HomeMy WebLinkAbout027127 RES - 01/23/2007CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS
COUNTIES OF NUECIS AND SAN PATRICIO
CITY OF CORPUS CHRISTI
On this the 23rd day o f January, 2007, 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 ( ooper.
Jerry Garcia.
Bill Kelly.
Rex A. Kinnison.
John Marez.
Jesse Novola.
Mark Scott
George K. Noe.
Mary Kay Fischer.
Cindy O'Brien.
:Armando Chapa,
Mayor
Councilmembers
City Manager.
City Attorney,
Director of Financial Services,
City Secretary
with r4 , _t_ 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. The resolution
was read by the City Secretary. The motion to pass the resolution was carried by the following vote.
AYES: AEI member' of the City Council shown present above voted
ye"
_
NAYS None.
ABSTAIN None.
The Mayor announced that the resolution had been passed. The resolution is as follows:
`'%127
\ 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 IN
AN AMOUNT NOT TO EXCEED $11,000,000; AND RESOLVING OTHER
MATTERS REL ATING'O THE SUBJECT
WHEREAS. the City of Corpus Christi expects to pay expenditures in connection with the
design. planning, acquisition and constriction 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 1.150-2 of'the U.S. Treasury Regulations, to reimburse itself for such payments at such
t erne 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 ofthe 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
('ORM IS 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 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 & Horton L.L.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
atier rhe date any expenditure which is to be reimbursed is paid.
Section 6. That the City has submitted an application to the Texas Military Preparedness
Commission (the "Commission") with respect to financing the facilities and improvements described
in the attached Notice of Intention. which application was approved by the Commission. The City
has been advised by the Commission that the Commission expects to purchase the proposed
Certificates of Obligation from the City with funds to be made available to the Commission by the
Texas Public Finance Authority ( the 'Authority" from the proceeds of bonds to be sold by the
Authority prior to the issuance of the proposed Certificates of Obligation. The City commits to sell
the proposed Certificates of Obligation to the Commission, provided that such commitment shall
expire if the Commission fails to purchase the proposed Certificates of Obligation within ninety (90)
days of the sale date for the proposed Certificates of Obligation as described in the attached Notice
of Intention.
Section 7 That all resolut ions or parts thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the 23rd day ofJanuary,2007.
Mayor, City of C/ rpus Christi, Texas
City Secretary, City of
Corpus Christi, Texas
APPROVED THIS THF 11_1* DAY Of JANUARY, 2007:
MARY KAY FISCHER CITY ATTORNEY
EXHIBIT A
NO" ICE, 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 (the "City"), 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 Surplus
1. tility System Revenue Certificates ofOhligation", for the purpose ofpaying contractual obligations
to be incurred by the City, to -wit, the reconstruction of Port Avenue from IH 37 to US 181
( including, without limitation, the construction of a protected left turn lane with sidewalk and
driveway improvements {hat are ADA compliant, associated land striping and pavement markings,
and required street lighting, underground water, wastewater and storm water system improvements);
the partial relocation of Flour Bluff Drive and land acquisition at Waldron Field (including, without
limitation, street construction, paved shoulders, pavement markings, and associated roadside
drainage); 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 13th day o f February, 2007 The maximum amount of Certificates of Obligation indebtedness
that may be authorized to be sold on said date for such purposes described above is $11,000,000.
The City Council presently proposes to provide for payment of said series (one or more) of
Certificates ofObligation from the levy oftaxes and from surplus revenues derived from the operation
0 f the City's utility system. The Certificates of Obligation are to be purchased by the Texas Military
Preparedness Commission (the "Commission") with moneys in the Texas Military Value Revolving
1 oan Fund in connection with prodding financial assistance to the City for a project that will enhance
the military value of a military facility located in. near. or adjacent to the City.
CITY OF CORPUS CHRISTI, TEXAS
is/ Henry Garrett
Mayor
Corpus Christi, Texas
t_ of ','U $1.1 , 2007
The above resolution was passed by the following vote:
Henry Garrett
Brent Chesney
Melody Cooper
Jerry Garcia
Bill Kelly
Rex A. Kinnison
John E. Marez
Jesse Noyola
Mark Scott
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