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Home My WebLink About026269 RES - 05/17/2005 CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTIES OF NUECES AND SAN PATRICIO CITY OF CORPUS CHRISTI On this the 17th day of May, 200S, the City Council of the City of Corpus Christi, Texas convened in Regular Meeting, with the following members of said City Council present, to-wit: Henry Garrett Brent Chesney, Melody Cooper, Jerry Garc ia, Bill Kelly, Rex A. Kinnison, John Marez, Jesse Noyola, Mark Scott George K. Noe, Mary Kay Fischer, Cindy O'Brien, Armando Chapa, Mayor C ouncihnembers City Manager, City Attorney, Director of Financial Services, City Secretary with ~ D absent, thus constituting a quorum, at which time the following among other business was transacted: City Manager George K. Noe presented for the consideration of the Council a resolution authorizing the publication of notice of intention to issue certificates of obligation for the Marina Development Project. The resolution was read by the City Secretary. The motion to pass the resolution was carried by the following vote. AYES: All members of the City Council shown present above voted "Aye". NAYS: None. ABSTAIN: None. The Mayor announced that the resolution had been passed. The resolution is as follows: 026269 A 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, (MARINA DEVELOPMENT PROJECT); AND RESOLVING OTHERMA TTERS RELATING TO THE SUBJECT WHEREAS, the City of Corpus Christi expects to pay expenditures in connection with the design, planning, acquisition and construction ofthe 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 1.1SO-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 SS I, Texas Government Code. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: Section I. That attached hereto and marked "Exhibit A" is 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 CO/pus 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 ofM. 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 0 r 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 oflntention. Section S. 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 ofthe 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 17th day of May, 200S. ATTEST. CityS~ Corpus Christi, Texas \ oiL. APPROVED THIS THE lA'H DAY OF MAY, 200S: MARY KAY FISCHER, CITY ATTORNEY 1~~ ~. A'55 i otl\....;t c...f) k~ 4 fvv c:".~ A -\tv m~ 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 ofthe 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 Marina Development Project, to-wit, the construction of improvements to the City's Marina facilities, including, without limitation, paying contractual obligations to be incurred with respect to the construction of new recreational boat slips, boaters facilitieslbathrooms and a new commercial dock on the People Street T -Head, 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 10:00 a.m., on the 14th day of June, 200S. The maximum amount of Certificates of Obligation indebtedness that may be authorized to be sold on said date for such purposes described above is $4,SOO,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 ofthe City's marina facilities. CITY OF CORPUS CHRISTI, TEXAS Isl Henry Garrett Mayor Corpus Christi, Texas 11-1>- Day of MPt ,2005 The above resolution was passed by the following vote: Henry Garrett ~ Brent Chesney ~~ Melody Cooper ~ Jerry Garcia (J1- Bill Kelly r>>t Rex Kinnison QJf John E. Marez 0Jf Jesse Noyola ~ Mark Scott Wit 026269 THE STATE OF TEXAS COUNTIES OF NUECES AND SAN PATRICIO CITY OF CORPUS CHRISTI I, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certifY that the above and foregoing is a true, full and correct copy of a resolution passed by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 17th day of May, 200S, authorizing the publication of noticc of intent to issue Combination Tax and Revenue Certificates of Obligation for the Marina Development Project, which resolution is duly of record in the minutes of said City Council, and 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 Texas Government Code, Chapter SS 1. EXECUTED UNDER MY HAND AND SEAL of said City, this the 17th day of May, 200S. us Christi, Texas (SEAL)