HomeMy WebLinkAbout028824 ORD - 10/26/20101
ORDINANCE
RESCINDING, CANCELING, AND TERMINATING AN ORDINANCE
PREVIOUSLY ADOPTED ON JUNE 22, 2010 BY THE CITY COUNCIL
AUTHORIZING THE ISSUANCE OF "CITY OF CORPUS CHRISTI,
TEXAS UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES
2010"; PROVIDING AN EFFECTIVE DATE; AND DECLARING AN
EMERGENCY.
WHEREAS, the City Council (the "City Council") of the City of Corpus Christi, Texas
(the "City") authorized the issuance of refunding bonds (the "Bonds") and, in connection
therewith, delegated to the Mayor, City Manager, and Interim Assistant City Manager for
Administrative Services of the City to act on behalf of the City in selling and delivering the Bonds
authorized therein and carrying out the procedures specified in the Original Ordinance (defined
herein), pursuant to a delegated sale ordinance adopted on June 22, 2010 (the "Original
Ordinance") and the provisions of Section 1207.007, as amended, Texas Government Code; and
WHEREAS, the tax-exempt bond market interest rates since the adoption of the Original
Ordinance have significantly improved and the City, based upon the recommendation of its
financial advisor, has decided to add additional series of obligations to be refunded to increase
the principal amount of the Refunded Obligations identified in the Original Ordinance from
$12,500,000 to $112,800,000; and
WHEREAS, as such, the City Council has been advised by its financial advisor and bond
counsel that the Original Ordinance should be rescinded; and
WHEREAS, the City Council hereby finds and determines that canceling, terminating, and
rescinding the Original Ordinance is in the best interests of the residents of the City; now,
therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. The Original Ordinance is herby canceled, terminated and rescinded.
SECTION 2. The recitals contained in the preamble hereof are hereby found to be true,
and such recitals are hereby made a part of this Ordinance for all purposes and are adopted as a
part of the judgment and findings of the City Council.
SECTION 3. All ordinances, resolutions, or parts thereof, which are in conflict or
inconsistent with any provision of this Ordinance are hereby repealed to the extent of such
conflict, and the provisions of this Ordinance shall be and remain controlling as to the matters
ordained herein.
SECTION 4. This Ordinance shall be construed and enforced in accordance with the laws
of the State of Texas and the United States of America.
028824
H:1LEG-DIR1Lisa12010 Ordinance\QRD-rescinding ordinance.doc
!NDDEXEO
2
SECTION 5. If any provision of this Ordinance or the application thereof to any person or
circumstance shall be held to be invalid, the remainder of this Ordinance and the application of
such provision to other persons and circumstances shall nevertheless be valid, and the City
Council hereby declares that this Ordinance would have been enacted without such invalid
provision.
SECTION 6. It is officially found, determined, and declared that the meeting at which this
Ordinance is adopted was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Ordinance, was
given, all as required by Chapter 551, as amended, Texas Government Code.
SECTION 7. This Ordinance shall be in force and effect from and after its final passage,
and it is so ordained.
SECTION 8. That upon written request of the Mayor or five Council members, copy
attached, the City Council finds and declares an emergency due to the need for immediate action
necessary for the efficient and effective administration of City affairs and suspends the Charter
rule that requires consideration of and voting upon ordinances at two regular meetings so that this
ordinance is passed and takes effect upon first reading as an emergency measure this the 26th day
of October, 2010.
ATTEST:
CITY OF CORPUS CHRISTI
Armando Chapa, City Secretary Joe Ad
Approved: October 14, 2010
Lisa Agui
Assistant City Attorney
For City Attorney
H:1LEG-DIR\Lisa12010 Ordinance\ORD-rescinding ordinance.doc
3
Corpus Christi, Texas
Day of C
, 2010
TO THE MEMBERS OF THE CITY COUNCIL
Corpus Christi, Texas
For the reasons set forth in the emergency clause of the foregoing ordinance an emergency
exists requiring suspension of the Charter rule as to consideration and voting upon ordinances
at two regular meetings: I/we, therefore, request that you suspend said Charter rule and pass
this ordinance finally on the date it is introduced, or at the present meeting of the City
Council.
Respectfully, Respectfully,
Joe A ame
Mayor
Council Members
The above ordinance was passed by the following vote:
Joe Adame
Chris N. Adler
Brent Chesney
Larry Elizondo, Sr.
Kevin Kieschnick
Priscilla Leal
John Marez
Nelda Martinez
Mark Scott
028824
H:ILEG-DIR1Lisa12010 Ordinance\ORD-rescinding ordinance.doc
THE STATE OF TEXAS )(
COUNTY OF NUECES )(
I, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certify that the
above and foregoing is a true, full and correct copy of an Ordinance passed by the City Council
of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 26th day of
October, 2010, rescinding the prior ordinance of the City Council authorizing the issuance of the
City's Utility System Revenue Refunding Bonds, Series 2010, which Ordinance is duly of record
in the minutes of said City Council, and said meeting was open to the public, and public notice of
the time, place and purpose of said meeting was given, all as required by Texas Government
Code, Chapter 551.
EXECUTED UNDER MY HAND AND SEAL of said City, this the 26th day of October, 2010.
6267,_
City Secretary
(CITY SEAL)
90209139.1
-4-