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Home My WebLink About022438 ORD - 12/12/1995AN ORDINANCE APPROPRIATING $2,315,00 TO THE STREET CAPITAL IMPROVEMENT FUND NO. 567 FOR STREET IMPROVEMENTS, APPROPRIATING $8,110,000 TO THE PUBLIC HEALTH AND SAFETY CAPITAL IMPROVEMENT FUND NO. 537 FOR DISPOSAL NEEDS IN CLOSING THE ELLIOTT LANDFILL AND PREPARING FOR A NEW LANDFILL, AND APPROPRIATING $610,000 TO THE BAYFRONT ARTS AND SCIENCES PARK CAPITAL IMPROVEMENT FUND NO. 588 FOR THE THERMAL ENERGY STORAGE SYSTEM -ALL FROM THE PROCEEDS OF THE SALE OF $11,035,000 IN COMBINATION TAX AND SOLID WASTE REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995; APPROPRIATING $8,550,000 TO THE STREET CAPITAL IMPROVEMENT FUND NO. 568 FOR VOTER APPROVED STREET PROJECTS, AND APPROPRIATING $835,000 TO THE PARK AND RECREATION CAPITAL IMPROVEMENT FUND NO. 558 FOR VOTER - APPROVED PARK PROJECTS -ALL FROM THE PROCEEDS OF THE SALE OF $9,385,000 IN GENERAL IMPROVEMENT BONDS, SERIES 1995-B; AND DECLARING AN EMERGENCY. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. That there is hereby appropriated $2,315,000 to the Street Capital Improvement Fund No. 567 for street improvements from the proceeds of the sale of $11,035,000 in Combination Tax and Solid Waste Revenue Certificates of Obligation, Series 1995. SECTION 2. That there is hereby appropriated $8,110,000 to the Public Health and Safety Capital Improvement fund No. 537 for disposal needs in closing the Elliott Landfill and preparing for a new landfill from the proceeds of the sale of $11,035,000 in Combination Tax and Solid Waste Revenue Certificates of Obligation, Series 1995. SECTION 3. That there is hereby appropriated $610,000 to the Bayfront Arts and Sciences Park Capital Improvement Fund No. 588 for the Thermal Energy Storage System from the proceeds of the sale of $11,035,000 in Combination Tax and Solid Waste Revenue Certificates of Obligation, Series 1995. SECTION 4. That there is hereby appropriated $8,550,000 to the Street Capital Improvement Fund No. 568 for voter approved street projects from the proceeds of the sale of $9,385,000 in General Improvement Bonds, Series 1995-B. h:\leg-d it\veronica\al icon\ag5000.839 0221.38 tAtRatiltED SECTION 5. That there is hereby appropriated $835,000 to the Park and Recreation Capital Improvement Fund No. 558 for voter -approved park projects from the proceeds of the sale of $9,385,000 in General Improvement Bonds, Series 1995-B. SECTION 6. 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 ro consideration and voting upon ordinances at two regular meetings so that this ordinance is passed and shall take effect upon first reading as an emergency measure this theIZ day of N&eW\`2t.1r , 199. 1. ATTEST: City Secretary APPROVED: DAY OF -1)-( C. , 19ci 5 JAMES R. BRAY, JR., CITY ATTORNEY By LW,C\c--, t < Assistant City Attorney h:\leg-dir\veronica\al ison\ag5000.839 MAYO THE ITY F CORPUS CHRISTI Corpus Christi, Texas CZ Day of CC ,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 two 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, Council Members The above ordinance 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 A. McNichols h:\leg-di r\veronica\al ison\ag5000.839 THE CI '1 Y OF CORPUS CHRISTI CUT O2 4J8 CITY OF CORPUS CHRISTI, TEXAS CERTIFICATION OF FUNDS (City Charter Article IV Section 21) December 8, 1995 11,035,000 I certify to the City Council that $ , the amount required for the contract, agreement, obligation or expenditures contemplated in the above and foregoing ordinance is in the Treasury of the City of Corpus Christi to the credit of: Fund M. and Name Project No. 567 Street 1995 Bond Fund ($2,315,000) 537 Public Health & Safety 1995 Bd Fd ($8,110,000) Project Name 588 Bayfront Arts/Science 1995 Bd Fd ($610,000) from which it is proposed to be drawn, and such money is not appropriated for any other purpose. Source: Combination Tax and Solid Waste Revenue Certificates of Obligation Series 1995 (Funds to be allocated to specific projects per adopted I'Y 95-96 Capital Budget) Pcndanf{ Oanti opprcvaI of bc-nd 5Ci('L �f'1I$115 FIN 2-55 Revised 7/31/69 (4, 191'5 Director of Finance CITY OF CORPUS CHRISTI, TEXAS CERTIFICATION OF FUNDS (City Charter Article IV Section 21) December 8. 1995 9,385,000 I certify to the City Council that $ , the amount required for the contract, agreement, obligation or expenditures contemplated in the above and foregoing ordinance is in the Treasury of the City of Corpus Christi to the credit of: Fund NO. and Name Project No. 568 Street 19956 Bond Fund ($8,550,000) 558 Park 19956 Bond Fund ($835,000) Project Name frau which it is proposed to be drawn, and such money is rot appropriated for any other purpose. Source: General Improvement Bonds Series 1995B (Funds to be allocated to specific projects per adopted FY 95-96 Capital Budget) and unCiI alp roved O1 6cnd sate. FIN 2-55 Revised 7/31/69 i021 s/ , 19yt' Director of Finance OFFICIAL BID FORM $11,035,000 CITY OF CORPUS CHRISTI, TEXAS Combination Tax and Solid Waste Revenue Certificates of Obligation, Series 1995 The City of Corpus Christi 1201 Leopard Corpus Christi, Texas 78401 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated November 15, 1995, which are made a part of this proposal by references, we hereby submit the following bid for $11,035,000 City of Corpus Christi, Texas Combination Tax and Solid Waste Revenue Certificates of Obligation, Series 1995, dated December 1, 1995. For your legally issued Certificates, as described in said Official Statement, we will pay you par and accrued interest from date of the Certificates to the date of delivery to us, plus a cash premium of $'C — for Certificates maturing and bearing interest as follows: $375,000 March 1, 1997 re .75- % 400,000 March 1, 1998 % 400,000 March 1, 1999 % 450,000 March 1, 2000 % 475,000 March 1, 2001 % 500,000 March 1, 2002 % 525,000 March 1, 2003o 555,000 March 1, 2004 fy oma% 580,000 March 1, 2005 - °o 525,000 March 1, 2006 % $550,000 March 1, 2007 575,000 March 1, 2008 'L ?o% 625,000 March 1, 2009 650,000 March 1, 2010�'0% 700,000 March 1, 2011 725,000 March 1, 2012 3Jo% 775,000 March 1, 2013 1_____s_14-19- 800,000 March 1, 2014 850,000 March 1, 2015 S. z-='% .L.7 Interest in accordance with the above bid is: '/O Gross Interest Cost Less: Premium Net Interest Cost Effective Interest Rate $k 6 Q3. ci'' / $�,4,gs6,zd3 7_itO Cashier's Check of the Frost Bank: Austin, Tx. in the amount of $220,700 which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale". Upon delivery of the Certificates, said check shall be returned to the Purchaser. We areepving th&Certificates of the following m turitiess insured byea" ata premium of $ �i paid to rating agencies). 444— (excluding fees Merrill L nch.. Pierce, Fenner & Smith The initial Certificates shall be registered in rtne name o t on forms to be provided by the Paying (Syndicate Manager). We will advise the Dallas, Texas office of the Texas Commerce Bank NationalfRgist ar, 000, the Paying Agent/Registrar,u ent e Agent/Registrar to accept Agent/Registrar, of our registration instructions at least five business days prior to the date set for initial not any registration s instructions uct ons afterof the s this fis. veedaylperiod ask the PayingAg /R gi We agree to accept delivery of and make payment for the Certificates in immediately available funds at Texas Commerce Bank National Association, San Antonio, Texas, not later than 10:00 a.m., San Antonio, Texas time on January 16, 1996, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of initiale relating to the delivery forme and to effect attached to orlac accompanying the Official e price" of the Certificates inNotice of Sale, with such changes thereto as may be acceptable to the City. We agree to provide in writing the initial reoffering price to the Financial Advisor not win award of the Certificates. later than the close of the next business day follo g Respectively submitted, Merrill Lynch & Co. 6-7S SEE ATTACHED LIST OF MEMBERS) 5 - (Authorized Representative) ,Zs Zo CLAUSE CLAUSE The above and foregoing bid is hereby in all things accepted by the City of Corpus Christi, Texas, subject to and in accordance with the Official Notice of Sale and Official Bid Form, this the 12th day of December, 1995. ATTEST �,(c1S,lozSi.l3 Mayor, Cit3,.fy — Cityrecretary, City o orpus hristi, Texas Return Good Faith Check is hereby acknowledged: Firm: By: Date: Christi, Texas Inc.