HomeMy WebLinkAbout023861 RES - 11/30/1999A RESOLUTION
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS,
DIRECTING THE CITY MANAGER TO PROCEED IN PREPARING THE
NECESSARY DOCUMENTS AND TAKING OTHER MEASURES IN
CONNECTION WITH THE ISSUANCE OF GENERAL AIRPORT
REVENUE BONDS TO FINANCE IMPROVEMENTS AT CORPUS
CHRISTI INTERNATIONAL AIRPORT.
WHEREAS, the City of Corpus Christi (the "City") owns the Corpus Christi International
Airport, (the "Airport"); and
WHEREAS, the Airport is in the process of implementing a 5 -year capital improvements
program, which includes the reconstruction of the terminal building and related improvements at the
Airport (the "CIP"); and
WHEREAS, due to favorable economic conditions, the City finds it desirable to proceed
with issuing General Airport Revenue Bonds; and
WHEREAS, the issuance of the General Airport Revenue Bonds described above is
necessary to finance a portion of the CIP, and is herein referred to as the "financing plan"; and
WHEREAS, the City finds it necessary to issue General Airport Revenue Bonds, in one
or more series, to implement the financing plan described above; and
WHEREAS, it is anticipated that the principal amount of Airport Revenue Bonds to be
issued for the purpose of implementing the CIP would not exceed $36,600,000; 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 General Airport Revenue Bonds for paying the costs associated with
implementing the CIP; 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 the City Manager is hereby directed to proceed with the preparation of
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documents and the taking of other measures to implement the financing plan described in the
preamble to this Resolution including, without limitation, that General Airport Revenue Bonds be
sold through a negotiated sale, using a request for qualifications procedure to select underwriters,
and reporting back to City Council staffs recommendation for underwriters with respect to the
issuance of the General Airport Revenue Bonds.
SECTION 2. That the City Manager is hereby authorized to retain the services of M. E.
Allison & Co., Inc. as Financial Advisor, McCall, Parkhurst & Horton L.L.P. as Bond Counsel, and
John F. Brown Company as Airport Management Consultants in connection with the issuance and
sale of the proposed General Airport Revenue Bonds.
SECTION 3. That all costs to be reimbursed pursuant to this Resolution for necessary
construction and improvements to the Airport, particularly with respect to the CIP, will be capital
expenditures; the proposed General Airport Revenue Bonds 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
General Airport Revenue Bonds 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 4. That all resolutions or parts thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the 30th day of November, 1999.
Mayor, City of " orpus Christi, T
ATTEST:
City Secretary, City if
Corpus Christi, Texas
APPROVED THIS THE 30TH DAY OF NOVEMBER, 1999:
JAMES R. BRAY, JR., CITY ATTORNEY
Alison Gallaw
Assistant City Attorney
11. t EG-DIR\VERONICAWLISON.ORD99 700.AGORD99.765
Corpus Christi, Texas
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The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Javier Colmenero
Melody Cooper
Henry Garrett
Dr. Arnold Gonzales
Rex A. Kinnison
Betty Jean Longoria
John Longoria
Mark Scott
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