Loading...
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 �7l