HomeMy WebLinkAbout027602 RES - 02/26/2008RESOLUTION
APPROVING THE RESOLUTION BY THE NORTH PADRE ISLAND
DEVELOPMENT CORPORATION AUTHORIZING IZING THE ISSUANCE
OF REFUNDING BONDS.
WHEREAS, North Padre Island Development Corporation (the "Corporation")
was created under the auspices of the City of Corpus Christi, Texas (the "City"); and
WHEREAS, EAS, the Corporation was created in part for the purpose of assisting the
Reinvestment Zone Number Two, City of Corpus Christi, Texas (the "Zone') in
implementing the "Project and Financing Plan" with respect to the economic
development of property within the Zone; and
WHEREAS, the Corporation by resolution adopted February 26, 2008 authorized
the issuance of the hereinafter described refunding bonds for the purpose of achieving a
net present value savings, as further described in said resolution; and
WHEREAS, it is deemed necessary and advisable that this Resolution be
adopted.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI THAT:
SECTION 1. The resolution (the "Resolution") adopted by the Corporation, in
substantially the form and substance as attached to this Resolution and made a part
hereof for all purposes, is hereby approved, and tax increment contract revenue bonds
in a principal amount not to exceed $13,500,000 (the "Bonds"), may be issued for the
purpose of refunding all of the Refunded Bonds (as defined in the Resolution; and said
Resolution and Bonds.
SECTION 2. This Resolution shall be effective immediately from and after its
passage.
ATTEST:
Armando Chapa
City Secretary
APPROVED AS T FORM: t -Feb -08
Veroni
F b-
rni anas
Assistant City Attorney
for City Attorney
THE CITY OFCO PUS CHRISTI
027602
Corpus Ch isti, Texas
of
2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hammell
Bill Kelly
Priscilla Leal
John E. Marez
Nelda Martinez
Michael McCutchon
027602
A .b(664/-,
CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS
COUNTIES OF NUECES AND SAN PATRICIO
CITY OF CORPUS CHRISTI
1, the undersigned City Secretary of the City of Corpus Christi, Texas (the "City"),
hereby certify as follows:
1. The City Council of the City convened in REGULAR LAF MEETING ON THE 26TH
DAY OF FEBRUARY, , 2008, at the City Hall, and the roll was called of the duly
constituted officers and members of the City Council, to -wit:
Henry Garrett
Mike Hummell,
Melody Cooper,
Nelda Martinez,
Bill Kelly,
John Mare,
Priscilla Leal,
Michael McCutchon,
Larry Elizondo, Sr.
George K. Noe,
Mary Kay Fischer,
Cindy O'Brien,
Armando Cha a,
Mayor
Council members
City Manager,
City Attorney,
Director of Financial Services,
City Secretary
ITo +i E.
and all of said persons were present, except the following absentees; Marti , thus
constituting a quorum. Whereupon, among other business, the following was
transacted at said Meeting: a written
RESOLUTION APPROVING ING THE RESOLUTION BY THE NORTH
PADRE ISLAND DEVELOPMENT CORPORATION AUTHORIZING G THE
ISSUANCE OF REFUNDING BONDS
was duly introduced for the consideration of the City Council and read in full. It was
then duly moved and seconded that said Resolution be passed; and, after due
discussion, said motion carrying with it the passage of said Resolution, prevailed and
carried by the following vote:
AYES:
NOES:49-
ABSTAIN:
2. That a true, full and correct copy of the aforesaid Resolution passed at the
Meeting described in the above and foregoing paragraph is attached to and follows this
Certificate; that said Resolution has been duly recorded in the City Council's minutes of
said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt
from the City Council's minutes of said Meeting pertaining to the passage of said
Resolution; that the persons named in the above and foregoing paragraph are the duly
chosen, qualified and acting officers and members of the City Council as indicated
therein; that each of the officers and members of the City Council was duly and
sufficiently notified officially and personally, in advance, of the time, place and purpose
of the aforesaid Meeting, and that said Resolution would be introduced and considered
for passage at said Meeting, and each of said officers and members consented, in
advance, to the holding of said Meeting for such purpose, and that said Meeting 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.
SIGNED AND SEALED the 26th day of February, 200 8.
Armando Chapa
City Secretary
SEAL