HomeMy WebLinkAbout027171 ORD - 02/27/2007CERTIFICATE FOR ORDINANCE
THE STATE OF TEXAS
COUNTIES OF NUECES AND SAN PATRICIO
CITY OF CORPUS CHRISTI
On this the 27th day of February, 2007 the City Council of the City of Corpus Christi,
Texas convened in Regular Meeting, at City Hall, with the following members of said Council
present. to -wit:
Henry Garrett
Brent Chesney,
Melody Cooper,
Jerry Garcia,
Bill Kelly,
Rex A. Kinnison,
John Marez,
Jesse Noyola,
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 the following absent constituting a quorum, at which time the following among
other business was transacted:
The City Manager presented for the consideration of the Council an ordinance authorizing
the Mayor, the City Manager and the Director of Financial Services to effect the sale of General
Improvement Bonds. The ordinance was read by the City Secretary. The motion was carried by
the following vote
A YES All members of the City Council shown present above
voted "Aye
NAYS None.
ABSENT WHEN VOTING None.
The Mayor announced that the ordinance had been passed. The ordinance is as follows:
ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF THE GENERAL
IMPROVEMENT BONDS SERIES 2007A, OF THE CITY OF CORPUS CHRISTI,
TEXAS, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$31,500,000; ESTABLISHING PARAMETERS REGARDING THE SALE OF THE
BONDS PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A
TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE
A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; APPROVING THE
EXECUTION OF DOCUMENTS IN CONNECTION WITH THE SALE OF THE
BONDS. INCLUDING THE EXECUTION OF A BOND PURCHASE CONTRACT;
AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT
FROM AND AFTER THE DATE OF ITS PASSAGE.
WHEREAS it is deemed advisable and to the best interest of the City of Corpus Christi
(the "City" or the "Issuer" that certain bonds authorized at an election held November 2, 2004 be
combined in a single issue and sold at this time, the amount of bonds authorized thereat, purpose,
amount of bonds previously sold and the amount now to be sold being as follows:
AMOUNT
AUTHORIZED
$68,350,000
1,900,000
5,660.000
7.406.000
1,684.000
$ 95,000 00C
PURPOSE
Street Improvements
ire Station improvements
tbrary & Learning Ctr. Improvements
='ark and Recreation Improvements
Bayfront Development Improvements
AMOUNT
PREVIOUSLY SOLD*
$ 52,364,000 +
400,000
2,160,000
7,406,000
1,500,000
S 63,830,000
includes premium received from sale of bonds
Includes $3,830,000 in bonds sold and pending delivery on March 15, 2007
AMOUNT
NOW OFFERED
$ 15,986,000
1,500,000
3,500,000
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10,184,000
$ 31,170, 000
WHEREAS. the City is a home -rule municipality, acting as such under the Constitution and
laws of the State of Texas, has a population in excess of 50,000, and has outstanding Tong -term
indebtedness that is rated by a nationally recognized rating agency for municipal securities in one
of the four highest rating categories for long-term obligations; and
WHEREAS because of fluctuating conditions in the municipal bond market, the City
Council has determined to delegate to the Mayor, the City Manager and the Director of Financial
Services the authority to effect the sale of the bonds hereinafter authorized for the purposes
hereinafter provided, subject to the parameters hereinafter described; and
WHEREAS the bonds hereinafter authorized are to be issued and delivered pursuant to
Chapters 1251, 1331 and 1371 Texas Government Code, as amended, and the Home Rule
Charter of the City (the "Charter
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI TEXAS:
1 That the bond or bonds of the City of Corpus Christi, Texas (the "City" or the "Issuer")
to be called "General Improvement Bonds, Series 2007A" (the "Bonds" or the "Series 2007A
Bonds"), be issued under and by Virtue of the Constitution and laws of the State of Texas and the
Charter of the City for the following purposes: improving the streets of the City; constructing fire
station improvements; constructing library and learning center improvements; and constructing
Bayfront development improvements (all of such improvements approved at the November 2,
2004 election hereinafter collectively called the 'Project") and to pay the costs of issuance of the
Series 2007A Bonds, in an aggregate principal amount not to exceed $31,500,000.
2 (a) That initially there shall be issued, sold, and delivered hereunder fully registered
bonds without interest coupons numbered consecutively from R-1 upward, payable to the
respective initial registered owners thereof, or to the registered assignee or assignees of the
Series 2007A Bonds or any portion or portions thereof, in the denomination of $5,000 or any
integral multiple thereof an "Authorized Denomination"), maturing not later than March 1, 2038,
payable serially or otherwise on the dates, in the years and in the principal amounts, and dated,
all as set forth in the Purchase Contract
(b) It is hereby found and determined to be in the best interests of the City for the Series
2007A Bonds to be issued under this Ordinance to be sold through a negotiated sale pursuant to
the procedures set forth herein SAMCO Capital Markets, Inc is hereby designated to be the
senior managing underwriter for the Series 2007A Bonds. The Mayor, the City Manager and the
Director of Financial Services (the "City Officials"), acting for and on behalf of the City, each is
authorized to enter into and carry out the Purchase Contract with the Underwriters, in substantially
the form attached hereto and made a part hereof for all purposes, with such changes as may be
necessary to effect the sale of the Series 2007A Bonds to the Underwriters. The Series 2007A
Bonds shall be sold to the Underwriters at such price, and subject to such terms and conditions
as set forth in the Purchase Contract as shall be determined by the City Officials pursuant to
subsection (c) below The authority of any City Official to execute the Purchase Contract shall
expire if the Purchase Contract has not been executed and delivered by the City and by the
Underwriters (acting through their duly designated representative) by 5:00 p.m., Friday, April 20,
2007. Any finding or determination made by the City Officials relating to the issuance and sale
of the Series 2007A Bonds and the execution of the Purchase Contract in connection therewith
shall have the same force and effect as a finding or determination made by the City Council.
c) As authorized by Chapter 1371, each City Official is hereby authorized, appointed, and
designated to act on behalf of the City in selling and delivering the Series 2007A Bonds and
carrying out the other procedures specified in this Ordinance, including determining and fixing the
date of the Series 2007A Bonds, any additional or different designation or title by which the Series
2007A Bonds shall be known, the aggregate principal amount of the Series 2007A Bonds, the
date of delivery of the Series 2007A Bonds, the price at which the Series 2007A Bonds will be
sold, the years in which the Series 2007A Bonds will mature, the principal amount of Series 2007A
Bonds to mature in each of such years. the rate of interest to be borne by each such maturity, the
interest payment periods the dates, price, and terms upon and at which the Series 2007A Bonds
shall be subject to redemption prior to maturity at the option of the City, as well as any mandatory
sinking fund redemption provisions. and all other matters relating to the issuance, sale, and
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delivery of the Series 2007A Bonds. including without limitation, obtaining a municipal bond
insurance policy in support of all or any portion of the Series 2007A Bonds, all of which shall be
specified in the Purchase Contract; provided, that (i) the price to be paid for the Series 2007A
Bonds shall not less than 95% of the aggregate original principal amount thereof, plus accrued
interest f any thereon from the date of their delivery and (ii) none of the Series 2007A Bonds
shall bear interest at a rate greater than 10% per annum. The foregoing notwithstanding, the City
Officials shall not execute and deliver the Purchase Contract unless the City shall have been
advised by a nationally recognized rating agency for municipal securities that the Series 2007A
Bonds shall be assigned a rating in one of the four highest rating categories for long-term
obligations.
(d) In connection with the offer and sale of the Series 2007A Bonds, the City Council
approves the use and distribution of the preliminary official statement in substantially the form
attached to this Ordinance The City Manager and the Director of Financial Services are
authorized and directed to provide for and oversee the preparation of a preliminary and final
official statement in connection with the issuance of the Series 2007A Bonds, and to approve such
preliminary and final official statement and deem such preliminary official statement final in
compliance with the Rule (hereinafter defined) and to provide these disclosure documents to the
Underwriters of the Series 2007P Bonds in compliance with the Rule.
3 (a) That the Series 2007A Bonds may be subject to redemption prior to their scheduled
maturities at the option of the City_ on the dates and in the manner as provided in the Purchase
Contract Should the Purchase Contract provide for the redemption of the Series 2007A Bonds
prior to their scheduled maturities at the option of the City, if Tess than all of the Series 2007A
Bonds are to be redeemed by the City the City shall determine the maturity or maturities and the
amounts thereof to be redeemed and shall direct the Paying Agent/Registrar (hereinafterdefined)
to call by lot Series 2007A Bonds or portions thereof, within such maturity or maturities and in
such principal amounts, for redemption: provided, that during any period in which ownership of the
Series 2007A Bonds is determined only by a book entry at a securities depository for the Series
2007A Bonds, if fewer than all of the Series 2007A Bonds of the same maturity and bearing the
same interest rate are to be redeemed, the particular Series 2007A Bonds of such maturity and
bearing such interest rate shall be selected in accordance with the arrangements between the City
and the securities depository
(b) Should the Purchase Contract provide for the mandatory sinking fund redemption of
the Series 2007A Bonds the terms and conditions governing any such mandatory sinking fund
redemption and the payment of sinking fund redemption payments relating thereto shall be as set
forth in the Purchase Contract
(c) At least 30 days prior to the date fixed for any redemption of the Series 2007A Bonds,
the City shall cause (i) a written notice of such redemption to be deposited in the United States
mail, first-class postage prepaid, addressed to each such registered owner at the address thereof
shown on the Registration Books (hereinafter defined) of the Paying Agent/Registrar and (ii) notice
of such redemption either to be published one (1) time in or posted electronically on the website
of a financial journal or publication of general circulation in the United States of America or the
State of Texas carrying as a regular feature notices of municipal bonds called for redemption;
provided however, that the failure to send, mail or receive such notice described in (i) above, or
any defect therein or in the sending or mailing thereof, shall not affect the validity or effectiveness
of the proceedings for the redemption of any Series 2007A Bond, and it is hereby specifically
provided that the provision of notice described in (ii) above shall be the only notice actually
required in connection with or as a prerequisite to the redemption of any Series 2007A Bonds.
By the date fixed for any such redemption. due provision shall be made with the Paying
Agent/Registrar for the payment of the required redemption price for the Series 2007A Bonds or
the portions thereof which are to be so redeemed, plus accrued interest thereon to the date fixed
for redemption. If such notice of redemption is given, and if due provision for such payment is
made, all as provided above the Series 2007A Bonds or the portions thereof which are to be so
redeemed, thereby automatically shall be redeemed prior to their scheduled maturities, and shall
not bear interest after the date fixed for their redemption, and shall not be regarded as being
outstanding except for the right of the registered owner to receive the redemption price plus
accrued interest to the date fixed for redemption from the Paying Agent/Registrar out of the funds
provided for such payment. The Paying Agent/Registrar shall record in the Registration Books
all such redemptions of principal of the Series 2007A Bonds or any portion thereof. If a portion
of any Series 2007A Bond shall be redeemed a substitute Series 2007A Bond or Series 2007A
Bonds having the same maturity date bearing interest at the same rate, in any denomination or
denominations in any integral multiple of $5,000, at the written request of the registered owner,
and in an aggregate principal amount equal to the unredeemed portion thereof, will be issued to
the registered owner upon the surrender thereof for cancellation, at the expense of the City, all
as provided in this Ordinance. in addition to the foregoing, the City shall cause the Paying
Agent/Registrar to give notice of any such redemption in the manner set forth in Section 5(h)
hereof The failure to cause such notice to be given, however, or any defect therein, shall not
affect the validity or effectiveness of such redemption.
4 That the Series 2007A Bonds shall bear interest calculated on the basis of a 360 -day
year composed of twelve 30 -day months from the dates specified in the FORM OF BOND set forth
;n this Ordinance to their respective dates of maturity at the rates set forth in the Purchase
Contract Interest on the Bonds shall be payable commencing on the date as set forth in the
Purchase Contract, until the maturity or prior redemption of the Bonds.
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5 (a) That the City shall keep or cause to be kept at the designated corporate trust office
in Dallas. Texas (the "Designated Trust Office") of The Bank of New York Trust Company, National
Association (the "Paying Agent/Registrar"), or such other bank, trust company, financial institution,
or other agency named in accordance with the provisions of (g) below, books or records of the
registration and transfer of the Series 2007A Bonds (the "Registration Books"), and the City
hereby appoints the Paying Agent/Registrar as its registrar and transfer agent to keep such books
or records and make such transfers and registrations under such reasonable regulations as the
City and Paying Agent/Registrar may prescribe: and the Paying Agent/Registrar shall make such
transfers and registrations as herein provided. it shall be the duty of the Paying Agent/Registrar
to obtain from the registered owner and record in the Registration Books the address of such
registered owner of each bond to which payments with respect to the Series 2007A Bonds shall
be mailed, as herein provided The City or its designee shall have the right to inspect the
Registration Books during regular business hours of the Paying Agent/Registrar, but otherwise the
Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise
required by law. shall not permit their inspection by any other entity. Registration of each Series
2007A Bond may be transferred in the Registration Books only upon presentation and surrender
of such bond to the Paying Agent/Registrar for transfer of registration and cancellation, together
with proper written instruments of assignment. in form and with guarantee of signatures satis-
factory to the Paying Agent/Registrar evidencing the assignment of such bond, or any portion
thereof in an Authorized Denomination. to the assignee or assignees thereof, and the right of such
assignee or assignees to have such bond or any such portion thereof registered in the name of
such assignee or assignees. Upon the assignment and transfer of any Series 2007A Bond or any
portion thereof. a new substitute bond or bonds shall be issued in exchange therefor in the
manner herein provided
(b) The entity in whose name any Series 2007A Bond shall be registered in the
Registration Books at any time shall be treated as the absolute owner thereof for all purposes of
this Ordinance. whether or not such bond shall be overdue, and the City and the Paying
Agent/Registrar shall not be affected by any notice to the contrary; and payment of, or on account
of the principal of premium if any. and interest on any such bond shall be made only to such
registered owner All such payments shall be valid and effectual to satisfy and discharge the lia-
bility upon such bond to the extent of the sum or sums so paid.
(c) The City hereby further appoints the Paying Agent/Registrar to act as the paying agent
for paying the principal of and interest on the Series 2007A Bonds, and to act as its agent to
exchange or replace Series 2007A Bonds. all as provided in this Ordinance. The Paying
Agent/Registrar shall keep proper records of all payments made by the City and the Paying
Agent/Registrar with respect to the Series 2007A Bonds, and of all exchanges thereof, and all
replacements thereof, as provided in this Ordinance.
(d) Each Series 2007A Bond may be exchanged for fully registered bonds in the manner
set forth herein. Each bond issued and delivered pursuant to this Ordinance, to the extent of the
unredeemed principal amount thereof may, upon surrender thereof at the Designated Trust Office
of the Paying Agent/Registrar, together with a written request therefor duly executed by the
registered owner or the assignee or assignees thereof, or its or their duly authorized attorneys or
representatives, with guarantee of signatures satisfactory to the Paying Agent/Registrar, at the
option of the registered owner or such assignee or assignees, as appropriate, be exchanged for
fully registered bonds, without interest coupons, in the form prescribed in the FORM OF BOND,
in an Authorized Denomination (subject to the requirement hereinafter stated that each substitute
bond shall have a single stated maturity date), as requested in writing by such registered owner
or such assignee or assignees in an aggregate principal amount equal to the unredeemed
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principal amount of any Series 2007A Bond or Series 2007A Bonds so surrendered, and payable
to the appropriate registered owner, assignee or assignees, as the case may be. If a portion of
any Series 2007A Bond shall be redeemed prior to its scheduled maturity as provided herein, a
substitute bond or bonds having the same maturity date, bearing interest at the same rate, in an
Authonzed Denomination at the request of the registered owner, and in an aggregate principal
amount equal to the unredeemed portion thereof, will be issued to the registered owner upon sur-
render thereof for cancellation. If any Series 2007A Bond or portion thereof is assigned and
transferred, each bond issued in exchange therefor shall have the same principal maturity date
and bear interest at the same rate as the bond for which it is being exchanged. Each substitute
bond shall bear a letter and/or 'lumber to distinguish it from each other bond. The Paying
Agent/Registrar shall exchange or replace Series 2007A Bonds as provided herein, and each fully
registered bond or bonds delivered in exchange for or replacement of any Series 2007A Bond or
portion thereof as permitted or required by any provision of this Ordinance shall constitute one of
the Series 2007A Bonds for all purposes of this Ordinance, and may again be exchanged or
replaced It is specifically provided, however, that any Series 2007A Bond delivered in exchange
for or replacement of another Series 2007A Bond prior to the first scheduled interest payment date
on the Series 2007A Bonds (as stated on the face thereof) shall be dated the same date as such
Series 2007A Bond but each substitute bond so delivered on or after such first scheduled interest
payment date shall be dated as of the interest payment date preceding the date on which such
substitute bond is delivered, unless such substitute bond is delivered on an interest payment date,
in which case it shall be dated as of such date of delivery; provided, however, that if at the time
of delivery of any substitute bond the interest on the bond for which it is being exchanged has not
been paid, then such substitute bond shall be dated as of the date to which such interest has been
paid in full. On each substitute bond issued in exchange for or replacement of any Series 2007A
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Bond or Series 2007A Bonds issued under this Ordinance there shall be printed thereon a Paying
Agent/Registrar's Authentication Certificate, in the form hereinafter set forth in the FORM OF
BOND (the "Authentication Certificate"). An authorized representative of the Paying
Agent/Registrar shall, before the delivery of any such substitute bond, date such substitute bond
in the manner set forth above. and manually sign and date the Authentication Certificate, and no
such substitute bond shall be deemed to be issued or outstanding unless the Authentication
Certificate is so executed. The Paying Agent/Registrar promptly shall cancel all Series 2007A
Bonds surrendered for exchange or replacement. No additional ordinances, orders, or resolutions
need be passed or adopted by the City Council or any other body or person so as to accomplish
the foregoing exchange or replacement of any Series 2007A Bond or portion hereof, and the
Paying Agent/Registrar shall provide for the printing, execution, and delivery of the substitute
bonds in the manner prescribed herein Pursuant to Chapter 1206, Texas Government Code, the
duty of exchange or replacement of any Series 2007A Bond as aforesaid is hereby imposed upon
the Paying Agent/Registrar. and upon the execution of the Authentication Certificate, the
exchanged or replaced bond shall be valid, incontestable. and enforceable in the same manner
and with the same effect as the Series 2007A Bonds which originally were delivered pursuant to
this Ordinance, approved by the Attorney General; and registered by the Comptroller of Public
Accounts. Neither the City nor the Paying Agent/Registrar shall be required (1) to issue, transfer,
or exchange any bond during a period beginning at the opening of business 30 days before the
day of the first mailing of a notice of redemption of bonds and ending at the close of business on
the day of such mailing. or (2) to transfer or exchange any bond so selected for redemption in
whole when such redemption is scheduled to occur within 30 calendar days.
(e) All Series 2007A Bonds issued in exchange or replacement of any other Series 2007A
Bond or portion thereof, i i) shall be issued in fully registered form, without interest coupons, with
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the principal of and interest on such Series 2007A Bonds to be payable only to the registered
owners thereof, (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred
and assigned. (iv may be exchanged for other Series 2007A Bonds, (v) shall have the
characteristics. (vi) shall be signed and sealed. and (vii) the principal of and interest on the Series
2007A Bonds shall be payable, all as provided and in the manner required or indicated, in the
FORM OF BOND
(f
The City shall pay the Paying Agent/Registrar's reasonable and customary fees and
charges for making transfers of Series 2007A Bonds, but the registered owner of any Series
2007A Bond requesting such transfer shall pay any taxes or other governmental charges required
to be paid with respect thereto The registered owner of any Series 2007A Bond requesting any
exchange shall pay the Paying Agent/Registrar's reasonable and standard or customary fees and
charges for exchanging any such bond or portion thereof. together with any taxes or governmental
charges required to be paid with respect thereto, all as a condition precedent to the exercise of
such privilege of exchange, except, however, that in the case of the exchange of an assigned and
transferred bond or bonds or any portion or portions thereof in any integral multiple of $5,000, and
in the case of the exchange of the unredeemed portion of a Series 2007A Bond which has been
redeemed in part prior to maturity as provided in this Ordinance, such fees and charges will be
paid by the City In addition, the City hereby covenants with the registered owners of the Series
2007A Bonds that it will pay (i) the reasonable and standard or customary fees and charges of the
Paying Agent/Registrar for its services with respect to the payment of the principal of and interest
on the Series 2007A Bonds. when due, and (ii) the fees and charges of the Paying
Agent/Registrar for services with respect to the transfer or registration of Series 2007A Bonds
solely to the extent above proviaed. and with respect to the exchange of Series 2007A Bonds
solely to the extent above provided.
(g) The City covenants with the registered owners of the Series 2007A Bonds that at all
times while the Series 2007A Bonds are outstanding the City will provide a competent and legally
qualified bank, trust company. financial institution, or other agency to act as and perform the
services of Paying Agent/Registrar for the Series 2007A Bonds under this Ordinance, and that the
Paying Agent/Registrar will be one entity. The City reserves the right to, and may, at its option,
change the Paying Agent/Registrar upon not less than 60 days written notice to the Paying
Agent/Registrar In the event that the entity at any time acting as Paying Agent/Registrar (or its
successor by merger, acquisition or other method) should resign or otherwise cease to act as
such, the City covenants that promptly it will appoint a competent and legally qualified national or
state banking institution which shall be a corporation organized and doing business under the laws
of the United States of America or of any state, authorized under such laws to exercise trust
powers subject to supervision or examination by federal or state authority, and whose
qualifications substantially are similar to the previous Paying Agent/Registrar to act as Paying
Agent/Registrar under this Ordinance. Upon any change in the Paying Agent/Registrar, the
previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a
copy thereof). along with all other pertinent books and records relating to the Series 2007A Bonds,
to the new Paying Agent/Registrar designated and appointed by the City. Upon any change in
the Paying Agent/Registrar. the City promptly will cause a written notice thereof to be sent by the
new Paying Agent/Registrar to each registered owner of the Series 2007A Bonds, by United
States mail, first-class postage prepaid which notice also shall give the address of the new Paying
Agent/Registrar. By accepting the position and performing as such, each Paying Agent/Registrar
shall be deemed to have agreed to the provisions of this Ordinance, and a certified copy of this
Ordinance shall be delivered to each Paying Agent/Registrar.
(h) (i) In addition to the manner of providing notice of redemption of Series 2007A
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Bonds as set forth in this Ordinance, the Paying Agent/Registrar shall give notice of redemption
of Series 2007A Bonds by United States mail, first-class postage prepaid, at least 30 days prior
to a redemption date to each NRMSIR and the SID (each as defined in Section 14 hereof). Any
notice sent to the NRMSIRs or the SID shall be sent so that they are received at least two days
prior to the general mailing or publication date of such notice. The Paying Agent/Registrar shall
also send a notice of redemption to any owner of a Series 2007A Bond who has not sent the
Series 2007A Bonds in for redemption 60 days after the redemption date.
;IH Each redemption notice, whether required in the FORM OF BOND or otherwise by
this Ordinance. shall contain a description of the Series 2007A Bonds to be redeemed, including
the complete name of the Series 2007A Bonds, the series, the date of issue, the interest rate, the
maturity date, the CUSIP number if any the amounts called of each certificate, the publication
and mailing date for the notice, the date of redemption, the redemption price, the name of the
Paying Agent/Registrar and the address at which the Series 2007A Bond may be redeemed,
including a contact person and telephone number
All redemption payments made by the Paying Agent/Registrar to the registered
owners of the Series 2007A Bonds shall include CUSIP numbers relating to each amount paid to
such registered owner -
6 That the form of all Series 2007A Bonds, including the form of the Comptroller's
Registration Certificate to accompany the Series 2007A Bonds on the initial delivery thereof, the
form of the Authentication Certificate, and the Form of Assignment to be printed on each of the
Series 2007A Bonds, shall be, respectively, substantially as set forth in Exhibit A to this
Ordinance, with such appropriate variations, omissions, or insertions as are permitted or required
by this Ordinance
7 (a) That a special fund or account, to be designated the "City of Corpus Christi, Texas
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Series 2007A General Improvement Bonds Interest and Sinking Fund" (the "Interest and Sinking
Fund") is hereby created and shall be established and maintained by the City at its official
depository bank The Interest and Sinking Fund shall be kept separate and apart from all other
funds and accounts of the City, and shall be used only for paying the interest on and principal of
the Series 2007A Bonds All taxes levied and collected for and on account of the Series 2007A
Bonds shall be deposited, as collected, to the credit of the Interest and Sinking Fund. During
each year while any of the Series 2007A Bonds is outstanding and unpaid, the City Council of the
City shall compute and ascertain the rate and amount of ad valorem tax, based on the latest
approved tax rolls of the City, with full allowances being made for tax delinquencies and costs of
tax collections, which will be sufficient to raise and produce the money required to pay the interest
on the Series 2007A Bonds as such interest comes due, and to provide a sinking fund to pay the
principal of the Series 2007A Bonds as such principal matures, but never less than 2% of the
original principal amount of the Series 2007A Bonds as a sinking fund each year. Said rate and
amount of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable
property in the City for each year while any of the Series 2007A Bonds is outstanding and unpaid,
and said ad valorem tax shall be assessed and collected each such year, and the City Officials
shall cause said taxes so collected to be deposited to the credit of the Interest and Sinking Fund.
The ad valorem taxes necessary to pay the interest on and principal of the Series 2007A Bonds,
as such interest comes due, and such principal matures, are hereby pledged for such purpose,
within the limit prescribed by law. The rate of ad valorem tax that may be levied in connection with
the payment of the debt service an the Series 2007A Bonds may be set at such a rate such that
the aggregate rate of ad valorem tax levied by the City in any fiscal year may exceed the 68 cent
per $100 tax rate cap provided to the Charter, as such Series 2007A Bonds fall within the
provisions of the Charter as amended by the vote of the citizens on April 4, 1993, that permit said
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rate cap to be exceeded for bonds approved by the citizens at an election held for such purpose.
;b) That the City hereby creates and establishes and shall maintain on the books of the
City a separate fund to be entitled the "Series 2007A General Improvement Bonds Construction
Fund" (the "Construction Fund") for use by the City for payment of all lawful costs associated with
the acquisition. improvement and extension of the Project as hereinbefore provided. There shall
be deposited to the Construction Fund those proceeds from the sale of the Bonds specified in the
letter of instructions described in Section 15 of this Ordinance. Upon payment of all such costs,
any moneys remaining on deposit in the Construction Fund shall be transferred FIRST to the
"Rebate Fund" established pursuant to Section 10 of this Ordinance, to the extent the City is liable
to pay rebate amounts to the United States of America pursuant to the terms of the Code and
NEXT to the Interest and Sinking Fund
(c) Chapter 1208 Texas Government Code, applies to the issuance of the Series 2007A
Bonds and the pledge of ad valorem taxes made under Section 7(a) of this Ordinance, and such
pledge is therefore valid. effective. and perfected. If Texas law is amended at any time while the
Series 2007A Bonds are outstanding and unpaid such that the pledge of ad valorem taxes made
by the City under Section 7(a) of this Ordinance is to be subject to the filing requirements of
Chapter 9: Texas Business & Commerce Code, then in order to preserve to the registered owners
of the Series 2007A Bonds the perfection of the security interest in said pledge, the City agrees
to take such measures as it determines are reasonable and necessary under Texas law to comply
with the applicable provisions of Chapter 9, Texas Business & Commerce Code and enable a filing
to perfect the security interest in said pledge to occur.
8 (a) That in the event any outstanding Series 2007A Bond is damaged, mutilated, lost,
stolen or destroyed. the Paying Agent/Registrar shall cause to be printed, executed, and
delivered, a new bond of the same principal amount, maturity, and interest rate, as the damaged,
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mutilated. lost, stolenor destroyed Series 2007A Bond, in replacement for such Series 2007A
Bond in the manner hereinafter provided.
(b) Application for replacement of damaged mutilated, lost, stolen, or destroyed Series
2007A Bonds shall be made to the Paying Agent/Registrar. In every case of loss, theft, or
destruction of a Series 2007A Bond, the applicant for a replacement bond shall furnish to the City
and to the Paying Agent/Registrar such security or indemnity as may be required by them to save
each of there harmless from any loss or damage with respect thereto. Also, in every case of loss,
theft, or destruction of a Series 2007A Bond; the applicant shall furnish to the City and to the
Paying Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such
Series 2007A Bond, as the case may be. In every case of damage or mutilation of a Series
2007A Bond, the applicant shall surrender to the Paying Agent/Registrar for cancellation the
Series 2007A Bond so damaged or mutilated.
(c) Notwithstanding the foregoing provisions of this Section, in the event any such Series
2007A Bond shall have matured and no default has occurred which is then continuing in the
payment of the principal of, redemption premium. if any, or interest on the Series 2007A Bond, the
City may authorize the payment of the same (without surrender thereof except in the case of a
damaged or mutilated Series 2007A Bond) instead of issuing a replacement Series 2007A Bond,
provided security or indemnity is furnished as above provided in this Section.
(d) Prior to the issuance of any replacement bond, the Paying Agent/Registrar shall charge
the owner of such Series 2007A Bond with all legal. printing, and other expenses in connection
therewith Every replacement bond issued pursuant to the provisions of this Section by virtue of
the fact that any Series 2007A Bond is lost, stolen. or destroyed shall constitute a contractual
obligation of the City whether or not the lost, stolen. or destroyed Series 2007A Bond shall be
found at any time or be enforceable by anyone, and shall be entitled to all the benefits of this
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Ordinance equally and proportionately with any and all other Series 2007A Bonds duly issued
under this Ordinance
(e) In accordance with Chapter 1206, Texas Government Code, this Section of this
Ordinance shall constitute authority for the issuance of any such replacement bond without
necessity of further action by the governing body of the City or any other body or person, and the
duty of the replacement of such bonds is hereby authorized and imposed upon the Paying
Agent/Registrar, subject to the conditions imposed by this Section 8 of this Ordinance, and the
Paying Agent/Registrar shall authenticate and deliver such bonds in the form and manner and with
the effect, as provided ,n Section 5(d) of this Ordinance for Series 2007A Bonds issued in
exchange for other Series 2007A Bonds.
9 That the City Manager of the City is hereby authorized to have control of the Series
2007A Bonds and all necessary records and proceedings pertaining to the Series 2007A Bonds
pending their delivery and their investigation, examination and approval by the Attorney General
of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of
Texas Upon registration of the Series 2007A Bonds, the Comptroller of Public Accounts (or a
deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's
Registration Certificate accompanying the Series 2007A Bonds, and the seal of said Comptroller
shall be impressed or placed in facsimile, on each such certificate.
10 That the Issuer covenants to take any action to assure, or refrain from any action
which would adversely affect. the treatment of the Series 2007A Bonds as obligations described
in section 103 of the Internal Revenue Code of 1986 (the "Code"), the interest on which is not
includable in the °'gross income' of the holder for purposes of federal income taxation. In
furtherance thereof, the issuer covenants as follows:
(a) to take any action to assure that no more than 10 percent of the proceeds
of the Series 2007A Bonds or the projects financed therewith (less amounts deposited to
a reserve fund, if any) are used for any "private business use", as defined in section
141(b)(6) of the Code or if more than 10 percent of the proceeds are so used, that
amounts whether or not received by the Issuer, with respect to such private business use,
do not, under the terms of this Ordinance or any underlying arrangement, directly or
indirectly. secure or provide for the payment of more than 10 percent of the debt service
on the Series 2007A Bonds, in contravention of section 141(b)(2) of the Code;
(b) to take any action to assure that in the event that the "private business use"
described in subsection (a) hereof exceeds 5 percent of the proceeds of the Series 2007A
Bonds or the projects financed therewith (less amounts deposited into a reserve fund, if
any) then the amount in excess of 5 percent is used for a "private business use" which is
'related" and not "disproportionate", within the meaning of section 141(b)(3) of the Code,
to the governmental use:
(c) to take any action to assure that no amount which is greater than the lesser
of $5,000,000. or 5 percent of the proceeds of the Series 2007A Bonds (less amounts
deposited into a reserve fund, if any) is directly or indirectly used to finance loans to per-
sons, other than state or local governmental units, in contravention of section 141(c) of the
Code;
(d) to refrain from taking any action which would otherwise result in the Series
2007A Bonds being treated as "private activity bonds" within the meaning of section 141(b)
of the Code
(e) to refrain from taking any action that would result in the Series 2007A Bonds
being "federally guaranteed" within the meaning of section 149(b) of the Code;
(f' to refrain from using any portion of the proceeds of the Series 2007A
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Bonds, directly or indirectly to acquire or to replace funds which were used, directly or indi-
rectly, to acquire Investment property (as defined in section 148(b)(2) of the Code) which
produces a materially higher yield over the term of the Series 2007A Bonds, other than
+nvestment property acquired with --
(1) proceeds of the Series 2007A Bonds invested for a reasonable
temporary period of three years or less, until such proceeds are needed for the
purpose for which the Series 2007A Bonds are issued,
(2 amounts invested in a bona fide debt service fund, within the
meaning of section 1.148-1(b) of the Treasury Regulations, and
(3) amounts deposited in any reasonably required reserve or
replacement fund to the extent such amounts do not exceed 10 percent of the
proceeds of the Series 2007A Bonds:
(g)
to otherwise restrict the use of the proceeds of the Series 2007A Bonds or
amounts treated as proceeds of the Series 2007A Bonds, as may be necessary, so that
the Series 2007A Bonds do not otherwise contravene the requirements of section 148 of
the Code (relating to arbitrage) and, to the extent applicable, section 149(d) of the Code
(relating to advance refundings); and
(h) to pay to the United States of America at least once during each five-year
period (beginning on the date of delivery of the Series 2007A Bonds) an amount that is at
least equal to 90 percent of the "Excess Earnings", within the meaning of section 148(f)
of the Code and to pay tc the United States of America. not later than 60 days after the
Series 2007A Bonds have been paid in full, 100 percent of the amount then required to
be paid as a result of Excess Earnings under section 148(f) of the Code.
For purposes of the foregoing clauses (a) and (b) above, the Issuer understands that the term
"proceeds" includes "disposition proceeds" as defined in the Treasury Regulations and, in the case
of a refunding bond transferred proceeds (if any) and proceeds of the refunded bonds expended
prior to the date of the issuance of the Series 2007A Bonds. It is the understanding of the Issuer
that the covenants contained herein are intended to assure compliance with the Code and any
regulations or rulings promulgated by the U.S. Department of the Treasury pursuant thereto. In
the event that regulations or rulings are hereafter promulgated which modify or expand provisions
of the Code, as applicable to the Series 2007A Bonds, the Issuer will not be required to comply
with any covenant contained herein to the extent that such failure to comply, in the opinion of
nationally -recognized bond counsel, will not adversely affect the exemption from federal income
taxation of interest on the Series 2007A Bonds under section 103 of the Code. In the event that
regulations or rulings are hereafter promulgated which impose additional requirements which are
applicable to the Series 2007A Bonds, the Issuer agrees to comply with the additional
requirements to the extent necessary in the opinion of nationally -recognized bond counsel, to
preserve the exemption from federal income taxation of interest on the Series 2007A Bonds under
section 103 of the Code. In furtherance of the foregoing, the City Officials and any Assistant City
Manager may execute any certificates or other reports required by the Code and to make such
elections, on behalf of the City, which may be permitted by the Code as are consistent with the
purpose for the issuance of the Series 2007A Bonds.
In order to facilitate compliance with the above clause (h), a "Rebate Fund" is hereby
established by the City for the sole benefit of the United States of America, and such Rebate Fund
shall not be subject to the claim of any other person, including without limitation the registered
owners of the Series 2007A Bonds. The Rebate Fund is established for the additional purpose
of compliance with section 148 of the Code.
1. That the City covenants to account for on its books and records the expenditure of
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proceeds from the sale of the Series 2007A Bonds and any investment earnings thereon to be
used for the Project in accordance with the requirements of the Code. The City recognizes that
in order for the proceeds to be considered used for the reimbursement of costs, the proceeds
must be allocated to expenditures within 18 months of the later of the date that (a) the expenditure
on a Project is made or (b) each such Project is completed; but in no event later than three years
after the date on which the original expenditure is paid. The foregoing notwithstanding, the City
recognizes that in order for proceeds to be expended under the Code, the sale proceeds or
investment earnings must be expended no more than 60 days after the earlier of (a) the fifth
anniversary of the date of delivery of the Series 2007A Bonds or (b) the date the Series 2007A
Bonds are retired. The City agrees to obtain the advice of a nationally-recognized bond counsel
if such expenditure fails to comply with the foregoing to assure that such expenditure will not
adversely affect the tax-exempt status of the Series 2007A Bonds. For purposes of this Section,
the City shall not be obligated to comply with this covenant if it obtains an opinion of a nationally-
recognized bond counsel to the effect that such failure to comply will not adversely affect the
excludability for federal income tax purposes from gross income of the interest.
12 That the Issuer covenants that the property constituting a Project or other property
financed or refinanced with the proceeds of the Series 2007A Bonds will not be sold or otherwise
disposed in a transaction resulting in the receipt by the Issuer of cash or other compensation,
unless the Issuer obtains an opinion of nationally-recognized bond counsel substantially to the
effect that such sale or other disposition will not adversely affect the tax-exempt status of the
Series 2007A Bonds For purposes of this Section, the portion of the property comprising
personal property and disposed of in the ordinary course of business shall not be treated as a
transaction resulting in the receipt of cash or other compensation. For purposes of this Section,
the Issuer shall not be obligated to comply with this covenant if it obtains an opinion of nationally-
recognized bond counsel to the effect that such failure to comply will not adversely affect the
excludability for federal income tax purposes from gross income of the interest.
1 That interest earnings derived from the investment of proceeds from the sale of the
Series 2007A Bonds shall be used along with other available bond proceeds for the construction
of the Project for which a portion of the Series 2007A Bonds are issued; provided, that after
completion of such permanent improvements, if any of such interest earnings remain on hand,
such interest earnings shall be deposited in the Interest and Sinking Fund. It is further provided,
however. that any interest earnings on bond proceeds which are required to be rebated to the
United States of America pursuant to Section 10 hereof in order to prevent the Series 2007A
Bonds from being arbitrage bonds shall be so rebated and not considered as interest earnings
for the purposes of this Section
14. (a) Definitions. That as used in this Ordinance, the following terms have the
meanings ascribed to such terms below
"MAC" means the Municipal Advisory Council of Texas.
'MSRB" means the Municipal Securities Rulemaking Board.
'NRMSIR" means each person whom the SEC or its staff has determined to be a nationally
recognized municipal securities information repository within the meaning of the Rule from time
to time.
"Rule" means SEC Rule 15c2-12. as amended from time to time.
"SEC" means the United States Securities and Exchange Commission.
'SID" means any person designated by the State of Texas or an authorized department,
officer, or agency thereof as, and determined by the SEC or its staff to be, a state information
depository within the meaning of the Rule from time to time. The MAC currently serves as the SID
for the State of Texas.
(b) Annual Reports. (i) ? he City shall provide annually to each NRMSIR and any SID,
within six months after the end of each fiscal year ending in or after 2007, financial information
and operating data with respect to the City of the general type described in Exhibit B hereto. Any
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financial statements so to be provided shall be (1) prepared in accordance with the accounting
principles described in Exhibit B hereto. or such other accounting principles as the City may be
required to employ from time to time pursuant to state law or regulation, and (2) audited, if the City
commissions an audit of such statements and the audit is completed within the period during
which they must be provided. If the audit of such financial statements is not complete within such
period. then the City shall provide unaudited financial statements by the required time, and shall
provide audited financial statements for the applicable fiscal year to each NRMSIR and any SID,
when and if the audit report on such statements becomes available.
(ii) If the City changes its fiscal year, it will notify each NRMSIR and any SID of the change
(and of the date of the new fiscal year end) prior to the next date by which the City otherwise
would be required to provide financial information and operating data pursuant to this Section.
The financial information and operating data to oe provided pursuant to this Section may be set
forth in full in one or more documents or may be included by specific reference to any document
(including an official statement or other offering document, if it is available from the MSRB) that
theretofore has been provided to each NRMSIR and any SID or filed with the SEC.
(c) Material Event Notices The City shall notify any SID and either each NRMSIR or the
MSRB, in a timely manner, of any of the following events with respect to the Series 2007A Bonds,
if such event is material within the meaning of the federal securities laws:
1 Principal and interest payment delinquencies;
2 Non-payment related defaults;
3 Unscheduled draws on debt service reserves reflecting financial difficulties;
4 Unscheduled draws on credit enhancements reflecting financial difficulties;
5 Substitution of credit or liquidity providers, or their failure to perform;
6 Adverse tax opinions or events affecting the tax-exempt status of the Series 2007A
Bonds.
7 Modifications to rights of holders of the Series 2007A Bonds;
8 Series 2007A Bond calls:
9 Defeasances;
10. Release, substitution, or sale of property securing repayment of the Series 2007A
Bonds and
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1 ? Rating changes
The City shall notify any SID and either each NRMSIR or the MSRB, in a timely manner, of any
failure by the City to provide financial information or operating data in accordance with subsection
(b) of this Section by the time required by such subsection. Any filing under this Section may be
made solely by transmitting such filing to the MAC as provided at http://www.disclosureusa.orq,
unless the SEC has withdrawn the interpretive advice stated in its letter to the MAC dated
September 7, 2004
(d) Limitations, Disclaimers, and Amendments. (i) The City shall be obligated to observe
and perform the covenants specified in this Section for so long as, but only for so long as, the City
remains an "obligated person" with respect to the Series 2007A Bonds within the meaning of the
Rule, except that the City in any event will give notice of any deposit made in accordance with this
Ordinance or applicable iaw that causes any Series 2007A Bonds no longer to be outstanding.
(i) The provisions of this Section are for the sole benefit of the holders and beneficial
owners of the Series 2007A Bonds, and nothing in this Section, express or implied, shall give any
benefit or any legal or equitable right, remedy. or claim hereunder to any other person. The City
undertakes to provide only the financial information, operating data, financial statements, and
notices which it has expressly agreed to provide pursuant to this Section and does not hereby
undertake to provide any other information that may be relevant or material to a complete
presentation of the City's financial results, condition, or prospects or to update any information
provided in accordance with this Section or otherwise, except as expressly provided herein. The
City does not make any representation or warranty concerning such information or its usefulness
to a decision to invest in or sell Series 2007A Bonds at any future date.
(iii) UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER OR
BENEFICIAL OWNER OF ANY SERIES 2007A BOND OR ANY OTHER PERSON, IN
CONTRACT OR TORT FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY
BREACH BY THE CITY WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY
COVENANT SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND REMEDY OF ANY SUCH
PERSON IN CONTRACT OR TORT. FOR OR ON ACCOUNT OF ANY SUCH BREACH SHALL
BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC PERFORMANCE.
iv) No default by the City in observing or performing its obligations under this Section shall
comprise a breach of or default under the Ordinance for purposes of any other provision of this
Ordinance. Nothing in this Section is intended or shall act to disclaim, waive, or otherwise limit the
duties of the City under federal and state securities laws.
vl The provisions of this Section may be amended by the City from time to time to adapt
to changed circumstances that arise from a change in legal requirements, a change in law, or a
change in the identity, nature, status. or type of operations of the City, but only if (1) the provisions
of this Section. as so amended. would have permitted an underwriter to purchase or sell Series
2007A Bonds in the primary offering of the Series 2007A Bonds in compliance with the Rule,
taking into account any amendments or interpretations of the Rule since such offering as well as
such changed circumstances and (2) either (a) the holders of a majority in aggregate principal
amount (or any greater amount required by any other provision of this Ordinance that authorizes
such an amendment) of the outstanding Series 2007A Bonds consent to such amendment or (b)
a person that is unaffiliated with the City (such as nationally recognized bond counsel) determines
that such amendment will not materially impair the interest of the holders and beneficial owners
of the Series 2007.A Bonds. if the City so amends the provisions of this Section, it shall include
with any amended financial information or operating data next provided in accordance with
subsection (b) of this Section an explanation, in narrative form, of the reason for the amendment
and of the impact of any change in the type of financial information or operating data so provided.
The City may also amend or repeal the provisions of this continuing disclosure agreement if the
SEC amends or repeals the applicable provision of the Rule or a court of final jurisdiction enters
judgment that such provisions of the Rule are invalid, but only if and to the extent that the
provisions of this sentence would not prevent an underwriter from lawfully purchasing or selling
Series 2007A Bonds in the primary offering of the Series 2007A Bonds.
15. That the proceeds from the sale of the Series 2007A Bonds shall be used in the
manner described in the letter of instructions executed by or on behalf of the City. The foregoing
notwithstanding, any proceeds representing accrued interest on the Series 2007A Bonds shall be
deposited to the credit of the Interest and Sinking Fund, and proceeds received from the sale of
the Series 2007A Bonds representing premium paid by the Underwriters may be expended in the
manner provided in Section 1201 042(d), Texas Government Code; provided, that in no event
shall the proceeds from the sale of the Series 2007A Bonds be expended on the Projects, as
described in Section 1 of this Ordinance, in an aggregate amount in excess of $31,170,000.
16. That the Series 2007A Bonds initially shall be issued and delivered in such manner
that no physical distribution of the Series 2007A Bonds will be made to the public, and The
Depository Trust Company ("DTC"), New York. New York, initially will act as depository for the
Series 2007A Bonds. DTC has represented that it is a limited purpose trust company incorporated
under the laws of the State of New York, a member of the Federal Reserve System, a "clearing
corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing
agency" registered under Section 17A of the Securities Exchange Act of 1934, as amended, and
the City accepts but in no way verifies. such representations. The Series 2007A Bonds initially
authorized by this Ordinance shall be delivered to and registered in the name of CEDE & CO., the
nominee of DTC. It is expected that DTC will hold the Series 2007A Bonds on behalf of the
Underwriters and their participants. So long as each Series 2007A Bonds is registered in the
name of CEDE & CO , the Paying Agent/Registrar shall treat and deal with DTC the same in all
respects as if it were the actual and beneficial owner thereof. It is expected that DTC will maintain
a book -entry system which will identify ownership of the Series 2007A Bonds in integral amounts
of $5,000. with transfers of ownership being effected on the records of DTC and its participants
pursuant to rules and regulations established by them, and that the Series 2007A Bonds initially
deposited with DTC shall be immobilized and not be further exchanged for substitute Series
2007A Bonds except as hereinafter provided The City is not responsible or liable for any
functions of DTC will not be responsible for paying any fees or charges with respect to its
services, will not be responsible or liable for maintaining, supervising, or reviewing the records of
DTC or its participants, or protecting any interests or rights of the beneficial owners of the Series
2007A Bonds. It shall be the duty of the DTC participants, as defined in the official statement
herein authorized to be prepared in connection with the sale of the Series 2007A Bonds, to make
all arrangements with DTC to establish this book -entry system, the beneficial ownership of the
Series 2007A Bonds, and the method of paying the fees and charges of DTC. The City does not
represent, nor does it in any way covenant that the initial book -entry system established with DTC
will be maintained n the future. Notwithstanding the initial establishment of the foregoing book -
entry system with DTC. if for any reason any of the originally delivered Series 2007A Bonds is duly
filed with the Paying Agent/Registrar with proper request for transfer and substitution, as provided
for in this Ordinance, substitute Series 2007A Bonds will be duly delivered as provided in this
Ordinance, and there will be no assurance or representation that any book -entry system will be
maintained for such Series 200A Bonds. In connection with the initial establishment of the
foregoing book -entry system with DTC. the City heretofore has executed a "Blanket Letter of
Representations" prepared by DTC in order to implement the book -entry system described above.
1 ? (a) Deemed Paid. That any Series 2007A Bond and the interest thereon shall be
7
deemed to be paid. retired and no longer outstanding (a "Defeased Bond") within the meaning of
this Ordinance. except to the extent provided in subsection (e) of this Section, when payment of
the principal of such Series 2007A Bond, plus interest thereon to the due date (whether such due
date be by reason of maturity or otherwise) either (i) shall have been made or caused to be made
in accordance with the terms thereof, or (ii) shall have been provided for on or before such due
date by irrevocably depositing with or making available to the Paying Agent/Registrar in
accordance with an escrow agreement or other instrument (the "Future Escrow Agreement") for
such payment (1) lawful money of the United States of America sufficient to make such payment
and/or (2) Defeasance Securities that mature as to principal and interest in such amounts and at
such times as will insure the availability without reinvestment, of sufficient money to provide for
such payment, and when proper arrangements have been made by the City with the Paying
Agent/Registrar for the payment of its services until all Defeased Bonds shall have become due
and payable. At such time as a Series 2007A Bond shall be deemed to be a Defeased Bond
hereunder, as aforesaid. such Series 2007A Bond and the interest thereon shall no longer be
secured by, payable from. or entitled to the benefits of, the ad valorem taxes or revenues herein
levied and pledged as provided in this Ordinance, and such principal and interest shall be payable
solely from such money or Defeasance Securities. Upon entering into the Future Escrow
Agreement with respect to any such Series 2007A Bonds so defeased, such Series 2007A Bonds
shall no longer be outstanding for any purpose except for right of payment, and all rights of the
City to take any other action amending the terms of such Series 2007A Bonds shall be
extinguished.
(b) Investments. Any moneys so deposited with the Paying Agent/Registrar may at the
written direction of the City be invested in Defeasance Securities, maturing in the amounts and
times as hereinbefore set forth. and all income from such Defeasance Securities received by the
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Paying Agent/Registrar that is not required for the payment of the Series 2007A Bonds and
interest thereon with respect to which such money has been so deposited, shall be turned over
to the City, or deposited as directed in writing by the City. Any Future Escrow Agreement pursuant
to which the money and/or Defeasance Securities are held for the payment of Defeased Bonds
may contain provisions permitting the investment or reinvestment of such moneys in Defeasance
Securities or the substitution of other Defeasance Securities upon the satisfaction of the
requirements specified in subsection (a)(i) or (ii) above. All income from such Defeasance
Securities received by the Paying Agent/Registrar which is not required for the payment of the
Defeased Bonds, with respect to which such money has been so deposited, shall be remitted to
the City or deposited as directed in writing by the City.
(c) Selection of Defeased Bonds. In the event that the City elects to defease less than all
of the principal amount of Series 2007A Bonds of a maturity, the Paying Agent/Registrar shall
select, or cause to be selected, such amount of Series 2007A Bonds by such random method as
it deems fair and appropriate
(d) Defeasance Obligations The term "Defeasance Securities" means (1) direct, noncallable
obligations of the United States of America, including obligations that are unconditionally
guaranteed by the United States of America, (ii) noncallable obligations of an agency or
instrumentality of the United States of America, including obligations that are unconditionally
guaranteed or insured by the agency or instrumentality and that, on the date of the purchase
thereof are rated as to investment quality by a nationally recognized investment rating firm not less
than AAA or its equivalent, and (!i4) noncallable obligations of a state or an agency or a county,
municipality, or other political subdivision of a state that have been refunded and that, on the date
the governing body of the City adopts or approves the proceedings authorizing the financial
arrangements are rated as to investment quality by a nationally recognized investment rating firm
not less than AAA or its equivalent.
e) Continuing Duty of Paying Agent/Registrar. Until all Series 2007A Bonds defeased
under this Section of this Ordinance shall become due and payable, the Paying Agent/Registrar
for such Series 2007A Bonds shall perform the services of Paying Agent/Registrar for such Series
2007A Bonds the same as if they had not been defeased, and the City shall make proper
arrangements to provide and pay for such services.
18. (a) Events of Default Each of the following occurrences or events for the purpose
of this Ordinance is hereby declared to be an "Event of Default":
(i) the failure to make payment of the principal of or interest on any of the Series
2007A Bonds when the same becomes due and payable; or
(ii) default in the performance or observance of any other covenant, agreement or
obligation of the City, the failure to perform which materially, adversely affects the rights
of the registered owners of the Series 2007A Bonds, including, but not limited to, their
prospect or ability to be repaid in accordance with this Ordinance, and the continuation
thereof for a period of 60 days after notice of such default is given by any registered owner
to the City
(b) Remedies for Default
(i) Upon the happening of any Event of Default, then and in every case, any
registered owner or an authorized representative thereof, including, but not limited to, a
trustee or trustees therefor. may proceed against the City, or any official, officer or
employee of the City in their official capacity, for the purpose of protecting and enforcing
the rights of the registered owners under this Ordinance, by mandamus or other suit,
action or special proceeding in equity or at law, in any court of competent jurisdiction, for
any relief permitted by aw. including the specific performance of any covenant or
agreement contained herein, or thereby to enjoin any act or thing that may be unlawful or
n violation of any right of the registered owners hereunder or any combination of such
remedies
(ii) it is provided that all such proceedings shall be instituted and maintained for the
equal benefit of all registered owners of Series 2007A Bonds then outstanding.
(c) Remedies Not Exclusive.
(i) No remedy herein conferred or reserved is intended to be exclusive of any other
available remedy or remedies but each and every such remedy shall be cumulative and
shall be in addition to every other remedy given hereunder or under the Series 2007A
Bonds or now or hereafter existing at law or in equity; provided, however, that
notwithstanding any other provision of this Ordinance. the right to accelerate the debt
evidenced by the Series 2007A Bonds shall not be available as a remedy under this
Ordinance
(ii) The exercise of any remedy herein conferred or reserved shall not be deemed
a waiver of any other available remedy.
(iii) By accepting the delivery of a Series 2007A Bond authorized under this
Ordinance such registered owner agrees that the certifications required to effectuate any
covenants or representations contained in this Ordinance do not and shall never constitute
or give rise to a personal or pecuniary liability or charge against the officers, employees
or trustees of the City or the City Council.
(tv) None of the members of the City Council, nor any other official or officer,
agent, or employee of the City. shall be charged personally by the registered owners with
any liability or be held personally liable to the registered owners under any term or
provision of this Ordinance or because of any Event of Default or alleged Event of Default
under this Ordinance
19. That the findings set forth in the preamble to this Ordinance are hereby incorporated
into the body of this Ordinance and made a part hereof for all purposes. All ordinances and
resolutions or parts thereof in conflict herewith are hereby repealed. For all purposes of this
Ordinance, unless the context requires otherwise, all references to designated Sections and other
subdivisions are to the Sections and other subdivisions of this Ordinance. The words "herein",
"hereof" and "hereunder' and other words of similar import refer to this Ordinance as a whole and
not to any particular Section or other subdivision. Except where the context otherwise requires,
terms defined in this Ordinance to impart the singular number shall be considered to include the
plural number and vice versa. References to any named person means that party and its
successors and assigns References to any constitutional, statutory or regulatory provision means
such provision as it exists on the date this Ordinance is adopted by the City and any future
amendments thereto or successor provisions thereof. Any reference to the payment of principal
in this Ordinance shall be deemed to include the payment of any mandatory sinking fund
redemption payments as described herein. Aly reference to "FORM OF BOND" shall refer to
the form of the Series 2007A Bonds set forth in Exhibit A to this Ordinance. The titles and
headings of the Sections and subsections of this Ordinance have been inserted for convenience
of reference only and are not to be considered a part hereof and shall not in any way modify or
restrict any of the terms or provisions hereof.
20. That the City Officials any Assistant City Manager, the City Secretary or Assistant City
Secretary, and all other officers, employees, and agents of the City, and each of them, shall be
and they are hereby expressly authorized, empowered, and directed from time to time and at any
time to do and perform all such acts and things and to execute.. acknowledge, and deliver in the
name and under the seal and or behalf of the City all such instruments, whether or not herein
-32-
mentioned, as may be necessary or desirable in order to carry out the terms and provisions of this
Ordinance, the Series 2007A Bonds or the Paying Agent/RegistrarAgreement. In case any officer
whose signature appears on any Series 2007A Bond shall cease to be such officer before the
delivery of such Series 2007A Bond, such signature shall nevertheless be valid and sufficient for
all purposes the same as if he or she had remained in office until such delivery. The City Council
hereby authorizes the payment of the fee of the Office of the Attorney General of the State of
Texas for the examination of the proceedings relating to the issuance of the Series 2007A Bonds,
in the amount determined in accordance with the provisions of V.T.C.A., Government Code,
Section 1202 004
21 That t is hereby officially found and determined that the meeting at which this
Ordinance was passed 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, as amended.
In accordance with the provisions of V.T.C.A., Government Code, Section 1201.028, this
Ordinance shall be effective immediately upon its adoption by the City Council.
[Execution Page Follows]
ADOPTED this February 27, 2007.
ayor, City o Corpus Christi, Texas
ATTEST
City Secretary,
City of Corpus Christi. Texas
APPROVED THIS /7* DAY OF FEBRUARY 2007:
MARY KAY FISCHER, CITY ATTORNEY
i7tvi,,
-: 4 -
(SEAL)
EXHIBIT A
FORM OF BOND
NC $
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF NUECES AND SAN PATRICIO
CITY OF CORPUS CHRISTI, TEXAS
GENERAL IMPROVEMENT BOND
SERIES 2007A
MATURITY DATE INTEREST RATE DATE OF DELIVERY CUSIP
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF CORPUS CHRISTI,
TEXAS (the "Issuer"), being a political subdivision of the State of Texas, hereby promises to pay
and acknowledges itself indebted to , or to the registered
assignee hereof (either being hereinafter called the "registered owner") the principal amount of:
DOLLARS
and to pay interest thereon, from the Date of Delivery specified above, to the maturity date
specified above, or the date of its redemption prior to scheduled maturity, at the rate of interest
per annum specified above, with said interest being payable on 1, 200_, and semi-
annually on each 1 and 1 thereafter; except that if the Paying Agent/Registrar's
Authentication Certificate appearing on the face of this Bond is dated later than 1,
200_, such interest is payable semiannually on each 1 and 1 following such
date.
THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the
United States of America without exchange or collection charges. The principal of this Bond shall
be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity
or redemption prior to maturity at the designated corporate trust office in Dallas, Texas (the
"Designated Payment Office"), of The Bank of New York Trust Company, National Association,
which is the "Paying Agent/Registrar" for this Bond The payment of interest on this Bond shall
be made by the Paying Agent/Registrar to the registered owner hereof as shown by the
Registration Books kept by the Paying Agent/Registrar at the close of business on the 15th day
of the month next preceding such interest payment date by check, dated as of such interest
payment date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the
issuer required to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter
provided. and such check shall be sent by the Paying Agent/Registrar by United States mail, first-
class postage prepaid, on each such interest payment date, to the registered owner hereof at its
address as it appears on the Registration Books kept by the Paying Agent/Registrar, as
hereinafter described. Any accrued interest due at maturity or upon redemption of this Bond prior
to maturity as provided herein shall be paid to the registered owner upon presentation and
surrender of this Bond for redemption and payment at the Designated Payment Office of the
Paying Agent/Registrar. The Issuer covenants with the registered owner of this Bond that no later
than each principal payment and''or interest payment date for this Bond it will make available to
the Paying Agent/Registrar from the Interest and Sinking Fund as defined by the ordinance
authorizing the Bonds (the "Ordinance") the amounts required to provide for the payment, in
immediately available funds. of all principal of and interest on the Bonds, when due.
IN THE EVENT OF A NON-PAYMENT of interest on a scheduled payment date, and for
30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be
established by the Paying Agent/Registrar, if and when funds for the payment of such interest
have been received from the Issuer. Notice of the Special Record Date and of the scheduled
payment date of the past due interest ("Special Payment Date", which shall be 15 days after the
Special Record Date) shall be sent at least five business days prior to the Special Record Date
by United States mail. first class postage prepaid, to the address of each registered owner of a
Bond appearing on the registration books of the Paying Agent/Registrar at the close of business
on the last business day next preceding the date of mailing of such notice.
IF THE DATE for the payment of the principal of or interest on this Bond shall be a
Saturday. Sunday. a legal holiday, or a day on which banking institutions in the city where the
Designated Payment Office of the Paying Agent/Registrar is located are authorized by law or
executive order to close, then the date for such payment shall be the next succeeding day which
is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized
to close, and payment on such date shall have the same force and effect as if made on the
original date payment was due. Notwithstanding the foregoing, during any period in which
ownership of the Bonds is determined only by a book entry at a securities depository for the
Bonds any payment to the securities depository, or its nominee or registered assigns, shall be
made in accordance with existing arrangements between the Issuer and the securities depository.
THIS BOND is one of a Series of Bonds of like tenor and effect except as to number,
principal amount, interest rate, maturity and option of redemption, dated as of , 2007,
authorized in accordance with the Constitution and laws of the State of Texas in the principal
amount of $ for the purpose of providing funds with which to (i) make and acquire
various public improvements for the City in accordance with the Ordinance, and (ii) pay costs of
issuance related thereto
ON 1, 20, or on any date thereafter, the Bonds of this Series maturing on
1 20 and thereafter may be redeemed prior to their scheduled maturities, at the option of the
Issuer in whole, or in part, at par and accrued interest to the date fixed for redemption. The years
of maturity of the Bonds called for redemption at the option of the City prior to stated maturity shall
be selected by the City The Bonds or portions thereof redeemed within a maturity shall be
selected by lot or other method by the Paying A.gent/Registrar; provided, that during any period
in which ownership of the Bonds is determined only by a book entry at a securities depository for
the Bonds, if fewer than all of the Bonds of the same maturity and bearing the same interest rate
are to be redeemed, the particular Bonds of such maturity and bearing such interest rate shall be
selected in accordance with the arrangements between the Issuer and the securities depository.
THE BONDS are also subject to mandatory redemption in part by lot pursuant to the terms
of the Ordinance on 1 with respect to Bonds maturing 1, 20 , in the
following years and in the following amounts, at a price equal to the principal amount thereof and
accrued and unpaid interest to the date of redemption, without premium:
Year Principal Amount
Final Maturity
To the extent, however. that Bonds subject to sinking fund redemption have been previously
purchased or called for redemption in part and otherwise than from a sinking fund redemption
payment each annual sinking fund payment for such Bond shall be reduced by the amount
obtained by multiplying the principal amount of Bonds so purchased or redeemed by the ratio
which each remaining annual sinking fund redemption payment for such Bonds bears to the total
remaining sinking fund payments, and by rounding each such payment to the nearest $5,000
integral; provided, that during any period in which ownership of the Bonds is determined only by
a book entry at a securities depository for the Bonds, the particular Bonds to be called for
mandatory redemption shall be selected in accordance with the arrangements between the City
and the securities depository.
AT LEAST 30 days prior to the date fixed for any such redemption (a) a written notice of
such redemption shall be given to the registered owner of each Bond or a portion thereof being
called for redemption by depositing such notice in the United States mail, first class postage
prepaid, addressed to each such registered owner at his address shown on the Registration
Books of the Paying Agent/Registrar and (b) notice of such redemption either shall be published
one (1) time in or posted electronically on the website of a financial journal or publication of
general circulation in the United States of America or the State of Texas carrying as a regular
feature notices of municipal bonds called for redemption; provided, however, that the failure to
send, mail, or receive such notice described in (a) above, or any defect therein or in the sending
or mailing thereof shall not affect the validity or effectiveness of the proceedings for the
redemption of any Bond, and the Ordinance provides that the provision of notice as described in
(b) above shall be the only notice actually required in connection with or as a prerequisite to the
redemption of any Bond By the date fixed for any such redemption due provision shall be made
by the Issuerwith the Paying Agent/Registrar for the payment of the required redemption price for
this Bond or the portion hereof which is to be so redeemed, plus accrued interest thereon to the
date fixed for redemption. If such notice of redemption is given, and if due provision for such
payment is made all as provided above, this Bond, or the portion hereof which is to be so
redeemed, thereby automatically shall be redeemed prior to its scheduled maturity, and shall not
bear interest after the date fixed for its redemption, and shall not be regarded as being
outstanding except for the right of the registered owner to receive the redemption price plus
accrued interest to the date fixed for redemption from the Paying Agent/Registrar out of the funds
provided for such payment. The Paying Agent/Registrar shall record in the Registration Books
all such redemptions of principal of this Bond or any portion hereof. If a portion of any Bond shall
be redeemed a substitute Bond or Bonds having the same maturity date, bearing interest at the
same rate, in any denomination or denominations in any integral multiple of $5,000, at the written
request of the registered owner, and in aggregate principal amount equal to the unredeemed
portion thereof, will be issued to the registered owner upon the surrender thereof for cancellation,
at the expense of the Issuer. all as provided in the Ordinance.
ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds, without
interest coupons, in the denomination of any integral multiple of $5,000. As provided in the
Ordinance, this Bond or any unredeemed portion hereof, may, at the request of the registered
owner or the assignee or assignees hereof, be assigned, transferred, and exchanged for a like
aggregate principal amount of fully registered bonds, without interest coupons, payable to the
appropriate registered owner, assignee, or assignees, as the case may be, having the same
maturity date, and bearing interest at the same rate, in any denomination or denominations in any
integral multiple of $5,000 as requested in writing by the appropriate registered owner, assignee,
or assignees, as the case may be upon surrender of this Bond to the Paying Agent/Registrar at
its Designated Trust Office for cancellation, all ,n accordance with the form and procedures set
forth in the Ordinance. Among other requirements for such assignment and transfer, this Bond
must be presented and surrendered to the Paying Agent/Registrar, together with proper
instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying
Agent/Registrar, evidencing assignment of this Bond or any portion or portions hereof in any
integral multiple of $5,000 to the assignee or assignees in whose name or names this Bond or any
such portion or portions hereof is or are to be transferred and registered. The form of Assignment
printed or endorsed on this Bond may be executed by the registered owner to evidence the
assignment hereof, but such method is not exclusive, and other instruments of assignment
satisfactory to the Paying Agent/Registrar may be used to evidence the assignment of this Bond
or any portion or portions hereof from time to time by the registered owner. The one requesting
such exchange shall pay the Paying Agent/Registrar's reasonable standard or customary fees and
charges for exchanging any Bond or portion thereof The foregoing notwithstanding, in the case
of the exchange of a portion of a Bond which has been redeemed prior to maturity, as provided
herein and in the case of the exchange of an assigned and transferred Bond or Bonds or any
portion or portions thereof, such fees and charges of the Paying Agent/Registrar will be paid by
the Issuer In any circumstance any taxes or governmental charges required to be paid with
respect thereto shall be paid by the one requesting such assignment, transfer, or exchange as a
condition precedent to the exercise of such privilege. In any circumstance, neither the Issuer nor
the Paying Agent/Registrar shall be required (1) to make any transfer or exchange during a period
beginning at the opening of business 30 days before the day of the first mailing of a notice of
redemption of bonds and ending at the close of business on the day of such mailing, or (2) to
transfer or exchange any Bonds so selected for redemption when such redemption is scheduled
to occur within 30 calendar days
WHENEVER the beneficial ownership of this Bond is determined by a book entry at a
securities depository for the Bonds. the foregoing requirements of holding, delivering or
transferring this Bond shall be modified to require the appropriate person or entity to meet the
requirements of the securities depository as to registering or transferring the book entry to produce
the same effect
IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer,
resigns. or otherwise ceases to act as such, the Issuer has covenanted in the Ordinance that it
promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause
written notice thereof to be mailed to the registered owners of the Bonds.
IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Bond, and the series
of which it is a part. is duly authorized by law; that all acts, conditions and things required to be
done precedent to and In the issuance of this series of bonds, and of this Bond, have been
properly done and performed and have happened in regular and due time, form and manner as
required by law. that sufficient and proper provision for the levy and collection of taxes has been
made, which, when collected. shall be appropriated exclusively to the payment of this Bond and
the series of which it is a part; and that the total indebtedness of said City, including the entire
series of bonds of whicn this is one does not exceed any constitutional, statutory or charter
limitation
BY BECOMING the registered owner of this Bond, the registered owner thereby
acknowledges all of the terms and provisions of the Ordinance, agrees to be bound by such terms
and provisions, acknowledges that the Ordinance is duly recorded and available for inspection in
the official minutes and records of the governing body of the Issuer, and agrees that the terms and
provisions of this Bond and the Ordinance constitute a contract between each registered owner
hereof and the Issuer
IN WITNESS WHEREOF this Bond has been signed with the manual or facsimile
signature of the Mayor of said City and attested with the manual or facsimile signature of the City
Secretary, and the official seal of the Issuer has been duly affixed to, or impressed, or placed in
facsimile, on this Bond.
ATTEST
City Secretary, City of Mayor, City of Corpus Christi, Texas
Corpus Christi, Texas
(SEAL)
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
t is hereby certified that this Bond has been issued under the provisions of the
proceedings adopted by the Issuer as described in the text of this Bond; and that this Bond has
been issued in conversion of and exchange for or replacement of a bond, bonds, or a portion of
a bond or bonds of an issue which originally was approved by the Attorney General of the State
of Texas and registered by the Comptroller of Public Accounts of the State of Texas.
Dated:
THE BANK OF NEW YORK TRUST COMPANY,
NATIONAL ASSOCIATION,
Paying Agent/Registrar
By
Authorized Representative
FORM OF ASSIGNMENT:
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
Please insert Social Security or Taxpayer
Identification Number of Transferee
(Please print or typewrite name and address, including
zip code of Transferee)
the within Bond and all rights thereunder, and hereby
irrevocably constitutes and appoints
attorney to register the transfer of the within Bond on the
books kept for registration thereof with full power of
substitution in the premises.
Dated:
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed
by a member firm of the New York Stock
Exchange or a commercial bank or trust
company
NOTICE: The signature above must
correspond with the name of the Registered
Owner as it appears upon the front of this
Bond in every particular, without alteration or
enlargement or any change whatsoever.
FORM OF COMPTROLLER'S CERTIFICATE (ATTACHED TO
THE BONDS UPON INITIAL DELIVERY THEREOF)
OFFICE OF COMPTROLLER
STATE OF TEXAS
REGISTER NO.
hereby certify that there is on file and of record in my office a certificate of the Attorney
General of the State of Texas to the effect that this Bond has been examined by him as required
by law, and that he finds that it has been issued in conformity with the Constitution and laws of
the State of Texas, and that it is a valid and binding obligation of the City of Corpus Christi, Texas,
payable in the manner provided by and in the ordinance authorizing same, and said Bond has this
day been registered by me.
WITNESS MY HAND and seal of office at Austin, Texas
Comptroller of Public Accounts
of the State of Texas
(SEAL)
The printer of the Series 2007A Bonds is hereby authorized to print on the Series 2007A Bonds
(i) the form of bond counsel's opinion relating to the Series 2007A Bonds, and (ii) an appropriate
staternent of insurance furnished by a municipal bond insurance company providing municipal
bond insurance, if any. covering all or any part of the Series 2007A Bonds.
Exhibit B
to
Ordinance
DESCRIPTION OF ANNUAL FINANCIAL INFORMATION
The following information s referred to in Section 14 of this Ordinance.
Annual Financial Statements and Operating Data
The financial information and operating data with respect to the City to be provided
annually in accordance with such Section are as specified (and included in the Appendix or under
the headings of the Official Statement referred to) below:
The information of the general type included in Appendix A under the headings "DEBT
PAYABLE FROM TAXES", "GENERAL REVENUES", "GENERAL EXPENSES", "AD VALOREM
TAXES", "FIVE YEAR OPERATING STATEMENT FOR SOLID WASTE", "MUNICIPAL HOTEL
OCCUPANCY TAXES" and "THE TAX INCREMENT FINANCING ACT".
Appendix C to the Official Statement, "Excerpts from the Annual Financial Report of the
City of Corpus Christi, Texas for the Fiscal Year Ended July 31, 2006".
Accounting Principles
The accounting principles referred to in such Section are the accounting principles
described in the notes to the financial statements referred to in paragraph 1 above.
THE STATE OF TEXAS
COUNTIES OF NUECES AND SAN PATRICIO
CITY OF CORPUS CHRISTI
Armando Chapa, City Secretary of the City of Corpus Christi, in the State of Texas, do
hereby certify that I have compared the attached and foregoing excerpt from the minutes of the
regular open public meeting of the City Council of the City of Corpus Christi, Texas held on
February 27, 2007. and of Ordinance No.62 ( which was duly passed at said meeting, and
that said copy is a true and correct copy of said excerpt and the whole of said ordinance.
n testimony whereof. I have set my hand and have hereunto affixed the seal of said City
of Corpus Christi. this 27th day of February, 2007.
City Secretary of the
City of Corpus Christi, Texas
(SEAL)
Corpus Christi, Texas
day of i-{h1(C(, 2007
The above ordinance was passed by the following vote:
Henry Garrett
Brent Chesney "'4=
Melody Cooper
Jerry Garcia
Bill Kelly
Rex A. Kinnison
Jon Marez
Jesse Noyola
Mark Scott
t\'t1r