HomeMy WebLinkAbout021567 ORD - 02/16/1993AN ORDINANCE
ORDINANCE REAFFIRMING THE CONTRIBUTION OF TAX
INCREMENT FUND REVENUES IN SUPPORT OF OBLIGATIONS
ISSUED BY THE CITY FOR THE TEXAS STATE AQUARIUM AND
THE CORPUS CHRISTI MUSEUM; AND DECLARING AN
EMERGENCY.
WHEREAS, the "Reinvestment Zone Number One, City of Corpus Christi, Texas"
(the "Zone") was established within the City of Corpus Christi, Texas (the "City") in 1982;
and
WHEREAS, the City has adopted a Project Plan and Financing Plan with respect to
projects to be located within the Zone; and
WHEREAS, pursuant to the terms of the Second Amended Agreement by and
among the City, the Zone, Nueces County, the Nueces County Hospital District, the Corpus
Christi Independent School District, and the Corpus Christi Junior College District, the
parties thereto agreed that the issuance of bonds for the construction of the Texas State
Aquarium and construction of the Shipwreck Artifacts Expansion of the Corpus Christi
Museum would be amortized from the future income stream of the Zone (the "Tax
Increment Revenues"); and
WHEREAS, the City has issued its Combination Tax and Tax Increment Revenue
Certificates of Obligation, Series 1988 (Tax Increment Financing Zone Project) in support
of the construction of the Texas State Aquarium and construction of the Shipwreck Artifacts
Expansion of the Corpus Christi Museum (the "Series 1988 Certificates"); and
WHEREAS, the Tax Increment Revenues were pledged as part of the security for
the Series 1988 Certificates; and
WHEREAS, in order to achieve, inter alia, a debt service savings on the Series 1988
Certificates, the City has sold its General Improvement Refunding Bonds, Series 1993 (the
"Refunding Bonds"), a portion of the proceeds of which shall be used to refund certain of
the outstanding Series 1988 Certificates; and
WHEREAS, the City Council hereby finds and determines that it is desirable to
adopt this Ordinance to reaffirm the contribution of the revenues of the Zone in support
of obligations issued in support of the Texas State Aquarium and the Corpus Christi
Museum, including that portion of the Refunding Bonds allocable to the refunding of the
Series 1988 Certificates;
021567
IBOrdAqu.ajr
tdIentiutAED
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI THAT:
SECTION 1. The City Council hereby pledges with respect to the Refunding Bonds
that that portion of the proceeds thereof which are allocable to the refunding of the Series
1988 Certificates shall be paid first from the Tax Increment Revenues and shall be paid
from ad valorem taxes only to the extent the Tax Increment Revenues are insufficient for
payment of said allocated portion.
SECTION 2. The contributions received from the Zone in support of the Refunding
Bonds allocable to the refunding of the Series 1988 Certificates shall be deposited to the
credit of the Interest and Sinking Fund created for the benefit of the owners of the
Refunding Bonds.
SECTION 3. That upon written request of the Mayor or five Council members, copy
attached, to find and declare an emergency due to the need for immediate action necessary
for the efficient and effective administration of City affairs, such finding of an emergency
is made and declared requiring suspension of the Charter rule as to consideration and voting
upon ordinances at three regular meetings so that this ordinance is passed and shall take
effect upon first reading as an emergency measure this the ((c day of
i-,.brtne,c , 19 0
ATTEST:
Armando Chapa, City
retary
THE CITY OF CORPUS CHRISTI
MAYOR,`.MAR NODES
APPROVED: / a DAY OF gars. .y , 19 1 3
JAMES R. BRAY JR., CITY ATTORNEY
By:
JBOrdAqu.ajr
City
Attorney
if r i 1
CORPUS CHRISTI, TEXAS
I � day of R Acuin1 , 19 c13
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,
COUNCILMEMBERS
Respectfully,
The above ordinance was passed by the following vote:
Mary Rhodes l/� �-
Cezar Galindo Ckt.,
Lee-ettecrera
Betty Jean Longoria 0/I—
Edward A. Martin„ail
Joe McComb vv r
nn
Dr. David McNichols I,Rky
Clif Moss nity
Mary Pat Slavik (UAL
0215t7