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HomeMy WebLinkAbout028966 RES - 02/15/2011A RESOLUTION DETERMINING THAT CERTAIN VOLUNTARY PAVING ASSESSMENT PETITIONS FOR BUCKHORN, OLSON, JUNIOR TERRACE, COMANCHE, AND VIOLA STREETS ARE NOT QUALIFIED UNDER THE VOLUNTARY PAVING ASSESSMENT PROGRAM; REMOVING SAID STREET NAMES FROM THE LIST OF POSSIBLE STREETS IDENTIFIED IN CONNECTION WITH THE AUTHORIZATION AND ISSUANCE OF THE "CITY OF CORPUS CHRISTI, TEXAS GENERAL IMPROVEMENT BONDS, SERIES 2009" AND, THEREBY, ABANDONING THOSE STREET PROJECTS AS PERMITTED EXPENDITURES OF BOND PROCEEDS; REDIRECTING THE RESULTANT EXCESS BOND PROCEEDS TO OTHER AUTHORIZED STREET IMPROVEMENT PROJECTS (WITH PRIORITY GIVEN TO OTHER QUALIFIED VOLUNTARY PAVEMENT ASSESSMENT PROGRAM PROJECTS) AS PERMITTED EXPENDITURES OF BOND PROCEEDS; AND OTHER MATTERS RELATING TO THE FOREGOING WHEREAS, the City Council (the Council) of the City of Corpus Christi, Texas (the City) held an election on November 4, 2008 (the Election) for the purpose of determining whether the resident, qualified voters of the City would, pursuant to multiple propositions, authorize the issuance of limited ad valorem tax -supported bonds by the City for various public improvement projects; and WHEREAS, a majority of the resident, qualified voters of the City at the Election approved multiple propositions authorizing the issuance of limited ad valorem tax -supported bonds of the City, the proceeds from which would be utilized to finance various public improvement projects within the City, one such proposition being the issuance of $104,610,000 of such bonds to finance City street improvements (the Street Authorization); and WHEREAS, in connection with the Street Authorization, the City Council represented to its resident, qualified voters that it would undertake specific projects within the City, including certain street projects (being improvements to Buckhom, Olson, Junior Terrace, Comanche, Vaky, and Viola Streets as part of the City's Voluntary Paving Assessment Program (the VPAP)), which streets were identified in the Street Authorization as a result of the City's prior receipt of respective petitions from a majority of the residents living on each street seeking participation in the VPAP; and WHEREAS, on May 27, 2009, the City issued its $88,725,000 GENERAL IMPROVEMENT BONDS, SERIES 2009 (the Bonds), in reliance upon various authorizations approved at the Election, including a portion of the Street Authorization in the amount of $54,035,000; and WHEREAS, the majority of the residents of Buckhom, Olson, Junior Terrace, Comanche, and Viola Streets have conveyed to the City that, because they are now unwilling to assume the financial obligation associated with VPAP participation, they no longer wish to be included in the VPAP, which represents a change in the facts from those originally relied upon by the City at the time it adopted the Street Authorization proposition (the Changed Condition); and 028966 90335895.6 INDEXED WHEREAS, financial participation by the residents of a street is a known and advertised requirement of the City for a street's inclusion in the VPAP and, absent such financial participation, the City has not budgeted sufficient funds to complete the planned improvement thereof; and WHEREAS, the City Council hereby finds, after careful consideration and in reliance upon factual input from City staff, that the Changed Condition represents a material and unforeseen change in conditions from those existing at the time of the Election and the issuance of the Bonds, such that spending Bond proceeds on improving those identified streets contemplated to participate in the VPAP but, for the reasons described above, will not so participate, would now represent an unwise, unnecessary, and fiscally imprudent expenditure of Bond proceeds, and as a result thereof, any course of action in furtherance thereof is hereby abandoned; and WHEREAS, those Bond proceeds allocated to improving Buckhorn, Olson, Junior Terrace, Comanche, and Viola Streets have become surplus Bond proceeds as a result of the hereinbefore -described abandonment and are hereby reallocated to be spent on other street improvements (with priority given to other qualified VPAP projects) within the City, which expenditure is permissible pursuant to the Election and the Street Authorization; and WHEREAS, the City Council is within its legal rights under established Texas law to abandon the street improvement projects as herein described and to reallocate or redirect Bond proceeds to other projects authorized by the Election and the Street Authorization in the manner described above; and WHEREAS, the City Council hereby finds and determines that the adoption of this Resolution is in the best interests of the residents of the City; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS THAT: SECTION 1: As a result of the Changed Condition, which was the subject of significant factual information and briefings concerning this matter received by the City Council from City staff, those certain projects originally authorized under the Street Authorization and consisting of improvements to Buckhorn, Olson, Junior Terrace, Comanche, and Viola Streets, are hereby abandoned. SECTION 2: As a result of the abandonment described in Section 1, Bond proceeds previously allocated thereto and now determined to be surplus Bond proceeds are hereby reallocated in the manner described in the recitals of this Resolution. SECTION 3: All ordinances and resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict, and the provisions of this Resolution shall be and remain controlling as to the matters resolved herein. 90335895.6 -2- SECTION 4: The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a part of the judgment and findings of the City Council. SECTION 5: This Resolution shall be construed and enforced in accordance with the laws of the State of Texas and the United States of America. SECTION 6: If any provision of this Resolution or the application thereof to any person or circumstance shall be held to be invalid, the remainder of this Resolution and the application of such provision to other persons and circumstances shall nevertheless be valid, and the City Council hereby declares that this Resolution would have been enacted without such invalid provision. SECTION 7: It is officially found, determined, and declared that the meeting at which this Resolution 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 Resolution, was given, alI as required by Chapter 551, as amended, Texas Government Code. SECTION 8: This Resolution shall be in force and effect from and after its final passage, and it is so resolved. 90335895.6 * * * -3- PASSED, ADOPTED AND APPROVED on this the 15th day of February, 2011. CITY OF CORPUS CHRISTI, TEXAS ATTEST: er H'r (SEAL . >.;,. �.1 AY OF IN-AroviAuti Carlos Valdez, Cityttorney 90335895.6 -4- THE STATE OF TEXAS COUNTY OF NUECES 1, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of a Resolution passed by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 15th day of February, 2011, concerning the City Council's abandonment of certain authorized projects and the reallocation of resultant surplus bond proceeds, which Resolution is duly of record in the minutes of said City Council, and said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Texas Government Code, Chapter 551. EXECUTED UNDER MY HAND AND SEAL of said City, this the 15th day of February, 2011. Cit ,S Cretary `(CfTY;`SEAL) 90335895.6 -5- Corpus Christi, Texas , 2010 The above resolution was passed by the following vote: Joe Adame Chris N. Adler Larry Elizondo, Sr. Kevin Kieschnick Priscilla G. Leal John E. Marez Nelda Martinez Mark Scott ALLinda Strong SUll' -,7±3:AT 028966