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Home My WebLink About029086 ORD - 05/31/2011 ORDINANCE RESCINDING, CANCELING, AND TERMINATING AN ORDINANCE PREVIOUSLY ADOPTED ON OCTOBER 26,2010 BY THE CITY COUNCIL AUTHORIZING THE ISSUANCE OF "CITY OF CORPUS CHRISTI, TEXAS UTILITY SYSTEM REVENUE REFUNDING BONDS,SERIES 2010"AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council (the City Council) of the City of Corpus Christi,Texas(the City), by ordinance adopted on June 22, 2010 (the June 2010 Ordinance) and pursuant to the provisions of Section 1207.007, as amended, Texas Government Code (Applicable Law), authorized the issuance of refunding bonds (the Bonds) in an aggregate principal amount not to exceed$12,500,000 and, in connection therewith,delegated to certain City officials and staff the authority to act on behalf of the City in selling and delivering the Bonds and carrying out the procedures specified in the June 2010 Ordinance; and WHEREAS, subsequent to the adoption of the June 2010 Ordinance, interest rates in the tax-exempt bond market significantly improved, and the City, based upon the recommendation of its financial advisor, determined to increase the maximum permitted principal amount of the Bonds to$112,800,000 and added additional series of utility system revenue bonds eligible to be refunded with proceeds thereof, which the City accomplished, pursuant to separate actions approved on October 26, 2010, by rescinding the June 2010 Ordinance and adopting a new authorizing ordinance (the October 2010 Ordinance); and WHEREAS, quickly after the adoption of the October 2010 Ordinance, increasing interest rates in the the tax-exempt bond market greatly diminished the economic benefit to the City of issuing the Bonds, which caused the City to await improved market conditions prior to executing the contemplated transaction; and WHEREAS, market conditions have again improved such that the City's financial advisor has advised City staff that the issuance of the Bonds, in a revised, aggregate principal amount of$80,000,000,again represents a beneficial financial transaction to the City;and WHEREAS, the Texas Attorney General's Office maintains an administrative position that delegation authority approved pursuant to Applicable Law is valid for a period of six months,which,with respect to the October 2010 Ordinance, expired on April 26, 2011;and WHEREAS, the City anticipates adopting, pursuant to Applicable Law, new delegation authority concering the issuance of the Bonds in the form of an updated ordinance (the May 2011 Ordinance);and WHEREAS, prior to its adoption of the May 2011 Ordinance, the City has determined that, notwithstanding the administrative position of the Texas Attorney General's Office described above, rescinding the October 2010 Ordinance prior to adopting the May 2011 Ordinance is in the best interests of the City and its residents;now,therefore, BE IT ORDAINED BY THE CITY COUNCIL OF CITY OF CORPUS CHRISTI, TEXAS: We never refunded the bond, transaction did not occur for 90456907.2 ordinance 029086. 029086 INDEXED SECTION 1. The October 2010 Ordinance is hereby 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 and 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. 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 (1) finds and declares an emergency due to the need for immediate action necessary for the efficient and effective administration of City affairs and (2) 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 31st day of May, 2011. [The remainder of this page intentionally left blank.] 90456907.2 -2- PASSED AND APPROVED,this the 31st day of May, 2010. CITY OF CORPUS CHRISTI, TEXAS Mayor 941t ATTEST: 0).11'1--1-•tA7als"L.A—__ City Secretary (SEAL) APPROVED THIS 31sT DAY OF MAY, 2011: Oit(ArVI4‘bt.l. Carlos Valdez, City Attorney 90456907.2 -3- 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 3151 day of May, 2011, rescinding the prior ordinance of the City Council, adopted on October 26, 2010, 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 315` day of May, 2011. City Secretary (CITY SEAL) 90456907.2 -4- Corpus Christi, Texas Day of , 2011 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 Adame, Mayor City of Corpus Christi Council Members The above ordinance was passed by the following vote: Joe Adame 14/k(4t/4474/ Chris N. Adler Larry Elizondo, Sr. Kevin Kieschnick /419`,47, Priscilla G. Leal 711 John E. Marez �V Nelda Martinez Mark Scott /1121-44,1, Linda Strong 02908.6 CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS § § COUNTIES OF NUECES, ARANSAS, § KLEBERG AND SAN PATRICIO § § CITY OF CORPUS CHRISTI § THE UNDERSIGNED HEREBY CERTIFIES that: 1. On the 31St day of May, 2011, the City Council (the Council) of the City of Corpus Christi, Texas (the City) convened in regular session at its regular meeting place at the City Hall (the Meeting), the duly constituted members of the Council being as follows: Joe Adame Mayor Kevin Kieschnick Councilmember, District 1 John Marez Councilmember, District 2 Priscilla Leal Councilmember, District 3 Chris Adler Councilmember, District 4 Larry Elizondo, Jr. Councilmember, District 5 Linda Strong Councilmember, At Large Mark Scott Councilmember, At Large Nelda Martinez Councilmember, At Large (( � II and all of such persons were present at the Meeting, except the following: Q h4a t M thus constituting a quorum. Among other business considered at the Meeting, the attached TJ Ordinance (the Ordinance) entitled: ORDINANCE RESCINDING, CANCELING, AND TERMINATING AN ORDINANCE PREVIOUSLY ADOPTED ON OCTOBER 26, 2010 BY THE CITY COUNCIL AUTHORIZING THE ISSUANCE OF "CITY OF CORPUS CHRISTI, TEXAS UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2010" AND PROVIDING AN EFFECTIVE DATE was introduced and submitted to the Council for passage and adoption. After presentation and due consideration of the Ordinance, a motion was made by Councilmember that the Ordinance be finally passed and adopted in accordance with the City's Home Rule Charter. The motion was seconded by Councilmember and carried by the following vote: (� D voted "For" Itf voted"Against" abstained all as shown in the official Minutes of the Council for the Meeting. 2. The attached Ordinance is a true and correct copy of the original on file in the official records of the City; the duly qualified and acting members of the Council of the City on 90459836.1 the date of the Meeting are those persons shown above, and, according to the records of my office, each member of the Council was given actual notice of the time, place, and purpose of the Meeting and had actual notice that the Ordinance would be considered; and the Meeting and deliberation of the aforesaid public business, including the subject of the Ordinance, was posted and given in advance thereof in compliance with the provisions of Chapter 551, as amended, Texas Government Code. IN WITNESS WHEREOF, I have signed my name officially and affixed the seal of the City,this 31st day of May, 2011. r City Secretary, of Corpussti Texas (SEAL) 90459836.1 2