HomeMy WebLinkAbout022212 RES - 04/25/1995A RESOLUTION
AUTHORIZING ACTIONS RELATED TO THE FINANCING OF
NEEDED WATER AND WASTEWATER CAPITAL PROJECTS
FOR THE Cf1Y OP CORPUS CHRISTI INCLUDING
PREPARATION OF AN OFFICIAL STATEMENT FOR
COMBINED UTILITY SYSTEM REVENUE BONDS OF
APPROXIMATELY $14,730,000 FOR WATER PROJECTS AND
CERTAIN WASTEWATER PROJECTS; APPLICATION TO THE
TEXAS WATER DEVELOPMENT BOARD STATE REVOLVING
FUND OF APPROXIMATELY $27,640,000 FOR WASTEWATER
PROJECTS; EMPLOYMENT OF BOND COUNSEL AND
FINANCIAL ADVISORS; REIMBURSEMENT OF COSTS
CONNECTED WITH THE SALE OF COMBINED UTILITY
SYSTEM 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 System Revenue Bonds of approximately
$14,730,000; application for funds of approximately $27,640,000 from the Texas Water Development
Boards State Revolving Fund for Wastewater Projects; 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 System Revenue Bonds; and provision for reimbursement of costs incurred in connection with
the sale of Combined Utility System 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 wastewater components of its Utility System, including specifically, without
limitation, taking any of all of the following actions:
(a) to execute and submit to TWDB an application for financial assistance;
(b) to make the required assurances to TWDB in accordance with TWDB rules,
regulations and policies; and
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(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 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 judgement 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
M YO' • Y OF CORPUS CHRISTI
APPROVED: aI DAY OF At v: ( 19 C
JAMES R. BRAY, JR., CITY ATTORNEY
Corpus Christi, Texas
25 day of
apu
, 19 "N
The above resolution was passed by the following vote:
Mary Rhodes
Dr. Jack Best
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
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