HomeMy WebLinkAbout030770 RES - 02/16/2016 RESOLUTION
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS AUTHORIZING AND APPROVING PUBLICATION
OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF
OBLIGATION; COMPLYING WITH THE REQUIREMENTS
CONTAINED IN SECURITIES AND EXCHANGE COMMISSION
RULE 15c2-12; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council (the City Council) of the City of Corpus Christi, Texas (the
City) has determined that it is advisable and necessary to issue and sell one or more series of
certificates of obligation (the Certificates) in an amount not to exceed $18,140,037 as provided
pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Texas Local
Government Code, Section 271.041 through Section 271.064, for the purpose of paying
contractual obligations of the City to be incurred for making permanent public improvements
and for other public purposes, to-wit: (1) constructing, renovating, equipping, enlarging, and
improving City streets (including utilities repair, replacement, and relocation), including curb,
gutters, sidewalks, and drainage improvements necessary or incidental thereto; (2) the purchase
of materials, supplies, equipment,machinery, landscaping, land, and rights-of-way for authorized
needs and purposes relating to the aforementioned capital improvements; and (3) the payment of
professional services related to the design, construction, project management, and financing of
the aforementioned projects; and
WHEREAS, prior to the offering, sale, and issuance of the Certificates, the appropriate
officials of the City must review and approve the distribution of a "deemed final" preliminary
official statement (the Official Statement) in order to comply with the requirements contained in
17 C.F.R. §240.15c2-12 (the Securities and Exchange Commission Rule); and
WHEREAS, based upon their review of the Official Statement, the appropriate officials
of the City must find to the best of their knowledge and belief, after reasonable investigation, that
the representations of facts pertaining to the City contained in the Official Statement are true and
correct and that, except as disclosed in the Official Statement, there are no facts pertaining to the
City that would adversely affect the issuance of the Certificates or the City's ability to pay the
debt service requirements on the Certificates when due; and
WHEREAS, the City Council will comply with the requirements contained in the
Securities and Exchange Commission Rule concerning the creation of a contractual obligation
between the City and the proposed purchaser(s) of the Certificates (the Purchasers) to provide
the Purchasers with an Official Statement in a time and manner that will enable the Purchasers to
comply with the distribution requirements and continuing disclosure requirements contained in
the Securities and Exchange Commission Rule; and
WHEREAS, the City Council authorizes the Mayor, the City Manager, the City
Secretary, and the City Attorney, as appropriate, or their designees, to review, approve, and
execute any document or certificate in order to allow the City to comply with the requirements
contained in the Securities and Exchange Commission Rule; and
82415805.4
030771.1
INDEXED
WHEREAS, prior to the issuance of the Certificates, the City Council is required to
publish notice of its intention to issue the Certificates in a newspaper of general circulation in the
City, such notice stating (i) the time and place the City Council tentatively proposes to pass the
ordinance authorizing the issuance of the Certificates, (ii) the maximum amount proposed to be
issued, (iii)the purposes for which the Certificates are to be issued, (iv) and the manner in which
the City Council proposes to pay the Certificates; and
WHEREAS, the City Council hereby finds and determines that such documents
pertaining to the sale of the Certificates should be approved, and the City should proceed with
the giving of notice of intention to issue the Certificates in the time, form, and manner provided
by law; 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. The City Secretary is hereby authorized and directed to cause notice to be
published of the City Council's intention to issue the Certificates in an amount not to exceed
$18,140,037 for the purpose of paying contractual obligations of the City to be incurred for
making permanent public improvements and for other public purposes, to-wit: (1) constructing,
renovating, equipping, enlarging, and improving City streets (including utilities repair,
replacement, and relocation), including curb, gutters, sidewalks, and drainage improvements
necessary or incidental thereto; (2) the purchase of materials, supplies, equipment, machinery,
landscaping, land, and rights-of-way for authorized needs and purposes relating to the
aforementioned capital improvements; and(3) the payment of professional services related to the
design, construction, project management, and financing of the aforementioned projects. The
Certificates will be payable from the levy of an annual ad valorem tax, within the limitations
prescribed by law, upon all taxable property within the City and additionally from a pledge of
and lien on certain revenues derived from the operation of the City's solid waste system. The
notice hereby approved and authorized to be published shall read substantially in the form and
content of Exhibit A attached hereto, which notice is incorporated herein by reference as a part
of this Resolution for all purposes.
SECTION 2. The City Secretary shall cause the notice described in Section 1 to be
published in a newspaper of general circulation in the City, once a week for two consecutive
weeks, the date of the first publication shall be at least thirty(30) days prior to the date stated
therein for passage of the ordinance authorizing the issuance of the Certificates.
SECTION 3. The City Manager, Deputy City Manager, Assistant City Manager for
General Government and Operations Support, and the Director of Finance, as appropriate, or
their designees, are authorized to review and approve the Official Statement pertaining to the
offering, sale, and issuance of the Certificates and to execute any document or certificate in order
to comply with the requirements contained in the Securities and Exchange Commission Rule.
82415805.4 -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. 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.
SECTION 6. This Resolution shall be construed and enforced in accordance with the
laws of the State of Texas and the United States of America.
SECTION 7. 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 8. 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, all as required by Chapter 551, as amended, Texas Government Code.
SECTION 9. This Resolution shall be in force and effect from and after the date of its
adoption, and it is so resolved.
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82415805.4 - 3 -
PASSED AND APPROVED, this the 16th day of February, 2016.
CITY OF CORPUS CHRISTI, TEXAS
Mayor
ATTEST:
2 4,1_,..d,e, 4CA-R-47-•
ity Secretary
(CITY SEAL)
APPROVED THIS 16TH DAY OF FEBRUARY, 2016:
74L. 2( 2e.t, -
Miles Risley, City Attorney
82415805.4 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 16th day of
February, 2016, relating to establishing the City's intention to publish a notice of intention
concerning the issuance of certificates of obligation, 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 16th day of February, 2016.
4,t -2_,_L,i_e_,, / ,,c_„../i-,_.
City Secretary
(CITY SEAL)
82415805.4 S-2
The foregoing resolution was passed on this the 16th day of February, 2016, by the following
vote:
Nelda Martinez J Rudy Garza, Jr.
Chad Magill LJ 1 Colleen McIntyre
l....40
Lillian Riojas I
AA Brian RosasPdie
k
Lucy RubioL4 , Mark Scott _/,
ir 0 •
Carolyn Vaughn ,
PASSED AND APPROVED, this the l,Q day of016.
ATTEST: Cl?
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e_Lw... 4...J,
Rebecca Huerta Nelda Marti
City Secretary Mayor
82415805.4 era0770
Exhibit A
NOTICE OF INTENTION TO ISSUE
CITY OF CORPUS CHRISTI, TEXAS
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Corpus Christi, Texas
will convene at its regular meeting place in the City Hall in Corpus Christi, Texas, at 11:30
o'clock A.M., Corpus Christi, Texas time on April 16, 2016, and, during such meeting, the City
Council will consider the passage of an ordinance or ordinances and take such other actions as
may be deemed necessary to authorize the issuance of one or more series of certificates of
obligation in an aggregate principal amount not to exceed $18,140,037 for the purpose or
purposes of paying contractual obligations of the City to be incurred for making permanent
public improvements and for other public purposes, to-wit: (1) constructing, renovating,
equipping, enlarging, and improving City streets (including utilities repair, replacement, and
relocation), including curb, gutters, sidewalks, and drainage improvements necessary or
incidental thereto; (2) the purchase of materials, supplies, equipment, machinery, landscaping,
land, and rights-of-way for authorized needs and purposes relating to the aforementioned capital
improvements; and (3) the payment of professional services related to the design, construction,
project management, and financing of the aforementioned projects. The certificates of obligation
(the Certificates) will be payable from the levy of an annual ad valorem tax, within the
limitations prescribed by law, upon all taxable property within the City and from a lien on and
pledge of certain revenues derived by the City from the operation of the City's solid waste
system. The Certificates are to be issued, and this notice is given, under and pursuant to the
provisions of the Certificate of Obligation Act of 1971, as amended, Texas Local Government
Code Section 271.041 through Section 271.064, Section 363.135, as amended, Texas Health and
Safety Code, and the City's Home Rule Charter.
/s/ Rebecca Huerta
City Secretary,
City of Corpus Christi, Texas
82415805.4 A-1