HomeMy WebLinkAbout023670 ORD - 06/15/1999ORDINANCE AMENDING ORDINANCE NO. 023633 THAT AUTHORIZED
THE ISSUANCE AND SALE OF CITY OF CORPUS CHRISTI, TEXAS
UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2000
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
WHEREAS, on May 11, 1999, the City Council adopted Ordinance No. 023633 titled
"Ordinance Authorizing the Issuance and Sale of City of Corpus Christi, Texas Utility System
Revenue Refunding Bonds, Series 2000" (the "Ordinance"); and
WHEREAS, the Ordinance provided that an Authorized Representative (as defined in the
Ordinance) had the authority to sign a bond purchase agreement to refund certain designated bonds
(the "Refunded Bonds", as defined in the Ordinance), were the City to achieve a net present value
debt service savings in excess of $1,200,000; and
WHEREAS, the Underwriter named in the Ordinance has offered to purchase the bonds
authorized to be sold by the Ordinance (the "Series 2000 Bonds"), but in order to satisfy the stated
debt service savings standard as set forth in the Ordinance, it is necessary to exclude certain
maturities of the defined Refunded Bonds, to -wit, the bonds maturing in each of the years 2001 and
2002; and
WHEREAS, it is necessary to obtain municipal bond insurance to lower the interest cost
associated with the issuance of the Series 2000 Bonds, and therefore meet the desired savings level
that the City Council established in the Ordinance; and
WHEREAS, in order to meet the desired savings level that the City Council established in
the Ordinance, it is necessary and advisable to amend the definition of Refunded Bonds in the
Ordinance and incorporate certain conditions contained in the insurance commitment issued by
Financial Security Assurance Inc. ("FSA"), the bond insurer.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
Section I . That the Ordinance is hereby amended in the following manner:
(a) The term "Refunded Bonds" shall mean the Series 1990 Bonds maturing in each of the
years 2003 through 2010, inclusive, in the aggregate principal amount of $33,585,000.
(b) The conditions set forth in the insurance commitment issued by FSA under the heading
"Ordinance Requirements" are incorporated by reference into the Ordinance as if originally set forth
therein.
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In all other respects, the Ordinance remains in full force and effect.
Section 2. That the sale of the Series 2000 Bonds, in the aggregate principal of $34,740,000,
in accordance with the terms of the Purchase Contract, is hereby ratified and approved.
Section 3. That on request of the Mayor to find and declare an emergency due to the
immediate need for the efficient and effective administration of City affairs by authorizing the
issuance of the above-mentioned Series 2000 Bonds, such fmding of an emergency is hereby
specifically made and declared, requiring suspension of the Charter rule as to consideration and
voting upon ordinances or resolutions at two regular meetings so that this Ordinance be passed and
take effect upon first reading.
SIGNED AND SEALED THIS 15TH DAY OF JUNE, 1999.
Armando Chapa, City Secretary
(SEAL)
APPROVED AS TO FORM:
By:L.A 4.Ak _L4 ail
Alison Gall way, Assistant CiAttorney
Samuel L. Ne. , Jr., Mayor,
City of Corpus Christi, Texas
****************iii
THE STATE OF TEXAS
COUNTY OF NUECES
CITY OF CORPUS CHRISTI
I, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certify that
the above and foregoing is a true, full and correct copy of an Ordinance passed by the City Council
of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 15th day of June,
1999, authorizing the amendment of Ordinance No. 023633, adopted May 11, 1999, which
authorized the issuance of up to $45,000,000 Utility System Revenue Refunding Bonds, Series 2000,
which ordinance is duly of record in the minutes of said City Council, and said meeting 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.
EXECUTED UNDER MY HAND AND SEAL of said City, this the 15th day of June,1999.
ity Secretary, City :f Corpus
Christi, Texas
(SEAL)
Corpus Christi, Texas (�Q
t `) Day of , 19-F 1THE MEMBERS OFctiEMA—L)
CITY
COUNCIL
CIL
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: Uwe,
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:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Henry Garrett
Dr. Arnold Gonzales
Rex A. Kinnison
Betty Jean Longoria
John Longoria
Mark Scott
Samuel L. Neal, 7r., Mayor
City of Corpus Christi
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