HomeMy WebLinkAbout025128 RES - 12/10/2002 RESOLUTION
APPROVING MORGAN STANLEY & CO. INCORPORATED AS DEALER FOR THE CITY'S
UTILITY SYSTEM COMMERCIAL PAPER NOTE PROGRAM,
SERIES B, AND AUTHORIZING THE CITY MANAGER
TO NEGOTIATE A DEALER AGREEMENT WITH SAID FIRM
WHEREAS, the City Council has determined to implement a commercial paper program to
provide interim financing for additions, improvements and extensions to City's Utility System in an
aggregate principal amount at any one time outstanding not to exceed $75,000,000 (the "Program");
and
WHEREAS, upon reviewing responses to a Request for Proposals distributed by the City and
its financial advisor to investment banking firms to serve as "Dealer" for the commercial paper notes to
be sold under the Program, staff recommends to the City Council that Morgan Stanley & Co.
Incorporated be retained to serve as Dealer for the Program;
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS THAT:
Section 1. The City Manager is hereby directed to negotiate and present to the City Council for
approval an agreement with Morgan Stanley & Co. Incorporated to serve as Dealer for the Program on
such terms as are mutually satisfactory to the City and Morgan Stanley & Co. Incorporated, with the fee
of Morgan Stanley & Co. Incorporated to serve as Dealer to be no greater than four basis points
(0.04%) per annum based on the average daily principal amount of commercial paper notes outstanding
under the terms of the Program.
Section 2. The City Manager is further directed to proceed with the preparation of all other
relevant documentation to present to the City Council for approval to implement the Program.
City Secretary Mayor
THE CITY OF CORPUS CHRISTI
Legal form approved ~ . O~, ,2002;
James R. Bray, Jr.
City Attorney
By:
Lisa Aguilar
Assistant City Attorney
0251
Corpus Christi, Texas
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Brent Chesney
Javier Colmenero
Henry Garrett
Bill Kelly
Rex A. Kinnison
John Longoria
Jesse Noyola
Mark Scott
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