HomeMy WebLinkAbout022369 RES - 10/10/1995RESOLUTION
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS,
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND SOLID WASTE REVENUE CERTIFICATES OF
OBLIGATION, SERIES, 1995 IN THE ESTIMATED AMOUNT OF
$11,035,000; AND RESOLVING OTHER MATTERS RELATING TO THE
SUBJECT.
WHEREAS, the City of Corpus Christi expects to pay expenditures in connection with the
design, planning, acquisition and construction of the projects described in Exhibit A to this
resolution prior to the issuance of the Certificates of Obligation hereinafter described;
WHEREAS, the City Council hereby finds, considers and declares that the reimbursement
of the payment by the City of such expenditures will be appropriate and consistent with the lawful
objectives of the City and, as such, chooses to declare its intention, in accordance with the provisions
of Section 1.150-2 of the U.S. Treasury Regulations, to reimburse itself for such payments at such
time as it issues the hereinafter described Certificates of Obligation; and
WHEREAS, it is hereby officially found and determined that the the meeting at which this
resolution was considered was open to the public, and public notice of the time, place and purpose
of said meeting was given, all as required by Chapter 551, Texas Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS, THAT:
SECTION 1. Attached hereto and marked "Exhibit A" is a form of notice, the form and
substance of which are hereby passed and approved.
SECTION 2. The City Manager shall cause said notice to be published, in substantially the
form attached hereto, in the Corpus Christi Caller -Times, a newspaper of general circulation in the
City of Corpus Christi, Texas, for two consecutive weeks, the date of the first publication to be
before the fourteenth day before the day tentatively proposed for authorizing the issuance of the
Certificates of Obligation as shown in said notice.
SECTION 3. The City Manager is hereby authorized to retain the services of M. E. Allison
& Co., Inc. as Financial Advisor, and McCall, Parkhurst & Horton L.L.P. as Bond Counsel, in
connection with the issuance and sale of the proposed Certificates of Obligation.
SECTION 4. The facilities and improvements to be financed with proceeds from the
proposed Certificates of Obligation are to be used for the purposes described in the attached Notice
of Intention.
SECTION 5. All costs to be reimbursed pursuant to this Resolution will be capital
expenditures; the proposed Certificates of Obligation shall be issued within 18 months of the later
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of (i) the date the expenditures are paid or (ii) the date on which the property, with respect to which
such expenditures were made, is placed in service; and the foregoing notwithstanding, the
Certificates of Obligation will not be issued pursuant to this resolution on a date that is more than
three years after the date any expenditure which is to be reimbursed is paid.
SECTION 6. All resolutions or parts thereof in conflict herewith are hereby repealed.
ATTEST:
MAYOR
THE CITY • F CORPUS CHRISTI
APPROVED THIS THE 5TH DAY OF OCTOBER, 1995:
JAMES R. BRAY, JR., CITY ATTORNEY
API&N-r
Corpus Christi, Texas
( 0 day of O LIV bP r , 19 ` 5
The above resolution was passed by the following vote:
Mary Rhodes °P
Dr. Jack Best a4r
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
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NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of
Corpus Christi, Texas, to issue one or more series of the interest bearing certificates of obligation
of the City to be entitled "City of Corpus Christi, Texas Combination Tax and Solid Waste Revenue
Certificates of Obligation", for the purpose of paying contractual obligations to be incurred by the
City, to -wit, the construction of improvements and additions to the City's solid waste facilities, in
the estimated aggregate amount of $8,110,000, the construction of street improvements to provide
access to Texas A&M University - Corpus Christi, in the estimated aggregate amount of $2,315,000,
and the acquisition and installation of energy efficiency improvements to the City's Bayfront Plaza
Complex (Bayfront Plaza Convention Center, Auditorium, Art Museum, Harbor Playhouse and
Museum of Science and History), in the estimated aggregate principal amount of $610,000, and the
payment of fiscal, engineering and legal fees incurred in connection therewith. The City Council
tentatively proposes to authorize the issuance of said series (one or more) of Certificates of
Obligation at its regular meeting place in the City Hall at a meeting to commence at 2 o'clock, p.m.,
on the 12th day of December, 1995. The maximum amount of Certificates of Obligation
indebtedness that may be authorized to be sold on said date for such purposes described above is
$11,035,000. The city council presently proposes to provide for payment of said series (one or
more) of Certificates of Obligation from the levy of taxes and from surplus revenues derived from
the operation of the City's solid waste system.
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CITY OF CORPUS CHRISTI, TEXAS