HomeMy WebLinkAbout027128 RES - 01/23/2007CERTIFICATE FOR RESOLUTION
THE STATE Of TEXAS
COUNTIES OF NUECES AND SAN PATRICIO
CITY OF CORM 'S CHRISTI
On this the 23rd day of 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 Mayor
Brent Chesney.
Melody Cooper,
Jerry Garcia.
Bill Kelly Councilmembers
Rex A. Kinnison,
John Marez,
Jesse Noyola,
Mark Scott
George K. Noe. City Manager.
Mary Kay Fischer. : City Attorney,
Cindy O'Brien. Director of Financial Services,
Armando Chapa, : City Secretary
with LOUpe 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.
\YES: AR members of the City Council shown present above voted
"Ave
\JAYS: Nene.
\BSTAIN: None.
I'he Mayor announced thai the resolution had been passed. The resolution is as follows:
627128
A RESOLUTION
BY THE CITY COUN( IL OF THE CITY OF CORPUS CHRISTI, TEXAS,
DIRECTING THE CITY MANAGER TO PROCEED WITH PREPARING
NECESSARY DOCUM EN TS TO EFFECT THE SALE OF GENERAL
IMPROVEMENT BONDS IN AN AMOUNT NOT TO EXCEED $4,000,000; AND
RESOLVING OTHER MATTERS RELATING TO THE SUBJECT
WHEREAS, the City Council of the City of Corpus Christi (the "City") intends to issue
general improvement bonds of the City to finance street improvements in an aggregate principal
amount not to exceed $4.000,000. and intends to sell such general improvement bonds to the Texas
Military Preparedness Comnussion the "Comrnission") in connection with providing 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 (`ity; and
WHEREAS, such general improvement bonds are to be sold pursuant to the authority granted
the City by the citizens of the City voting to issue general improvement bonds at an election held on
November 2. 2004: and
WHEREAS, it is hereby .)fficiatly 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
( ORPI S CHRISTI. TE NAS
Section 1 That the City Manager is hereby directed to proceed with the preparation of all
necessary documents to effect the sale of general improvement bonds.
Section 2. 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 :ale of the proposed general improvement bonds.
Section ; That all costs to he reimbursed pursuant to this Resolution will be capital
expenditures; the proposed genera?. improvement bonds shall be issued within 18 months of the later
)f(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 general
trnprovement bonds 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 4. That the City has submitted an application to the Commission with respect to
financing the street improvements to be funded with the proceeds of the proposed general
improvement bonds, which application was approved by the Commission. The City has been advised
by the Commission that the Commission expects to purchase the proposed general improvement
bonds from the City with funds to be made available to the Commission by the Texas Public Finance
luthority (the 'Authority") from the proceeds of bonds to be sold by the Authority prior to the
issuance ofthe proposed general improvement bonds. The City commits to sell the proposed general
improvement bonds to the Commission, provided that such commitment shall expire if the
t_ `omtnission fails to purchase the proposed general improvement bonds within ninety (90) days ofthe
date the City Council adopts the ordinance authorizing the sale of the proposed general improvement
{gond,.
Sections That ill resolutions or parts thereof in conflict herewith are hereby repealed.
PASSED AND APPROVED this the 23rd day ofJan"ary, 2007.
City Secretary. City of
Corpus Christi, Texas
Mayor, City ¢f Corpus Christi, Texas
APPROVED THIS THE /1/ D NY OF JANUARY, 2007:
MARY KAY FISCHER. CITY .ATTORNEY
hHI: STATE OF TEXAS
C'OUNTIES OF NUECES AND SAN PATRICIO
CITY OF CORPUS CHRISTI
1, 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 ofCorpus Christi, Texas ( and ofthe minutes pertaining thereto) on the 23rd day ofJanuary,
200". authorizing the City Manager to proceed with the preparation of necessary documents to sell
(ieneral Improvement Bonds, 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 a.• required by Texas Government Code, Chapter 551.
EXECUTED UNDER MY' HAND AND SEAL of said City, this the 23rd day of January,
200-
( ity Secretary, City of Corpus Christi, Texas
(SEAL)
Corpus Christi, Texas
day of , 2007
The above resolution was passed by the following vote:
Henry Garrett
Brent Chesney �Y)5S21
Melody Cooper 't.V
Jerry Garcia
Bill Kelly��
Rex A. Kinnison y
John E. Marez.
Jesse Noyola
Mark Scott _— kyk
it manage! reso.11a
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