HomeMy WebLinkAbout021850 RES - 01/11/1994^T
A RESOLUTION
AUTHORIZING ACTIONS RELATED TO THE FINANCING
OF NEEDED WATER AND WASTEWATER CAPITAL
PROJECTS FOR THE CITY OF CORPUS CHRISTI
INCLUDING PREPARATION OF AN OFFICIAL STATEMENT
FOR COMBINED UTILITY REVENUE BONDS OF
APPROXIMATELY $11,140,000, APPLICATION TO THE
TEXAS WATER DEVELOPMENT BOARD STATE REVOLVING
FUND FOR WATER AND WASTEWATER PROJECTS OF
APPROXIMATELY $8,520,000, EMPLOYMENT OF BOND
COUNSEL AND FINANCIAL ADVISORS, AND
REIMBURSEMENT OF COSTS CONNECTED WITH THE SALE
OF COMBINED UTILITY REVENUE BONDS; AND
PROVIDING FOR SEVERABILITY
WHEREAS, there is a compelling need to promptly initiate and
complete improvements to Corpus Christi's water and wastewater
systems for the health and welfare of its citizens; and
WHEREAS, revenue bonds and low interest loans from the Texas
Water Development Board present the most economical and viable
methods for financing the needed improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
SECTION 1. The City Manager is hereby authorized to take all
actions necessary and convenient to proceed with the financing of
necessary improvements to the City of Corpus Christi's water and
wastewater components of its Utility System consistent with
applicable law including: preparation of an Official Statement for
Combined Utility Revenue Bonds of approximately $11,140,000;
application for funds from the Texas Water Development Board's
State Revolving Fund for Water and Wastewater Projects of
approximately $8,520,000; employment of McCall, Parkhurst & Horton,
L.L.P. as Bond Counsel and M. E. Allison & Co. as Financial
Advisors for the sale of Combined Utility Revenue Bonds and
services related to the TWDB application; and provision for
reimbursement of costs incurred in connection with the sale of
Combined Utility Revenue Bonds from proceeds of the sale of the
Bonds.
SECTION 2. The City Manager and the Mayor each is hereby
authorized to request the Texas Water Development Board ("TWDB")
grant financial assistance to the City for improvements and
extensions to the water and wastewater components of its Utility
System, including specifically, without limitation, taking any or
all of the following actions:
(a) to execute and submit to TWDB an application for
financial assistance;
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MILRUBLMEO,
(b) to make the required assurances to TWDB in accordance
with TWDB rules, regulations and policies; and
(c) to submit a certified copy of this Resolution as a part
of the application for financial assistance herein authorized to be
prepared and submitted to TWDB.
Bond counsel, financial advisor, and the consulting engineers named
in such TWDB application are hereby authorized to appear before
TWDB in support of such application and the projects therein
described.
Section 3. The City hereby finds that the nature of the
improvements proposed to be financed constitute a compelling need
for the City, and therefore, immediate consideration of the TWDB
application shall be requested.
Section 4. The City Manager and the City Director of Finance
each is hereby authorized to execute a statement expressing
official intent to reimburse the City for any costs incurred for
the above-described improvements and extensions, in such form as
recommended by bond counsel, to evidence the City's intent, in
accordance with the provisions of Section 1.150-2 of the Treasury
Regulations, to reimburse itself for such payments at such time as
it issues obligations to finance such improvements and extensions.
SECTION 5. If for any reason any section, paragraph,
subdivision, clause, phrase, word or provision of this ordinance
shall be held invalid or unconstitutional by final judgment of a
court of competent jurisdiction, it shall not affect any other
section, paragraph, subdivision, clause, phrase, word or provision
of this ordinance for it is the definite intent of this City
Council that every section, paragraph, subdivision, clause, phrase,
word or provision hereof be given full force and effect for its
purpose.
ATTEST:
City Secretary
APPROVED: ( DAY OF aativ,v i
JAMES R. BRAY, JR., CITY ATTORNEY
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MAYOR
CITY OCORPUS CHRISTI
19 qt -I
Corpus Christi, Texas
(1 day of
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, 19
The above resolution was passed by the following vote:
Mary Rhodes
Dr. Jack Best
Melody Cooper
Cezar Galindo
Betty Jean Longoria
Edward A. Martin
Dr. David McNichols
David Noyola
Clif Moss
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No
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