HomeMy WebLinkAbout022479 RES - 01/30/1996A RESOLUTION
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS,
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND TEXAS STATE AQUARIUM REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1996; 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; and
WHEREAS, the City Council hereby finds, considers and declares that the reimbursement
of the payment by the City of such expenditure 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 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:
SECTION 1. That attached hereto and marked "Exhibit A" is a form of notice, the form and
substance of which are hereby passed and approved.
SECTION 2. That 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. That 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. That 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.
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022179 iniCallige
SECTION 5. That 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
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. That all resolutions or parts thereof in conflict herewith are hereby repealed.
^^ INTRODUCED AND PASSED by the City Council of the City of Corpus Christi, Texas,
this9U day of i41) , 1996.
ATTEST:
City Secretary, City of Corpus Christi, Texas
The foregoing Resolution was approved prior to passage as to form and correctness this the
day of )-CLAW Q LA, , 1996.
By: L.
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James R. Bray
City Attorney
Alison Gallawfiy
Assistant City Attorney
Corpus Christi, Texas
3L Day of ICM4 19CUP
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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022479
EXHIBIT A
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 Texas State Aquarium
Revenue Certificates of Obligation", for the purpose of paying contractual obligations to be incurred
by the City, to -wit, the acquisition of facilities, land, and improvements for aquarium purposes, and
construction and rehabilitation of improvements and additions to certain of the facilities that
comprise the Texas State Aquarium, 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 27th day of February, 1996. The maximum amount
of Certificates of Obligation indebtedness that may be authorized to be sold on said date for such
purposes described above is $4,400,000.00. 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
revenues derived from the operation of the Texas State Aquarium.
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CITY OF CORPUS CHRISTI, TEXAS
Mayor