HomeMy WebLinkAbout19034 ORD - 10/01/1985THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
On this the 1st day of October,
198$, the City Council
of the City of Corpus Christi, Texas convened in Regular
Meeting, with the following members of said Council present,
to -wit:
Luther Jones,
Dr. Jack Best,
Frank Mendez,
David Berlanga, Sr.,
Leo Guerrero,
Linda Strong,
Joe McComb,
Bill Pruet,
Mary Pat Slavik,
Edward A. Martin,
J. Bruce Aycock,
Juan Garza,
Armando Chapa,
with the following absent:
MINE
Mayor,
Mayor Pro -Tem,
Councilmembers,
City Manager,
City Attorney,
Director of Finance,
City Secretary,
constituting a quorum, at which time
other business was transacted:
19034
the following among
ORDINANCE NO. 11.9034
BY THE.CITY COUNCIL OF int CITY OF CORPUS CHRISTI,
TEXAS, PROVIDING FOR THE ISSUANCE OF $1,300,000
CITY OF CORPUS CHRISTI, TEXAS TAX AND REVENUE
CERTIFICATE OF OBLIGATION, SERIES 1985; PROVIDING
FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX
SUFFICIENT TO PAY THE INTEREST ON SAID CERTIFICATE
OF OBLIGATION AND TO CREATE A SINKING FUND FOR THE
REDEMPTION THEREOF AT MATURITY; PROVIDING THAT
SUCH CERTIFICATE OF OBLIGATION WILL BE PAYABLE
ALSO FROM AND SECURED BY REVENUES; PRESCRIBING THE
FORM OF SAID CERTIFICATE OF OBLIGATION; DECLARING
AN EMERGENCY; AND ORDAINING OTHER MATTERS RELATING
TO THE SUBJECT
WHEREAS, on the 10th day of September, 1985, the City
Council of said City passed an ordinance authorizing and
directing notice of its intention to issue the Certificate
of Obligation herein authorized to be issued, to be pub-
lished in a newspaper as required by Section 8(b) of Article
2368a.1 of V.A.C.S.; and
WHEREAS, said notice was published' as required by said
Section 8(b) on September 13, 1985 and September 20, 1985;
and
WHEREAS, no petition, signed by 5% of the qualified
electors of said City as permitted by said Section 8(b)
protesting the issuance of such Certificate of Obligation
has been filed; and
WHEREAS, the City of Corpus Christi is authorized by
Article 1269j-4.1, V.A.C.S. to secure and pay bonds by and
from the Pledged Revenues as hereinafter defined; and
WHEREAS, said City has heretofore issued its City of
Corpus Christi, Texas Tax and Revenue Certificates of
Obligation, Series 1979 (the "Series 1979 Certificates"), in
the aggregate principal amount of $5,950,000, dated November
15, 1979, which Certificates are secured by and payable from
ad valorem taxes sufficient to provide for the payment of
the principal and interest on such outstanding Certificates
of Obligation, and are additionally payable from and secured
by said Pledged Revenues; and
WHEREAS, in the ordinance authorizing such Certificates
of Obligation the City has reserved the right to issue
additional certificates of obligation payable from and
secured by said Pledged Revenues; and
WHEREAS, the Certificates of Obligation hereinafter
authorized is to be secured on a parity with the Series 1979
Certificates, and payable from the Pledged Revenues, as well
as payable from ad valorem taxes, all as hereinafter
prescribed; and
WHEREAS, the Certificates of Obligation hereinafter
authorized is to be issued and delivered pursuant to Article
2368a.1, V.A.C.S., as amended;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS:
Section 1. AUTHORIZATION OF CERTIFICATES OF OBLIGA-
TION. That said City's Certificate of Obligation, to be
designated the "City of Corpus Christi, Texas Tax and
Revenue Certificates of Obligation, Series 1985", are hereby
authorized to be issued and delivered in the principal
amount of $1,300,000 for the purpose of providing part of
the funds for paying contractual obligations to be incurred
for the improvement of the City's airport terminal and the
payment of the engineering, legal and fiscal services
related thereto.
Section 2. DATE, DENOMINATION, NUMBER AND MATURITY.
That said Certificates of Obligation shall initially be
issued, sold and delivered hereunder as a fully registered
certificate, without interest coupons, dated October 1,
1985, in the denomination and principal amount hereinafter
stated, numbered One (1), payable to the initial registered
owners thereof (as designated in Section 15 hereof), or to
the registered assignee or assignees of said certificate or
any portion or portions thereof (in each case, the
2
"Registered Owner"), and said certificate shall mature and
be payable on November 15, 1995, in the principal amount of
$1,300,000. The term "Certificates" as used in this
Ordinance shall mean and include collectively the Certif-
icate of Obligation initially issued and delivered pursuant
to this Ordinance and all substitute Certificates of Obli-
gation exchanged therefor, as well as all other substitute
Certificates of Obligation and replacement Certificates of
Obligation issued pursuant hereto, and the term "Certifi-
cate" shall mean any of the Certificates. The Certificates
are issued on a parity with the City of Corpus Christi,
Texas Tax and Revenue Certificates of Obligation, Series
1979, and are likewise secured by the Pledged Revenues as
well as the ad valorem taxes, all in the manner hereinafter
prescribed.
Section 3. REDEMPTION. That said Certificates of
Obligation shall be subject to optional redemption by the
Issuer at any time, in whole or in part in principal amounts
of $5,000 or any integral multiple thereof, at the par value
thereof plus accrued interest to the date fixed for
redemption.
On or prior to the date fixed for any such redemption,
the City shall cause a written notice of such redemption to
be hand delivered or deposited in the United States Mail,
postage prepaid, addressed to each registered owner of the
Certificates or the portions thereof to be redeemed at his
address shown on the Registration Books (hereinafter de-
fined) of the Paying Agent/Registrar on or before the date
fixed for redemption. By the date fixed for any such re-
demption, due provision shall be made with the Paying
Agent/Registrar for the payment of the principal amount of
the Certificates to be so redeemed, plus accrued interest
thereon to the date fixed for redemption. If the notice of
redemption is given, and if due provision for such payment
is made, all as provided above, the Certificates or the
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portions thereof to be so redeemed thereby automatically
shall be redeemed prior to maturity, and 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.
Section 4. INTEREST. The Certificates shall bear in-
terest from the date specified in the FORM OF CERTIFICATE
set forth in this Ordinance to its date of maturity or
redemption prior to maturity at the rate of 8.60% per annum.
Said interest shall be payable in the manner provided and on
the dates stated in the FORM OF CERTIFICATE set forth in
this Ordinance.
Section 5. CHARACTERISTICS OF THE CERTIFICATES. Reg-
istration, Transfer, Conversion and Exchange; Authentica-
tion. (a) The Issuer shall keep or cause to be kept at the
principal corporate trust office of Texas Commerce Bank
National Association, Houston, Texas (the "Paying Agent/Reg-
istrar") books or records for the registration of the
transfer, conversion and exchange of the Certificates (the
"Registration Books"), and the Issuer hereby appoints the
Paying Agent/ Registrar as its registrar and transfer agent
to keep such books or records and make such registrations of
transfers, conversions and exchanges under such reasonable
regulations as the Issuer and Paying Agent/Registrar may
prescribe; and the Paying Agent/Registrar shall make such
registrations, transfers, conversions and exchanges as
herein provided. The Paying Agent/Registrar shall obtain
and record in the Registration Books the address of the
registered owner of the Certificate to which payments with
respect to the Certificate shall be mailed, as herein
provided; but it shall be the duty of each registered owner
to notify the Paying Agent/Registrar in writing of the
address to which payments shall be mailed, and such interest
payments shall not be mailed unless such notice has been
given. The Issuer shall have the right to inspect the
4
Registration Books during regular business hours of the
Paying Agent/Registrar, but otherwise the Paying Agent/Reg-
istrar shall keep the Registration Books confidential and,
unless otherwise required by law, shall not permit their
inspection by any other entity. The Issuer shall pay the
Paying Agent/Registrar's standard or customary fees and
charges for making such registration, transfer, conversion,
exchange and delivery of a substitute Certificate. Regis-
tration of assignments, transfers, conversions and exchanges
of the Certificate shall be made in the manner provided and
with the effect stated in the FORM OF CERTIFICATE set forth
in this Ordinance. Each substitute Certificate shall bear a
letter and/or number to distinguish it from each other
Certificate.
Except as provided in paragraph (b) of this Ordinance,
an authorized representative of the Paying Agent/Registrar
shall, before the delivery of any such Certificate, date and
manually sign said Certificate, and no such Certificate
shall be deemed to be issued or outstanding unless such
Certificate is so executed. The Paying Agent/Registrar
promptly shall cancel all paid Certificates and Certificates
surrendered for conversion and exchange. No additional
ordinances, orders or resolutions need be passed or adopted
by the governing body of the Issuer or any other body or
person so as to accomplish the foregoing conversion and
exchange of any Certificate or portion thereof, and the
Paying Agent/Registrar shall provide for the printing,
execution and delivery of the substitute Certificates in the
manner prescribed herein, and said Certificates shall be of
type composition printed on paper with lithographed or steel
engraved borders of customary weight and strength. Pursuant
to Vernon's Ann. Tex. Civ. St. Art. 717k-6, and particularly
Section 6 thereof, the duty of conversion and exchange of
Certificates as aforesaid is hereby imposed upon the Paying
Agent/Registrar, and, upon the execution of said
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City of Corpus Christi
LEGAL DEPARTMENT
October 8, 1985
FEDERAL EXPRESS MAIL
MBank Austin, N.A.
Attention: Mr. Einer Juul
221 West Sixth Street
Austin, Texas 78701
Re: City of Corpus Christi, Texas
Tax and Revenue Certificates of
Obligations, Series 1985, $1,300,000
Dear Mr. Juul:
Enclosed please find three copies of the Signature Identification and No -
Litigation Certificate which we have re -executed because of an error in a
date appearing in paragraph (a) which formerly recited that the aforesaid
certificates were dated October 15, 1985, and now read October 1, 1985.
Mr. Hobby McCall of McCall, Parkhurst & Horton of Dallas, Texas has asked
me to forward these copies directly to you.
JD/mb
Enclosures:
xc: Mr. Hobby McCall, w/enclosure
McCall, Parkhurst & Horton
900 Diamond Shamrock Tower
Dallas, Texas 75201-6587
02E.036.02
Very truly yours,
Jay oege
As 6stant ity Attorney
302 South Shoreline - P.O. Box 9277 - Corpus Christi, TX 78469-9277 (512) 880-3000
Certificate, the converted and exchanged Certificate shall
be valid, incontestable and enforceable in the same manner
and with the same effect as the Certificate which initially
was issued and delivered pursuant to this Ordinance,
approved by the Attorney General, and registered by the
Comptroller of Public Accounts.
(b) Payment of Certificate and Interest. The Issuer
hereby further appoints the Paying Agent/Registrar to act as
the paying agent for paying the principal of and interest on
the Certificates, all as provided in this Ordinance. The
Paying Agent/Registrar shall keep proper records of all
payments made by the Issuer and the Paying Agent/Registrar
with respect to the Certificates.
(c) In General. The Certificates (i) shall be issued
in fully registered form, without interest coupons, with the
principal of and interest on such Certificates to be payable
only to the registered owners thereof, (ii) may be converted
and exchanged for other Certificates, (iii) may be trans-
ferred and assigned, (iv) shall have the characteristics,
(v) shall be signed, sealed, executed and authenticated,
(vi) the principal of and interest on the Certificates shall
be payable, and (vii) shall be administered and the Paying
Agent/Registrar and the Issuer shall have certain duties and
'responsibilities with respect to the Certificates, all as
provided, and in the manner and to the effect as required or
indicated, in the FORM OF CERTIFICATE set forth in this
Ordinance. The Certificate initially issued and delivered
pursuant to this Ordinance is not required to be, and shall
not be, authenticated by the Paying Agent/Registrar, but on
each substitute Certificate issued in conversion of and
exchange for the Certificate issued under this Ordinance the
Paying Agent/Registrar shall execute the PAYING AGENT/REGIS-
TRAR'S AUTHENTICATION CERTIFICATE, in the form set forth in
the FORM OF CERTIFICATE.
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(d) Substitute Paying Agent/Registrar. The Issuer
covenants with the registered owners of the Certificates
that at all times while any of the Certificates are out-
standing the Issuer will provide a competent and legally
qualified bank, trust company, financial institution, or
other agency to act as and perform the services of Paying
Agent/Registrar for the Certificate under this Ordinance,
and that the Paying Agent/Registrar will be one entity. The
Issuer reserves the right to, and may, at its option, change
the Paying Agent/Registrar upon not less than 120 days
written notice to the Paying Agent/Registrar, to be effec-
tive not later than 60 days prior to the next principal or
interest payment date after such notice. In the event that
the entity at any time acting as Paying Agent/Registrar (or
its successor by merger, acquisition or other method) should
resign or otherwise cease to act as such, the Issuer cove-
nants that promptly it will appoint a competent and legally
qualified bank, trust company, financial institution, or
other agency to act as Paying Agent/Registrar under this
Ordinance. Upon any change in the Paying Agent/Registrar,
the previous Paying Agent/Registrar promptly shall transfer
and deliver the Registration Books (or a copy thereof),
along with all other pertinent books and records relating to
the Certificate, to the new Paying Agent/Registrar desig-
nated and appointed by the Issuer. Upon any change in the
Paying Agent/Registrar, the Issuer promptly will cause a
written notice thereof to be sent by the new Paying Agent/
Registrar to each registered owner of the Certificates, by
United States mail, first-class postage prepaid, which
notice also shall give the address of the new Paying
Agent/Registrar. By accepting the position and performing
as such, each Paying Agent/Registrar shall be deemed to have
agreed to the provisions of this Ordinance, and a certified
copy of this Ordinance shall be delivered to each Paying
Agent/Registrar.
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Section 6. FORM OF CERTIFICATE. The form of the
Certificate, including the form of Paying Agent/Registrar's
Authentication Certificate, the form of Assignment and the
form of Registration Certificate of the Comptroller of
Public Accounts of the State of Texas to be attached to the
Certificate initially issued and delivered pursuant to this
Ordinance, shall be, respectively, substantially as follows,
with such appropriate variations, omissions, or insertions
as are permitted or required by this Ordinance.
FORM OF CERTIFICATE
NO.
UNITED STATES OF AMERICA $
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF CORPUS CHRISTI, TEXAS
TAX AND REVENUE CERTIFICATE OF OBLIGATION
SERIES 1985
MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP
October 1, 1985
ON THE MATURITY DATE specified above, THE CITY OF
CORPUS CHRISTI, in Nueces County, Texas (the "Issuer"),
being a political subdivision of the State of Texas, hereby
promises to pay to
(hereinafter called the "registered owner") the principal
amount of
DOLLARS
and to pay interest thereon from the Original Issue Date
specified above, on May 15, 1986, and semiannually on each
November 15 and May 15 thereafter to the maturity date
specified above, or the date of redemption prior to matur-
ity, at the interest rate per annum specified above; except
that if this Certificate is required to be authenticated and
the date of its authentication is later than May 15, 1986,
such principal amount shall bear interest from the interest
payment date next preceding the date of authentication,
unless such date of authentication is after any Record Date
(hereinafter defined) but on or before the next following
interest payment date, in which case such principal amount
shall bear interest from such next following interest
8
payment date; provided, however, that if on the date of
authentication hereof the interest on the Certificate, if
any, for which this Certificate is being exchanged or
converted from is due but has not been paid, then this
Certificate shall bear interest from the date to which such
interest has been paid in Rill.
***THE TERMS AND PROVISIONS of this Certificate are con-
tinued on the reverse side hereof and shall for all purposes
have the same effect as though fully set forth at this
place.
*THE PRINCIPAL OF AND INTEREST ON this Certificate are
payable in lawful money of the United States of America,
without exchange or collection charges. The principal of
this Certificate shall be paid to the registered owner
hereof upon presentation and surrender of this Certificate
at maturity or redemption at the principal corporate trust
office of Texas Commerce Bank National Association, Houston,
Texas, which is the "Paying Agent/Registrar" for this
Certificate. The payment of interest on this Certificate
shall be made by the Paying Agent/Registrar to the regis-
tered owner hereof on each interest payment date by check or
draft, dated as of such interest payment date, drawn by the
Paying Agent/Registrar on, and payable solely from, funds of
the Issuer required by the ordinance authorizing the issu-
ance of this Certificate (the "Certificate Ordinance") to be
on deposit with the Paying Agent/Registrar for such purpose
as hereinafter provided; and such check or draft shall be
sent by the Paying Agent/Registrar by United States mail,
first-class postage prepaid, on each such interest payment
date, to the registered owner hereof, at its address as it
appeared on the fifteenth business day of the month preced-
ing (the "Record Date") on the Registration Books kept by
the Paying Agent/Registrar, as hereinafter described. Any
accrued interest due at maturity or upon redemption of this
Certificate prior to maturity as provided herein shall be
•
9
paid to the registered owner upon presentation and surrender
of this Certificate for redemption and payment at the prin-
cipal corporate trust office of the Paying Agent/Registrar.
The Issuer covenants with the registered owner of this Cert-
ificate that on or before the principal payment date,
interest payment date, and accrued interest payment date for
this Certificate it will make available to the Paying Agent/
Registrar, from the "Interest and Sinking Fund" created by
the Certificate Ordinance, the amounts required to provide
for the payment, in immediately available funds, of all
principal of and interest on the Certificates, when due.
*IF THE DATE for the payment of the principal of or
interest on this Certificate shall be a Saturday, Sunday, a
legal holiday, or a day on which banking institutions in the
city where the principal corporate trust office of the Pay-
ing Agent/Registrar is located are authorized by law or
executive order to close, or the United States Postal
Service is not open for business, then the date for such
payment shall be the next succeeding day which is not such a
Saturday, Sunday, legal holiday, or day on which banking
institutions are authorized to close, or the United States
Postal Service is not open for business; and payment on such
date shall have the same force and effect as if made on the
original date payment was due.
*THIS CERTIFICATE is one of a series of Certificates
dated October 1, 1985, authorized in accordance with the
Constitution and laws of the State of Texas in the principal
amount of $1,300,000, FOR THE PURPOSE OF PROVIDING PART OF
THE FUNDS FOR PAYING CONTRACTUAL OBLIGATIONS TO BE INCURRED
FOR THE IMPROVEMENT OF THE CITY'S AIRPORT TERMINAL AND THE
PAYMENT OF THE ENGINEERING, LEGAL AND FISCAL SERVICES
RELATED THERETO.
*THIS CERTIFICATE is subject to optional redemption by
the Issuer at any time, in whole or in part in principal
amounts of $5,000 or any integral multiple thereof, at the
10
par value thereof plus accrued interest to the date fixed
for redemption.
*AT LEAST 30 days prior to the date fixed for any such
redemption a written notice of such redemption shall be giv-
en to the registered owner of the Certificate or a portion
thereof being called for redemption by hand delivery or by
depositing such notice in the United States mail, postage
prepaid, addressed to each such registered owner at his ad-
dress shown on the Registration Books of the Paying Agent/ -
Registrar. By the date fixed for any such redemption due
provision shall be made by the Issuer with the Paying
Agent/Registrar for the payment of the required redemption
price for this Certificate or the portion hereof which is to
be so redeemed, plus accrued interest thereon to the date
fixed for redemption. If such written notice of redemption
is given, and if due provision for such payment is made, all
as provided above, this Certificate, or the portion hereof
which is to be so redeemed, thereby automatically shall be
redeemed prior to its scheduled maturity, and shall not bear
interest after the date fixed for its redemption, and shall
not be regarded as being outstanding except for the right of
the registered owner to receive the redemption price plus
accrued interest to the date fixed for redemption from the
Paying Agent/Registrar out of the funds provided for such
payment. The Paying Agent/Registrar shall record in the
Registration Books all such redemptions of principal of this
Certificate or any portion hereof. If a portion of the
Certificate shall be redeemed, a substitute Certificate or
Certificates having the same maturity date, bearing interest
at the same rate, in any denomination or denominations in
any integral multiple of $5,000, at the written request of
the registered owner, and in aggregate principal amount
equal to the unredeemed portion thereof, will be issued to
the registered owner upon the surrender thereof for
11
cancellation, at the expense of the Issuer, all as provided
in the Certificate Ordinance.
*THIS CERTIFICATE OR ANY PORTION OR PORTIONS HEREOF IN
ANY INTEGRAL MULTIPLE OF $5,000 may be assigned and shall be
transferred only in the Registration Books of the Issuer
kept by the Paying Agent/Registrar acting in the capacity of
registrar for the Certificate, upon the terms and conditions
set forth herein and in the Certificate Ordinance. This
Certificate may only be assigned and transferred upon
presentation and surrender to the Paying Agent/Registrar for
transfer of registration and cancellation, together with
proper instruments of assignment, in form and with guarantee
of signatures satisfactory to the Paying Agent/Registrar,
evidencing assignment of this Certificate or any portion or
portions hereof to the assignee or assignees in whose name
or names this Certificate or any such portion or portions
hereof is or are to be transferred and registered. The form
of Assignment printed or endorsed on this Certificate shall
be executed by the registered owner, or its duly authorized
attorney or representative, and shall conclusively evidence
the assignment hereof. Upon surrender of this Certificate
or any portion or portions hereof for transfer of registra-
tion, an authorized representative of the Paying Agent/Reg-
istrar shall make such transfer in the Registration Books,
and shall deliver a new Certificate or Certificates payable
to such assignee or assignees, or to the registered owner
hereof in the case of the assignment and transfer of only a
portion of this Certificate, in exchange for this Certifi-
cate, all in the form and manner as provided in the next
paragraph hereof for the conversion and exchange of Certif-
icates. The registered owner of this Certificate shall be
deemed and treated by the Issuer and the Paying Agent/Regis-
trar as the absolute owner hereof for all purposes, includ-
ing payment and discharge of liability upon this Certificate
to the extent of such payment, and the Issuer and the Paying
12
•
Agent/Registrar shall not be affected by any notice to the
contrary.
*ALL CERTIFICATES OF THIS SERIES issued as a result of
a transfer, conversion or exchange are issuable solely as
fully registered certificates, without interest coupons, in
the denomination of any integral multiple of $5,000. In
accordance with the form and procedures set forth in the
Certificate Ordinance, this Certificate, or any unpaid or
unredeemed portion hereof, may, at the written request of
the registered owner or the assignee or assignees hereof, or
its or their duly authorized attorneys or representatives,
with guarantee of signatures satisfactory to the Paying
Agent/Registrar, be converted into and exchanged for a
Certificate or Certificates of like aggregate principal
amount, payable to the appropriate registered owner, assig-
nee, or assignees, as the case may be, having the same
maturity date, and bearing interest at the same rate, in any
denomination or denominations in any integral multiple of
$5,000 as requested, upon surrender of this Certificate to
the Paying Agent/Registrar at its principal corporate trust
office for cancellation. The one requesting a transfer,
conversion, or exchange shall pay any taxes or governmental
charges required to be paid with respect thereto as a condi-
tion precedent to the exercise of such privilege of trans-
fer, conversion or exchange. In any circumstance, neither
the Issuer nor the Paying Agent/Registrar shall be required
(1) to make any transfer, conversion or exchange during a
period beginning at the opening of business 30 days before
the day of the first mailing of a notice of redemption of
certificates and ending at the close of business on the day
of such mailing, or (2) to transfer, convert or exchange any
Certificates so selected for redemption when such redemption
is scheduled to occur within 30 calendar days.
*IN THE EVENT any Paying Agent/Registrar for the Cert-
ificates is changed by the Issuer, resigns, or otherwise
13
ceases to act as such, the Issuer has covenanted in the
Certificate Ordinance that it promptly will appoint a com-
petent and legally qualified substitute therefor, and cause
written notice thereof to be mailed to the registered owners
of the Certificates.
IT IS HEREBY certified, recited and covenanted that
this Certificate has been duly and validly authorized, is-
sued, and delivered; that all acts, conditions, and things
required or proper to be performed, exist, and be done pre-
cedent to or in the authorization, issuance, and delivery of
this Certificate have been performed, existed, and been done
in accordance with law; that this Certificate is a general
obligation of said Issuer, issued on the full faith and
credit thereof; and that annual ad valorem taxes sufficient
to provide for the payment of the interest on and principal
of this Certificate, as such interest comes due and such
principal matures, have been levied and ordered to be levied
against all taxable property in said Issuer, and have been
pledged for such payment, within the limit prescribed by
law; and that this Certificate is additionally payable from
and secured by the Pledged Revenues as described and defined
in the Certificate Ordinance.
BY BECOMING the registered owner of this Certificate,
the registered owner thereby acknowledges all of the terms
and provisions of the Certificate Ordinance, agrees to be
bound by such terms and provisions, acknowledges that the
Certificate Ordinance is duly recorded and available for
inspection in the official minutes and records of the
Issuer, and agrees that the terms and provisions of this
Certificate and the Certificate Ordinance constitute a con-
tract between each registered owner hereof and the Issuer.
IN WITNESS WHEREOF, the Issuer has caused this Cert-
ificate to be signed with the facsimile signature of the
Mayor of the City and countersigned with the facsimile
signature of the City Secretary of the City, and has caused
14
the official seal of the City to be duly impressed, or
placed in facsimile, on this Certificate.
City Secretary, City of
Corpus Christi, Texas
xxxxxx
Mayor, City of Corpus Christi,
Texas
(SEAL)
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR' S AUTHENTICATION CERTIFICATE
It is hereby certified that this Certificate of
Obligation has been issued under the provisions of the
Ordinance described on the face of this Certificate of
Obligation; and that this Certificate of Obligation has been
issued in exchange for or replacement of a certificate of
obligation, certificates of obligation, or a portion of a
certificate of obligation or certificates of obligation of
an issue which originally was approved by the Attorney
General of the State of Texas and registered by the
Comptroller of Public Accounts of the State of Texas.
Dated
TEXAS COMMERCE BANK NATIONAL ASSOCIATION,
HOUSTON, TEXAS
By
Authorized Representative
15
FORM OF ASSIGNMENT:
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto
(Please insert Social Security or
Taxpayer Identification Number of Transferee)
(Please print or typewrite name and address, including
zip code of Transferee)
the within Certificate of Obligation and all rights
thereunder, and hereby irrevocably constitutes and appoints
attorney to register the transfer of the within Certificate
of Obligation on books kept for registration thereof, with
full power of substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: Signature(s) must
be guaranteed by a member
firm of the New York Stock
Exchange or a commercial
bank or trust company.
NOTICE: The signature above
must correspond with the name
of the Registered Owner as it
appears upon the front of this
Certificate in every particu-
lar, without alteration or en-
largement or any change
whatsoever.
**FORM OF COMPTROLLER' S CERTIFICATE ATTACHED TO
THE CERTIFICATE UPON INITIAL DELIVERY THEREOF
OFFICE OF COMPTROLLER
STATE OF TEXAS
I hereby certify that
my office a certificate of
of Texas
REGISTER NO.
there is on file and of record in
the Attorney General of the State
to the effect that this Certificate has been
examined by him as
it has
required by law, and that he finds that
been issued in conformity with the Constitution and
laws of the State
binding obligation
of Texas, and that it is a valid and
of the City of Corpus Christi, Texas,
payable in the manner provided by and in the ordinance
16
authorizing same, and said Certificate has this day been
registered by me.
WITNESS MY HAND and seal of office at Austin, Texas
this
Comptroller of Public Accounts of
the State of Texas
(SEAL)
NOTE TO PRINTER:
*9Is to be on reverse side of certificate
**T not to be on certificate, except initial certificate
***Tomit $ from initial certificate
Section 7. DEFINITIONS. That the terms defined in
this Section for all purposes of this Ordinance, except
where the context by clear implication shall otherwise
require, shall have the respective meanings as follows,
to -wit:
(a) The terms "Certificates", "Certificates of Obliga-
tion" shall mean the City of Corpus Christi, Texas Tax and
Revenue Certificates of Obligation, Series 1985 authorized
to be issued and delivered by this Ordinance.
(b) The term "Hotel Occupancy Tax" shall mean the tax
levied on the cost of occupancy of every sleeping room fur-
nished by any hotel in the City of Corpus Christi pursuant
to Article 1269j-4.1 V.A.C.S.
(c) The term "Parking Facilities at the Airport" shall
mean the automobile parking facilities at the Corpus Christi
International Airport, together with all future improve-
ments, extensions, enlargements and additions thereto and
replacements thereof.
(d) The term "Parking Facilities at the Community -Con-
vention Center" shall mean the automobile parking facilities
at the City's Community -Convention Center, together with all
future improvements, extensions, enlargements and additions
thereto and replacements thereof.
(e) The term "Pledged Revenues", as used in this
Ordinance, shall mean (1) a lien on and pledge of a portion
of the revenue derived from the Hotal Occupancy Tax equal to
17
three-fourths of such Occupancy Tax, subject to liens that
may be hereafter created by the City to secure the payment
of revenue bonds, and (2) a first lien on and pledge of
one-half of the gross revenues received from the ownership
or operation of the Parking Facilities of the Airport and
the Parking Facilities at the Community -Convention Center.
(f) The term "Series 1979 Certificates of Obligation"
shall mean the "City of Corpus Christi, Texas, Tax and
Revenue Certificates of Obligation, dated November 15, 1979,
originally issued in the aggregate principal amount of
$5,950,000.
Section 8. INTEREST AND SINKING FUND. The City of
Corpus Christi, Texas Tax and Revenue Certificates of Obli-
gation, Series 1985 Interest and Sinking Fund, hereinafter
called the "Interest and Sinking Fund" is hereby authorized
and shall be established and maintained in a depository bank
of the City, so long as any of the Certificates, or interest
thereon, is outstanding and unpaid.
Section 9. USE OF INTEREST AND SINKING FUND. On or
before the 5th day of the first month to occur following the
date of delivery of the Certificates to the purchasers
thereof and on or before the 5th day of each following month
thereafter so long as any of the Certificates remain
outstanding, there shall be deposited in the Interest and
Sinking Fund an equal amount of money from Pledged Revenues,
with such deposits totaling, together with other amounts in
the Interest and Sinking Fund, not less than the amount of
the installment of interest coming due on the Certificates
on the next succeeding interest payment date, and the amount
of principal, if any, maturing during the succeeding twelve
months, provided the amount of Pledged Revenues deposited in
the Interest and Sinking Fund shall not exceed that portion
of the Pledged Revenues available for each such deposit
after taking into account the deposit required by the
ordinance authorizing the Series 1979 Certificates of
18
Obligation. The Pledged Revenues shall be divided
proportionally between the deposits required by this Section
and the deposits required to be made at the same time in the
interest and sinking fund created by the ordinance
authorizing the Series 1979 Certificates of Obligation. The
portion of the Pledged Revenues to be deposited from time to
time in the Interest and Sinking Fund (herein created) shall
be a percentage of the Pledged Revenues equal to the
percentage the payments for principal and interest due on
the Certificates bears to the total of the payments of
principal and interest on the Series 1979 Certificates and
the Ceritificates. The Interest and Sinking Fund shall be
used to pay the principal of and interest on the Certifi-
cates as such principal matures and such interest comes due.
Section 10. TAX LEVY. All ad valorem taxes levied and
collected for and on account of said Certificates of Obliga-
tion shall be deposited, as collected, to the credit of the
Interest and Sinking Fund. During each year while any of
said Certificates of Obligation or interest appertaining
thereto are outstanding and unpaid, the City Council of said
City shall compute and ascertain a rate and amount of ad
valorem tax which will be sufficient to raise and produce
the money required to pay the interest on said Certificates
of Obligation as such interest comes due, and to provide and
maintain a sinking fund adequate to pay the principal of
such Certificates of Obligation as such principal matures
(but never less than 2% of the original principal amount of
said Certificates of Obligation as a sinking fund each
year) ; and said tax shall be based on the latest approved
tax rolls of said City, with full allowance being made for
tax delinquencies and the cost of tax collection. Said rate
and amount of ad valorem tax is hereby levied, and is hereby
ordered to be levied, against all taxable property in said
City for each year while any of said Certificates of
19
Obligation or interest coupons appertaining thereto are
outstanding and unpaid; and said tax shall be assessed and
collected each such year and deposited to the credit of the
aforesaid Interest and Sinking Fund. Said ad valorem taxes
sufficient to provide for the payment of the interest on and
principal of said Certificates of Obligation, as such
interest comes due and such principal matures, are hereby
pledged irrevocably for such payment, within the limit
prescribed by law.
It is specifically provided that to the extent
necessary the payments into the Interest and Sinking Fund as
hereinabove required shall be made from funds derived from
taxation. However, to the extent that there are available
Pledged Revenues, then the amount of taxes which otherwise
would be required to be levied for that year may be reduced
by the amount of such Pledged Revenues.
Section 11. SECURITY. In combination with the ad
valorem taxes hereinabove levied, the Certificates of
Obligation, together with the Series 1979 Certificates of
Obligation, and all interest thereon, are and shall be
payable from and secured by the Pledged Revenues.
Section 12. RATES. The City covenants and agrees with
the holders of the Certificates that it will at all times
levy and collect Hotel Occupancy Taxes and gross revenues
received from the ownership or operation of the Parking
Facilities at the Airport and the Parking Facilities at the
Community Center as will be at least sufficient to provide
Pledged Revenues which will be, together with the funds to
be derived from taxation as hereinabove provided, adequate
to pay promptly all of the principal of and interest on the
Certificates and the outstanding Series 1979 Certificates of
Obligation, and to make all deposits now or hereafter
required to be made into the Interest and Sinking Fund
created and established by this ordinance and the Interest
20
and Sinking Fund created and established by the ordinance
authorizing the Series 1979 Certificates of Obligation.
Section 13. PLEDGED REVENUES. All Pledged Revenues
shall be collected and held in the City's depository bank
for the uses herein prescribed. The Pledged Revenues shall
be deposited into the Interest and Sinking Fund to the
extent and in the amounts provided hereunder.
Section 14. EXCESS REVENUES. The Pledged Revenues in
excess of those required for deposits pursuant to this
ordinance and the ordinance authorizing the Series 1979
Certificates of Obligation may be used for any lawful
purpose.
Section 15. SECURITY FOR FUNDS. All Funds created by
this ordinance shall be secured in the manner and to the
fullest extent permitted or required by law for the security
of public funds, and such Funds shall be used only for the
purposes and in the manner permitted or required by this
ordinance.
Section 16. ADDITIONAL CERTIFICATES OF OBLIGATION.
The City reserves the right to issue additional Certificates
of Obligation payable from and secured by the Pledged
Revenues.
Section 17. SALE. That the City of Corpus Christi,
Texas Tax and Revenue Certificates of Obligation, Series
1985, aggregating $1,300,000, are hereby sold and shall be
delivered to Texas Commerce Bank National Association,
Houston, Texas and MBank, Dallas for a price of par and
accrued interest thereon to date of delivery.
Section 18. CUSTODY, APPROVAL, AND REGISTRATION OF
CERTIFICATES. That the City Manager of said City is hereby
authorized to have control of the Certificate of Obligation
initially issued and delivered hereunder and all necessary
records and proceedings pertaining to the Certificate of
Obligation pending its delivery and its investigation,
examination, and approval by the Attorney General of the
21
State of Texas, and its registration by the Comptroller of
Public Accounts of the State of Texas. Upon registration of
the Certificate of Obligation said Comptroller of Public
Accounts (or a deputy designated in writing to act for said
Comptroller) shall manually sign the Comptroller's Registra-
tion Certificate attached to such Certificate of Obligation,
and the seal of said Comptroller shall be impressed, or
placed in facsimile, on such Certificate of Obligation.
Section 19. DEFEASANCE OF CERTIFICATES. (a) Any
Certificate and the interest thereon shall be deemed to be
paid, retired, and no longer outstanding (a "Defeased
Certificate") within the meaning of this Ordinance, except
to the extent provided in subsection (d) of this Section,
when payment of the principal of such Certificate, plus
interest thereon to the due date (whether such due date be
by reason of maturity or otherwise) either (i) shall have
been made or caused to be made in accordance with the terms
thereof, or (ii) shall have been provided for on or before
such due date by irrevocably depositing with or making
available to the Paying Agent/Registrar for such payment (1)
lawful money of the United States of America sufficient to
make such payment or (2) Government Obligations which mature
as to principal and interest in such amounts and at such
times as will insure the availability, without reinvestment,
or sufficient money to provide for such payment, and when
proper arrangements have been made by the City with the
Paying Agent/Registrar for the payment of its services until
all Defeased Certificates shall have become due and payable.
At such time as a Certificate shall be deemed to be a
Defeased Certificate hereunder, as aforesaid, such
Certificate and the interest thereon shall no longer be
secured by, payable from, or entitled to the benefits of,
the ad valorem taxes herein levied and the Pledged Revenues
herein pledged as provided in this Ordinance, and such
22
principal and interest shall be payable solely from such
money or Government Obligations.
(b) Any moneys so deposited with the Paying Agent/Reg-
istrar may at the written direction of the City also be
invested in Government Obligations, maturing in the amounts
and times as hereinbefore set forth, and all income from
such Government Obligations received by the Paying Agent/
Registrar which is not required for the payment of the
Certificates and interest thereon, with respect to which
such money has been so deposited, shall be turned over to
the City, or deposited as directed in writing by the City.
(c) The term "Government Obligations" as used in this
Section, shall mean direct obligations of the United States
of America, including obligations the principal of and
interest on which are unconditionally guaranteed by the
United States of America, which may be United States
Treasury obligations such as its State and Local Government
Series, which may be in book -entry form.
(d) Until all Defeased Certificates shall have become
due and payable, the Paying Agent/Registrar shall perform
the services of Paying Agent/Registrar for such Defeased
Certificates the same as if they had not been defeased, and
the City shall make proper arrangements to provide and
for such services as required by this Ordinance.
Section 20. DAMAGED, MUTILATED, LOST, STOLEN, OR
DESTROYED CERTIFICATES. (a) Replacement Certificates.
That in the event any outstanding Certificate is damaged,
mutilated, lost, stolen, or destroyed, the Paying
Agent/Registrar shall cause to be printed, executed, and
delivered, a new certificate of the same principal amount,
maturity, and interest rate, as the damaged, mutilated,
lost, stolen, or destroyed Certificate, in replacement for
such Certificate in the manner hereinafter provided.
(b) Application for Replacement Certificates. That
application for replacement of damaged, mutilated, lost,
pay
23
stolen, or destroyed Certificates shall be made by the
registered owner thereof to the Paying Agent/Registrar. In
every case of loss, theft, or destruction of a Certificate,
the registered owner applying for a replacement certificate
shall furnish to the City and to the Paying Agent/Registrar
such security or indemnity as may be required by them to
save each of them harmless from any loss or damage with
respect thereto. Also, in every case of loss, theft, or
destruction of a Certificate, the registered owner shall
furnish to the City and to the Paying Agent/Registrar
evidence to their satisfaction of the loss, theft, or
destruction of such Certificate, as the case may be. In
every case of damage or mutilation of a Certificate, the
registered owner shall surrender to the Paying Agent/Reg-
istrar for cancellation the Certificate so damaged or
mutilated.
(c) No Default Occurred. That notwithstanding the
foregoing provisions of this Section, in the event any such
Certificate shall have matured, and no default has occurred
which is then continuing in the payment of the principal of,
redemption premium, if any, or interest on this Certificate,
the City may authorize the payment of the same (without
surrender thereof except in the case of a damaged or
mutilated Certificate) instead of issuing a replacement
certificate, provided security or indemnity is furnished as
above provided in this Section.
(d) Charge for Issuing Replacement Certificates. That
prior to the issuance of any replacement certificate, the
Paying Agent/Registrar shall charge the registered owner of
such Certificate with all legal, printing, and other
expenses in connection therewith. Every replacement
certificate issued pursuant to the provisions of this
Section by virtue of the fact that any Certificate is lost,
stolen, or destroyed shall constitute a contractual
obligation of the City whether or not the lost, stolen, or
24
destroyed Certificate shall be found at any time, or be
enforceable by anyone, and shall be entitled to all the
benefits of this Ordinance equally and proportionately with
any and all other Certificates duly issued under this
Ordinance.
(e) Authority for Issuing Replacement Certificates.
That in accordance with Section 6 of Vernon's Ann. Tex. Civ.
St. Art. 717k-6, this Section of this Ordinance shall con-
stitute authority for the issuance of any such replacement
certificate without necessity of further action by the City
or any other body or person, and the duty of the replacement
of such certificates is hereby authorized and imposed upon
the Paying Agent/Registrar, and the Paying Agent/Registrar
shall authenticate and deliver such Certificates in the form
and manner and with the effect, as provided in Section 5(a)
of this Ordinance for Certificates issued in conversion and
exchange of other Certificates.
Section 21. TAX COVENANTS. That the City covenants to
and with the registered owners of the Certificates that it
will make no use of the proceeds of the Certificates at any
time throughout the term of this issue of Certificates
which, if such use had been reasonably expected on the date
of delivery of the Certificates to and payment for the Cer-
tificates by the purchasers, would have caused the Certifi-
cates to be arbitrage bonds within the meaning of Section
103(c) of the Internal Revenue Code of 1954, as amended (the
"Code"), 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 regul-
ations relating to arbitrage bonds. The City further
covenants that the proceeds of the Certificates will not
otherwise be used directly or indirectly so as to cause all
or any part of the Certificates to be or become arbitrage
25
•
bonds within the meaning of the aforesaid Section 103(c), or any regulations or
rulings pertaining thereto.
SECTION 22. That upon written request of the Mayor or five Council
members, copy attached, to find and declare an emergency due to the immediate
need for the efficient and effective administration of City affairs by
authorizing the issuance of the abovementioned Certificates of Obligations, such
finding of an emergency is made and declared requiring suspension of the Charter
rule as to consideration and voting upon ordinances or resolutions at three
regular meetings so that this ordinance is passed and shall take effect upon
first reading as an emergency this the 1st day of October, 1985.
ATTEST:
City Secretary
APPROVED: f.d- DAY OF OCTOBER, 1985
Assistan
0 Attorney
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI .
I, the undersigned, City Secretary of the City of
Corpus Christi, Texas, do hereby certify that the above and
foregoing is a true, full dnd correct copy of an Ordinance
passed by the City Council of the City of Corpus Christi,
Texas (and of the minutes pertaining thereto) on the 1st day
of October, 1985, authorizing the issuance of $1,300,000
City of Corpus Christi, Texas Tax and Revenue Certificates
of Obligation, Series 1985, which ordinance is duly of
record in the minutes of said City Council, and said meeting
was open to the public, and public notice of the time, place
and purpose of said meeting was given, all as required by
Vernon's Ann. Civ. Stat., art. 6252-17, as amended.
EXECUTED UNDER MY HAND AND SEAL of said City, this the
fiat: day of d'� , 1985.
-City Secretary, City of rpus
Christi, Texas
(SEAL)
Corpus Christi, Texas
is+ day of , 1985—
TO
965
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; I/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
MAYOR
THE CITY OF CORPUS CHRISTI, TEXAS
The above ordinance was passed by the following vote:
Luther Jones
Dr. Jack Best
David Berlanga, Sr.
Leo Guerrero
Joe McComb
Frank Mendez
"22'07
Bill Pruet
Mary Pat Slavik ",e.,
Linda Strong 0
STATEMENT OF INDEBTEDNESS
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI .
I, the undersigned, Director of Finance of the City of
Corpus Christi, Texas, do hereby certify that attached
hereto is a true, full and correct statement of indebtedness
of said City of _every character on the (- day of
, 1985 as shown by the books and recor.s of said
C ty n my office.
WITNESS MY HAND AND SEAL of said City this the (I -
day of , 1985. -
SEAL
Ift
Direct roof Fi = nc,
City Corpus Christi, Texas
•
DEBT SERVICE CASH REQUIRMENTS
OCTOBER 1, 1985
INTEREST ESTIMATED
RATE OUTSTANDING INTEREST OUTSTANDING
DESCRIPTION 10-1-85 PRINCIPAL 6 FEES TOTAL 7-31-86
General Obligation Bonds
1966A Gen'l Improvement 3.9 270,000 135,000 7,972 142,972 135,000
1967 Gen'l Improvement 4.0-4.1 600,000 200,000 20,610 220,610 400,000
1968 Gen'l Improvement 4.5-4.6 450,000 150,000 20,787 170,787 300,000
1969 Gen'l Improvement 5.3-4.5 1,000,000 250,000 51,660 301,660 750,000
1970 Gen'l Improvement 6.6-6.0 500,000 500,000 30,230 530,230 0
1971 Gen'l Improvement 4.5-5.0 1,100,000 200,000 53,746 253,746 900,000
1972 Gen'l Improvement 5.0-4.0 1,925,000 275,000 86,567 361,567 1,650,000
1973 Upper Level College 5.25 300,000 100,000 13,225 113,225 200,000
1973 Gen'l Improvement 4.9-4.0 2,900,000 300,000 144,624 444,624 2,600,000
1974 Gen'l Improvement 5.4-5.7 2,025,000 225,000 113,522 338,522 1,800,000
1974A Cert. of Obligation 5.5-5.7 300,000 50,000 16,900 66,900 250,000
1975 Gen'l Improvement 5.5-5.0 4,000,000 400,000 222,440 622,440 3,600,000
1976 Gen'l Improvement 4.75-5.0 2,200,000 200,000 108,432 308,432 2,000,000
1977 Gen'l Improvement 4.5-5.0 1,800,000 150,000 86,133 236,133 1,650,000
1977A Gen'l Improvement 6.0-4.0 5,600,000 400,000 258,736 658,736 5,200,000
1978 Gen'l Improvement 5.75-3.75 8,200,000 500,000 400,917 900,917 7,700,000
1978A Gen'l Improvement 5.25-5.6 3,850,000 200,000 201,230 401,230 3,650,000
1979 Gen'l Improvement 7.5-5.5 6,075,000 450,000 386,981 836,981 5,625,000
1979 Cert. of Obligation 7.5-5.5 4,675,000 400,000 298,403 698,403 4,275,000
1980 Gen'l Improvement 9.0-7.0 6,400,000 400,000 529,132 929,132 6,000,000
1981 Gen'l Improvement 12.0-9.5 7,200,000 450,000 786,087 1,236,087 6,750,000
1982 Gen'l Improvement 10.5-8.0 10,075,000 325,000 875,625 1,200,625 9,750,000
1983 Gen'l Improvement 9.5-6.5 10,575,000 375,000 932,359 1,307,359 10,200,000
1984 Gen'l Improvement 10.5-9.85 12,250,000 400,000 1,171,248 1,571,248 11,850,000
1985 Gen'l Improvement 10.5-8.0 13,330,000 180,000 1,285,366 1,465,366 13,150,000
1985 Cert. of Obligation 1,300,000
Total Gen'l Obligation Bonds 108,900,000 7,215,000 8,102,932 15,317,932 101,685,000
Golf Center Revenue Bonds
1981 Golf Center Revenue 6.0 264,000 44,000 55,440 99,440 220,000
Water Refunding Bonds
1985 Water Revenue Refunding
Bonds 32,645,000 1,360,000 2,836,541 4,196,541 31,285,000
Total Revenue Bonds 32,909,000 1,404,000 2,891,981 4,295,981 31,505,000
......... .veva..... e...ee......emeve....e..veve..e
CITY OP CORPUS CHRISTI, TEXAS
$1,300,000
TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1985
NON -ARBITRAGE CERTIFICATE
1. In General.
1.1. The undersigned
Corpus Christi, Texas (the
the execution and delivery
will issue and deliver its
Tax and Revenue Certificates
"Bonds").
is the Mayor of the City of
"Issuer"). Simultaneously with
of this Certificate the issuer
$1,300,000 principal amount of
of Obligation, Series 1985 (the
1.2. The Issuerhas not been notified of any listing
or proposed listing of the Issuer by the Internal Revenue
Service as an issuer that may not certify its bonds.
1.3. To the best of the undersigned's knowledge,
information, and belief, the expectations contained in this
Certificate are reasonable.
1.4. The undersigned is an officer of the Issuer
delegated with the responsibility of issuing and delivering
the Bonds.
2.. The Purpose of the Bonds.
The Bonds are being issued for the purpose of providing
funds for the improvement of the Issuer's airport terminal
and the payment of the engineering, legal and fiscal
services related thereto.
3. Source and Disbursement of Funds.
The proceeds received by the Issuer from the sale of
the Bonds are expected to be needed and fully expended for
payment of the costs of acquiring, constructing, equipping,
and installing the Project and for payment of the costs of
issuing the Bonds.
4. Temporary Period.
4.1. Within six months after the date of this
Certificate the Issuer will enter into a contract with a
third party for construction of the Project obligating an
expenditure in excess of $100,000.
4.2. Upon entering into such contract, construction
will commence and proceed with due diligence to completion.
4.3. The proceeds expended for payment of the costs of
acquiring, constructing, equipping, and installing the
Project together with all investment earnings thereon are
expected to be completely expended on the Project within
three years after the date of this Certificate.
5. Interest and Sinking Fund.
5.1. Money deposited in the Interest and Sinking Fund
will be used to pay the principal of and interest on the
Bonds and the Issuer reasonably expects that there will be
no funds that will be so used. The Interest and Sinking
Fund is a fund that is used primarily to achieve a proper
matching of revenues and debt service in each bond year.
5.2. Any money deposited in the Interest and Sinking
Fund will be spent within a thirteen -month period beginning
on the date of receipt, and any amount received from
investment of money held in the Interest and Sinking Fund
will be spent within a one-year period beginning on the date
of receipt. The Interest and Sinking Fund will be
completely depleted at least once each year. Amounts on
deposit in the Interest and Sinking Fund will be invested
without yield restriction.
DATED:
CITY OF CO S CHRISTI, TEXAS
ByC/,�
Mayo
•
October 1, 1985
Public Finance Division
Attorney General's Office
Capitol Station
Austin, Texas 78711
CITY OF CORPUS CHRISTI, TEXAS TAX AND REVENUE
CERTIFICATES OF OBLIGATION, $1,300,000
Gentlemen:
The above issue of certificates of obligation will be sent
to your office in the form of a single certificate in
registered form, and it is requested that you examine such
certificates of obligation in accordance with law.
Enclosed is a check drawn on this firm for payment of the
required fee.
After you have examined the certificates of obligation,
kindly deliver same to the Comptroller of Public Accounts of
the State of Texas for registration. The Comptroller has
received instructions as to disposition of the certificates
following the registration.
We enclose herewith one signed but undated copy of the
Signature Identification and No -Litigation Certificate.
Upon approval of the certificates of obligation, you are
authorized to insert the date of approval in said Signature
Certificate. If any litigation should develop before you
have approved the certificates of obligation, we will notify
you at once both by telephone and telegraph. With this
assurance you can rely upon the absence of litigation at the
time you approve the certificates of obligation unless we
advise you otherwise.
Yours very truly,
CITY OF CORPUS CHRISTI, TEXAS
cc: Comptroller of Public Accounts
M. E. Allison & Company
McCall, Parkhurst & Horton
October 1, 1985
Bond Division
Office of Comptroller
of Public Accounts
Capitol Station
Austin, Texas 78774
CITY OF CORPUS CHRISTI, TEXAS TAX AND REVENUE
CERTIFICATE OF OBLIGATION, $1,300,000
Gentlemen:
The Attorney General will deliver the above described issue
of certificates of obligation in the form of a single
certificate to you for registration. At such time as you
have registered the certificate, this will be your authority
to release the certificate to an authorized representative
of MBank Austin, N.A., Austin, Texas, who will hold the
certificate for safekeeping until the delivery thereof.
Please send eight copies of the Attorney General's opinion
and of the Comptroller's Signature Certificate covering said
certificate to McCall, Parkhurst & Horton, 900 Diamond
Shamrock Tower, Dallas, Texas 75201.
Your bill for this service should be sent to M. E. Allison &
Company, 1615 National Bank of Commerce Building, San
Antonio, Texas 78205.
Yours very truly,
CITY OF CORPUS CHRISTI, TEXAS
Mayor
cc: Attorney General of the State of Texas
M. E. Allison & Company
MBank Austin, N.A.
McCall, Parkhurst & Horton
NON -ENCUMBRANCE CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, Director of Finance of the City of
Corpus Christi, Texas, do hereby certify:
(1) That this certificate is for the benefit of the
Attorney General of the State of Texas and the owners of the
City of Corpus Christi, Texas Tax and Revenue Certificates
of Obligation, Series 1985, $1,300,000 (hereinafter called
the "Certificates").
(2) That the ordinance authorizing the Certificates
defines Pledged Revenues to mean (1) a lien on and pledge of
a portion of the revenue derived from the Hotel Occupancy
Tax equal to three-fourths of such Occupancy Tax, subject to
liens that may be hereafter created by the City to secure
the payment of revenue bonds, and (2) a first lien on and
pledge of one-half of the gross revenues received from the
ownership or operation of the Parking Facilities of the
Airport and the Parking Facilities at the
Community -Convention Center.
(3) That the Pledged Revenues have not been pledged to
the payment of or encumbered by any debt or obligation of
the City except in connection with the Certificates and the
City of Corpus Christi, Texas Tax and Revenue Certificates
of Obligation, Series 1979.
EXECUTED under my hand and seal of said City this the
15{- day of October, 1985.
ATTEST:
City Secretary
(SEAL)
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI .
We, the undersigned, hereby officially certify that we
are the Mayor, City Secretary and Director of Finance,
respectively, of. -said City, and we further certify as
follows:
1. That said City is a duly incorporated Home Rule
City, having more than 5000 inhabitants, operating and
existing under the Constitution and laws of the State of
Texas and the duly adopted Home Rule Charter of said City,
which Charter has not been changed or amended since February
28, 1985, the date the ordinance was passed by the City
Council authorizing the City of Corpus Christi, Texas
General Improvement Bonds, Series 1985.
2. That no litigation of any nature has ever been
filed pertaining to, affecting or contesting: (a) the
issuance, delivery, payment, security or validity of the
proposed City of Corpus Christi, Texas Tax and Revenue
Certificates of Obligation, Series 1985, dated October 1,
1985, in the aggregate principal amount of $1,300,000; (b)
the authority of the officers of said City to issue, execute
and deliver said Certificates of Obligation; or (c) the
validity of the corporate existence, the current Tax Rolls,
or the Charter of said City; and that no litigation is
pending pertaining to, affecting or contesting the
boundaries of said City.
3. That on the 1st day of October, 1985, the date an
ordinance was passed authorizing the issuance of City of
Corpus Christi, Texas Tax and Revenue Certificates of
Obligation, and at the present time, the following persons
were and are the duly elected or appointed and qualified
officials of said City:
Luther Jones,
Dr. Jack Best,
Frank Mendez,
David Berlanga, Sr.,
Leo Guerrero,
Linda Strong,
Joe McComb,
Bill Pruet,
Mary Pat Slavik,
Edward A. Martin,.
J. Bruce Aycock,
Juan Garza,
Armando Chapa,
Mayor,
Mayor Pro -Tem,
Councilmembers,
City Manager,.
City Attorney,.
Director of Finance,
City Secretary.
4. That the currently effective ad valorem tax rolls
of said City are those for the year 1983, being the most
recently approved tax rolls of said City; that said City has
caused the taxable property in said City to be assessed as
required by law; that the Board of Equalization of said City
has equalized and approved the valuation of taxable property
in said City for said year; that the Tax Assessor of said
City has duly verified the aforesaid tax rolls, and said
Board of Equalization has finally approved the same; and
upon which the annual ad valorem tax of said City actually
has been or will be levied (after deducting the amount of
all exemptions, if any, under Section 1-b(b), Section 1-f,
Section 1-g, and Section 2(b) of Article 8 of the Texas
Constitution, and Chapter 11, Subchapter B, Property Tax
Code), according to the aforesaid tax rolls for said year,
as delivered to the Acting City Secretary of said City, and
finally approved and recorded by the City Council of said
City, is $6,588,136,279.00.
SIGNED AND SEALED this the l s' day of 001 , 1985.
City Secretary
City of Corpus Christi, Texas City of Corpus Christi, Texas
Mayor
Direc .'or o F
City ( f
(SEAL)
APPROVED AS TO FORM AND CORRECTNESS this lc+ day of
�o(�� , 1985.
Assi.City
City ,. C us Christi, Texas
19034
•
City of Corpus Christi
LEGAL DEPARTMENT
October 8, 1985
FEDERAL EXPRESS HAIL
Mr. Leroy Grawunder
Attorney General's Office
Public Finance Division
210 Barton Springs Road - Room 346
Austin, Texas 78704
Re: City of Corpus Christi, Texas
Tax and Revenue Certificates of
Obligations, Series 1985, $1,300,000
Dear Mr. Grawunder:
Enclosed please find one copy of the Signature Identification and No -
Litigation Certificate which we have re -executed because of an error in a
date appearing in paragraph (a) which formerly recited that the aforesaid
certificates were dated October 15, 1985, and now read October 1, 1985.
Mr. Hobby McCall of McCall, Parkhurst & Horton of Dallas, Texas has asked
me to forward these copies directly to you.
Very truly yours,
JD/mb
Enclosures:
xc: Mr. Hobby McCall, w/enclosure
McCall, Parkhurst & Horton
900 Diamond Shamrock Tower
Dallas, Texas 75201-6587
Jay D.,'- gey
Assistant City Attorney
02E.036.02
302 South Shoreline - P.O. Box 9277 - Corpus Christi, TX 78469-9277 (512) 880-3000
•
SIGNATURE IDENTIFICATION AND NO -LITIGATION CERTIFICATE
THE STATE OF TEXAS §
COUNTY OF NUECES §
CITY OF CORPUS CHRISTI §
We, the undersigned, hereby certify as follows:
(a) That this certificate is executed and delivered with reference to
that issue of City of Corpus Christi, Texas, Tax and Revenue Certificates of
Obligation, Series 1985, dated October 1, 1985, in the aggregate principal
amount of $1,300,000.
(b) That we officially executed and signed said Certificates of
Obligation by executing a single Certificate of Obligation numbered (1) in the
denomination of $1,300,000 (the "Certificate").
(c) That said Certificate is substantially in the form, and has been
duly executed and signed in the manner, prescribed in the ordinance authorizing
the issuance of said Certificates of Obligation.
(d) That at the time we so executed and signed said Certificate we
were, and at the time of executing this certificate we are, the duly chosen,
qualified and acting officers indicated therein, and authorized to execute the
same.
(e) That no litigation of any nature has been filed or is now pending
to restrain or enjoin the issuance or delivery of said Certificates of
Obligation, or which would affect the provision made for their payment or
security, or in any manner questioning the proceedings or authority concerning
the issuance of said Certificates of Obligation, and that so far as we know and
believe no such litigation is threatened.
(f) That neither the corporate existence nor boundaries of said
issuer is being contested, that no litigation has been filed or is now pending
which would affect the authority of the officers of said issuer to issue,
execute and deliver said Certificate, and that no authority or proceedings for
the issuance of said Certificates of Obligation have been repealed, revoked or
rescinded.
(g) That we have caused the official seal of said issuer to be
impressed, on said Certificate; and said seal on said Certificate has been duly
adopted as, and is hereby declared to be, the official seal of said issuer.
EXECUTED and delivered this
MANUAL SIGNATURES
04P.149.01
OFFICIAL TITLES
Mayor, City of Corpus Christi
City Secretary, City of Corpus Christi
The signatures of the officers subscribed above
are hereby certified to be true and genuine.
First City Bank of Corpus Christi
(BANK SEAL
By
Bink
,P
AuthorizecVO icer