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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 1 _ 1 '7