, October 20, 1982 until 11:30 A.M. C.D.T.