HomeMy WebLinkAbout025559 RES - 11/11/2003 RESOLUTION APPROVING THE RESOLUTION
BY THE NORTH PADRE ISLAND DEVELOPMENT CORPORATION
AUTHORIZING THE ISSUANCE OF SERIES 2003A BONDS
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2.5 MILLION
WHEREAS, North Padre Island Development Corporation (the "Corporation") was created
under the auspices of the City of Corpus Christi, Texas (the "City"); and
WHEREAS, the Corporation was created in part for the purpose of assisting the
Reinvestment Zone Number Two, City of Corpus Christi, Texas (the "Zone") in implementing the
"Project and Financing Plan" with respect to the economic development of property within the Zone;
and
WHEREAS, the Corporation by resolution adopted November 11, 2003 authorized the
issuance of the hereinafter described bonds for the purposes described in said resolution; and
WHEREAS, it is deemed necessary and adv/sable that this Resolution be adopted.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI THAT:
Section 1, The resolution (the "Resolution") adopted by the Corporation, in substantially the
form and substance as attached to this Resolution and made a part hereof for all purposes, is hereby
approved, and tax increment contract revenue bonds in a principal amount not to exceed $2,500,000
(the "Bonds"), may be issued for the purpose o£providing all or a portion of the cost of the project
as specified in the Resolution (the "Project"); and said Resolution, Bonds and Project are hereby
approved.
Section 2 This Resolution shall be effective immediately from and after its passage.
CERTIHCATE FOR RESOLUTION
~ STATE OF TEXAS
~£OUNTI~S OF ~ES AND SAN PATRIClO
CITY OF CORPUS CHRISTI
We, the undersigned officers of said City, hereby certify as foUows:
1. The City Council of said City convened in REGULAR MEETING ON THE 1 ITH DAY
OF NOVEMBER, 2003, at the City Hall, and the roll was called of the duly constituted officers and
members of smd City Council, to-wit: '
Samuel L Neal, Jr.
Brent Chesney,
Javier D. Colmenero,
Henry Garrett,
Bill Kelly,
Melody Cooper,
J~sse N6~/ola,
Mark Scott
G-~orge K. Noe,
Jay Reining,
Constance Sanchez,
Armando Chapa,
Mayor
Councilmembers
City Manager,
Acting City Attorney,
Acting Director of Financial Serv/ces,
City Secretary
and all of said persons were present, except the foUowing absentees: none, thus constituting a
quorum. Whereupon, among other business, the following was transacted at said Meeting: a written
RESOLUTION APPROVING THE RESOLUTION
AUTHORIZING THE ISSUANCE OF BONDS BY THE
NORTH PADRE ISLAND DEVELOPMENT CORPORATION
was duly inU'oduced for the consideration of said City Council and read in full. It was then duly
moved and seconded that said Resolution be passed; and, after due discussion, said motion camTing
with it the passage of said Resolution, prevailed and carried by the following vote:
AYES: 7
NOES: 0 (Gar'rett and Kelly abstain)
2. That a true, full and correct copy of the aforesaid Resolution passed at the Meeting
described in the above and foregoing paragraph is attached to and follows this Certificate; that said
Resolution has been duly recorded in said City Council's minutes of said Meeting; that the above and
foregoing paragraph is a true, full and correct excerpt from said City Council's minutes of said
Meeting pertaining to the passage of said Resolution; that the persons nmned in the above and fore-
going paragraph are the duly chosen, qualified and acting officers and members of said City Council
as indicated therein; that each of the officers and members of said City Council was duly and
sufficiently notified officially and personally, in advance, of the time, place and purpose of the
aforesaid Meeting, and that said Resolution would be introduced and considered for passage at said
Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting
for such purpose, and that 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 Govermnent Code.
SIGNED AND SEALED the 1 lth day of November, 2003.
City Secretary
SEAL
Javier D. Colmenero
Melody Coo~er
Henry Garret!
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
Corpus Chrisli, Texas
,20 tS~
The above resolution was passed by the followin~ vote:
Samuel L. Neal, Jr. ~y,
Brent Chesney ~(](25~