HomeMy WebLinkAbout024169 RES - 08/22/2000A RESOLUTION
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRIST1, TEXAS,
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION,
SERIES 2000; AND RESOLVING OTHER MATTERS RELATING TO THE
SUBJECT
WHEREAS, the City of Corpus Christi expects to pay expenditures in connection with the
design, planning, acquisition and construction of the projects described in Exhibit A to this
Resolution prior to the issuance of the Certificates of Obligation hereinafier 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 t. 150~2 of the U.S. Treasury Regulations, to reimburse itself for such payments at such
time as it issues the hereinafier 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 approve&
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 facilities and improvements 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.
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02zij. 69
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 expenditure which is to be reimbursed is paid.
SECTION 6. That all resolutions or parts thereof in conflict herewith are hereby repealed.
ATTEST:
Ar p
City Secrctary Mayor, The City of Co
ApPRovED TH S THE/g'4*DA¥ Or'/ .2000:
James R. Bray, Jr., City Attorney
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Corpus Christi, Texas
,2000
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Henry Garrett
Dr. Amold Gouzales
Rex A. Kinnison
Betty Jean Longoria
John Longoria
Mark Scott
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that it 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 of land and the construction of improvements to the City's solid waste facilities, the
construction of street and related drainage improvements, and the payment of fiscal, engineering and
legal fees incurred in connection therewith. The City Council tentatively proposes 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 12th day of September. 2000. The
m~ximum amount of Certificates of Obligation indebtedness that may be authorized to he sold on
said date for such purposes described above is $15,000,000. 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 derived from the operation of the City's solid waste system.
CITY OF CORPUS CHRISTI, TEXAS
Samuel L. Neal, Jr., Mayor
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