HomeMy WebLinkAbout025788 RES - 06/08/2004A RESOLUTION
BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION TO
ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2004; 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 hereinafter 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
1_150 2 of the U.S. Treasury Regulations, to reimburse itself
for such payments at such time as it issues the hereinafter
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"
a form of notice, the form and substance of which are hereby
passed and approved.
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& Ho~onL.h.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.
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.
PASSED AND APPROVED this the
City Secretary, City of
Corpus Christi, Texas
Mayor
City of Corpus Christi,
Texas
APPROVED THIS THE/H DAY OF JUNE, 2004:
MARY KAY FISCHER, CITY ATTORNEY
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 with respect to the City's solid waste facilities, to-wit,
the construction of improvements to the City's solid waste
facilities, including, without limitation, paying contractual
obligations to be incurred with respect to the development of
the Cefe Valenzuela landfill in the vicinity of County Road 57
and FM 2444 and the construction of a drainage culvert south of
said landfill site at FM 70 relating to the development of said
landfill, 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 9 o'clock, a.m., on
the 29th day of June, 2004. The maximum amount of Certificates
of Obligation indebtedness that may be authorized to be sold on
said date for such purposes described above is $7,500,000. 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
/s/ Samuel L. Neal, Jr.
Mayor
Corpus Christi, Texas
,2004
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Brent Chesney
Javier D. Colmenero
Melody Cooper
Henry Garrett
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark ScoIt