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Home My WebLink About022498 RES - 02/27/1996RESOLUTION AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE AN AGREEMENT BETWEEN THE TEXAS STATE AQUARIUM ASSOCIATION AND THE CITY OF CORPUS CHRISTI FOR TRANSFER OF AQUARIUM ADMISSIONS IN SUPPORT OF CERTIFICATES OF OBLIGATION ISSUED BY THE CITY NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, THAT: The City Manager, or his Designee, is hereby authorized to execute the "Agreement Between The Texas State Aquarium Association and the City of Corpus Christi For Transfer Of Aquarium Admissions In Support Of Certificates Of Obligation Issued By The City," a substantial copy of which is attached as Exhibit A and incorporated herein. City Secretary MAYOR THE CIT APPROVED THIS THE 23RD DAY OF FEBRUARY, 1996. JAMES R. BRAY, JR., CITY ATTORNEY CORPUS CHRISTI 022198 mienf a_Ne Corpus Christi, Texas day of 14 h,r �. , 19 c'ai 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 022 198 2 AGREEMENT BETWEEN THE TEXAS STATE AQUARIUM ASSOCIATION AND THE CITY OF CORPUS CHRISTI FOR TRANSFER OF AQUARIUM ADMISSIONS IN SUPPORT OF CERTIFICATES OF OBLIGATION ISSUED BY THE CITY WHEREAS, in 1988 the City of Corpus Christi ("the City") and the Texas State Aquarium Association ("the Association") agreed that the City would purchase from the Association for $10,000,000, payable from the proceeds of certain certificates of obligation, an aquarium building and land ("the Aquarium Property"), and that such land would be leased back to the Association to be operated as an Aquarium and Sea Life Park for educational and scientific purposes to the benefit of the public; and WHEREAS, the Aquarium Property has been operated by the Association since its completion in 1990 as the Texas State Aquarium ("the Aquarium") for the mutual benefit of the City and the Aquarium in carrying out their public purposes; and WHEREAS, the Texas Legislature designated said aquarium facility to be operated by the Association as the Official Aquarium of the State of Texas; and WHEREAS, the Aquarium serves important public purposes of the City, including educational, scientific, museum, and zoological, and is also a vital part of the City's facilities to promote economic development and health through the visitor and convention industries; and WHEREAS, the Association was created for the purpose of supporting an educational undertaking: to establish, support and maintain zoological parks, gardens or other collections for the promotion of zoology and other kindred subjects, to increase and diffuse the knowledge and appreciation of this science and to develop and provide opportunities for aesthetic enjoyment; and to these ends to establish and maintain in the Corpus Christi area an aquarium, zoo and botanical garden; and WHEREAS, the Association owns certain assets in addition to the Aquarium Lease which it has acquired to further the development of the Aquarium as an aquarium, zoo and botanical garden, which assets include approximately 169,466 square feet of land with an appraised value of $1,958,000, the Sea Lab Building with an appraised value of $198,000, the Mobile Aquarium with an appraised value of $400,000, and the Turtle Exhibit with an appraised value of $1,095,000 (collectively "the Association Property"); and WHEREAS, the City desires to purchase the Association Property to secure for public ownership property vital to the public purposes for which the City purchased the Aquarium Property; and WHEREAS, certain improvements to the Aquarium Property are essential to keep the Aquarium operational, to reduce future costs, and to support the continuing ability of the Aquarium to serve the public purposes for which it was created; and EXHIBIT A WHEREAS, additional attractions at the Aquarium are required to maintain visitor interest and to increase aquarium revenues to enable the Aquarium to continue to serve the public purposes for which it was created; and WHEREAS, it is proposed that certificates of obligation be issued by the City in an amount not to exceed $4,400,000, for (1) purchase of the Association Property, (2) capital improvements to existing facilities, and (3) design costs for Phase II of the Aquarium; and WHEREAS, the City and the Association will both be mutually benefitted by the proposed arrangements in carrying out their respective public and corporate purposes in connection with the Aquarium. NOW, THEREFORE, PREMISES CONSIDERED, the City and the Association agree: 1. The City will consider, in its discretion, issuing certificates of obligation for the purposes recited above in an amount not to exceed $4,400,000. 2. If the City should sell said certificates of obligation for any or all of the purposes recited above, the parties hereto agree that the City shall receive, out of revenues from admissions to the Aquarium, established at the level as shown on Exhibit A hereto, the amounts shown on Exhibit B hereto. The City agrees to use such amounts solely for the purpose of paying debt service payments on the certificates. The City shall receive the revenues hereinbefore described from the Association 30 days in advance of any such payment being due to be paid by the City on the certificates of obligation. EXECUTED in duplicate originals this the day of , 1996, by the authorized representatives of the parties. ATTEST: TEXAS STATE AQUARIUM ASSOCIATION By Secretary ATTEST: Armando Chapa City Secretary Paul C. Pearson III Chairman, Board of Trustees Juan Garza City Manager APPROVED THIS 23RD DAY OF FEBRUARY, 1996: James R. Bray, Jr., City Attorney EXHIBIT A 23 February 1996 Dear Rosie: Our current admission fee schedule is as follows: Adults $ 8.00 Seniors/Active Military $ 5.75 Youth (Age 12-17) $ 5.75 Children (Age 4-11) $ 4.50 Under Age 4 Free Group discounts are available. Should you need additional information, please feel free to call me at 881-1218. Sincerely, k C. D. Smith Chief Operating Officer Texas State Aquarium EXHIBIT A DATE CITE OF CCWUV cHWISI, Comb Tei k Aquarius. Leased:in/14 : Certificates of Obliest;on, Series 1996 PEO; SERVICE SCHEDULE PRINCLPAL 000P011 9/ 1/96 3/ 1/97 9/ 1/97 3/ 1/96 9/ 1/90 3/ 1/99 9/ 1/99 3/ 1/ 0 9/ 1/ 0 3/ 11 1 9/ 1/ 1 3/ 1/2 o/ 1/ 7 3/ 1/3 9/ 1/ '1 3! 1/ 4 9/ 1/ 4 9/ 115 9/ 1/ 5 3/ 1/ A 9/ 1/ A 3/ 1/ 7 9/ 1/ '7 3/ 1/ 5 9/1/8 3/ 1/ 9 9/ 1/ 9 3/ 1/10 9/ 1/1D 31 1/11 9/ 1/11 X/ 1/12 9/ 1/1'2.. 1/ 1/13 9/ 1/13 3/ 1/14 9/ 1/14 3/ 1/15 9/ 1/1S 3/ 1/16 ACCRUED 126,000.0 125,000.00 150,000.00 150:,000.00 150,000.00 175,000.00 171,000.00 175,000.00 200,000.00 200, 001.00 125,000.00 225,000.00 250,900.00 750,000.00 275, 000.00 5.400000 5.400000 5.400000 5.40#:000 5.600000 175,000.00 300.000.00 300,000.00 323,000.00 350,000.00 4,400,003.00 4,400,000.00 \eft.IRMIMMR,W. 5.00000 5.409000 5.400000 S.400000 5.400000 natui 3/ 1/04 uith nul ncrrvl Years Average Coupon AvsrtOa Life 1C % 7 1 C Vraporar by, N. P.. Altie,.n k Co., 1nc. 5.600000 5.403000 3.400000 3.400000 s.400OOC 5.400000 3.400000 5.400000 5.4000%!0 5.4000010 IN'15.RUS0 PERIOD TO7AL FISC:.I. TOTAL 112,Rn0.00 243,500.00 367.,600.00 115,425.00 240,425.00 355,850.00 11x,050.00 2A7,n50.00 314,100.00 103,000.00 258,000.00 166,006,00 101,950.00 253,950.00 157,900.00 99,900.00 274,000.00 3/4,800.00 55,175.00 270,175.00 365,350.00 90,450.00 265,450.00 355,900.0) 8';,725.00 265,725.00 171,450.00 00,325.00 200,.325.00 360,650.00 74,925.00 299,925.00 374,855.06 69,550.00 293,850.0u 362,700,00 62,775.00 312,775.00 yti,is0.00 56,025.00 306,075.50 362,050.00 4'0,275.00 324,275.00 373,550.00 41,550.00 41.050.00 41,850.00 116,080.00 358,700.00 34,425.00 34,425.00 34,425.00 334,425.00 560,850.00 76,325.00 26,325.00 ?352,6!30.05 26,:12`•5.00 326,325.00 10.225.00 18,275.00 18,725.00 543,225.00 361,45(1.00 9,450.40 9,650.00 9,450.00 359,450.00 368,900.00 118,500.00 118,400.00 113,475.00 115,425.00 117,030.011 112,050.00 106,000.00 108,000.00 403,950.00 105,930.00 99,900.00 99,900.00 95,175.00 95,1/5.00 90,450.00 90,450.00 a5.72'a.a6 85,725.00 80,375.00 80,375.00 74,925.110 74,925.00 6„050.00 68,8''0.00 67,775.00 fr:!,775.On 56,075.00 56,025.00 49,275.00 49,275.00 2,003,850.00 7,3033,550.00 2,voz,8So.co 2,30:1,050.011 Ja.YYi,i4f rzner. nFr. ;very of 3/ 1/96 53,7755.000 5.400000 12_721501 5.400000 X Using 100.0000000 5.400000 X Fra De:ivurY Duty Micro -Muni Debt Date, 02-13-1976 N 09:29:51 Filanemo: CC” Kuy: AQY6 Thia schedule is subject to revision based on the final interest rate at the time of sale. EXHIBIT B