HomeMy WebLinkAbout030547 RES - 07/14/2015 FINAL
RESOLUTION AUTHORIZING THE CITY MANAGER TO
TAKE ACTIONS NECESSARY TO APPROVE THE
ISSUANCE OF REFUNDING BONDS DESIGNATED AS
NUECES RIVER AUTHORITY WATER SUPPLY
FACILITIES REVENUE REFUNDING BONDS, SERIES
2015; AND OTHER MATTERS IN CONNECTION
THEREWITH
WHEREAS, the authorized representative of the City of Corpus Christi, Texas (the
"City") shall approve the issuance of bonds by the Nueces River Authority (the "NRA")
designated as "Nueces River Authority Water Supply Facilities Revenue Refunding Bonds,
Series 2015", in the aggregate estimated principal amount of $63,100,000 (the "NRA Bonds");
and
WHEREAS, the NRA Bonds will refund for debt service savings certain currently
outstanding NRA obligations (the "Refunded Bonds"); and
WHEREAS, the City has executed contracts with the NRA (the "Contract") pursuant to
which the City is obligated to make payments sufficient to pay the debt service due and payable
on the NRA Bonds and the Refunded Bonds; and
WHEREAS, the City has requested that NRA consider the issuance of the NRA Bonds to
extend the maturity of the Refunded Bonds and to produce debt service savings on the Refunded
Bonds that are subject to redemption prior to their scheduled maturities; and
WHEREAS, the City has been advised by representatives of the NRA that it is willing to
proceed with the issuance of the NRA Bonds; and
WHEREAS, the documents governing the issuance of the NRA Bonds each provide that
refunding bonds may be issued subject to the approval of the terms of such refunding bonds by
the City; and
WHEREAS, because of fluctuating conditions in the municipal bond market, the City
Council has determined to delegate to the City Manager, or his designee, the authority to approve
the terms of the NRA Bonds, subject to the parameters hereinafter described.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
Section 1. That the City Manager, or his designee, is hereby authorized to act on behalf
of the City to approve the terms of the NRA Bonds. The City Manager, or his designee, may
evidence such approval on behalf of the City by executing the bond purchase agreement prepared
in connection with the sale and delivery of the NRA Bonds, or by executing a certificate
evidencing the approval of the terms of the NRA Bonds, as the City Manager, or his designee, in
their discretion may determine.
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Section 2. That the City Manager, or his designee, is authorized to consult with M.E.
Allison & Co., Inc., the City's financial advisor, and Norton Rose Fulbright US LLP, the City's
bond counsel, to determine that the sale of the NRA Bonds occurs on such terms that are
consistent with the financial and legal conditions in the municipal bond market at the time the
NRA Bonds are priced for sale by the NRA.
Section 3. That the City Manager, or his designee, shall be and is hereby expressly
authorized, empowered and directed from time to time and at any time to do and perform all such
acts and things and to execute, acknowledge and deliver in the name and under the corporate seal
and on behalf of the City all such instruments, whether herein mentioned, as may be necessary or
desirable in order to carry out the terms and provisions of this Resolution, including, but not
limited to, approving the form of the notice of redemption calling the Refunded Bonds for
redemption prior to their scheduled maturities, entering into on behalf of the City, and as the act
and deed of the City Council, a continuing disclosure agreement for purposes of compliance with
the Rule, and such certifications or instruments as may be necessary to effect the issuance of the
NRA Bonds. A determination by the City Manager, or his designee, that the final forms of such
certifications or instruments, including specifically, but not by way of limitation, the bond
purchase agreement and offering documents, if any, relating to the NRA Bonds, comply with the
authorizing documents relating to the NRA Bonds, and applicable Texas law, shall have the
same force and effect as a finding or determination made by the City Council.
Section 4. That any approvals or prerequisites to the issuance of the NRA Bonds
specified or required under the Contract (that were or are to inure to the benefit of the City) are
hereby waived in their entirety and this Resolution shall serve as the only necessary and timely
approval of the City of the issuance of the NRA Bonds.
Section 5. That the foregoing notwithstanding, the City Manager, or his designee, shall
not approve the sale of the NRA Bonds if the debt service savings to be generated by the
issuance of such NRA Bonds does not generate at least a two and three-fourths percent (2.75%)
net present value savings to the City. Prior to the delivery of the NRA Bonds, the City Manager,
or his designee, shall execute and deliver to the City Council a certificate setting forth the terms
of such refunding bonds, and in such certificate the City Manager, or his designee, shall state that
the terms of such refunding bonds conform to the parameters set forth in this Resolution.
Section 6. That the authority delegated to the City Manager to approve the sale of the
NRA Bonds shall expire on December 30, 2015.
Section 7. That this Resolution shall become effective immediately upon its adoption
by the City Council. This Resolution supersedes any prior resolutions adopted by the City
Council with respect to the NRA Bonds.
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PASSED AND APPROVED this the 14th day of July, 2015.
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Nelda Martinez, Mayor
City of Corpus Christi, Texas
ATTEST:
I Z2-1Q- G, )41. 1-7-%
Rebecca Huerta, City Secretary
(SEAL)
APPROVED THIS 14TH DAY OF JULY, 2015:
giLL ,(X
Miles Risley, City Attorney
35236249.4 S-1
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 a Resolution passed by the City Council of
the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 14th day of July,
2015, relating to establishing the City's authorization to the City Manager to take actions
necessary to approve the issuance of refunding bonds designated as Nueces River Authority
Water Supply Facility Revenue Refunding Bonds, Series 2015, 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 14th day of July, 2015.
F22
City Secretary
(CITY SEAL)
35236249.4 S-2
The foregoing resolution was passed on this the 14th day of July, 2015, by the following vote:
Nelda Martinez j_WRudy Garza L i
i!
Chad Magill AL-AA•_ Colleen McIntyre 1-AL A
Lillian Riojas t _�� Brian Rosas OL 4 t
Lucy Rubio rhtMark Scott —A i, /
Carolyn Vaughn ___—_ ,T
ATTEST:
T-25,1. .ec.,ce., i4tsiz_dx..4--4, N\.. L
Rebecca Huerta Nelda Martinez
City Secretary Mayor
030547
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