HomeMy WebLinkAbout027709 RES - 05/20/2008RESOLUTION
AUTHORIZING CITY MANAGER TO EXECUTE AMENDMENT MENT T
PROJECT DESCRIPTION IN CONNECTION WITH PURCHASE OF
CERTIFICATES OF OBLIGATION BY TEXAS MILITARY
PREPAREDNESS COMMISSION
WHET EAS, on March 15, 2007, the City of Corpus Christi, Texas (the 'City") issued its
Combination Tax and Utility System Revenue Certificates of Obligation, 2007, in the aggregate
principal amount of $6,985,000 (the "Certificates"); and
WHEREAS, the City is a "defensecommunity" for purposes of Chapter 436, Texas
Government Code, and the Certificates were purchased by the Texas Military Preparedness
Commission (the "TMPC"); and
WHEREAS, in connection with the purchase of the Certificates by TMPC, the City and
TMPC entered into a Loan Agreement, dated as of February 1, 2007 (the "Loan Agreement");
and
WHEREAS, the Loan Agreement describes the project to be funded with the proceeds of
the Certificates; and
WHEREAS, the United States Navy has requested that the projects funded with the
proceeds of the Certificates be amended to provide for the acquisition of right ofway and the
construction of an alternative major entrance route into Naval Air Station -Corpus Christi; and
WHEREAS, the TMPC has agreed to amend the project description in the Loan
Agreement to reflect this change; and
WHEREAS, the City has been advised by McCall, Parkhurst & Horton L.L.P., its bond
counsel, that the proposed change in the project, and the expenditure of proceeds from the
Certificates, is consistent with the proceedings of the City adopted in connection with the sale of
the Certificates to TMPC.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
SECTION 1. That the City Council hereby finds that the expenditure of proceeds from
the sale of the Certificates for the project described in the preamble to this Resolution enhances
the militaryvalue of a military facility located in, near or adjacent to the City in accordance with
the provisions of Chapter 436, Texas Government Code, and is included in the City's defense
base military value enhancement statement as required by Chapter 397, Texas Local Government
Code.
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SECTION ION 2. That the City Manager is hereby authorized to execute documentation
prepared by TMPC to effect an amendment to the project description set forth as Exhibit B to the
Loan Agreement to incorporate the change to the project consistent with this Resolution.
SECTION 3. That this Resolution shall become effective immediately upon its adoption
by the City Council.
ATTEST:
Armando Cha a, City Secretary
APPROVED the /3 day of May, 2008.
THE C TY OF CORPUS CHRISTI
Le".4.../
enry Garr tt, Mayor
The City o Corpus Christi
Corpus Ch,�isti, Texas
Oof
, 2008
The above resolution was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hummel!
Bill Kelly
Priscilla Leal
John E. Marren
Nelda Martinez
Michael M Cut hon
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