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HomeMy WebLinkAbout023215 RES - 02/17/1998A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1998, NOT TO EXCEED $10,000,000; AND RESOLVING OTHER MATTERS RELATING TO THE SUBJECT. WHEREAS, the City of Corpus Christi expects to pay expenditures in connection with contractual obligations to be incurred for the purchase of equipment for authorized purposes, as 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 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 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 equipment 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. AG98/5000 416.vr February 16. 1998 MICI-WFILMEO 1) 32t5 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 expenditures which is to reimbursed is paid. SECTION 6. That all resolutions or parts thereof in conflict herewith are hereby repealed. PASSED AND APPROVED this the 17th day of February, 1998. ATTEST: 1 9 4/ City Secretary MAYOR THE CITY OF CORPUS CHRISTI Legal form approved the 17th day of February, 1998; James R. Bray, Jr., City Attorney By: Alison Ga , AssistanCity4Attorh( y AG98/5000.416.vr February 12, 1998 EXHIBIT A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that 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 Revenue Certificates of Obligation", for the purpose of paying contractual obligations to be incurred by the City, to -wit, the acquisition and installation of a central computer information system for use by the various municipal departments of the City, and the payment of fiscal, engineering and legal fees incurred in connection therewith. The City Council tentatively purposes 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 10th day of March, 1998. The maximum amount of Certificates of Obligation indebtedness that may be authorized to be sold on said date for such purposes described above is $10,000,000. 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. CITY OF CORPUS CHRISTI, TEXAS /s/ S. Loyd Neal Mayor AG98/5000.416.vr February 13, 1998 Corpus Christi, Texas /1Fh Day of ' Liyuil i , 19 (� The above resolution was passed by the following vote: Loyd Neal Javier Colmenero Melody Cooper Alex L. Garcia, Jr. Dr. Arnold Gonzales Betty Jean Longoria John Longoria Edward A. Martin Dr. David McNichols AG98/5000.416.vr February 12. 1998 absuti- 11'‘2,3‘-) .1. :J