HomeMy WebLinkAbout021362 ORD - 04/02/1992CERTIFICATE FOR ORDINANCE
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUo Cfr.cISTI
On this the 2nd day of April, 1992, the City Council of the
City of Corpus Christi, Texas convened in Special Meeting, with the
following members of said Council present, to -wit:
Mary Rhodes
Betty Jean Longoria,
Cezar Galindo,
Leo Guerrero,
Dr. David McNichols,
Joe McComb,
Edward A. Martin,
Cliff Moss,
Mary Pat Slavik,
Juan Garza,
James Bray,
Rosie G. Vela,
Armando Chapa,
Mayor
Councilmembers,
City Manager,
City Attorney,
Director of Finance,
City Secretary
with the following absent: Cezar Galindo, Leo Guerrero, Dr. David
McNichols and Mary Pat Slavik, constituting a quorum, at which time
the following among other business was transacted:
City Manager Juan Garza presented for the consideration of the
Council an ordinance authorizing the sale of combination tax and
marina revenue certificates of obligation. The ordinance was read
by the City Secretary. The motion to suspend the Charter rule as
to consideration and voting on ordinances at three regular meetings
and to pass the ordinance was carried by the following vote.
AYES: All members of the City Council shown
present above voted "Aye".
NAYS: None.
The Mayor announced that the ordinance had been passed.
ordinance is as follows:
MICaf1LMED
021362
The
ORDINANCE NO. 021362
ORDINANCE BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS, PROVIDING FOR THE ISSUANCE OF
$500,000 CITY OF CORPUS CHRISTI, TEXAS, COMBINATION
TAX AND MARINA REVENUE CERTIFICATES OF OBLIGATION,
SERIES 1992-A; AND ORDAINING OTHER MATTERS RELATING
TO THE SUBJECT
WHEREAS, on the 4th day of February, 1992, the City
Council of said City passed a resolution authorizing and
directing notice of its intention to issue the Certificates of
Obligation herein authorized to be issued, to be published in
a newspaper as required by Section 271.049 of the Texas Local
Government Code; and
WHEREAS, said notice was published on March 8, 1992 and
March 15, 1992 in the Corpus Christi Caller -Times, a
"newspaper" as defined in Article 28a, V.A.T.C.S., as amended,
as required by Section 271.049 of the Texas Local Government
Code; and
WHEREAS, said notice stated that March 31, 1992, was the
tentative sale date for the Certificates of Obligation
hereinafter authorized; and
WHEREAS, at the regularly scheduled meeting of the City
Council held on March 31, 1992, the Mayor announced that the
sale of the Certificates of Obligation hereinafter authorized
would be delayed and held on April 2, 1992, in conjunction
with the sale of the City's General Improvement and Refunding
Bonds, Series 1992, to be sold concurrently herewith; and
WHEREAS, no petition, signed by 5% of the qualified
electors of said City as permitted by said Section 271.049 of
the Texas Local Government Code protesting the issuance of
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such Certificates of Obligation, has been filed with the City;
and
WHEREAS, the Certificates of Obligation hereinafter
authorized are to be issued and delivered pursuant to
Subchapter C of Chapter 271 of the Texas Local Government
Code;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
Section 1. AUTHORIZATION OF CERTIFICATES OF OBLIGATION.
That the Certificates of Obligation to be issued by the City
of Corpus Christi (the "City" or the "Issuer"), designated
the "City of Corpus Christi, Texas, Combination Tax and Marina
Revenue Certificates of Obligation, Series 1992-A", are hereby
authorized to be issued and delivered in the principal amount
of $500,000 for the purpose of providing part of the funds for
paying contractual obligations to be incurred for the
improvement and expansion of the City's marina, and the
payment of the engineering, legal and fiscal services related
thereto.
Section 2. DATE, DENOMINATIONS, NUMBERS AND MATURITIES.
That said Certificates of Obligation shall initially be
issued, sold and delivered hereunder as fully registered
certificates, without interest coupons, dated April 1, 1992,
in the respective denominations and principal amounts
hereinafter stated, numbered consecutively from R-1 upward,
payable to the respective initial registered owners thereof
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(as designated in Section 16 hereof), or to the registered
assignee or assignees of said certificates or any portion or
portions thereof (in each case, the "Registered Owner"), and
said certificates shall mature and be payable on March 1 in
the years and amounts as set forth below, to -wit:
YEAR
PRINCIPAL
AMOUNT
YEAR
PRINCIPAL
AMOUNT
1994 $ 15,000 2002 $ 25,000
1995 15,000 2003 25,000
1996 15,000 2004 25,000
1997 15,000 2005 30,000
1998 20,000 2006 30,000
1999 20,000 2007 30,000
2000 20,000 *****
2001 20,000 2012 195,000
The term "Certificates" as used in this Ordinance shall mean
and include collectively the Certificates of Obligation
initially issued and delivered pursuant to this Ordinance and
all substitute Certificates of Obligation exchanged therefor,
as well as all other substitute Certificates of Obligation and
replacement Certificates of Obligation issued pursuant hereto,
and the term "Certificate" shall mean any of the Certificates.
Section 3. REDEMPTION. (a) That the City reserves the
right to redeem the Certificates maturing on or after March 1,
2003, in whole or in part, on March 1, 2002, or on any
interest payment date thereafter, at a redemption price equal
to the principal amount thereof and accrued interest thereon
to the date fixed for redemption. The years of maturity of
the Certificates called for redemption at the option of the
City prior to stated maturity shall be selected by the City.
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The Certificates or portions thereof redeemed within a
maturity shall be selected at random and by lot by the Paying
Agent/Registrar.
(b) The Certificates maturing on March 1, 2012 (the
"Term Certificates") shall be subject to mandatory sinking
fund redemption prior to their scheduled maturity, and shall
be redeemed in part by lot prior to maturity on March 1 in
each of the years 2008 through 2011, inclusive, and at final
maturity in 2012, at the redemption price equal to the
principal amount of the Term Certificates called for
redemption, plus accrued interest to the date fixed for
redemption, without premium, to -wit:
YEAR PRINCIPAL AMOUNT
2008
2009
2010
2011
2012*
$35,000
35,000
40,000
40,000
45,000
*Final Maturity
The City shall redeem the Term Certificates maturing on March
1, 2012 as described above. The principal amount of the Term
Certificates required to be so redeemed shall be reduced, at
the option of the City, by the principal amount of any of the
Term Certificates which, at least 50 days prior to the
mandatory redemption date, shall have been (1) acquired by the
City at a price not exceeding the principal amount of the Term
Certificates plus accrued interest to the date of purchase
thereof, (2) purchased and cancelled by the Paying
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Agent/Registrar (hereinafter defined) at the request of the
City with moneys in the Interest and Sinking Fund hereinafter
established, at a price not exceeding the principal amount of
the Term Certificates plus accrued interest to the date of
purchase thereof or (3) redeemed pursuant to the optional
redemption provisions set forth in subsection (a) of this
Section and not theretofore credited against a mandatory
redemption requirement. On the maturity date of the Term
Certificates, the City shall apply moneys on hand in the
Interest and Sinking Fund for the payment of the maturing Term
Certificates.
(c) At least 30 days prior to the date fixed for any such
redemption, (i) a written notice of such redemption shall be
given to the registered owner of each Certificate or a portion
thereof being called for redemption by depositing such notice
in the United States mail, first-class postage prepaid, in the
name of the City and at the City's expense addressed to each
such registered owner at his address shown on the registration
books of the Paying Agent/Registrar and (ii) notice of such
redemption shall be published one (1) time in a financial
journal or publication of general circulation in the United
States of America carrying as a regular feature notices of
municipal bonds called for redemption; provided, however, that
the failure to send, mail, or receive such notice described in
(i) above, or any defect therein or in the sending or mailing
thereof, shall not affect the validity or effectiveness of the
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proceedings for the redemption of any Certificate, and it is
hereby specifically provided that the publication of notice
described in (ii) above shall be the only notice actually
required in connection with or as a prerequisite to the
redemption of any Certificates. By the date fixed for any
such redemption due provision shall be made by the City with
the Paying Agent/Registrar for the payment of the required
redemption price for the Certificates or the portions thereof
which are to be so redeemed, plus accrued interest thereon to
the date fixed for redemption. If such notice of
redemption is given, and if due provision for such payment is
made, all as provided above, the Certificates, or the portions
thereof, which are to be so redeemed, thereby automatically
shall be redeemed prior to their scheduled maturities, and
shall not bear interest after the date fixed for their
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 the Certificates or any portion thereof. If a
portion of any 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
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written request of the registered owner, equal to the
unredeemed portion thereof, will be issued to the registered
owner upon the surrender thereof for cancellation, at the
expense of the City, all as provided in this Ordinance.
Section 4. INTEREST. That the Certificates shall bear
interest from the date specified in the FORM OF CERTIFICATE
set forth in this Ordinance to
maturity or redemption prior to
rates per annum:
maturities
maturities
maturities
maturities
maturities
maturities
maturities
maturities
1994, 8.50%
1995, 8.50%
1996, 8.50%
1997, 8.50%
1998, 8.50%
1999, 5.90%
2000, 6.10%
2001, 6.20%
Said interest shall be
their respective
maturity at the
maturities
maturities
maturities
maturities
maturities
maturities
2002,
2003,
2004,
2005,
2006,
2007,
dates of
following
6.30%
6.40%
6.50%
6.55%
6.60%
6.65%
maturities 2012, 6.80%
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. (a) The
City shall keep or cause to be kept at the corporate trust
office of Ameritrust Texas National Association (the "Paying
Agent/Registrar"), in Houston, Texas, or such other bank,
trust company, financial institution, or other agency named in
accordance with the provisions of (g) of this Section hereof,
books or records of the registration and transfer of the
Certificates (the "Registration Books"), and the City hereby
appoints the Paying Agent/Registrar as its registrar and
transfer agent to keep such books or records and make such
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transfers and registrations under such reasonable regulations
as the City and Paying Agent/Registrar may prescribe; and the
Paying Agent/Registrar shall make such transfers and regis-
trations as herein provided. The City Manager or the designee
thereof is hereby authorized to execute a "Paying
Agent/Registrar Agreement" in such form as is approved by the
City Attorney. It shall be the duty of the Paying Agent/
Registrar to obtain from the registered owner and record in
the Registration Books the address of such registered owner of
each certificate to which payments with respect to the
Certificates shall be mailed, as herein provided. The City or
its designee shall have the right to inspect the Registration
Books during regular business hours of the Paying Agent/Reg-
istrar, but otherwise the Paying Agent/Registrar shall keep
the Registration Books confidential and, unless otherwise
required by law, shall not permit their inspection by
any other entity. Registration of each Certificate may be
transferred in the Registration Books only upon presentation
and surrender of such certificate to the Paying Agent/ -
Registrar for transfer of registration and cancellation,
together with proper written instruments of assignment, in
form and with guarantee of signatures satisfactory to the
Paying Agent/Registrar, evidencing the assignment of such
certificate, or any portion thereof in any integral multiple
of $5,000 denomination to the assignee or assignees thereof,
and the right of such assignee or assignees to have such
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certificate or any such portion thereof registered in the name
of such assignee or assignees. Upon the assignment and
transfer of any Certificate or any portion thereof, a new
substitute certificate or certificates shall be issued in
exchange therefor in the manner herein provided.
(b) The entity in whose name any Certificate shall be
registered in the Registration Books at any time shall be
treated as the absolute owner thereof for all purposes of this
Ordinance, whether or not such certificate shall be overdue,
and the City and the Paying Agent/Registrar shall not be
affected by any notice to the contrary; and payment of, or on
account of, the principal of, premium, if any, and interest on
any such certificate shall be made only to such registered
owner. All such payments shall be valid and effectual to
satisfy and discharge the liability upon such certificate to
the extent of the sum or sums so paid.
(c) The City hereby further appoints the Paying
Agent/Registrar to act as the paying agent for paying the
principal of and interest on the Certificates, and to act as
its agent to exchange or replace Certificates, all as provided
in this Ordinance. The Paying Agent/Registrar shall keep
proper records of all payments made by the City and the Paying
Agent/Registrar with respect to the Certificates, and of all
exchanges of such certificates, and all replacements of such
certificates, as provided in this Ordinance.
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(d) Each Certificate may be exchanged for fully
registered certificates in the manner set forth herein. Each
certificate issued and delivered pursuant to this Ordinance,
to the extent of the unredeemed principal amount thereof, may,
upon surrender of such certificate at the principal corporate
trust office of the Paying Agent/Registrar, together with a
written request therefor duly executed by the registered owner
or the assignee or assignees thereof, or its or their duly
authorized attorneys or representatives, with guarantee of
signatures satisfactory to the Paying Agent/Registrar, at the
option of the registered owner or such assignee or assignees,
as appropriate, be exchanged for fully registered
certificates, without interest coupons, in the form prescribed
in the FORM OF CERTIFICATE set forth in this Ordinance, in the
denomination of $5,000, or any integral multiple thereof
(subject to the requirement hereinafter stated that each
substitute certificate shall have a single stated maturity
date), as requested in writing by such registered owner or
such assignee or assignees, in an aggregate principal amount
equal to the unredeemed principal amount of any Certificate or
Certificates so surrendered, and payable to the appropriate
registered owner, assignee, or assignees, as the case may be.
If a portion of any Certificate shall be redeemed prior to its
scheduled maturity as provided herein,
a substitute
certificate or certificates having the same maturity date,
bearing interest at the same rate, in the denomination or
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denominations of any integral multiple of $5,000 at the
request of the registered owner, and in an aggregate principal
amount equal to the unredeemed portion thereof, will be issued
to the registered owner upon surrender thereof for
cancellation. If any Certificate or portion thereof is
assigned and transferred, each certificate issued in exchange
therefor shall have the same maturity date and bear interest
at the same rate as the certificate for which it is being
exchanged. Each substitute certificate shall bear a letter
and/or number to distinguish it from each other certificate.
The Paying Agent/Registrar shall exchange or replace
Certificates as provided herein, and each fully registered
certificate or certificates delivered in exchange for or re-
placement of any Certificate or portion thereof as permitted
or required by any provision of this Ordinance shall
constitute one of the Certificates for all purposes of this
Ordinance, and may again be exchanged or replaced. It is
specifically provided, however, that any Certificate delivered
in exchange for or replacement of another Certificate prior to
the first scheduled interest payment date on the Certificates
(as stated on the face thereof) shall be dated the same date
as such Certificate, but each substitute certificate so
delivered on or after such first scheduled interest payment
date shall be dated as of the interest payment date preceding
the date on which such substitute certificate is delivered,
unless such substitute certificate is delivered on an interest
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payment date, in which case it shall be dated as of such date
of delivery; provided, however, that if at the time of
delivery of any substitute certificate the interest on the
Certificate for which it is being exchanged has not been paid,
then such substitute certificate shall be dated as of the date
to which such interest has been paid in full. On each substi-
tute certificate issued in exchange for or replacement of any
Certificate or Certificates issued under this Ordinance there
shall be printed thereon a Paying Agent/Registrar's Authen-
tication Certificate, in the form hereinafter set forth. An
authorized representative of the Paying Agent/Registrar shall,
before the delivery of any such substitute certificate, date
such substitute certificate in the manner set forth above, and
manually sign and date such Authentication Certificate, and no
such substitute certificate shall be deemed to be issued or
outstanding unless such Authentication Certificate is so ex-
ecuted. The Paying Agent/Registrar promptly shall cancel all
Certificates surrendered for exchange or replacement. No
additional ordinances, orders, or resolutions need be passed
or adopted by the City Council or any other body or person so
as to accomplish the foregoing exchange or replacement 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
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weight and strength. Pursuant to Article 717k-6, V.A.T.C.S.,
and particularly Section 6 thereof, the duty of exchange or
replacement of any Certificates as aforesaid is hereby imposed
upon the Paying Agent/Registrar, and, upon the execution of
said Paying Agent/Registrar's Authentication Certificate, the
exchanged or replaced certificate shall be valid,
incontestable, and enforceable in the same manner and with the
same effect as the Certificates which originally were
delivered pursuant to this Ordinance, approved by the Attorney
General, and registered by the Comptroller of Public Accounts.
Neither the City nor the Paying Agent/Registrar shall be
required (1) to issue, transfer, or exchange any Certificate
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 or exchange any
Certificate so selected for redemption in whole when such
redemption is scheduled to occur within 30 calendar days.
(e) All Certificates issued in exchange or replacement
of any other Certificate or portion thereof, (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
redeemed prior to their scheduled maturities, (iii) may be
transferred and assigned, (iv) may be exchanged for other
Certificates, (v) shall have the characteristics, (vi) shall
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be signed and sealed, and (vii) the principal of and interest
on the Certificates shall be payable, all as provided, and in
the manner required or indicated, in the FORM OF CERTIFICATE
set forth in this Ordinance.
(f) The City shall pay all of the Paying Agent/Regis-
trar's reasonable and customary fees and charges for making
transfers and exchanges of Certificates, but the registered
owner of any Certificate requesting such transfer shall pay
any taxes or other governmental charges required to be paid
with respect thereto. In addition, the City hereby covenants
with the registered owners of the Certificates that it will
(i) pay the reasonable and standard or customary fees and
charges of the Paying Agent/Registrar for its services with
respect to the payment of the principal of and interest on the
Certificates, when due, and (ii) pay the fees and charges of
the Paying Agent/Registrar for services with respect to the
transfer or registration of Certificates solely to the extent
above provided, and with respect to the exchange of
Certificates solely to the extent above provided.
(g) The City covenants with the registered owners of the
Certificates that at all times while the Certificates are
outstanding the City 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 Certificates under this Ordinance, and
that the Paying Agent/Registrar will be one entity. The City
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reserves the right to, and may, at its option, change the
Paying Agent/Registrar upon not less than 60 days written
notice to the Paying Agent/Registrar. 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 City covenants
that promptly it will appoint a competent and legally
qualified national or state banking institution which shall be
a corporation organized and doing business under the laws of
the United States of America or of any state, authorized under
such laws to exercise trust powers, subject to supervision or
examination by federal or state authority, and whose
qualifications substantially are similar to the previous
Paying Agent/Registrar 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 Certificates, to the new Paying Agent/Reg-
istrar designated and appointed by the City. Upon any change
in the Paying Agent/Registrar, the City 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, 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
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Agent/Registrar shall be deemed to have agreed to the provi-
sions of this Ordinance, and a certified copy of this
Ordinance shall be delivered to each Paying Agent/Registrar.
Section 6. FORM OF CERTIFICATES. That the form of the
Certificates, 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
Certificates 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. R -
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI, TEXAS
COMBINATION TAX AND MARINA REVENUE
CERTIFICATE OF OBLIGATION
SERIES 1992-A
MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP
April 1, 1992
ON THE MATURITY DATE specified above, THE CITY OF COR-
PUS CHRISTI, TEXAS (the "Issuer"), being a political subdi-
vision 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 September 1, 1992, and semiannually on
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each March 1 and September 1 thereafter to the maturity date
specified above or the date of its redemption prior to
scheduled maturity, at the interest rate per annum specified
above; except that if this Certificate is required to be au-
thenticated and the date of its authentication is later than
September 1, 1992, such interest is payable semiannually on
each March 1 and September 1 following such date.
*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 here-
of upon presentation and surrender of this Certificate at
maturity, or upon the date fixed for its redemption prior to
maturity, at the principal corporate trust office of
Ameritrust Texas National Association (the "Paying
Agent/Registrar"), in Dallas, Texas. The payment of in-
terest on this Certificate shall be made by the Paying
Agent/Registrar to the registered owner hereof as shown by
the Registration Books kept by the Paying Agent/Registrar at
the close of business on the 15th day of the month next
preceding such interest payment date by check drawn by the
Paying Agent/Registrar on, and payable solely from, funds of
the Issuer required to be on deposit with the Paying
Agent/Registrar for such purpose as hereinafter provided;
and such check shall be sent by the Paying Agent/Registrar
by United States mail, first-class postage prepaid, on each
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such interest payment date, to the registered owner hereof
at its address as it appears on the Registration Books kept
by the Paying Agent/Registrar, as hereinafter described, or
by such other method, acceptable to the Paying
Agent/Registrar, requested by, and at the risk and expense
of, the registered owner. The Issuer covenants with the
registered owner of this Certificate that no later than each
principal payment and/or interest payment date for this
Certificate it will make available to the Paying
Agent/Registrar from the Interest and Sinking Fund as
defined by the ordinance authorizing the Certificates (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.
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.
*IF THE DATE for the payment of the principal of or in-
terest 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 ex-
ecutive 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 Satur-
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day, Sunday, legal holiday, or day on which banking institu-
tions 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 orig-
inal date payment was due.
*THIS CERTIFICATE is one of a Series of Certificates
(the "Certificates") dated the Original Issue Date specified
above, authorized in accordance with the Constitution and
laws of the State of Texas in the principal amount of
$500,000, FOR THE PURPOSE OF PROVIDING PART OF THE FUNDS FOR
PAYING CONTRACTUAL OBLIGATIONS TO BE INCURRED FOR THE
IMPROVEMENT AND EXPANSION OF THE ISSUER'S MARINA, AND THE
PAYMENT OF THE ENGINEERING, LEGAL AND FISCAL SERVICES
RELATED THERETO.
*ON MARCH 1, 2002, or on any interest payment date
thereafter, the Certificates of this Series maturing on
March 1, 2003 and thereafter may be redeemed prior to their
scheduled maturities, at the option of the Issuer, with
funds derived from any available and lawful source, as a
whole, or in part (provided that a portion of a Certificate
may be redeemed only in an integral multiple of $5,000), at
par and accrued interest to the date fixed for redemption.
The years of maturity of the Certificates called for
redemption at the option of the Issuer prior to stated
maturity shall be selected by the Issuer. The Certificates
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or portions thereof redeemed within a maturity shall be se-
lected at random and by lot by the Paying Agent/Registrar.
*THE OUTSTANDING CERTIFICATES maturing March 1, 2012,
are subject to mandatory redemption, and shall be redeemed
in part by lot prior to maturity annually on March 1 in the
years 2008 through 2011, inclusive, and at final maturity in
2012, with funds in the Interest and Sinking Fund, at a
redemption price equal to the principal amount of such
Certificates called for redemption, plus accrued interest to
the date fixed for redemption, and without premium, in the
amounts and in the manner provided in the Certificate
Ordinance.
*AT LEAST 30 days prior to the date fixed for any such
redemption, (a) a written notice of such redemption shall be
given to the registered owner of each Certificate or a
portion thereof being called for redemption by depositing
such notice in the United States mail, first-class postage
prepaid, addressed to each such registered owner at his
address shown on the Registration Books of the Paying
Agent/Registrar and (b) notice of such redemption shall be
published one (1) time in a financial journal or publication
of general circulation in the United States of America
carrying as a regular feature notices of municipal
certificates called for redemption, provided, however, that
the failure to send, mail, or receive such notice described
in (a) above, or any defect therein or in the sending or
mailing thereof, shall not affect the validity or
effectiveness of the proceedings for the redemption of any
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Certificate, and the Certificate Ordinance provides that the
publication of notice as described in (b) above shall be the
only notice actually required in connection with or as a
prerequisite to the redemption of any Certificates. 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 re-
deemed, plus accrued interest thereon to the date fixed for
redemption. If such 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 any
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
-21-
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
cancellation, at the expense of the Issuer, all as provided
in the Certificate Ordinance.
*ALL CERTIFICATES OF THIS SERIES are issuable solely as
fully registered certificates, without interest coupons, in
the denomination of any integral multiple of $5,000. As
provided in the Certificate Ordinance, this Certificate, or
any unredeemed portion hereof, may, at the request of the
registered owner or the assignee or assignees hereof, be
assigned, transferred, and exchanged for a like aggregate
principal amount of fully registered certificates, without
interest coupons, payable to the appropriate registered
owner, assignee, 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 in writing by the appropri-
ate registered owner, assignee, or assignees, as the case
may be, upon surrender of this Certificate to the Paying
Agent/Registrar for cancellation, all in accordance with the
form and procedures set forth in the Certificate Ordinance.
Among other requirements for such assignment and transfer,
this Certificate must be presented and surrendered to the
Paying Agent/Registrar, together with proper instruments of
assignment, in form and with guarantee of signatures
-22-
satisfactory to the Paying Agent/Registrar,
assignment of this Certificate or any portion
hereof in any integral multiple of $5,000 to the
evidencing
or portions
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 may be executed by the registered owner
to evidence the assignment hereof, but such method is not
exclusive, and other instruments of assignment satisfactory
to the Paying Agent/Registrar may
assignment of this Certificate or
hereof from time to time by the
be used to evidence the
any portion or portions
registered owner.
The
Issuer shall pay the Paying Agent/Registrar's reasonable
standard or customary fees and charges for transferring and
exchanging any Certificate or portion thereof. In any
circumstance, any taxes or governmental charges required to
be paid with respect thereto shall be paid by the one
requesting such assignment, transfer, or exchange as a
condition precedent to the exercise of such privilege. In
any circumstance, neither the Issuer nor the Paying
Agent/Registrar shall be required (1) to make any transfer
or exchange during a period beginning
business 30 days before the day of the
notice of redemption of certificates and
of business on the day of such mailing,
or exchange any certificates so selected
-23-
at the opening of
first mailing of a
ending at the close
or (2) to transfer
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
ceases to act as such, the Issuer has covenanted in the Cer-
tificate Ordinance that it promptly will appoint a competent
and legally qualified substitute therefor, and cause written
notice thereof to be mailed to the registered owners of the
Certificates.
*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 in-
spection 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 contract between
each registered owner hereof and the Issuer.
*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 direct
obligation of said Issuer, issued on the full faith and
-24-
credit thereof; 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 prin-
cipal 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 the revenues from the operation of the
Issuer's Marina, after payment of all operation and
maintenance expenses thereof, and all other obligations now
or hereafter payable therefrom, have been pledged as
additional security for the Certificates.
IN WITNESS WHEREOF, this Certificate has been signed
with the manual or facsimile signature of the Mayor of the
City, attested by the manual or facsimile signature of the
City, Secretary of the City, and has caused the official
seal of the City has been duly affixed to, impressed, or
placed in facsimile, on this Certificate.
xxxxx xxxxxx
City Secretary, City of Mayor, City of Corpus Christi,
Corpus Christi, Texas 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
Certificate Ordinance described on the face of this
Certificate of Obligation; and that this Certificate of
-25-
T
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
By
Paying Agent/Registrar
Authorized Representative
-26-
t
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 of Obligation in
every particular, without
alteration or enlargement or
any change whatsoever.
**FORM OF COMPTROLLER'S CERTIFICATE ATTACHED TO
THE CERTIFICATES UPON INITIAL DELIVERY THEREOF
OFFICE OF COMPTROLLER
STATE OF TEXAS
I hereby certify that there is on file and of record in
my office a certificate of the Attorney General of the State
REGISTER NO.
-27-
of Texas to the effect that this Certificate has been exam-
ined by him as required by law, and that he finds that it
has been issued in conformity with the Constitution and laws
of the State of Texas, and that it is a valid and binding
obligation of the City of Corpus Christi, Texas, payable in
the manner provided by and in the ordinance authorizing
same, and said Certificate has this day been registered by
me.
this
WITNESS MY HAND and seal of office at Austin, Texas
Comptroller of Public Accounts of
(SEAL) the State of Texas
NOTE TO PRINTER:
*$s to be on reverse side of certificate
**Q not to be on certificate
Section 7. DEFINITIONS. That the terms "Certifi-
cates", "Certificates of Obligation" shall mean the City of
Corpus Christi, Texas, Combination Tax and Marina Revenue
Certificates of Obligation, Series 1992-A authorized to be
issued and delivered by this Ordinance, and the term "Code"
shall mean the Internal Revenue Code of 1986, and any
amendment thereto.
Section 8. INTEREST AND SINKING FUND. That a special
fund or account, to be designated the "City of Corpus
Christi, Texas Series 1992-A Certificate of Obligation In-
terest and Sinking Fund" is hereby created and shall be es-
tablished and maintained by the City at its official deposi-
-28-
tory. 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 prin-
cipal of said Certificates. Any accrued interest derived
from the sale of the Certificates shall be deposited to the
credit of said Interest and Sinking Fund. All ad valorem
taxes levied and collected for and on account of said Cer-
tificates shall be deposited, as collected, to the credit of
said Interest and Sinking Fund. During each year while any
of said Certificates are outstanding and unpaid, the govern-
ing body 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 allowances being made for
tax delinquencies and the cost of tax collections, which
will be sufficient to raise and produce the money required
to pay the interest on said Certificates as such interest
comes due, and to provide a sinking fund to pay the princi-
pal of said Certificates as such principal matures, or as
sinking fund redemption installments for the Term
Certificates come due, but never less than 2% of the
original amount of said Certificates as a sinking fund each
year. Said rate and amount of ad valorem tax is hereby
ordered to be levied against all taxable property in said
City for each year while any of said Certificates are
outstanding and unpaid, and said ad valorem tax shall be as-
sessed and collected each such year and deposited to the
credit of the aforesaid Interest and Sinking Fund. Said ad
-29-
valorem taxes necessary to pay the interest on and principal
of said Certificates, as such interest comes due and such
principal matures, are hereby levied and ordered to be
levied and pledged for such payment, within the limit
prescribed by law. Furthermore, there is hereby
appropriated from funds on deposit in the City's General
Fund, to the extent necessary, moneys to pay the interest on
said Certificates scheduled to be payable on September 1,
1992.
Section 9. REVENUES. That the Certificates of Obliga-
tion are additionally secured by and shall be payable from
the revenues from the operation of the Issuer's Marina
remaining after payment of all maintenance and operation
expenses thereof, and all other obligations now or hereafter
payable therefrom, constituting "Surplus Revenues". The
Surplus Revenues are pledged by the City pursuant to
authority of Subchapter D of Chapter 271, Texas Local
Government Code, and Section 1269j-4.1, Texas Revised Civil
Statutes. The Issuer shall deposit such Surplus Revenues to
the credit of the Interest and Sinking Fund created pursuant
to Section 8, to the extent necessary to pay the principal
and interest on the Certificates of Obligation. Notwith-
standing the requirements of Section 8, if Surplus Revenues
are actually on deposit or budgeted for deposit in the In-
terest and Sinking Fund in advance of the time when ad
valorem taxes are scheduled to be levied for any year, then
-30-
the amount of taxes which otherwise would have been required
to be levied pursuant to Section 8 may be reduced to the ex-
tent and by the amount of the Surplus Revenues then on de-
posit in the Interest and Sinking Fund or budgeted for de-
posit herein.
Section 10. TRANSFER. That the City shall do any and
all things necessary to accomplish the transfer of monies to
the Interest and Sinking Fund of this issue in ample time to
pay such items of principal and interest.
Section 11. SECURITY FOR FUNDS. That the Interest and
Sinking Fund 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 Fund shall
be used only for the purposes and in the manner permitted or
required by this Ordinance.
Section 12. DEFEASANCE OF CERTIFICATES. (a) That any
Certificate and the interest thereon shall be deemed to be
paid, retired, and no longer outstanding (a "Defeased Cer-
tificate") within the meaning of this Ordinance, except to
the extent provided in subsection (d) of this Section 12,
when payment of the principal of such Certificate, plus in-
terest 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
-31-
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 Pay-
ing 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 Certifi-
cate 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 principal and inter-
est 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 in-
vested 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 Cer-
tificates 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.
-32-
(c) The term "Government Obligations" as used in this
Section 12, 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 Treas-
ury obligations such as its State and Local Government Se-
ries, 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 pay
for such services as required by this Ordinance.
Section 13. DAMAGED, MUTILATED, LOST, STOLEN, OR DE-
STROYED CERTIFICATES. (a) Replacement Certificates. That
in the event any outstanding Certificate is damaged, muti-
lated, lost, stolen, or destroyed, the Paying
Agent/Registrar shall cause to be printed, executed, and de-
livered, a new certificate of the same principal amount, ma-
turity, 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,
stolen, or destroyed Certificates shall be made by the reg-
istered owner thereof to the Paying Agent/Registrar. In ev-
-33-
ery 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 re-
spect thereto. Also, in every case of loss, theft, or de-
struction of a Certificate, the registered owner shall fur-
nish 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 dam-
age or mutilation of a Certificate, the registered owner
shall surrender to the Paying Agent/Registrar for cancella-
tion 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
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 issu-
ing a replacement certificate, provided security or indemni-
ty 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 expens-
-34-
es 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 de-
stroyed shall constitute a contractual obligation of the
City whether or not the lost, stolen, or destroyed Certifi-
cate shall be found at any time, or be enforceable by any-
one, and shall be entitled to all the benefits of this Ordi-
nance 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 14. COVENANTS REGARDING TAX EXEMPTION. That
the City covenants to refrain from any action which would
adversely affect, or to take such action as to ensure, the
treatment of the Certificates of Obligation as obligations
described in Section 103 of the Code, the interest on which
-35-
is not includable in the "gross income" of the holder for
purposes of federal income taxation. In furtherance there-
of, the City covenants as follows:
(a) to take any action to assure that no more
than 10 percent of the proceeds of the Certificates of
Obligation (less amounts deposited to a reserve fund,
if any) are used for any "private business use," as de-
fined in section 141(b)(6) of the Code or, if more than
10 percent of the proceeds are so used, that amounts,
whether or not received by the City, with respect to
such private business use, do not, under the terms of
this Ordinance or any underlying arrangement, directly
or indirectly, secure or provide for the payment of
more than 10 percent of the debt service on the Certif-
icates of Obligation, in contravention of Section
141(b)(2) of the Code;
(b) to take any action to assure that in the
event that the "private business use" described in sub-
section (a) hereof exceeds 5 percent of the proceeds of
the Certificates of Obligation (less amounts deposited
into a reserve fund, if any) then the amount in excess
of 5 percent is used for a "private business use" which
is "related" and not "disproportionate", within the
meaning of Section 141(b) (3) of the Code, to the gov-
ernmental use;
-36-
(c) to take any action to assure that no amount
which is greater than the lesser of $5,000,000, or five
percent of the proceeds of the Certificates of Obliga-
tion (less amounts deposited into a reserve fund, if
any) is directly or indirectly used to finance loans to
persons, other than state or local governmental units,
in contravention of Section 141(c) of the Code;
(d) to refrain from taking any action which would
otherwise result in the Certificates•of Obligation be-
ing treated as "private activity certificates" within
the meaning of Section 141(b) of the Code;
(e) to refrain from taking any action that would
result in the Certificates of Obligation being "feder-
ally guaranteed" within the meaning of section 149(b)
of the Code;
(f) to refrain from using any portion of the pro-
ceeds of the Certificates of Obligation, directly or
indirectly, to acquire or to replace funds which were
used, directly or indirectly, to acquire investment
property (as defined in Section 148(b)(2) of the Code)
which produces a materially higher yield over the term
of the Certificates of Obligation, other than invest-
ment property acquired with --
(1) proceeds of the Certificates of Obliga-
tion invested for a reasonable temporary period of
three years or less or, in the case of a refunding
-37-
certificate, for a period of 30 days or less until
such proceeds are needed for the purpose for which
the certificates of obligation are issued,
(2) amounts invested in a bona fide debt
service fund, within the meaning of Section 1.103-
13(b)(12) of the Treasury Regulations, and
(3) amounts deposited in any reasonably re-
quired reserve or replacement fund to the extent
such amounts do not exceed 10 percent of the pro-
ceeds of the Certificates of Obligation;
(g) to otherwise restrict the use of the proceeds
of the Certificates of Obligation or amounts treated as
proceeds of the Certificates of Obligation, as may be
necessary, so that the Certificates of Obligation do
not otherwise contravene the requirements of Section
148 of the Code (relating to arbitrage) and, to the ex-
tent applicable, Section 149(d) of the Code (relating
to advance refundings);
(h) to pay to the United States of America at
least once during each five-year period (beginning on
the date of delivery of the Certificates of Obligation)
an amount that is at least equal to 90 percent of the
"Excess Earnings," within the meaning of Section 148(f)
of the Code and to pay to the United States of America,
not later than 60 days after the Certificates of Obli-
gation have been paid in full, 100 percent of the
-38-
Y
amount then required to be paid as a result of Excess
Earnings under Section 148(f) of the Code; and
(i) to maintain such records as will enable the
City to fulfill its responsibilities under this Section
and Section 148 of the Code and to retain such records
for at least six years following the final payment of
principal and interest on the Certificates of Obliga-
tion.
It is the understanding of the City that the covenants con-
tained herein are intended to assure compliance with the
Code and any regulations or rulings promulgated by the U.S.
Department of the Treasury pursuant thereto. In the event
that regulations or ruling are hereafter promulgated which
modify, or expand provisions of the Code, as applicable to
the Certificates of Obligation, the City will not be re-
quired to comply with any covenant contained herein to the
extent that such modification or expansion, in the opinion
of nationally -recognized certificate counsel, will not
adversely affect the exemption from federal income taxation
of interest on the Certificates of Obligation under Section
103 of the Code. In the event that regulations or rulings
are hereafter promulgated which impose additional
requirements which are applicable to the Certificates of
Obligation, the City agrees to comply with the additional
requirements to the extent necessary, in the opinion of
nationally -recognized certificate counsel, to preserve the
-39-
exemption from federal income taxation of interest on the
Certificates of Obligation under Section 103 of the Code.
In furtherance of such intention, the City hereby authorizes
and directs the Mayor, the City Manager and the Director of
Finance to execute any documents, certificates or reports
required by the Code, and to make such elections on behalf
of the City which may be permitted by the Code as are
consistent with the purpose for the issuance of the
Certificates of Obligation.
In order to facilitate compliance with the above
covenants (g), (h), and (i), a "Rebate Fund" is hereby
established by the City for the sole benefit of the United
States of America, and such Fund shall not be subject to the
claim of any other person, including without limitation the
bondholders. The Rebate Fund is established for the
additional purpose of compliance with Section 148 of the
Code.
Section 15. CUSTODY, APPROVAL, AND REGISTRATION OF
CERTIFICATES. That the Mayor of the City is hereby author-
ized to have control of the Certificates initially issued
and delivered hereunder and all necessary records and pro-
ceedings pertaining to the Certificates pending their deliv-
ery and their investigation, examination, and approval by
the Attorney General of the State of Texas, and their regis-
tration by the Comptroller of Public Accounts of the State
of Texas. Upon registration of the Certificates said Comp-
-40-
troller of Public Accounts (or a deputy designated in writ-
ing to act for said Comptroller) shall manually sign the
Comptroller's Registration Certificate attached to such Cer-
tificates, and the seal of said Comptroller shall be im-
pressed, or placed in facsimile, on such Comptroller's Reg-
istration Certificate.
Section 16. SALE. (a) That the Certificates are
hereby sold and shall be delivered to Dean Witter Reynolds
Inc. and Texas Commerce Bank National Association, the
Underwriters shown in the Purchase Contract of even date
herewith, for such purchase price as set forth in, and
pursuant to the terms and provisions of, said Purchase
Contract.
(b) That the City Manager of the City is hereby
authorized and directed to execute and deliver and the City
Secretary of the City is hereby authorized and directed to
attest said Purchase Contract, and all appropriate officials
of the City are authorized to take such additional and
further actions as shall be contemplated in or required by
said Purchase Contract in order to consummate the issuance
and delivery of the Certificates. It is hereby officially
found, determined, and declared that the terms of this sale
are the most advantageous reasonably obtainable. The
Certificates shall initially be registered in the name of
Dean Witter Reynolds Inc. or its designee.
-41-
(c) That the Official Statement dated April 2, 1992,
prepared in connection with the sale of the Certificates, is
hereby accepted, approved and authorized to be delivered in
executed form to the Underwriters. The use of the
"Preliminary Official Statement" prepared in connection with
the sale of the Certificates is hereby ratified.
(d) That the City Manager is hereby authorized and
directed to execute such documents as are necessary to
obtain a Municipal Bond New Issue Insurance Policy from
Financial Guaranty Insurance Company relating to the
Certificates. In connection with obtaining said Policy, the
City hereby approves the printing of a legend, supplied by
said Company, on each of the Certificates relating to the
terms and conditions of said Policy.
Section 17. PREAMBLE. The findings and preambles set
forth in this Ordinance are hereby incorporated into this
Ordinance and made a part hereof for all purposes.
Section 18. INTEREST EARNINGS. Interest earnings
derived from the investment of proceeds from the sale of the
Certificates shall be used along with other proceeds for the
construction of the permanent improvements set forth in
Section 1 hereof for which the Certificates are issued;
provided that after completion of such permanent
improvements, if any of such interest earnings remain on
hand, such interest earnings shall be deposited in the
Interest and Sinking Fund. It is further provided, however,
-42-
that any interest earnings on proceeds which are required to
be rebated to the United States of America pursuant to this
Ordinance in order to prevent the Certificates from being
arbitrage bonds shall be so rebated and not considered as
interest earnings for the purposes of this Section.
Section 19. CONFLICTING PROCEEDINGS. That all
ordinances and resolutions or parts thereof in conflict
herewith are hereby repealed.
Section 20. EFFECTIVENESS OF ORDINANCE. That this
Ordinance shall take effect and be in full force and effect
from and after the date of its passage, and it is so
ordained.
Section 21. OPEN MEETING. It is hereby officially
found and determined that the meeting at which this
Ordinance was passed was open to the public, and public
notice of the time, place and purpose of said meeting was
given, all as required by Article 6252-17, Vernon's
Annotated Texas Civil Statutes, as amended.
Section 22. WAIVER OF CHARTER RULE. That on request
of the Mayor to find and declare an emergency due to the
immediate need for the efficient and effective administra-
tion of City affairs by authorizing the issuance of the
above-mentioned Certificates, such finding of an emergency
is hereby specifically made and declared, requiring
suspension of the Charter rule as to consideration and
voting upon ordinances or resolutions at three regular
-43-
meetings so that this Ordinance be passed and take effect
upon first reading.
ADOPTED this 2nd day of April, 1992.
ATTEST:
a��a._+�...�
Mayor,' City
i
orpus Christi, Texas
City Secretary, City of &brpus Christi, Texas
(SEAL)
APPROVED AS TO FORM AND LEGALITY:
City
orpus Christi, Texas
-44-
THE STATE OF TEXAS
COUNTY OF NUECES .
CITY OF CORPUS CHRISTI .
I, the undersigned, City Secretary of the City of
Corpus Christi, Texas, do hereby certify that the above and
foregoing is a true, full and correct copy of an Ordinance
passed by the City Council of the City of Corpus Christi,
Texas (and of the minutes pertaining thereto) on the 2nd
day of April, 1992, authorizing the issuance of $500,000
Combination Tax and Marina Revenue Certificates of
Obligation, Series 1992-A, 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
2nd day of April, 1992.
City Secretary, City of corpus
Christi, Texas
(SEAL)
Corpus Christi, Texas
L day of
%
19
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance an emergency
exists requiring suspension of the Charter rule as to consideration and voting upon ordinances at
three regular meetings; I/we, therefore, request that you suspend said Charter rule and pass this
ordinance finally on the date it is introduced, or at the present meeting of the City Council.
Respectfully, Respectfully,
THE CITY OF CORPUS CHRISTI
Council Members
The above ordinance was passed by the following vote:
Mary Rhodes 1,Lt
Cezar Galindo 0,1?- ". ii,
Leo Guerrero ()I ,I xv t,
Betty Jean Longoria
�,
Edward A. Martin (,") C
n
Joe McComb ( lX`
Dr. David McNichols O,1: jt.t.i
Clif Moss
Mary Pat Slavik CU? 1t 1,1
045
021362