HomeMy WebLinkAbout023692 RES - 07/13/1999RESOLUTION
AUTHORIZING THE CITY MANAGER TO EXECUTE AND SUBMIT
AN APPLICATION TO THE STATE INFRASTRUCTURE BANK
("SIB") FOR A LOAN IN THE AMOUNT OF $4,000,000 TO FINANCE
THE CITY'S SHARE OF THE JFK CAUSEWAY PROJECT, AND
FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE
FINANCIAL TERMS OF THE SIB LOAN FOR SUBMISSION TO THE
CITY COUNCIL FOR FINAL APPROVAL.
WHEREAS, local demands across the State for transportation improvements greatly
outnumber the funds available under traditional federal and state funding methods; and,
WHEREAS, the Texas Department of Transportation, through the State Infrastructure Bank
("SIB"), offers eligible cities money to borrow at reduced interest rates to accomplish local
transportation projects which meet SIB criteria for selection; and
WHEREAS, prompt commencement and completion of the JFK Causeway Project to
elevate the JFK Causeway is essential to the public health and safety of both local residents and to
the citizens of the State; and
WHEREAS, the City of Corpus Christi desires to make application to the SIB for available
funds to accomplish the project as soon as possible.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI THAT:
SECTION 1. The City Manager is hereby authorized to execute and submit an application
to the State Infrastructure Bank ("SIB") for a loan in the amount of $4,000,000 to finance the City's
share of the JFK Causeway Project.
SECTION 2. The City Manager is further authorized to negotiate financial terms of the SIB
loan to submit to the City Council for final approval.
9JRB0500.904
023692
ATTEST:
Armando Chapa
City Secretary
APPROVED THIS THE g DAY OF
James R. Bray, Jr., City Attorney
4 es IC41
9JRB0500.904
Samuel L. Ne. , Jr.
Mayor, The City of Corpus C
, 1999:
2
Corpus Christi, Texas
,1999
The above resolution 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
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