HomeMy WebLinkAbout026565 ORD - 12/13/2005
ORDINANCE
SPECIFYING THE PAYMENT OF THE ASSESSMENT TO EACH
PROPERTY OWNER TO BE PAID WITH REGULAR YEARLY
INSTALLMENTS OVER A PERIOD OF TEN (10) YEARS AT AN
INTEREST RATE NOT TO EXCEED ONE-HALF (Yz) OF ONE (1)
PERCENT HIGHER THAN THE ACTUAL INTEREST RATE PAID
ON THE PUBLIC DEBT USED TO FINANCE THE
IMPROVEMENTS.
WHEREAS, the creation of the Rodd Field Public Improvement District (District)
was authorized by Resolution No. 024261 and Ordinance No. 025496;
WHEREAS, the proposed assessment amount tor the owners ot the property in
the Rodd Field Public Improvement District was determined to be $790,300 and
included in Ordinance No. 025496;
WHEREAS, with proper notice to the public and to the property owners in the
district under Sec. 372.016 Texas Local Government Code, a public hearing was
held on Tuesday November 15, 2005, during a meeting ot the City Council, in the
Council Chambers, at City Hall, in the City ot Corpus Christi, during which all
interested persons were allowed to appear and raise any objections to the
proposed assessment:
WHEREAS, the proposed method ot payment will be by installment in amounts
necessary to meet annual costs tor improvements and will continue tor a period
necessary to retire the indebtedness on the improvements, all in compliance with
Sec. 372.017 (b) Texas Local Government Code;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
SECTION 1. That the assessment amount ot $790,300.00, established by
Ordinance No. 025496 for public improvements within the District, is to be paid
by each property owner within the District by using a regular yearly installment
method over a period ot ten (10) years. The interest rate is not to exceed one-
half (% ) of one (1) percent higher than the actual interest rate paid on the public
debt used to finance the improvements.
ORD-RoddDist-3.doc
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That the toregoing ordi'lClnce was ~~me and passed to its second
reading on this the ~day ot ,2005, by the tollowing vote:
Henry Garrett ; Bill Kelly ;
Brent Chesney Rex A. Kinnison
John E. Marez ; Jesse Noyola ~
Melody Cooper Mark Scott
Jerry Garcia ~
That the tor~going ordinance wa~d tor the second time and passed finally on
this the J 3~ day ot ~ {'J' J...b- , 2005, by the tollowing vote
Henry Garrett
Bill Kelly
~
4
~
Brent Chesney
Rex A. Kinnison
Melody Cooper
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~
Jesse Noyola
John E. Marez
Mark Scott
Jerry Garcia
PASSED AND APPROVED, this the
r~dayoJk~
,2005.
ATTEST:
CITY F CORPUS CHRISTI
~
tic :.. ---
Armando Chapa ..
City Secreta ry
Approved as to form Ai !).hi'! I';; 2005
By:
.'0. (~_
Josef>h Harne
Assistant City Attorney
For City Attorney
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