HomeMy WebLinkAbout030812 ORD - 04/12/2016 i
CERTIFICATE OF CITY SECRETARY
HE STATE OE TEXAS §
COUNTIES OF NUECES,ARANSAS, 3
KLEBERG AND SAN PATRICK)
CITY OF ('ORIM IS CHRIS I I §
11 IF UNDERSIGNED HEREBY CER HEWS that:
I. On the 12th day of April, 2016, 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 I fall (the Meeting), the duly constituted members of the Council being as follows:
Nelda Martinez. Mayor
Carolyn Vaughn Co unci Imemher, District I
Brian Rosas Councilmember, District 2
Lucy Rubio Councilmember, District 3
Colleen McIntyre Councilmember, District 4
Rudy Gar/a, Jr. Councilmember, District 5
Chad Magill Councilmember, At targe
Mark Scott Councilmember, At large
Ylichnel Hunter C'.ounciiinem her, At Large
and all of such persons were present at the Meeting. except the following: None
thus constituting a quorum. Among other business considered at the Meeting, the attached
Ordinance (the Ordinance) entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF "CIIY OF CORPUS
CHRISTI, TEXAS COMBINATION TAX AND LIMITED PLEDGE
REVENUE CERTIFICATES OP OBLIGATION. SERIES 2016A" IN AN
AMOIJNT NOT TO EXCEED $18,140,037 FOR TI IE PURPOSE OF
FINANCING COSTS ASSOC'IA'TED WITII MAKING PERMANENT PUBLIC
IMPROVEMENTS WITHIN II IE CITY: PROVIDING FOR THE PAYMI(N I
OF SAID CERTIFICATES BY THE I.EVY OF AN Al) VALOREM FAX
UPON All, TAXABLE PROPERTY WI IMIN 'El IF CITY AND FURTHER
SECURING SAID CIhl(II FICATES BY A LIEN ON AND P1EDGE OFIFIF
PLEDGED REVENUES 01' THE S01.11) WASTE SYSTEM: PROVIDING
THE TERMS AND CONDITIONS OF SAID CERTIFIC'AT'ES AND
RESOLVING OII IFR MATTERS INCIDENT AND RELATING TO TIIF
ISSUANCE, PAYMENT, SECURITY. SALE, AND DELIVERY OF SAID
CERTIFICAT ES. INCLUDING THE APPROVAL AND DISTRIBUTION OF
AN OFFICIAL. STATEMENT PERTAINING THERETO: AUTHORIZING
TAIL EXECUTION OF A PAYING AGENT/REGISTRAR AGREEMENT AND
A PL1R('HASE CONTRACT', COMPLYING Wfll I Il IF REQUIREMENTS OF
I1II1 LIf111 ER OF REPRESENTA !TONS ON FILE WITH 11 IF DEPOSITORY
INDEXED
TRUST COMPANY; DELEGATING 'II IF AUTHORITY To CERTAIN
MEMBERS OF THE C'I'TY STARE TO EXECUTE C'ER'TAIN DOCUMENTS
RELATING "TO THE SALE OF TI 1E CERTIFICATES, ENACTING OTHER
PROVISIONS INCIDI N'I ANI) RELATED TO THE SUBJECT AND
PURPOSE OF If IIS ORDINANC'b; ANI) PROVIDING AN EFFECTIVE
DATE
was introduced and submitted to the Council for passage and adoption. After presentation and
due consideration of the Ordinance, the Ordinance carried by the following record vote:
voted "For" n 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
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 was open to the public, and written notice of said
meeting. including the subject of the Ordinance, was posted and given in advance thereof in
compliance with the provisions of Chapter 551, as amended, Texas Govermnem Code.
IN WITNESS WHEREOF, I have signed my name officially and affixed the seal of the
City, this 12'h day of April, 2016.
17
City Secretary, City of Corpus Christi, Texas
(SI:AI.)
:+iswi i 2
FINAL
ORDINANCE NO. 030812
AUTHORIZING TILE ISSUANCE OF "CITY OF CORPUS CHRISTI,
TEXAS COMBINATION TAX AND LIMITED PLEDGE REVENUE
CERTIFICATES OF OBLIGATION, SERIES 2016A" IN AN AMOUNT
NOT TO EXCEED 518,140,037 FOR THE PURPOSE OF FINANCING
COSTS ASSOCIATED WITH MAKING PERMANENT PUBLIC
IMPROVEMENTS WITHIN THE CITY; PROVIDING FOR THE
PAYMENT OF SAID CERTIFICATES BY THE LEVY OF AN AD
VALOREM TAX UPON ALL TAXABLE PROPERTY WITHIN THE
CITY AND FURTHER SECURING SAID CERTIFICATES BY A LIEN
ON AND PLEDGE OF THE PLEDGED REVENUES OF THE 501.11)
WASTE SYSTEM; PROVIDING THE TERMS AND CONDITIONS OF
SAID CERTIFICATES AND RESOLVING OTHER MATTERS
INCIDENT AND RELATING TO THE ISSUANCE, PAYMENT,
SECURITY, SALE, AND DELIVERY OF SAID CERTIFICATES,
INCLUDING THE APPROVAL AND DISTRIBUTION OF AN OFFICIAL
STATEMENT PERTAINING THERETO; AUTHORIZING THE
EXECUTION OF A PAYING AGENT/REGISTRAR AGREEMENT AND •
A PURCHASE CONTRACT; COMPLYING WITH THE.
REQUIREMENTS OF THE LEITER OF REPRESENTATIONS ON FILE
WITH THE DEPOSITORY TRUST COMPANY; DELEGATING THE
AUTHORITY TO CERTAIN MEMBERS OF THE CITY STAFF TO
EXECUTE CERTAIN DOCUMENTS RELATING TO IME SALE OF THE
CERTIFICATES; ENACTING OTHER PROVISIONS INCIDENT AND
RELATED TO THE SUBJECT AND PURPOSE OF THIS ORDINANCE;
ANI) PROVIDING AN EFFECTIVE DATE.
WI IFREAS. the City Council of the City of Corpus Christi. Texas (the Cily) has caused
notice to be given of its intention to issue certificates of obligation in the maxinnun 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 the extent of availability of fluids, 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-ol-
way for authorized needs and purposes relating to the aforementioned capital improvements; and
(3) the payment of professional services related In the design, construction. project management,
and financing of the aforementioned projects. This notice has been duly published in a
newspaper hereby found and determined to be of general circulation in the City. once a week for
two (2) consecutive weeks, the date of the first publication of such no lice being not less than
thirty (30) days prior to the tentative date stated therein for the final passage of the ordinance
authorizing the issuance of sueIi certificates of obligation; and
WIIPRFAS, the City Council hereby finds and determines that the actions authorized
hereby and the adoption of this Ordinance arc in the best interest of the citizens of the City: and
WI IERFAS, no petition protesting the issuance of the certificates of obligation described
in this notice, signed by at least 5% of the qualified electors of the City, has been presented to or
tiled with the City Secretary prior to the date tentatively set in such notice for the passage of this
ordinance: and
WI IIIRFAS. the City Council hereby finds and determines that certificates of obligation
in the principal amount of 516,430,000 described in such notice should he issued and sold at this
time; now, therefore,
BE IT ORDAINED BY I IF CITY COUNCIL OF II IE CITY OF CORPUS CIIRIS'll.
'HAAS ll IAT:
SECTION I. A. Authorization - Designation - Principal Amount - Purpose. The
certificates of obligation of the City shall be and are hereby authorized to be issued in the
aggregate principal amount of SIXTFBN MILLION FOUR HUNDRED THIRTY THOUSAND
AND NO/100 DOLLARS ($16,430,000), to be designated and hear the title of "CITY OE
CORPUS CHRISTI, TEXAS COMBINATION TAX AND LIMITED PLEDGE REVENUE
CERTIFICATES OF OBLIGATION, SERIES 2016K' (the Certificates), for the purpose or •
purposes of paying contractual obligations of the City to be incurred law making permanent
public improvements and for other public purposes to the extent of availability of funds, to-wir.
(I ) 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 Ibr authorized needs and proposes 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,
pursuant to the authority conferred by and in conformity with the laws of the State of Texas,
particularly 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
Safely (lode, Chapter 1371, as amended. Texas Government Code (Chapter /37/), and the
City's I Rule Charter.
ti. Dation of Authority to Authorized Representatives. As authorized by
Chapter 1371, the City Manager of the City. the Deputy City Manager, and the City's Director of
Financial Services (each of the fbregoing, individually, an Aufhu,tzed Representative) are hereby
authorized, appointed, and designated as the officers of the City authorized to individually act on
behalf of the City in selling and delivering the Certificates authorized herein and carrying out the
procedures specified in this Ordinance, including approval of the aggregate principal amount of
each maturity of the Certificates, the redcin pti on provisions therefor, the rate of interest to be
borne on the principal amount of each such maturity, and the Certificate Date I defined herein).
Bach Authorized Representative, acting Mr and on behalf of the City, is authorized to execute the
Approval Certificate attached hereto as Schedule I. the Certificates shall be issued in the
principal amount not to exceed SI8,140,037: the maximum maturity of the Certificates will he
March I. 2(146 and the true interest cost (as determined by federal arbitrage yield) shall not
sz1 :;952 a -_
exceed a rate greater than 5.00%. Lastly, each Authorized Representative is authorized to select
the bond insure', if any, with respect to the Certificates- The execution of the Approval
Certificate shall evidence the sale date of the Certificates by the City to the Purchasers
(hereinafter defined) in accordance with the provisions of Chapter 1371. It is further prodded,
however. that notwithstanding the foregoing provisions, the Certificates shall not be delivered
unless prior to their initial delivery, the Certificates have been rated by a netionally recognized
rating agency for municipal securities in one of the four highest rating categories for long term
obligations, as required by Chapter 1371. Upon execution of the Approval Certificate, Bond
Cot usel is authorized to complete this Ordinance to reflect such final terms.
SECTION 2. Fully Registered Obligations - Authorized Denominations - Stated
Maturities - Interest Rates - Cert ilicate Date. the Certificates are issuable in fully registered
form only; shall be dated July I,2016 (the Certificate icate Dale) and shall he issued in denominations
of$5,000 or any integral multiple (within a Stated Maturity) thereof, and the Certificates shall
become due and payable on March I in each of the years and in principal amounts (the Stated
Maturities) and bear interest on the unpaid principal amounts from the Certificate Date, or from
the inost recent Interest Payment Date (hereinafter defined) to which interest has been paid or
duly provided for, to the earlier of redemption or Stated Maturity, at the per allnwn rates, while
Outstanding, in accordance with the following schedule.
Years of - Principal Interest •
Stated Maturity Amounts Rates (%)
2017 585,000 2.000
2018 600.000 2000
2019 610,000 2.000
7070 630,000 4.000
2021 650.000 3.000
2022 670,000 3.000
2023 695,000 3.000
3024 720.000 4.000
2025 745,000 4,000
2026 775,000 4.000
2027 810,000 4.000
2028 840,000 4.000
3029 875,000 4.000
20311 910,000 4.000
2031 950,000 4.000
2032 991000 4,000
2033 1,031000 4.000
2034 1,070,000 4.000
2035 1,1I 5000 4.000
2036 1.160,000 4.000
8211)),)6 -3-
The Certificates shall bear interest on the unpaid principal amounts from the Certificate
Date, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, to Stated Maturity or prior redemption while Outstanding. at the rates per annum
shown in the above schedule (calculated on the basis of a 360-day year of twelve 30-day
months). Interest on the Certificates shall he payable semiannually on March I and September I
(each, an Inlererl Payment Dale), commencing September I, 2016. while the Certificates are
Outstanding.
SEC TION 3. Payment p( Certificates - Paving Agent/Repistrgr. The principal of,
premium, if any, and interest 00 the Certificates, due and payable by reason of Stated Maturity,
redemption. or otherwise, shall be payable in any coin or currency of the United States of
America which at the time of payment is legal tender for the payment of public and private debts,
and such payment of principal 01, premium, if any, and interest on the Certificates shall be
without exchange or collection charges to the Bolder (as hereinafter defined)of the Certificates.
The selection and appointment of The Bank of New York Mellon Trust Company, N-A.,
I)allas,Texas, to serve as the initial Paying Agent/Registrar(the Pacing Agent/Registrar) for the
Certificates is hereby approved and confirmed. and the City agrees and covenants to cause to he
kept and maintained at the corporate trust office of the Paying Agent/Registrar hooks and records
(the .SecurNr Register) for the registration, payinent and transfer of the Certificates, all as
provided herein, in accordance with the terms and provisions of a Paying Agent/Registrar
Agreement, attached, in substantially final form, as lixhibit A hereto, and such reasonable rules
and regulations as the Paying Agent/Registrar and the City may prescribe. The City covenants to
maintain and provide a Paying Agent/Registrar at all times while the Certificates are
Outstanding, and any successor Paying Agent/Registrar shall be (i) a national or state banking
institution or (ii) an association or a corporation organized and doing business under the laws of
the United States of America or of any state, authorized under such laws to exercise trust powers.
Such Paying Agent/Registrar shall be subject to supervision or examination by federal or state
authority and authorized by law to serve as a Paying Agent/Registrar.
The City reserves the right to appoint a successor Paying Agent/Registrar upon providing
the previous Paying Agent/Registrar with a certified copy of a resolution or ordinance
terminating such agency- Additionally. the City agrees to promptly cause a written notice of this
substitution to be sent to each Holder of the Certificates by United States mail, first-class postage
prepaid. which notice shall also give the address of the new Paying Agent/Registrar.
Principal of, premium, it any, and interest on the Certificates. due and payable by reason
of Stated Maturity, redemption, or otherwise, shall be payable only to the registered owner of the
Certificates appearing on the Security Register (the Dodder or ]folders) maintained on behalf of
the City by the Paying Agent/Registrar as hereinafter provided (i) on the Record Date
(hereinafter defined) for purposes of payinent of interest thereon, (ii) on the date of surrender of
the Certificates for purposes of receiving payment of principal thereof upon redemption of the
Certificates or at the Certificates' Stated Maturity, and (iii) on any other date for any other
purpose. The City and the Paying Agent/Registrar, and any agent of either, shall treat the Bolder
as the owner of a Certificate lbr purposes of receiving payment and all other purposes
XN 15952 6 -`I-
whatsoever, and neither the City nor the Paying Agent/Registrar, or any agent of either, shall be
affected by notice to the contrary.
Principal of and premien, if any, on the Certificates shall be payable only upon
presentation and sun'cnder of the Certificates to the Paying Agent/Registrar at its corporate trust
office. Interest on the Certificates shall be paid to the Holder whose name appears in the
Security Register at the close of business on the fifteenth day of the month next preceding an
Interest Payment Date for the Certificates (the Record Date) and shall he paid (i) by check sent
on or prior In the appropriate date of payment by United Stales Mail, first-class postage prepaid.
by the Paying Agent/Registrar, to the address of the Holder appearing in the Security Register or
(ii) by such other method, acceptable to the Paying Agent/Registrar, requested in writing by the
I folder at the I folder's risk and expense.
If the date for the payment of the principal of, premium, if any, or interest on the
Certificates shall he a Saturday, Sunday, a legal holiday, or a day on which banking institutions
in the city where the corporate trust office of the Paying Agent/Registrar is located are
authorized by law or executive order to close, then the date for such payment shall be the next
succeeding day which is not such a day. The payment on such date shall have the same force and
effect as if made on the original date any such payment on the Certificates was due.
In the event of a non-payment of interest on a scheduled payment date, and for thirty (30)
days thereafter, a new record date for such interest payment (a Special Record Date) will be
established by the Paying AgentiRegistrar, if and when funds for the payment of such interest
have been received from the City. Notice of the Special Record Date and of the scheduled
payment date of the past due interest (the Special Payment Dale - which shall he fifteen (15)
days after the Special Record I)ate) shall be sen at least live (5) business days prior to the
Special Record Date by l lnited States mail, first-class postage prepaid, to the address of each
'folder appearing on the Security Register at the close of husiness on the last business day next
preceding the date of mailing of such notice.
SF:(`IION 4. Redemption.
A. Optional Redemption. 'Hie Certificates having Stated Maturities on and alter
March I, 2027 shall be subject to redemption prior to Stated Maturity, at the option of the City,
on Mach I, 2026, or on any date thereafter, as a whole or in part, in principal amounts of$5,000
or any integral multiple thereof(and if within a Stated Maturity selected at random and by lot by
the Paying Agent/Registrar), at the redemption price of par plus accrued imerest to the date of
redemption_
B. Exercise of Redemption Option. At least luny-live (45) days prior to a date set
lbr the redemption of Certificates (unless a shover notification period shall be satisfactory to the
Paying Agent/Registrar), the City shall notify the Paying Agent/Registrar of its decision to
exercise the right to redeem Certificates, the principal amount of each Stated Maturity to be
redeemed, and the date set lir the redemption thereof The decision of the City to exercise the
right to redeem Certificates shall he entered in the minutes of the City Council.
)04159520 -5-
C. Selection of Certificates for Redemption. If less than all Outstanding Certificates
of the same Stated Maturity are to be redeemed on a redemption date, the Paying Agent/Registrar
skill select al random and by lot the Certificates to he redeemed, provided that if less than the
entire principal amount of a Certificate is to he redeemed, the Paying Agent/Registrar shall treat
such Certificate then subject to redemption as representing the number of Certificates
Outstanding which is obtained by dividing the principal amount of such Certificate by S5,000.
D. Notice of Redemption. Not less than thirty (30) days prior to a redemption date
for the Certificates, a notice of redemption shall be sent by United Slates mail, first-class postage
prepaid, in the name of the City and at the City's expense, by the Paying Agent/Registrar to each
I folder 01 Certificate to be redeemed, in whole or in part, at the address of the Holder appearing
on the Security Register at the close of business on the business day next preceding the date of
mailing .such notice, and any notice of redemption so mailed shall be conclusively presumed to
have been duly given irrespective of whether received by the Bolder.
All notices of redemption shall (i) specify the date of redemption for the Certificates.
(ii) Identify the Certificates to be redeemed and, in the case of a portion of the principal amount
to he redeemed,the principal amount thereof to be redeemed, (iii) state the redemption price, (iv)
state that the Certificates, or the portion of the principal amount thereof to he redeemed, shall
become due and payable on the redemption date specified, and the interest thereon, or on the
portion of the principal amount thereof to be redeenied, shall cease to accrue from and alter the
redemption date, and (v) specify that payment of the redemption price for the Certificates. or the
principal amount thereof to he redeemed, shall he made at the corporate trust office of the Paying
-A-gent/Registrar only upon prese h ation and surrender thereof by the Holder. This notice may
also be published once in a financial publication, journal, or reporter of general circulation
among securities dealers in the City of New York, New York (including, but not limited to, The
Bond Buyer and the Wall Street Journal), or in the State of Texas (including. but not limited to,
The Texas Bond Reporter).
If a Certificate is suhject by its ternts to redemption and has been called Mr redemption
and notice of redemption thereof has been duly given or waived as herein providcd, such
Certificate (or the principal amount thereof to be redeemed) so called for redemption shall
become due and payable, and if money .sufficient for the payment of such Certificates (or of the
principal amount thereof to be redeemed) at the then applicable redemption price is held for the
purpose of such payment by the Paying Agent/Registrar, then on the redemption dale designated
in such notice, interest on the Certificates (or the principal amount thereof to be redeemed)called
lits redemption shall cease to accrue and sue!) Certificates shall not be deemed to be Outstanding
in accordance with the provisions of this Ordinance.
li. Transfer/Exchange of Certificates. Neither the City nor the Paying
Agent/Registrar shall he required (I) to transfer or exchange any Certificate during a period
beginning forty-five (45) days prior to the date fixed for redemption of the Certificates or (2) to
transfer or exchange any Certificate selected for redemption. provided, however, such limitation
of transfer shall not he applicable to an exchange by the I lolder of the unredeemed balance of a
Certificate which is subject to redemption in part
82,11592 n -6-
S[ClION 5. Execution - RL istration. The Certificates shall he executed on behalf of
the City by its Mayor or Mayor Pro Tem under its seal reproduced or impressed thereon and
attested by its City Secretary or Assistant City Secretarythe signature of either of said officers
on the Certificates may be manual or facsimile. Certificates bearing the manual or facsimile
signatures of individuals who were, at the time of the Certificate Date, the proper offices of the
City shall bind the City, notwithstanding that such individuals or either of them shall cease to
hold such offices prior to the delivery of the Certificates to the Purchasers, all as authorized and
provided in Chapter 1201, as amended, Texas Government Code.
No Certificate shall he entitled to any right or benefit under this Ordinance, or be valid or
obligatory for any purpose, unless there appears on such Certificate either a certificate of
registration substantially in the farm provided in Section SC, executed by the Comptroller of
Public Accounts of the State of Texas or his duly authorized agent by manual signature, or a
certificate of registration substantially in the form provided in Section 8D, executed by the
Paying Agent/Registrar by manual signature, and either such certificate upon any Certificate
shall be conclusive evidence, and the only evidence, that such Certificate has been duly certified
or registered and delivered.
SECTION 6. Registration - Transfer - Exchange of Certificates - Predecessor
(;erti_ficgtes. A Security Register relating to the registration, payment, transfer, or exchange of
the Certificates shall at all times be kept and maintained by the City at the corporate trust office
of the Paying Agent/Registrar, and the Paying Agent/Registrar shall obtain, record, and maintain
in the Security Register the name and address of every owner of the Certificates, or if
approriate, the nominee thereof Any Certificate may, in accordance with its terms and the
terms hereof, he transferred or exchanged Mr Certificates of other authorized denominations
upon the Security Register by the Holder, in person or by- his duly authorized agent, upon
surrender of such Certificate to the Paying Agent/Registrar for cancellation, accompanied by a
written iristm lmeat of transfer or request for exchange duly executed by the Holder or by his duly
authorized agent,in form satisfactory to the Paying Agent/Registrar.
Upon surrender for transfer of any Certificate at the corporate trust office of the Paying
Agent/Registrar, the City shall execute and the Paying Agent/Registrar shall register and deliver,
in the name of the designated transferee or transferees, one or more new Certificates executed on
behalf of and furnished by, the City of authorized denominations and having the same Stated
Maturity and of a like interest rate and aggregate principal amount as the Certificate or
Certificates surrendered for transfer.
At the option of the 110 tier, Ce rti ticates ma} he exchanged for other Certificates of
authorized denominations and having the same Stated Maturity, bearing the same rate of interest
and of like aggregate principal amount as the Certificates surrendered for exchange upon
surrender of the Certificates to he exchanged at the corporate trust office of the Paying
Agent/Registrar. Whenever any Certificates are SO surrendered for exchange. the City shall
execute, and the Paying Agent/Registrar shall register and deliver new, the Certificates executed
on behalf of, and furnished by, the City to the Holder requesting the exchange.
All Certificates issued upon any transfer or exchange of Certificates shall be delivered at
the corporate trust office of the Paying Agent/Registrar, or he sent by United States registered
821 I 919 P -7.
mail to the holder at his request, risk, and expense. and upon the delivery thereof, the same shall
he die valid and hinding obligations of the City, evidencing the stone obligation to pay, and
entitled to the saint benefits render this ()rdimince, as the Certificates surrendered upon suer
transfer or exchange.
All transfers or exchanges of Certificates pursuant to this Section shall be made without
expense or service charge to the I[older, except as otherwise herein provided,and except that the
Paying Agent/Registrar shall require payment by the Holder requesting such transfer or exchange
of any tax or other governmental charges required to he paid with respect to such transfer or
exchange.
Certificates canceled by reason of an exchange or transfer pursuant to the provisions
hereof arc hereby defined to he Predecessor Certificates, evidencing all or a portion, as the case
may be. of the same debt evidenced by the new Certificate or Certificates registered and
delivered in the exchange or transfer therefor. Additionally, the term Predecessor Certificates
shall include any Certificate registered and delivered pursuant to Section 25 in lieu of a
mmilated. lost, destroyed, or stolen Certificate which shall be deemed to evidence the same
ohligation as the mutilated, lost,destroyed, or stolen Certificate.
SI!CTION 7. Initial Certificate. 'the Certificates herein authorized shall be issued
initially either (il as a single fully registered Certificate in the total principal amount of
$16,930,000 with principal installments to become due and payable as provided in Section 2 and
numbered T-I. or (ii) as one (1) fully registered Certificate for each year of Stated Maturity in
the-applicable principal amount, interest rate, and denomination and to be numbered
consecutively from T-I and upward (the Initial Certificate) and, in either case, the Initial
Certificate shall be registered in the name of the Purchasers or the designee thereof. The Initial
Certificate shall he the Certificates submitted to the Office of the Attorney General of the State
of Texas for approval, certified and registered by the Office of the Comptroller of Public
Accounts of the State of Texas and delivered to the Purchasers. Any time after the delivery of
the Initial Certificate to the Purchasers, the Paying Agent/Registrar, pursuant to written
instructions from the Purchasers or their designee, shall cancel the Initial Certificate delivered
hereunder and exchange therefor definitive Certificates of authorized denominations, Stated
Maturities, principal amounts and bearing applicable interest rates on the unpaid principal
amounts frown the Certificate Date, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, to Stated Maturity, and shall he lettered "R" and
numbered consecutively from one (11 upward for transfer and delivery to the I Iolders named at
the addresses identified therefor: all pursuant to and in accordance with such written instructions
from the Purchasers, or the designee thereof, and such other information and documentation as
the-Paying Agent/Registrar may reasonably require.
SEC I ION 8 Forms.
A. Forms Generally. The Cert iiiicutes, the Registration Certificate of the Comptroller
of Public Accounts of the State of texas, the Registration Certificate of Paying Agent/Registrar,
and the form of Assignment to be printed on each of the Certificates shall be substantially in the
forms set forth in this Section with such appropriate insertions, omissions, substitutions, and
other variations as are permitted or required by this Ordinance and may have such letters,
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numbers, or other marks of identification (including insurance legends in the event the
Certificates, or any Stated Maturities thereof, are insured and identifying mmnhers and letters of
the Committee on Uniform Securities Identification Procedures of the American Bankers
Association) and such legends and endorsements (including any reproduction of an opinion of
Bond Counsel) thereon as may, consistent herewith, be established by the City or determined by
the officers executing the Certificates as evidenced by their execution thereof An) portion of the
text of any Certificate may he set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Certificate.
The definitive Certificates shall he printed, lithographed, or engraved, produced by any
combination of these methods, or produced in any other similar manner, all as determined by the
officers executing the Certificates as evidenced by their execution thereof; but the Initial
Certificate submitted to the Attorney General of Texas may be typewritten or photocopied or
other wise reproduced.
/7lie remainder of ihis page bilentionallp left Meek.J
•
R24150516 -9-
R_ Form of Definitive Cecil l icate.
REGISTERED
REG IS TER I`:D PRINCIPAL AMOUNT
NO. $
United States of America
State of Texas
Counties of Nueces, Aransas. Kleberg, and San Patricio
CITY OF CORPUS CHRISTI, TEXAS
COMBINATION TAX AND LIMITED PLEDGE REVFNUP
CERTIFICATE OF OBLIGATION, SERIES 2016A
Certificate Date: Interest Rate: Slated Maturity: CUSIP No.
July I. 2016
REGIS !TIRED OWNER:
PRINCIPAL AMOUN I :
The City of Corpus Christi, Texas (the Cig), a body corporate and municipal corporation
in the Counties of Nucces, Aransas, Kleberg, and San Patricia State of Texas, for value
received, acknowledges itself indebted to and hereby promises to pay to the order of the
Registered Owner specified above, or the registered assigns thereof, on the Stated Maturity date
specified above, the Principal Antrum specified above(or so much thereof as shall not have been
paid upon prior redemption) and to pay merest on the unpaid principal amount hereof from the
Certificate Date, or from the most recent Interest Payment I)ate (defined below) to which interest
has been paid or duly provided for until such principal sum Inas become due and payment thereof
has been made or duly provided for, to the earlier of redemption or Stated Maturity, at the per
anman rate of interest specified above computed on the basis of a 360-day year of twelve 30-day
months, such interest being payable on March I and September I of each year, commencing
September I, 21116 (each, an Interest Pall?? PI Date).
Principal and premium. if any- of this Certificate shall he payable to the Registered
Owner hereof(the )tattle,), upon presentation and surrender, at the corporate trust office of the
Paying Agent/Registrar executing the registration certificate appearing hereon or a successor
thereof. Interest shall be payable to the holder of this Certificate (or one or more Predecessor
Certificates, as defined in the Ordinance hereinafter referenced) whose name appeals on the
Security Register maintained by the Paying Agent/Registrar at the close of business on the
Record Date, which is the fifteenth day of the month next preceding each Interest Payment Date.
All payments of principal of and interest on this Certificate shall he in any coin or currency of
the United States of America which at the time of payment is legal tender for the payment of
public and private debts. Interest shall he paid by the Paving Agent/Registrar by check sent on or
prior to the appropriate date of payment by United Slates mail, first-class postage prepaid, to the
I lolder hereof at the address appearing in the Security Register or by such other method,
acceptable to the Paying A ge t/Regisirar, requested by the I-Iolder hereof at the I folder's risk and
expense.
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This Certificate is one of the series specified in its title issued in the aggregate principal
amount of $16,130,000 (the Certificates) pursuant to an Ordinance adopted by the governing
body of the C'ity (the Ordinance), 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 the extent of availability of fnds, lu-wit. (I) 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, pursuant to the authority conferred by and in strict
conformity with the laws of the State of Texas, particularly the Certificate of Obligation Act of
1971, as amended, "texas Local Government Code, Section 271.041 through 271.065, Section
363.135, as amended, Texas Health and Safety ('ode, Chapter 1371, as amended, Texas
Government Code, and the City's (Ionic Rule Charter.
'I he Certificates stated to mature on and after Nlarch I, 2027 slay be redeemed prior to
their Stated Maturities, at the option of the City. on March 1, 2026, or on any date thereafter, in
whole or in part. in principal amounts of$5,0(10 or any integral multiple thereof(and if within a
Stated Maturity selected at random and by lot by the Paying Agent/Registrar) at the redemption
price of par plus accrued interest to the dale of redemption: provided, however, that at least thirty
(30) days prior written notice shall be sent to the I Iolder of the Certificates to be redeemed by
United States mail, first-class postage prepaid, and subject to the terms and provisions relating
thein)"contained in the Ordinance. If this Certificate is subject to redemption prior to Stated
Maturity and is in a denomination in excess of S5,000. portions of the principal sum hereof in
installments of$5,000 or any integral multiple thereof may be redeemed, and, if Tess than all of
the principal sum hereof is to be redeemed. there shall he issued, withuul charge therefor, to the
Holder hereof, upon the surrender of this Certificate to the Paying Agent/Registrar at its
corporate trust office, a new Certificate or Certificates of like Stated Maturity and interest rate in
any authorized denominations provided in the Ordinance for the then unredeemed balance of the
principal sum hereof:
If this Certificate(or any portion of the principal sum hereof) shall have been duly called
for redemption and notice of such redemption has been duly given, then upon such redemption
date this Certificate(or the portion of the principal sum hereof to be redeemed) shall become due
and payable, and, if the money for the payment of the redemption price and the interest accrued
011 the principal amount to be redeemed to the date of redemption is held for the purpose of such
payment by the Paying Agent/Registrar, interest shall cease to accrue and be payable hereon
hone and after the redemption date on the principal amount hereof to he redeemed. If this
Certificate is called for redemption, in whole or in part. the City or the Paying Agent/Registrar
shall not he required to issue, transfer. or exchange this Certificate within forty-live(45) days of
the date fixed for redemption; provided. however, such limitation of transfer shall not be
applicable to an exchange by the I Inkier of the unredeemed balance hereof in the event of its
redemption in part.
The Certificates of this series arc payable from the proceeds of an ad valorem tax levied
upon all taxable property within the City, within the Iimitations prescribed by law, and arc
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further payable from and secured by a lien on and pledge of the Pledged Revenues (identified
and defined in the (Ordinance), being a limited amount of the Net Revenues derived from the
operation of the City's solid waste management system (the Sys/ear). such lien on and pledge of
the limited amount of Net Revenues being subordinate and inferior to the lien on and pledge of
such Net Revenues securing paymem of the currently outstanding Subordinate Lien Obligations
and Limited Pledge Obligations and any Prior Lien Obligations, JmIior Lien Obligations.
Additional Subordinate Lien Obligations, or Additional limited Pledge Obligations hereafter
issued by the City. In the Ordinance, the City reserves and retains the right to issue Prior Lien
Obligations, Junior ISen Obligations, Additional Subordinate Lien Obligations, and Additional
Limited Pledge Obligations (all as identified and defined in the Ordinance), while the
Certificates are Outstanding. without limitation as to principal amount but subject to any terms,
conditions or restrictions as may be applicable thereto under law or otherwise.
Reference is hereby made to the Ordinance, a copy of which is on file in the corporate
trust office of the Paying .Agent/Registrar. and to all of the provisions of which the I folder by his
acceptance hereof hereby assents, for definitions of terms; the description of and the nature and
extent of the tax levied and the revenues pledged for the payment of the Certificates; the terms
and conditions under which the City may issue Prior I.ien Obligations, Junior Lien Obligations.
Additional Subordinate Lien Obligations, and Additional Limited Pledge Obligations; the terms
and conditions relating to the transfer or exchange of the Certificates; the conditions upon which
the Ordinance may be amended or supplemented with or without the consent of the Holder; the
rights, duties, and obligations of the City and the Paying Agent/Registrar; the terms and
provisions upon which this Certificate may he redeemed or discharged at or prior to the Stated
Maturity thereof, and deemed to be no longer Outstanding thereunder; and for the other terms
and provisions specified in the Ordinance. Capitalized terms used herein have the same meanings
assigned in the Ordinance.
•this Certificate, subject to certain limitations contained in the Ordinance, may be
transferred on the Seeurity Register upon presentation and surrender at the corporate trust Mice
of the Paying Agent/Registrar, duly endorsed by, or accompanied by a written instrument of
transfer in furan satisfactory to the Paying Agent/Registrar duly executed by the ['older hereof,
or his duly authorized agent, and thereupon one or note new fully registered Certificates of the
same Stated Maturity. of authorized denominations, bearing the same rate of interest. and of the
same aggregate principal amount will be issued to the designated transferee or transferees.
"I-he City and the Paying Agent'Registrar, and any agent of either, shall treat the Holder
hereof whose name appears on the Security Register (i) on the Record Date as the owner hereof
fur purposes of receiving payincnt of interest hereon, (ii) on the date of surrender of this
Certificate as the owner hereof for purposes of receiving payment of principal hereof at its Stated
Maturity or its redemption, in whole or in part, and (iii) on any other date as the owner hereof for
all other purposes, and neither the City nor the Paying Agent/Registrar. or any such agent of
either, shall he atieeted by notice to the contrary. In the event of a non-payment of interest on a
scheduled payment date, and for thirty (30) days thereafter, a new record date for such interest
payment (a Special Record Date) will be established by the Paying Agent/Registrar, if and when
funds for the payment of such interest have been received from the City. Notice of the Special
Record Date and of the scheduled payment date of the past due interest (the Special Payment
Date - which shawl he fifteen (15) days tiller the Special Record Date) shall he sent at least five
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(5) business days prior to the Special Record Date by United States mail, first-class postage
prepaid. to the address of each I!older appearing on the Security Register at the close of business
on the last business day next preceding the date 011oiling of such notice.
It is hereby certified. covenanted, and represented that all acts, conditions, and things
required to he performed. exist, and he done precedent to the issuance of this Certificate in order
to render the same a legal, valid, and binding obligation of the City have been performed, exist,
and have been done, in regular and due time, Ibrm, and manner, as required by the laws of the
State of Texas and the Ordinance, and that issuance of the Certificates does not exceed any
constitutional or statutory I initation:: and that due provision has been made for the payment of
the principal 01, premium if any, and interest on the Certificates by the levy of a tax and
collection of Pledged Revenues as aforestated. In case any provision in this Certificate or any
application thereof shall be deemed invalid, illegal, or unenforecable, the validity, legality, and
enforceability of the remaining provisions and applications shall not in any way be affected or
impaired thereby. The terms and provisions of this Certificate and the Ordinance shall be
construed in accordance with and shall be governed by the laws of the State of Texas.
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IN WITNESS WHEREOF,the City has caused this Certificate to be duly executed under
its official seal.
CITY OF CORPUS ('I IRISh , TEXAS
I3v
Mayor
AT IEST:
City Secretary
(CITY SEAL)
•
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C. *Form or Registration Certificate of ConytroIler of Public Accounts to Appear on
Initial Certificate Only.
REGIS)RAl ION CERTIEICA I F OF
COMPTROLLER OF PUBLIC ACCOIINTS
OFFICE OF TI Ill COMPTROLLER OF §
PUBLIC ACCOI JN IS §
* REGISTER No.
THE STATE OF TEXAS
1 IIERIiBY CERTIFY that this Certificate has been examined, certified as to validity and
approved by the Attorney General of the State of Texas, and duly registered by the Comptroller
of Public Accounts of the Slate of Texas.
WITNESS my signature and seal of office this
Comptroller of Public Accounts
of the State of Texas
(SEAL)
*NOTE 'F0 PRINTER: Not to appear on printed Certificates.
D. Form of Registration Certificate of Paying Agent/Registrar to Appear on
Definitive Cenilicales Only.
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
)'his Certificate has been duly issued under the provisions of the within-mentioned
Ordinance, the Certificate or Certificates of the above-entitled and designated series originally
delivered having been approved by the Attorney General of the State of Texas and registered by
the Comptroller of Public Accounts, as shown by the records of the Paying Agent/Registrar.
Registered this date: The Bank of New York Mellon Trust
Company, N.A., Dallas.Texas, as Paying
Agent/Registrar
By:
Authorized Signature
*NOTE, TO PRINTER: Print on Definitive Certificates.
82115 S7 i, -I�'
R. Form or Assignment.
ASSIUNMI NT
FOR VALVE RECEIVED the undersigned hereby sells, assigns, and transfers unto
(Print or typewrite name, address, and zip code of transferee):
(Social Secur ty or other identifying number):
the within Certificate and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney to transfer the within Certificate on the books kept for
registration thetcol, with full power of substitution in the premises.
UAI
FD,
NO FICE: The signature on this assignment must
correspond with the name of the registered owner as it
appears on the face of the within Certificate in every
particular.
Signature guarantee: •
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IC 'the Initial Certificate shall be in the form set forth in para{;raph I3 of this Section
except that the form of a single fully registered Initial Certificate shall be modified as follows:
(i) immediately under the name of the Bond(s) the headings `Interest Rate" and
"Stated Maturity" shall both he completed "as shown below'',
i) first two paragraphs skill read as follows:
REGISTERED PRINCIPAL.
REGISTERED AMOUNT
NO_ T-I $
United States of America
State of Texas
Counties of Nucees, Aransas, Kleherg, and San Patricio
CITY OP CORPUS CHRISTI, TEXAS
COMBINATION FAX AND TIMI l FI) PLEDGE REVENUE
CERTI FICA"I L (W OBLIGATION. SERIES 2016A
Certificate Date: Interest Rate: Stated Maturity: CUSIP No.
July I, 2016 As Shown Below As Shown Below
REGISTERED OWNER:
PRINCIPAL. AMOIINT:
The City of Corpus Christi,Texas (the ( ite), a body corporate and municipal corporation
ill the Counties of Nueccs, Aransas, Kieberg, and San Patrick), State of Texas, for value
received, acknowledges itself indebted to and hereby promises to pay to the order of the
Registered Owner named above, or the registered assigns thereof, the Principal Amount specified
above stated to mature on the first day of March in each of the years and in principal amounts
and bearing interest at per annum rates in accordance with the following schedule:
Years of Principal Interest
Stated Maturity Amounts($) Rates (%1
(Information to be inserted
from schedule in Section 2 hereof)
(or so much thereof as shall not have been paid upon prior redemption) and to pay interest on the
unpaid Principal Amounts hereof from the Certificate I)ate specified above, or from the most
recent Interest Payment Date (defined below) to which interest has been paid or duly provided
for, until the principal amounts have become due and payment thereof has been made or duly
provided fur, to the earlier of redemption or Stated Maturity, at the per annurn rates of interest
specified above, computed on the basis of a 360-day year of twelve 30-day months; such interest
being payable on March 1 and September 1 of each year, commencing September I. 2016 (each.
an lnteres7 PaimclII Darr).
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Principal of this Certificate shall be payable to the Registered Owner hereof(the Holder),
upon its presentation and surrender, to Stated Maturity or prior redemption. while Outstanding, at
the corporate truss office of Bank of New York Mellon 'I7ust Company, N.A_, Dallas, Texas
(the Paying Agent Registrar). Interest shall be payable to the Holder of this Certificate whose
name appears on the Security Register maintained by the Paying Agent/Registrar at the close of
business on the Record Date, which is the fifteenth day of the month next preceding each !merest
Payment Date. All payments of principal of and interest on this Certificate shall be in any coin or
currency of the United States of America which at the time of payment is legal tender for the
payment of public and private debts. Interest shall he paid by the Paying Agent/Registrar by
check sent on or prior to the appropriate date of payment by United States mail. first-class
postage prepaid, to the I folder hereof at the address appearing in the Security Register or by such
other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and
expense of, the Ifolder hereof.
Ci Insurance Legend. If bond insurance is obtained by the City or the Purchasers for
the Certificates, the Defiritice Certificates and the Initial Certificate shall bear an appropriate
legend as provided by the insurer.
SECTION 9. Definitions. For all purposes of this Ordinance (as defined below),
except as otherwise expressly provided or unless the context otherwise requires: the terms
defined in this Section have'the meanings assigned to them in this Section, and certain terms
used in Sections 27 and 44 of this Ordinance have the meanings assigned to them in Sections 27
and 44 of this Ordinance, and all such terms, include the plural as well as the singular; (ii) all
references in this Ordinance to designated "Sections" and other subdivisions are to the
designated Sections and other subdivisions of this Ordinance as originally adopted; and (iii) the
words "herein", "hereof, and -hereunder" and other words of similar import refer to this
Ordinance as a whole and not to any particular Section or other subdivision.
A. The term Addilloaa! Limited Pledge Obligations shall mean (i) any bonds, notes,
warrants, certificates of obligation or other evidences of indebtedness hereafter issued by the
City payable in part from a pledge of and lien on Pledged Revenues of the System which pledge
of revenues is limited as further provided in Section 20 of this Ordinance, and (ii)any
obligations hereafter issued to refund the foregoing as determined by the City Council in
accordance with any applicable law_
B. The term Additional Subordinate lien Obligalitms shall mean (i) any bonds,
notes. warrants. certificates of obligation or other evidences of indebtedness hereafter issued by
the City payable wholly or in part from and equally and ratably secured by a limn on and pledge
of the Net Revenues of the System, such pledge being subordinate and inferior to the lien on and
pledge of the Net Revenues of the System that may he pledged to the payment of any Prior Lien
Obligations or Junior Lien Obligations hereafter issued by the City, but prior and superior to the
lien on and pledge of the litniled amount of the Net Revenues securing, in part, the payment of
the currently outstanding Limited Pledge Obligations (including the Certificates), or any
Additional Limited Pledge Obligations hereafter issued by the City. all as further provided in
Section 20 of this Ordinance, and (ii) obligations hereafter issued to refund any of the foregoing
that are payable Iroi n and equally and ratably see tired by a subordinate and interior lien on and
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pledge of the Net Revenues as determined by the City Council in accordance with any applicable
law.
('. The term Amhnrisrd Reprecene wives shall mean the City Manager of the City, the
Deputy City Manager. and the City's Director of Financial Services.
D. The term Certificates shall mean the$16,430,000"CITY OF CORPUS CHRISTI,
TEXAS COMBINATION 'TAX AND LIMlFED PLEDGE REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2016A"authorized by this Ordinance.
E. The term (''ertificale Maid shall mean the special Fund created and established by
the provisions of Section 10 of this Ordinance.
F. The term City shall mean the City of Corpus Christi, located in Nucces, Aransas,
Kleberg. and San Patricio Counties,Mesas and. where appropriate, the City Council of the City.
O. The term Closing Dale shall mean the date of physical delivery of the Initial
Certificate in exchange For the payment or the agreed purchase price for the Certificates.
II. The term Collection Dale shall mean, when reference is being made to the levy
and collection of annual ad valorem taxes,the date the annual ad valorem taxes levied each year
by the(sty become delinquent.
The tern Debt .Service Requirements shall inean, as of any particular date of
computation, with respect to any obligations and with respect to any period, the aggregate of the
amounts to be paid or set aside by the City as of such date or in such period for the payment of
the principal of, premium, if any. and interest (to the extent not capitalized) on such obligations:
assuming, in the case of obligations without a Fixed numerical rate, that such obligations beat
interest at the maximum rate permitted by the terms thereof and further assuming in the ease of
obligations required to be redeemed or prepaid as to principal prior to Stated Maturity, the
principal amounts thereof' will be redeemed prior to Stated Maturity in accordance with the
mandatory redemption provisions applicable thereto.
I. The term Depository shall mean an official depository bunk of the City.
K. The term Fiscal Year shall mean the annual financial accounting period for the
System now ending on September 30th of each year; provided, however, the City Council may
change such annual Iinancial accounting period to end on another date if such change is found
and determined to be necessary for accounting purposes or is required by applicable law.
1 . 'The term Government .Securities, as used herein, shall mean lit direct non callable
obligations of the I Inited States, including obligations that are unconditionally guaranteed by. the
United States of America; (ii) noncal lablc obligations of an agency or instrumentality of the
l inited States, including obligations that are unconditionally guaranteed or insured by the agency
or instrumentality and that, on the elate the governing body of the issuer adopts or approves the
proceedings authorizing the issuance of refunding bonds, are rated as to investment quality by a
nationally recognized investment rating lirnh not less than "MSA'' or its equivalent; tiii)
noneallable obligations of a state or an agency or a county, municipality. or other political
x21 i,e±x 0 -19-
subdivision of a state that have been refunded and that, on the date the governing body of the
issuer adopts or approves the proceedings authorizing the issuance of refunding bonds, are rated
as to investment quality by a nationally recognised investment rating firm not less than -AAA"
nr its equivalent;or(iv) any additional securities and obligations hereafter authorized by the laws
of the State of Texas as eligible for use to accomplish the discharge of obligations such as the
Certificates.
M. The term Gross Revenues for any period shall mean all income and revenues
received by the City by virtue of its ownership and operation of the System, including, but not
limited to. its rentals, fees, and other revenues resulting from the ownership of the System,
including rentals received from leasing all or part of the System. I lowever, it is expressly
recognized that any such lease must comply with the requirements of the Code and existing
regulations. published rulings, and court decisions.
N. The term Holder or Holders shall mean the registered owner, whose name
appears in the Security Register, for any Certificate.
O. The term Interest Payment Date shall inearl the date semiannual imerest is
payable on the Certificates, being March I and September I of each year. commencing
September I. 2016. while any of the Ce iti lieates remain Outstanding_
P. 'lite term ,Junior Lien Obligations .shall mean (i) any bonds, notes, warrants,
certificates of obligation, or any similar obligations hereafter issued by the City that are payable,
in whole or in part, from and equally and ratably secured by a lien on and pledge of the Net
Revenues of the System, such pledge being junior and inferior to the lien on and pledge of the
Net Revenues of the System that may be pledged to the payment of any Prior Lien Obligations
hereafter issued by the City, but prior and superior to the lien on and pledge of the Net Revenues
securing the payment of the currently outstanding Subordinate Lien Obligations, Limited Pledge
Obligations (including the Certificates), or any Additional Subordinate Lien Obligations or
Additional Limited Pledge Obligations hereafter issued by the City, all as further provided in
Section 20 of this Ordinanee and (ii) obligations hereafter issued to refund any of the foregoing
that arc payable from and equally and ratably secured by a junior and interior lien on and pledge
of the Net Revenues as determined by the City Council in accordance with any applicable law.
Q. t he term Limited Pledge Ohligalitins shall mean (i) the outstanding and unpaid
obligations of the City that are payable, in part, from and secured by a pledge of'and lien on the
Pledged Revenues of the System and designated as follows:
(I) "City of Corpus Christi, Texas Combination Tax and Limited Pledge
Revenue Certificates of Obligation, Series 2009", dated July IS. 2009, in the original
principal amount of$8,460,000;
(21 "City of Corpus Christi, Texas Combination Tax and Limited Pledge
Revenue Certificates of Obligation, Series 2010", dated .July I, 2010. in the original
principal amount of$3.000,(1(0 and
)'1!(95, 20-
(3) 'City of Corpus Christi. Texas Combination Tax and limited Pledge
Revenue Certificates of Obligation. taxable Series 2015", dated October I. 2015, in the
original emount of SUL020,000: and
(4) City of Corpus Christi, Texas Combination Tax and limited Pledge
Revenue Certificates of Obligation. Series 20161 dated December I, 2015. in the original
amount of$2,000,000, and
(5) Upon issuance, the Certificates;
and (ii) obligations hereafter issued to refund any of the foregoing as determined by the City
('aoneil in accordance with any applicable law.
R. 'I he term hlairvenonce and Operating Expenses shall mean the expenses of
operation and maimenanee, including all salaries, labor, materials, repairs and extensions
necessary to Maintain and operate the System; provided, however, that only such repairs and
extension, a in the judgment of the City Council, reasonably and fairly exercised, are necessary
to keep the System in operation and render adequate service to the City and the inhabitants
thereof, or such as night be necessary to meet some physical action or condition which would
otherwise impair the security of any bonds Cr other obligations payable from and secured, in
whole or in part, by a lien on the Net Revenues derived from the ownership and operation of the
System shall be deducted in determining Net Revenues.
S. the term ;Ver Revenues fur any period shall mean the Gross Revenues of the
System less the Maintenance and Operating Expenses of the System.
h. The term Ordinance shall mean this ordinance as finally pussal and adopted by
the City Council of the City.
U. The term (lugtamling when used in this Ordinance with respect to Certificates
shall mean, a of the date of determination, all Certificates issued and delivered under this
Ordinance, except:
(I) those Certificates canceled by the Paying Agent/Registrar or delivered to
the I'aying Agent/Registrar for cancellation,
(2) those Certi licates for which payment has been duly provided by the City
in accordance with the provisions of Section 29 of this Ordinance; and
(3) those Certificates that have been mutilated, destroyed, lost. or stolen and
replacement Certificates have been registered and delivered in lieu thereof as provided in
Section 25 of this Ordinance.
V. The term Hedge( Revenueshall mean. while the Certificates reurain
Outstanding, an amount of Net Revenues not in excess of 51.000. 'flu Pledged Revenues shall
be deposited, allocated and expended in accordance with Section 10 of this Ordinance.
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U'. The term Pledged Revenue Ammer!? shall mean the total amount, not to exceed
Sl Illl0 while the Certificates arc Outstanding. of Net Revenues that may he transferred in whole
or in part by the City in any given Fiscal Year (however, any amounts transferred prior to the
final maturity date of the Certificates may not exceed the total amount el $1,000) to the
Ceti i Iicale Fund_
X. The term Prior Lien Obligations shall mean (i) any bonds, notes. warrants,
certificates of obligation or any similar obligations hereafter issued by the City that are payable
wholly or in part from and equally and ratably secured by a prior and first lien on and pledge of
the Net Revenues of the System, all as further provided in Section 20 of this Ordinance, and
(ii) any obligations hereafter issued to refund the foregoing if issued in a manner so as to be
payable from end equally and ratably secured by a prior and first lien on and pledge of the Net
Revenues of the System as determined by the City Council in accordance with any applicable
law.
Y. The term Purchasers shall mean the initial purchaser or purchasers of the
Certificates named in Section 26 of this Ordinance.
Z. The tens Slated Adaturi/u shall incrn the annual principal payineits Of the
Certificates payable on March 1 of each year the Certificates are Outstanding as set birth in
Section 2 of this Ordinance
AA. the tern Subordinate lien Obligations shall mean (i) the outstanding and unpaid
obligations of the City that are payable, in whole or in part, from and equally secured by a
subordinate and inferior lien on and pledge of the Net Revenues of the System and designated as
follows'.
(1) "City of Corpus Christi, "l cxas Combination Tax and Solid Waste
Revenue Certificates of Obligation, Series 2008", dated December 15, 2008, in the
original principal amount of S 12,000,000;
and (ii) obligations hereafter issued to refund any of the foregoing that are payable from and
equally and ratably secured by a subordinate and inferior lien on and pledge of the Net Revenues
as determined by the City Council in accordance with any applicable law.
BB "The term System shall mean a plant, composting process plant, incinerator,
sanitary landfill, transfer station, or other works and equipment that is acquired, installed, or
operated to collect, handle, store, process, recover material or energy from, or dispose of solid
waste and includes sites for those works and equipment.
SL('flON 10. Certificate Fund - Investments. For the purpose of paying the interest on
and to provide a sinking fund for the payment_ redemption, and retirement of the Certificates,
there shall be and is hereby created a special fund to he designated "COMBINATION FAX
AND LIMITED PLEDGE RIVEN')f CERTIFICATES OP OBLIGATION, SERIES 2010A
INTEREST AND SINKING FUND" (the C'erti/icute /fund), which fund shall be kept and
maintained at the Depository. and money deposited in such fund shall be used for no other
purpose. Authorized Representatives of the City arc hereby authorized and directed to make
withdrawals from the Certificate Fund sufficient to pay the purchase price or the amount of
s2,11s4s2.e _2_2-
principal of, premium, if any, and interest on the Certificates as the same become due and
payable, or the purchase price thereof, and shall cause to he transferred to the Paying
Agent/Registrar from money on deposit in the Certificate Fund an amount sufficient to pay the
amount of principal and/or interest stated to mature on the Certificates, such transfer of funds to
the Paying Agent/Registrar to be made in such manner as will cause immediately available funds
to be deposited with the Paying Agent/Registrar on or before the business day next preceding
each interest and principal payment date for the Certilicates.
The City, at its sole discretion. may deposit the Pledged Revenue Amount to the
Certificate Fund. The Pledged Revenue Amount, if deposited, shall he expended annually In pay
principal of and interest on the Certificates as the same become due and payable. This Pledged
Revenue Amount shall be accounted for and transferred to the Paying Agent/Registrar in
accordance with the provisions of the previous paragraph of this Section.
Pending the transfer of funds to the Paying Agent/Registrar, money deposited in any fund
created and established by this Ordinance may. at the option of the City, he placed in time
deposits. certificates of deposit, guaranteed investment contracts. or similar contractual
agreements, as permitted by the provisions of the Public Funds investment Act, as amended,
Chapter 2256, Texas Government Code. secured (to the extent not insured by the Federal
Deposit Insurance Corporation) by obligations of the type hereinafter described, nr be invested,
as authorized by any law, including investments held in book-entry firm, in securities, including,
but not limited to, direct obligations of the United States of America, obligations guaranteed or
insured by the United States of America. which, in the opinion of the Attorney General of the
United States, are backed by its full faith and credit or represent its general obligations, or
invested in indirect obligations of the United States of America, including, but not Iimited to,
evidences of indebtedness issued, insured or guaranteed by such governmental agencies as the
Federal Land Banks. Federal Intermediate Credit Banks, Ranks for Cooperatives, Federal I tome
Loan Banks, Government National Mortgage Association, Farmers Honig Administration,
Federal Home Loan Mortgage Association, Small Business Administration, or Federal Housing
Association; provided that all such deposits and investments shall be made in such a manner that
the money required to be expended from such fund will be available at the proper time or times_
All interest and income derived from deposits and investments in any fund established pursuant
to the provisions of this Ordinance shall be credited to, and any losses debited to, such fund. All
such investments shall be sold promptly when necessary to prevent any default in connection
with the Certificates.
SECTION I I. tax bevy_ To provide for the payment of the Debt Service
Requirements on the Certificates being (i) the interest on the Certificates and (ii) a sinking fund
Rr their redemption at Stated Maturity or a sinking fund of 2% (whichever amount shall be the
greater). there shall be and there is hereby levied for the current year and each succeeding year
thereafter while the Certificates or any interest thereon shall remain Outstanding, a sufficient tax.
within the limitations prescribed by law, on each one hundred dollars valuation of taxable
property in the (''Ity, adequate to pay such Debt Service Requirements- lull allowance being
made for delinquencies and costs of collection; said tax shall he assessed and collected each year
and applied to the payment of the Debt Service Req uirenients, and the same shall not he diverted
to any oilier purpose_ 'I he taxes so levied and collected shall be paid into the Certificate Fund
and are thereafter pledged to the payinen1 of the Certificates. The City ('on icil hereby declares
52-115952 fi -_23-
its purpose and intent to provide and levy a tax legally and Billy sufficient to pay such I)eht
Service Requirements. it having been determined that the existing and available taxing authority
of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all
other outstanding indebtedness and obligations of the City.
tHie amount of taxes to he provided annually Mr the payment of the principal of and
interest on the Certificates shall he determined and accomplished in the following manner:
A. Prior to the date the City Council establishes the annual tax rate and passes an
ordinance levying ad valorem taxes each year, the City Council shall determine:
(I) the amount of Debt Service Requirements to become due and payable on
the Certificates between the Collection I)ate for the taxes then to he levied and the
Collection Date for the taxes to be levied during the next succeeding calendar year;
(2) the amount on deposit in the Certificate Fund alter(a) deducting therefrom
the total amount of Debt Service Requirements to become due on Certificates prior to the
Collection Date for the ad valorem taxes to he levied and (h) adding thereto the amount
of the Pledged Revenues, if any, or any other lawfully available funds to he appropriated
and allocated during such year to pay such Debt Service Requirements. it any, prior to
the Collection Date for the advalorem taxes to be levied: and
(3) the amount of Pledged Revenues, if any, or any other lawfully available
funds appropriated and set aside for the payment of the Debt Service Requirements on the
Certificates between the Collection Date for the taxes then to he levied and the Collection
Date for the taxes to he levied during the next succeeding Fiscal Year.
R. the amount of taxes to be levied annually each year to pay the Debt Service
Requirements on the Certificates shall be the amount established in paragraph (I) ahove less the
sum total of the amounts established in paragraphs (2) and (3), alter taking into consideration
delinquencies and costs of collecting such annual taxes.
SEC lION 12. Pledge of Pledged Revenues. The City hereby covenants and agrees
that. subject to (i) any prior lien on and pledge of the Net Revenues of the System to the payment
and security of the currently outstanding Subordinate I,ien Obligations and any Prior Lien
Obligations, Junior I ONigations, or Additional Subordinate Lien Obligations hereafter
issued by the City and (ii) the lien on and pledge of the Pledged Revenues (or such other limited
aimmin of excess Net Revenues of the System) to the payment and security of the currently
outstanding Limited Pledge Obligations, the Pledged Revenues arc hereby irrevocably pledged to
the payment of the principal of and interest on the Certi licates and the pledge of Pledged
Revenues herein made for the payment of the Certificates shall constitute a lien on the Pledged
Revenues in accordance with the terms and provisions hereof and be valid and binding without
any physical delivery thereof or further act by the City.
SECTION II Revenue Fund. The City hereby covenants and agrees that all Gross
Revenues derived from the operation of the System shall he kept separate and apart from all
other funds, accounts and money ni the City and shall he deposited as collected into the 'CII Y
OF CORPUS CHRISTI, TEXAS SOLID WAS IF MANAGLMFNL SYSI F\1 REVENUE
524]952 h -24-
Pt'NI)' (the Revenue Pend). All money deposited in the Revenue Fund shall be pledged and
appropriated to the extent required for the following purposes and in the order of priority shown:
• First. to the payment of the reasonable and proper Maintenance and Operating
Expenses of the System required by statute or ordinances authorizing the issuance
of any indebtedness of the City to be a first charge on and claim against the Gross
Revenues of the System:
• Second_ To the payment of the amounts that must be deposited in the special
funds and accounts created and established fur the payment, security, and benefit
of any I'rior Lien Obligations hereafter issued by the City in accordance with the
terms and provisions of any ordinances authorizing their issuance;
• third: To the payment of the amounts that must he deposited in the special funds
and accounts created and established for the payment, security, and benefit of any
Junior Lien Obligations hereafter issued by the City in accordance with the terms
and provisions of any ordinances authorizing their issuance;
• Fourth. fo the payment of the amounts that must be deposited in the special
funds and accounts created and established for the payment, security, and benefit
of the currently outstanding Subordinate Lien Obligations or Additional
Subordinate Lien ONigatioas hereafter issued by the City in accordance with the
terms and provisions of any ordinances authorizing their issuance; and
• Fifth: To the payment of the amounts that niay he deposited in the special funds
and accounts established for the payment of the currently outstanding Limited
Pledge Obligations, including the Certificates, and any Additional Limited Pledge
Obligations hereafter issued by the City in accordance with the terms and
provisions of any ordinances authorizing their issuance.
Any Net Revenues remaining in the System Cued atter satisfying the foregoing
payments, or making adequate and sufficient provision for the payment, security and benefit
thereof. may be appropriated and used Ibr any other City purpose now or hereafter permitted by
law.
SICIION 14, Deposits to Certificate Fund - Surplus Certificate Proceeds. The City
hereby covenants and agrees to cause to he deposited in the Certificate Fund prior to a principal
and Interest Payment Date for the Certificates, from the Pledged Revenues in the System Fund,
after the deduction of all payments required to he made to the special funds or accounts created
for the payment, security, and benefit of the (i) currently outstanding Subordinate I.icn
Obligations and any Prior Lien Obligations, Junior Lien Obligations, or Additional Subordinate
Lien Obligations hereafter issued by the City and (ii) the currently outstanding Limited Pledge
Obligations and any Additional Limited Pledge Obligations hereafter issued by the City, any
amounts budgeted to he paid therefrom in such Fiscal Year.
Accrued interest. if any, received from the Purchasers of the Certificates shall he
deposited to the Certificate Fund and ad valorem taxes levied and collected for the benefit of the
mits,,,n -25-
Certificates shall be deposited to the Certificate Fund. In addition, any surplus proceeds,
Including investment income therefrom, from the sale of the Certificates not expended for
authorized purposes shall be deposited in the Certificate Fund, and such amounts so deposited
shall reduce the sums otherwise required to be deposited in said fund from ad valorem taxes_
SECTION 15. Security of Funds. All money on deposit in the finds for which this
Ordinance makes provision (except any portion thereof as may be at any time properly invested
as provided herein) shall he secured in the manner and to the fullest extent required by the laws
of the State of Texas for the security of public funds, and money on deposit in such funds shall
he used only for the purposes permitted by this Ordinance.
SECTION 16. Maintenance of Systein - Insurance. The City covenants and agrees that
while the Certificates remain Outstanding it will maintain and operate the System with all
possible efficiency and maintain casualty and other insurance (including a system of
self insurance) on the properties of the System and its operations of a kind and in such amounts
customarily carried by municipal corporations in the State of Texas engaged in a similar type of
business and that it will faithfully and punctually perform all duties with reference to the System
required by the laws of the State of Texas. All money received from losses under such insurance
policies. other than public liability policies, are held for the benefit of the holders of the
Certificates until and unless the proceeds are paid out in making good the loss or damage in
respect of which such proceeds are received, either by replacing the property destroyed or
repairing the property damaged, and adequate provision for making good such loss or damage
must be made within ninety (90) days after the date of loss. 'Che payment of premiums for all
insurance policies required under the provisions hereof shall be considered Maintenance and
Operating Expenses. Nothing in this Ordinance shall be construed as requiring the City to
expend any funds which arc derived from sources other than the operation of the System but
nothing herein shall he construed as preventing the City from doing so.
SECTION 17. Rates and Charges. The City hereby covenants and agrees with the
Holders of the Certificates that rates and charges for solid waste collection services afforded by
the System will be established and maintained to provide(iros,s Revenues sufficient at all times:
A. to pay, together with any other lawfully available hinds, all operating,
maintenance. depreciation, replacement, betterment, and other costs incurred in the maintenance
and operation of the System, including, but not limited to. Maintenance and Operating Expenses,
R. to produce Net Revenues sufficient, together with any other lawfully available
funds, to pay (i) the interest on and principal of any Prior Lien ONigations hereafter issued by
the City as the same becomes due and payable and the amounts required to he deposited in any
special find created and established for the payment, security. and benefit thereof; (ii) the
interest on and principal of any Junior Lien Obligations hereafter issued by the City as the same
becomes due and payable and the amounts required to he deposited in any special fund created
and established for the payment,security, and benefit thereof; (iii) the interest on and principal of
the currently outstanding Subordinate Lien Obligations and any Additional Subordinate Lien
Obligations hereafter issued by the City as the sans becomes due and payable and the amounts
required to be deposited in any special fund created and established for the payment, security,
and henelt thereof; and (iv) the amounts that may be deposited in the special funds established
UPI v)v,.n -76-
far the payment of the Limited Pledge Obligations or any Additional Limited I'ledge ONigutions
hereafter issued by the City; and
C. to pay usher legally incurred indebtedness payable from the Net Re'e1IlICS Of the
System and/or secured by a lien on the System or the Net Revenues thereof.
SECTION 1£4, Records and Accounts - Annual Audit. The City further covenants and
agrees that so long as any of the Certificates remain Outstanding it will keep and maintain
separate and complete records and accounts pertaining to the operations of the Sytstetn in which
complete and correct entries shall be made of all transactions relating thereto, as provided by
Chapter 363, as untended, Texas I Icalth and Safety Code. or other applicable law. The I folders
of the Certificates or any duly authorized agent or agents of the Holders shall have the right to
inspect the System and all properties comprising the same. The City further agrees that,
following the close of each Fiscal Year, it will cause an audit of such hooks and accounts to he
made by an independent hrm of certified public accountants, Expenses incurred in making the
annual audit of the operations of the System are to be regarded as Maintenance and Operating
Iixpenses.
SI V ION 19. Remedies in Event of Default. In addition to all the rights and remedies
provided by the laws of the State of Texas, the City covenants and agrees particularly that in the
event the City (a) defaults in the payments to he made to the Certificate Fund, or (h) defaults in
the observance or perlor nance of any other of the covenants, conditions, or obligations set forth
in this Ordinance, the Holders of any of the Certificates shall be entitled to seek a writ of
mandamus issued by a court of proper juri sdiction Compelling and requiring the governing body
of the City and other officers of the City to observe and perform any covenant, condition, or
obligation prescribed in this Ordinance.
No delay or omission to exercise any right or power accruing upon any default shall
impair any such right or power or shall be construed to be a waiver of any such default or
acquiescence therein, and every such right and power may be exercised from time to time and as
ofien as may be deemed expedient. The specific remedies herein provided shall he cumulative of
all other existing remedies and the specification of such remedies shall not he deemed to be
exclusive.
SFClION 20. Issuance of Prior Lien Obligations - Junior Lien Obligations -
Additional Subordinate Lien Obligations - Additional Limited Pledge Obligation. "the City
hereby expressly reserves the right to hereafter issue bonds, notes, warrants, certificates of
obligation, or similar obligations, payable, wholly or in part, as appropriate, from and secured by
a pledge of and lien on the Net Revenues of the System with the following priorities, without
limitation as to principal amount, but subject to tiny terms, conditions, or restrictions applicable
thereto under existing ordinances, laws. or otherwise:
A. Prior Lien Obligations payable from and equally and ratably secured by a first and
prior lien on and pledge of the Net Revenues of the System;
Il. Junior Lien Obligations payable from and equally and ratably secured by a lien on
and pledge of the Net Revenues that is junior and inferior to the lien on and pledge thereof
sus"°c°
-27-
securing the payment of any Prior Lien Obligations hereafter issued by the City. but prior and
superior to the lien on and pledge of the Net Revenues securing the payment of the currently
outstanding Subordinate Lien Obligations and the Certificates and any Additional Subordinate
Lien Obligations or Additional limited Pledge Obligations hereafter issued by the City.and
C. Additional Subordinate Lien obligations payable from and equally and ratably
secured by a lien on and pledge of the Net Revenues that is subordinate and inferior to the lien
on and pledge thereof securing the payment of any Prior Lien Obligations or Junior Lien
Obligations hereafter issued by the City, but prior and superior to the lien on and pledge of the
Net Revenues securing, in part, the payment of the currently outstanding limited Pledge
Obligations, the Certificates, and any Additional limited Pledge Obligations hereafter issued by
the City; and
D. Additional i iinited Pledge Obligations secured by o lien on and pledge of a
limited amount of the Net Revenues in accordance with the provisions of the following
paragraph.
Prior Lien Obligations, .!mlior Lien Obligations, and Additional Subordinate Lien
Obligations, if issued, may he payable, in whole or in part, from Net Revenues (without
impairmcnt of the obligation of contract with the holders of the currently outstanding Limited
Pledge Ohl igations and the Certificates) upon such terns and conditions as the City Council may
determine. Additional Limited Pledge Obligations, if issued and payable, in whole or in part,
from Pledged Revenues (defined in the sante or similar terms as provided in Section 9 of this
Ordinance or in the ordinances authorizing the issuance of the curreutly outstanding limited
Pledge Obligations), shall not in any event be construed to he payable from the Pledged
Revenues authorized by this Ordinance or in the ordinances authorizing the issuance of the
currently outstanding limited fledge Obligations to he budgeted and appropriated for the
payment of the Certi licates or in the ordinances authorizing the issuance of the currently
outstanding limited Pledge Obligations. However. the lien on and pledge of the limited amount
of Net Revenues securing, in pari, the payment of the Certificates, the Limited Pledge
Obligations and any Additional limited Pledge Obligations shall he subordinate and inferior to
the pledge of and lien on the Net Revenues securing the payment of the currently outstanding
Subordinate lien Obligations and any Prior Lien Obligations, Junior Lien Ohligations, or
Additional Subordinate lien Obligations hereafter issued by the City.
SECTION 21 Special Covenants. The City hereby further covenants that:
A. it has the lawful power to pledge the Pledged Revenues supporting the
Certificates and has lawfully exercised said powers under the laws of the State of Texas,
including power existing under Chapter 363, as amended, Texas Health and Safety Code, and the
Certificate of ONigation Act of 1971, as amended, Texas Local Government Code. Section
271.041 through Section 271.064, and the Citv's I Ionic Rule Charter; and
13. other than for the payment of the currently outstanding Subordinate Lien
Obligations and the Limited Pledge Obligations, the Net Revenues of the System have not in any
manner been pledged to the payment of any debt or ahiIgatu n of the City or of the System;
X14[5,)52 28-
SECTION 22. Application of the Covenants and Agreements of the Subordinate Lien
Obligations Nrior Lien Obligations, or Junior Lien Obligations. It is the intention of the City
Council and accordingly hereby recognized and stipulated that the provisions. agreements, and
covenants contained herein bearing upon the management and operations of the System, and the
administration and application of Gross Revenues derived from the operation thereof. skull to the
extent possible be harmonized with like provisions, agreements, and covenants contained in the
ordinances authorizing the issuance of the currently outstanding Subordinate Lien Obligations
and any Prior lien Obligations, Junior Lien Obligations, or Additional Suhordinate Lien
Obligations hereafter issued by the City, and to the extent of any irreconcilable conflict between
the provisions contained herein and in the ordinances authorizing the issuance of the currently
outstanding Subordinate Lien Obligations and any Pr Lien Obligations, Junior Lien
Obligations, or Additional Subordinate Lien Obligations hereafter issued, the provisions,
agreements and covenants contained therein shall prevail to the extent of such conflict and he
applicable to this Ordinance, especially the priority of rights and benefits conferred thereby to
the holders of the currently outstanding Suhordinate Lien Obligations and any Prior Lien
Obligations. Junior lien Obligations, or Additional Subordinate Lien Obligations hereafter
issued. It is expressly recognized that prior to the issuance of any Prior Lien Obligations, Junior
Lien Obligations, or Additional Subordinate Lien Obligations, the City must comply with each
of the conditions precedent contained in the ordinances authorizing the issuance of the currently
outstanding Subordinate Lien Obligations, Limited Pledge Obligations, and the Certificates, as
appropriate.
SECTION 23. Notices to Holders - Waiver. Wherever this Ordinance provides for
not ice-to holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and sent by united States mail, first-class postage prepaid, to
the address of each holder appearing in the Security Register at the close of business on the
business day next preceding the inailing of such notice.
In any ease where notice to holders is given by mail, neither the failure to mail such
notice to any particular Holders, nor any defect in any notice so nailed. shall affect the
sufficiency of such notice with respect to all other holders Where this Ordinance provides for
notice in any manner, such notice may he waived in writing by the holder entitled to receive
such notice, either before cr after the event with respect to which such notice is given, and such
waiver shall be the equivalent of such notice.Waivers of notice by I lolders shall be filed with the
Paying Agent/Registrar. but such filing shall not be a condition precedent to the validity of any
action taken ill reliance upon such waiver.
SUCTION 24. Cancellation. All Certificates surrendered for payment, redemption,
transfer. exchange, or replacement, if surrendered to the Paying Agent/Registrar, shall be
promptly canceled by it and, if surrendered to the City, shall be delivered to the Paying
Agent/Registrar and. if not already canceled, shall be promptly canceled by the Paying
Agent/Registrar, The City may at any time deliver to the Paying Agent/Registrar for
cancellation ally Certificates previously certified or registered and delivered which the City niay
have acquired in any manner tvhatsocvei, and all Certificates so delivered shall he promptly
canceled by the Paying Agent/Registrar. All canceled Certificates held by the Paying
Agent/Registrar shall be destroyed as directed by the City.
x34is5r n -2q-
SECTION 25, Mutilated, Destroyed, Lost. and Stolen Certificates. 11(1i any mutilated
Certificate is surrendered to the Paying Agent/Registrar, or the City and the Paying
AucntiReeistrar reed s e evidence to their satisfaction of the destruction, loss, or theft of any
Certificate, and (2) there is delivered to the City and the Paying Agent/Registrar such security or
indemnity as may be required to save each of'them harmless,then, in the absence of notice to the
City or the Paying Agent/Registrar that such Certificate has been acquired by a bona tide
purchaser. the City shall execute and, upon its request, the Paying Agent/Registrar shall register
and deliver, in exchange for or in lieu of any such mutilated, destroyed, Inst,or stolen Certificate,
a new Certificate of the same Stated Maturity and interest rate and of tike tenor and principal
amount, hearing a HUM her not contemporaneously Outstanding.
In case any such mutilated, destroyed, lost, or stolen Certificate has become or is about to
become due and payable, the City in its discretion may, instead of issuing a new Certificate, pay
.such Certificate.
Upon the issuance of any new Certificate or payment in lieu thereof, under this Section,
the City may require payment by the 110Ider of a sum sufficient to cover any tax or other
governmental charge imposed in relation thereto and any other expenses and charges (including
attorney's fees and the fees and expenses of the Paying Agent/Registrar)connected therewith.
Every new Certificate issued piusuant to this Section in lieu of any mutilated, destroyed,•
lost. or stolen Certificate shall constitute a replacement of the prior obligation of the City,
whether or not the mutilated, destroyed, lost, or stolen Certificate shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and
ratably with all other Outstanding('erti0cates.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedics with respect to the replacement and payment of mutilated, destroyed.
lost, or stolen Certificates-
SI C HON 26. Sale of the Certificates — Official Statement Approval Approval of
Purchase Contract - Use of Certificate Proceeds. The Certificates authorized by this Ordinance
are hereby sold by the City to Raymond James & Associates, Inc., Dallas, Texas (the
Purchasers, having all the rights, benefits, and obligations of a I folder) in accordance with the
provisions of a Purchase Contract, dated July 15, 2016 (the Purchase Contract), attached hereto
as Exhibit 13 and incorporated herein by reference as a part of this Ordinance for all purposes.
The Initial Certificate shall be registered in the name of the Raymond James & Associates, Inc_
The pricing and terms of the sale of the Certificates are hereby found and determined to be the
m isl.advantageous reasonably obtainable by the City. Any Authorized Representative is hereby
authorized and directed to execute the Purchase Contract for and on behalf of the City and as the
act and deed el the City Council, and in regard to the approval and execution of the Purchase
Contract, the City Council hereby finds, determines and declares that the representations.
warranties, and agreements of the ('ity contained in the Purchase Contract arc true and correct in
all material respects and shall he honored and performed by the City. Delivery of the
Certificates to the Purchasers shall occur as .soon as practicable after the adoption of this
Ordinance,upon payment therefor in accordance with the terms of the Purchase Contract.
,¢24;£9;2 6 -4(Y
Furthermore, the City hereby ratifies, confirms, and approves in all respects (i) the City's
prior determination Ihat the Preliminary Official Statement was, as of its date, ''deemed final" in
accordance with the Rule(hereinafter defined) and (ii) the use and distribution of the Preliminary
Official Statement by the Put-chasers in connection with the public offening and sale of the
Certificates. lie final Official Statement, being a modification and amendinent of the
Preliminary Official Statement to reflect the tenns oh sale (together with such changes approved
by an Authorized Representative), shall be and is hereby in all respects approved and the
Purchasers arc hereby authorized to use and distribute the Iinal Official Statement, dated July 15,
2016, in the reoffering, sale and delivery of the Certificates to the public. The Mayor and/or City
Secretary are further authorized and directed to manually execute and deliver for and on behalf
of the City copies of the Official Statement in final form as may be required by the Purchasers.
and such final Official Statement in the form and content manually executed by said officials
shall be deemed to he approved by the City Council and constitute the Official Statement
authorized for distribution and use by the Purchasers. The proper officials of the City are hereby
authorized to execute and deliver a certificate pertaining to such Official Statement as prescribed
therein, dated as of the date of payment for and delivery of the Certificates.
Proceeds from the sale of the Certificates shall he applied as follows.
(1) Accrued interest (in the amount of $66,794.44) received from the
Purchasers shall be deposited into the Certificate Fund. The City received an original
issue reoffering premium from the sale of the Certificates of $1,968,831.25 which is
hereby allocated by the City in the following manner_ (I) $99,158.46 to pay the
- -- -- Purchasers' compensation, (21 $159,635.79 to pay the costs of issuance, and (3)
$1.710,037.00 shall he deposited to the project construction find.
(2) The amount of $18.140,037 (being principal of the Certificates in the
amount of $16,430.000 and a portion of the premium in the amount of $1,710,037 as
described above), derived from the sale of the Certificates, after making the deposits to
the Certificate Fund as described in (I) above, shall he used to pay costs of issuance or
deposited into the special construction account or accounts created for the projects to he
constructed with the proceeds oh the Certificates. This special construction account shall
he established and maintained at the Depository and shall he invested in accordance with
the provisions of Section 10 of this Ordinance. The governing body of the City hereby
appropriates from this special construction account funds necessary to undertake these
capital projects for which the Certificates are issued (being those projects described in
Section 1 hereof). Interest earned on the proceeds of the Certificates pending completion
of construction of the projects financed with such proceeds shall be accounted for,
maintained, deposited, and expended as permitted by the provisions of Chapter 1201, as
amended, Texas Government Code, or as required by any other applicable law.
Thereafter. such amounts shall be expended in accordance with Section 14 of this
Ordinance.
SI (I ION 27. Covenants to Maintain Tax-Exempt Status.
A. Definitions. When used in this Section, the following terms have the hollowing
meanings:
8240442,, -3I-
Bonds means the "City of Corpus Christi, l'exas General Improvement Refunding
Bonds, Series 2016".
('losing Date means the <late on which the Certilicales are first authenticated and
delivered to the initial purchasers against payment therefor.
(lode means the Internal Revenue Code of 1986, as amended by all legislation, if
any, effective on or before the Closing Date.
('amputation Date has the meaning set forth in Section 1.148-1(h) of the
Regulations.
Grass Proceeds means any proceeds as defined in Section I_148-I(b) of the
Regulations. and any replacement proceeds as defined in Section 1.148-1(c) of the
Regulations,of the Cerli f ieates.
Invest has the meaning set forth in Section 1.148-1(b) of the Regulations.
Nonpurpose Investment means any investment property, as defined in
section 148(b) of the Code, in which Gross Proceeds of the Certificates are invested and
which is not acquired to carry out the governmental purposes of the Certificates.
Rebate Antonin has the meaning set forth in Section 1.148-1(b) of the
Regulations.
Regtialiora< incans any proposed. temporary, or final Income Tax Regulations
issued pursuant to sections 103 and 141 through 150 of the Code, and 103 of the Internal
Revenue Code of 1954, which are applicable to the Certificates. Any reference to any
specific Regulation shall also mean, as appropriate. any proposed, temporary or final
Income Tax Regulation designed In supplement, amend or replace the specific Regulation
referenced.
Yield of
(I) any Investment has the meaning set forth in Section 1.148-5 of the
Regulations; and
(2) means the combined yield of the Certificates and the Bonds within
the meaning set forth in Section 1.14R-4 of the Regulations.
B. Not to Cause Interest to Become Taxable. The City shall not use, permit the use
of, or omit to use Gross Proceeds or any other amounts (or tory property the acquisition,
construction or improvement of which is to he financed directly or indirectly with Gross
Proceeds) in a manner which if made or omitted, respectively, would cause the interest on any
Certificate to become includable in the gross income. as defined in section 61 of the Code,of the
owner thereof for federal income tax purposes. Without limiting the generality of the foregoing,
unless and until the C'ily receives a written opinion of amnsel nationally recognized in the field
of municipal bond law to the effect that failure to comply with such covenant will not adversely
521159120 _}2_
affect the exemption from federal income tax of the interest on any Certificate. the City shall
comply with each of the specific covenants in this Section.
C, No Private Use or I'rivute Payments. Except to the extent that it will not cause the
Certificates to become "private activity bonds' within the meaning of section 141 of the Code
and the Regulations and rulings thereunder. the City shall at all limes prior to the last Stated
Maturity of C'ertilicates.
(1) exclusively own, operate and possess all property the acquisition.
construction or impro 'entent of which is to be financed or refinanced directly or
indirectly with Gross Proceeds of the Certificates, and not use or permit the use of such
Gross Proceeds (including all contractual arrangements with terms different than those
applicable to the general public) or any property acquired, constructed or improved with
such Gross Proceeds in any activity carried on by any person or entity (including the
United States or any agency, department and instrumentality thereof) other than a state or
local government, unless such use is solely as a member of the general public; and
(2) not directly or indirectly impose or accept any charge or other payment by
any person or entity who is treated as using Gross Proceeds of the Certificates or any
property the acquisition, construction or improvement of which is to be financed or
refinanced directly or indirectly with such Gross Proceeds, other than taxes of general
application within the City or interest earned on investments acquired with such Gross
Proceeds pending application for their intended purposes.
D. No Private I.oan. Except as would not cause the Certificates to become "private
activity bonds" within the meaning of section 141 of the Code and the Regulations and rulings
thereunder, the City shall not use Gross Proceeds of the Certificates to make or finance loans to
any person or entity other than a state or local government. For purposes of the foregoing
covenant, such Gross Proceeds are considered to be"loaned" to a person or entity if- (Il property
acquired. constructed or improved with such Gross Proceeds is sold or leased to such person or
entity in a transaction which creates a debt for federal income tax purposes; (2) capacity in or
service from .such property is committed to such person or entity under a take-or-pay, output or
similar contract or arrangement; or(3) indirect benefits, or burdens and benefits of ownership,of
such Gross Proceeds or any property acquired, constructed or improved with such Gross
Proceeds are otherwise transferred in a transaction which is the economic equivalent of a loan.
Ii- Nut to Invest at I(igluer Yield. Except as would not cause the Certificates to
become "arhitrage bonds' within the meaning of section 148 of the Code and the Regulations
and rulings thereunder, the City shall not at any time prior to the final Stated Maturity of the
Certificates directly or indirectly invest Gross Proceeds in any Investment, if as a result of such
investment the Yield of any Investment acquired with Grass Proceeds. whether then held or
previously disposed of, materially exceeds the Yield of the Certificates.
P. Not Federally Guaranteed. Except to the extent permitted by section 149(b) of the
Code and the Regulations and rulings thereunder, the City shall not take or omit to take any
action which would cause the Certificates to he federally guaranteed within the meaning of
section 149(h) of the Code and the Regulations and rulings thereunder.
slni>ai2 f, -33-
G. Information Report. The City shall timely fllc the information required by section
149(c) of the Code with the Secretar of the"'Tenafly on Form 8038-G or such other form and in
such place as the Secretary may prescribe.
H. Rebate of Arbitrage Profits. Except to the extent otherwise provided in section
148(1) of the Code and the Regulations and rulings thereunder:
(I) The City shall accounl for all Gross Proceeds (including all receipts,
expenditures and investments thereof) on its books of account separately and apart from
all other funds (and receipts, expenditures and investments thereof) and shall retain all
records of accounting for at least six years after the day on which the last Outstanding
Cer0ficate is discharged. However, to the extent permitted by law, the City may
commingle Gross Proceeds of the Certificates with other stoney of the City, provided that
the City separately accounts for each receipt and expenditure of Gross Proceeds and the
obligations acquired therewith.
(2) Not less frequently than each Computation Date, the City shall calculate
the Rebate Amount in accordance with rules set !brill in section 148(11 of the Code and
the Regulations and rulings thereunder. The City shall maintain such calculations with its
official transcript of proceedings relating to the issuance of the Certificates until six years
alter the final Computation Date,
(3) As additional consideration for the purchase of the Certificates by the
Purchasers and the loan of the money represented thereby and in order to induce such
purchase by measures designed to insure the excludability of the interest thereon from the
gross income of the owners thereof for federal income tax purposes, the City shall pay to
the United States out of the Certificate Fund or its general fund, as permitted by
applicable Texas statute, regulation or opinion of the Attorney General of the State of
Texas, the amount that when added to the future value of previous rebate payments made
For the Certificates equals (I) in the case of a Final Computation Date as defined in
Section 1.148-3(c)(2) of the Regulations, one hundred percent (100%) of the Rebate
Amount on such date. and (ii) in the case of any other Computation Date, ninety percent
(90%) of the Rebate Amount on such date- In all cases, the rebate payments shall he
made at the times, in the installments, to the place and in the manner as is or may be
required by section 148(1) of the Code and the Regulations and rulings thereunder, and
shall he accompanied by Form 8038-T or such other forms and information as is or may
he required by section 148(1) of the Code and the Regulations and rulings thereunder_
(4) The City shall exercise reasonable diligence to assure that no errors are
made in the calculations and payments required by paragraphs (2) and (3), and it an error
is made, to discover and promptly correct such error within a reasonable amount of time
thereafter (and in all events within one hundred eighty (180) days after discovery of the
error), including payment to the United States of any additional Rebate Amount owed to
it, interest thereon, and any penalty imposed under Section 1.148-3(h)of the Regulations.
1. Not to Divert Arbitraue Profits. Except to the extent permitted by section 148 of
the Code and the Regulations and rulings thereunder. the City shall not, at any time prior to the
sCusys;6 -34-
earlier of the Stated Maturity or final payment of the Certificates, enter into any transaction that
reduces the amount required to he paid to the United Stales pursuant to Subsection II of this
Section because such transaction results in a smaller profit or a larger loss than would have
resulted if the transaction had been at arm's length and had the Yield of the Certificates not been
relevant to either party.
Certificates Not I Icdae Bonds.
(1) The City reasonably expects to spend at least 85% of the spendable
proceeds of the Certificates within three years after such Certificates are issued.
(2) Not more than 50% of the proceeds of the Certificates will be invested in
Nonpwpose Invesunems having a substantially guaranteed Yield for a period of 4 years
or afore.
K. Elections_ "[he City hereby directs and authorizes any Authorized Representative,
either individually or any combination of them, to make elections permitted or required pursuant
to the provisions of the Code or the Regulations, as they deem necessary or appropriate in
connection with the Cerli Orates, in the Certificate as to Tax Exemption or similar or other
appropriate certificate, form or document. Such elections shall be deemed to be made on the
Closing I)ate.
SI GlION 28. Control and Custody of Certificates. The Mayor of the City shall he and
is hereby authorized to take and have charge of all necessary orders and records pending
investigation by the Attorney General of the State of Texas and shall take and have charge and
control of the Certificates pending their approval by the Attorney General, the registration
thereof by the Comptroller of Public Accounts and the delivery of the Certificates to the
Purchasers.
Furthermore, each Authorized Representative is hereby authorized and directed to furnish
and execute such documents relating to the City and its financial affairs as may be necessary for
the issuance of the Certificates, the approval of the Attorney General of the State of Texas and
their registration by- the Comptroller of Public Accounts of the State of Texas and, together with
the City's financial advisor, bond counsel, and the Paying Agent/Registrar, make the necessary
arrangements fbr the delivery of the Initial C'crti ficate to the Purchasers and the initial exchange
thereof for definitive Certificates_
SICI ION 29. Satisfaction of Obliattion of City. If the City shall pay or cause to be
paid, or there shall otherwise he paid to the I lolders, the principal of, premium, if any, and
interest on the Certificates, at the times and in the manner stipulated in this Ordinance, then the
pledge of taxes levied and the lien on and pledge of the Pledged Revenues under this Ordinance
and all covenants, agreements, and other obligations of the City to the I folders shall thereupon
cease, terminate, and be discharged and ,satisfied_
Certificates, or any principal amount(s) thereof, shall be deemed to have been paid within
the meaning and with the effect expressed above in this Section when (i) money sufficient to pay
in lull such Certificates or the principal amount(s) thereof at Stated Maturity or to the redemption
date therefor, together with all interest due thereon, shall have been irrevocably deposited with
5241 w5a n -35-
and held in trust by the Paying Agee/Registrar, and/or an authorized escrow agent, or
Government Securities shall have been irrevocably deposited in trust with the Paying
Agent/Registrar, or an authorized escrow agent, which Government Securities have, in the case
of a net defeasanec. been cerlilied by an independent accounting firm to mature as to principal
and interest in such amounts and at such times as will insure the availability, without
reinvestment, Of sufficient money, together with any money deposited therewith. if any, to pay
when due the principal of and interest on such Certificates, or the pdncipal amount(s) thereof, on
and prior to the Stated Maturity thereof or (if notice of redemption has been duly given or
waived or if irrevocable arrangements therefor acceptable to the Paying Agent/Registrar have
been made) the redemption date thereof for the Certificates. In the event ofa gross defeasance of
the Certificates. the City shall deliver a certificate from its financial advisor, the Paying
Agent/Registrar. or another qualified third party concerning the deposit of cash and/or
Government Securities to pay, when due, the principal of, redemption premien (if any), and
interest due on any deleased Certificates. The City covenants that no deposit of money or
Government Securities will he made under this Section and no use made of any such deposit
which would cause the Certificates to he treated as arbitrage bonds within the meaning of
section 148 of the Code (as defined in Section 27 hereof).
Any money so deposited with the raying Agent/Registrar, and all income twill
Government Securities held in trust by the Paying Agent/Registrar, or an authorized escrow
agent, pursuant to this Section which is not required for the payment of the Certificates, or any
principal amount(s) thereof, or interest thereon with respect to which such money has been so
deposited shall be remitted to the City or deposited as directed by the City. Furthermore, any
money(held by the Paying Agent/Registrar for the payment of the principal of and interest on the
Certificates and remaining unclaimed for a period of three (3) years after the Slated Maturity of
the Certificates, or applicable redemption date, such money was deposited and is held in trust to
pay shall upon the request of the City he remitted to the City against a written receipt therefor,
subject to the unclaimed property laws of the State of Texas.
Notwithstanding any other provision of this Ordinance to the contrary, it is hereby
provided that any determination not to redeem deleased Certificates that is made in conjunction
with the payment arrangements specified in subsection (i) or (ii) above shall not he irrevocable,
provided that, (I) in the proceedings providing for such defeasance, the City expressly reserves
the right to call the dcfeased Certificates for redemption; (2) gives notice of the reservation of
that right to the owners of the defeased Certificates immediately following the defeasance;
(3)directs that notice of the reservation he included in any redemption notices that it authorizes;
and (4) at the time of the redemption, satisfies the conditions of(i) or (ii) above with respect to
such deleased debt as though it was being deleased at the time of the exercise of the option to
redeem the defense(' Certificates, after taking the redemption into account in determining the
sulliciency of the provisions made for the payment of the deleased Certificates.
SECTION 30. Printed Opinion. The Purchasers' obligation to accept delivery of the
Certificates is subject to their being furnished a final opinion of Norton Rose Fulbright llS hRP,
San Antonio, Texas, as Bond Counsel, approving certain legal matters as to the Certificates, the
opinion to be dated and delivered as of the date of initial delivery and payment for the
Certificates. Printing of a true and correct copy of the opinion on the reverse side of each of the
824!5952 6 -36-
Certificates, with appropriate certificate pertaining thereto executed by facsimile signature of the
City Secretary of the City is hereby approved and authorized.
SECTION 31. CUSII' Numbers. (SSIP numbers may be printed or typed on the
definitive Certificates. It Is expressly provided, however, that the presence or absence of CI SIP
numbers on the definitive Certificates shall be of no signifiamee or effect as regards the legality
thereof, and neither the City nor Bond Counsel are to he held responsible for Cl SIP numbers
incorrectly printed or typed on the definitive Certificates.
SECTION 32. Effect of Heading. The Section headings herein are for convenience
only and shall not affect the construction hereof.
SECTION 33. Ordinance a Contract, Amendments -Outstanding Certificates. The City
acknowledges that the covenants and obligations of the City herein contained are a material
inducement to the purchase of the Certificates. This Ordinance shall constitute a contract with
the I lolders from time to time, binding on the City and its successors and assigns, and it shall not
he amended or repealed by the City so long as any Certificate remains Outstanding except as
permitted in this Section. The City may, without the consent of or notice to any Holders, from
time to time and at any time, amend this Ordinance in any manner not detrimental to the interests
of the lloldcrs, including the curing of any anthiguify, inconsistency, or formal defect or
omission herein. In addition, the City may, with the written consent of Holders holding a •
majority in aggregate principal amount of the Certificates then Outstanding affected thereby,
amend, add to, or rescind any of the provisions of this Ordinance: provided, however, that,
without the consent of all Holders of Outstanding Certificates, no such amendment, addition, or
rescission shall (I) extend the time. or times of payment of the principal of and interest on the
Certificates, reduce the principal amount thereof or the tate of interest thereon, or in any other
way modify the terms of payment of the principal oC the redemption price therefor, or interest on
the Certificates, (2) give any preference to any Certificate over any other Certificate, or (3)
reduce the aggregate principal amount of Certificates required for consent to any such
amendment, addition, or rescission.
SECTION 34. Benefits of Ordinance. Nothing in this Ordinance, expressed or implied,
is intended or shall he construed to confer upon any person other than the City, Bond Counsel,
Paying .Agent/Registrar, and the I lolders, any right, remedy, or claim.legal or equitable, under or
by reason of this Ordinance or any provision hereof, this Ordinance and all its provisions being
intended to be and being for the sole and exclusive benefit of the City, Bond Counsel, Paying
Agent/Registrar, and the Holders.
SECTION ION 35. Inconsistent Provisions. All ordinances and resolutions, or parts thereof,
which are in conflict or inconsistem with any provision of this Ordinance are hereby repealed to
the extent of such conflict, and the provisions of this Ordinance shall he and remain controlling
as to the natters ordained herein.
SECTION 36. Governing Law. This Ordinance shall he construed and enforced in
accordance with the laws of the State of Texas and the United States of America.
SECTION 37. Severability- If any provision of this Ordinance or the application
thereof to any person or Circumstance shall be hcld to be invalid, the remainder of this Ordinance
and the upplicanon 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.
SItCIION 38. Construction of Terms. If appropriate in the context of this Ordinance,
words of the singular number shall be considered to include the plural, words of the plural
number shall be considered to include the singular, and words of the masculine, feminine or
neuter gender shall be considered to include the other genders.
SECTION 39. Incorporation of Preamble Recitals. The recitals contained in the
preamble hereof arc hereby found to he true, and such recitals are hereby made a part of this
Ordinance for all purposes and arc adopted as a part of the judgment and findings of the City
Council of the City.
Silt]ION 40. Authorization of Paying AiLentiftegisti.ar Agreement. The City Council
of the City hereby finds and determines that it is in the best interest of the City to authorize the
execution of a Paying Agent/Registrar Agreement concerning the payment, exchange,
registration, and transferability of the Certificates. A copy of the Paying AgentRegistrar
Agreement is attached hereto, in substantially final form, as Exhibit A and is incorporated by
reference to the provisions of this Ordinance.
41. Public Meeting. 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 he considered at such meeting, including this
Ordinance, was given, all as required by Chapter 551, as amended, Texas Government Code.
SECTION 42. Unavailability of Authorized Publication. II, because of the temporary
or permanent suspension of any newspaper, journal, or other publication, or, for any reason,
publication of notice cannot be made meting any requirements herein established, any notice
required to he published by the provisions of this Ordinance shall be given in such other manner
and al such time or times as in the judgment of the City or of the Paying Agent/Registrar shall
most effectively approximate such required publication and the giving of such notice in such
manner shall for all purposes of this Ordinance he deemed to be in compliance with the
requirements for publication thereof
SECTION 43. No Recourse Against City Officials. No recourse shall be had for the
payment of principal of, premium, if any, or interest on any Certificate or for any claim based
thereon or on this Ordinance against any official of the City or any person executing any
Certificate.
SECTION 44. Cnntinuinp Disclosure Undertaking.
A. Definitions.
As used in this Section, the following terms have the meanings ascribed to such terms
below:
szai<az e -3R-
EA46L1 means the AISRR'.s Electronic Municipal Market Access system. accessible by
the general public, without charge, on the internet through the mtitorm resource locator (CRL,)
hitp:Uwww.enuna.msrh.org.
A tneans the Municipal SecUnties Rulemaking I3nard.
Rulr means SEC Rule I5c2-12, as amended from time to time.
SEC incans the United States Securities and Exchange Commission.
B. Annual Reports.
The City shall file annually with the MSRl3. (I) within six months after the end of each
fiscal year of the City ending in or after 2016, financial information and operating data with
respect to the System of the general type included in the final Oficial Statement authorized by
Section 26 of this Ordinance, being the information described in Exhibit C hereto, and (2) if not
provided as part of such financial information and operating data, audited financial statements of
the City, when and if available. Any financial statements so to he provided shall he (i) prepared
in accordance with the accounting principles described in Exhibit C hereto, or such other
accounting principles as the City may be required to employ from time to time pursuant to state
• law or regulation, and (ii) audited, if the City commissions an audit of such financial statements
and the audit is completed within the period during which they must be provided. If the audit of
such financial statements is not complete within such period, then the City shall file unaudited
financial statements within such period and audited financial statements for the applicable liscal
year to the NISRH, when and if the audit report on such financial statements becomes available.
Under current Texas law, including, but not Iimited to, Chapter 103, as amended. Texas Local
Government Code, the City must Kaye its records and accounts audited annually and shall have
an annual financial statement prepared based on the audit. The annual financial statement,
including the auditor's opinion on the statement, shall he filed in the office of the City Secretary
within one hundred eighty (IRO) days atter the last day of the City's fiscal year. Additionally.
upon the filing of this financial statement and the annual audit, these documents are subject to
the Texas Open Records Act, as amended. Texas Government Code, Chapter 552.
If the City changes its fiscal year, it will file notice of such change (and of the date of the
new fiscal year end) with the NISRB prior to the next date by which the City otherwise would be
required to provide financial infornuttion and operating data pursuant to this Section.
Notice of Certain Itvuus.
The City shall lite notice of any of the following events with respect to the Certificates to
the MSItB in a timely manner and not more than 10 business days alter occurrence of the event:
(I) Principal and interest payment delinquencies:
(2) Non-payment related defaults, if material;
(3) I1nseheduled draws on debt service reserves reflecting financial
difficulties,
ami SH'n -39-
(4) 1 Fuseliedul cd draws on credit enhancements It lee t fig financial
difficulties:
(5) Substitution of credit or liquidity providers,or their failure to perform;
(6) Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form
5701-11,B), or other material notices or determinations with respect to the tax status of
the Certificates, or other material events affecting the tax status of the Certificates,
(7) Modifications to rights of holders of the Certificates if material;
(8) Certificate calls, if material,and tender offers;
•
(9) Defeasances;
(I(1) Release, substitution. or sale of property securing repayment of the
Certificates,icates, i f material;
(11) Rating changes;
(12) Bankruptcy, insolvency, receivership, or similar event of the City, which
shall occur as described below;
(13) The consummation of a merger, consolidation, or acquisition involving the
City or the sale of all or substantially all ul its assets, other than in the ordinary course of
business, the entry into of a definitive agreement to undertake such an action or the
tem ination of a definitive agreement relating to any such actions, other than pursuant to
its terns, ii material; and
(14) Appointment of a successor or additional paying agent/registrar or the
change of name ofa paying agent/registrar, if material.
For these purposes, any event described in the immediately preceding paragraph (12) is
considered to occur when any of the following occur: the appointment ofa receiver, fiscal agent,
or similar officer for the City in a proceeding under the United States Bankruptcy Code or in any
other proceeding under state or federal law in which a court or governmental authority has
assumed jorisdietiOn over substantially all of the assets or business of the City, or if such
jUri sdiction has been assumed by leaving the existing governing body and officials or officers in
ist ion but subject to the supervision and orders of a court or governmental authority, or the
entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or
governmental authority having supervision or jurisdiction aver substantially all of the assets or
business of the City.
The City shall file notice with the MSRB, in a timely manner, of any failure by the City
to provide financial information or operating data in accordance with this Section by the time
required by this Section.
szrtspr o -41)-
D. { imitations Disclaimers,and Amendments.
The(lily shall he obligated to observe and perform the covenants specified in this Section
for so long as, hut only for so long as, the City remains an ' obligated person" with respect to the
Certificates within the meaning of the Rule, except that the City in any event will give notice of
any deposit that causes the Certificates to he no longer Outstanding.
The provisions of this Section are for the sole benefit of the holders and beneficial
owners of the Certificates, and nothing in this Section, express or implied, shall give any benefit
or any legal or equitable right, remedy, or claim hereunder to any other person. The City
undertakes to provide only the financial information. operating data, financial statements, and
notices which it has expressly agreed to provide pursuant to this Section and does not hereby
undertake to provide any other information that may he relevant or material to a complete
presentation of the City's financial results, condition.or prospects or hereby undertake to update
any information provided in accordance with this Section or otherwise, except as expressly
provided herein. The City does not make any representation or warranty concerning such
information or its usefulness to a decision to invest in or sell Cert I licates at any future date.
UNDER NC) CIRCUMSTANCES SHAH, i iIL CITY BE LIABLE TO TiIF HOLDER
OR BENEFICIAL. OWNER OF ANY CERTIFICATE OR ANY OTHER PERSON, IN
CONTRACT OR TORI-, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM •
ANY BRFACII BY THE CITY, WIIECIIER NEGLIGENT OR Will I OR WITHOUT FAULT
ON ITS VARY, OF ANY COVENANT SPECIFIED IN TIPS SECTION, BE IT EVERY RIGHT
AM) REMEDY OF ANY SUCH PERSON, IN CONTRACT' OR TORT, POR OR ON
ACCOUNT OF ANY SIICII BREACH SHALL BE LIMLTFD TO AN ACIFON FOR
MANDAMUS OR SPECIFIC PERFORMANCE.
No default by the City in observing or performing its obligations under this Section shall
constitute a breach of or default under this Ordinance for purposes of any other provision of this
Ordinance.
Nothing in this Section is intended or shall act to disclaim, vvalve, or otherwise limit the
duties of the City under federal and state securities laws.
The provisions of this Section may be amended by the City from time to time to adapt to
changed circumstances that arise from a change in legal requirements, a change in law, or a
change in the identity, nature, status, or type of operations of the City, but only if (I) the
provisions of this Section, as so amended, would have permitted an underwriter to purchase or
sell Certificates in the primary offering of the Certificates in compliance with the Rule, taking
into account any amendments or interpretations of the Rule to the date of such amendment, as
well as such changed circumstances, and (2) either (a) the holders of a majority in aggregate
principal amount (or any greater amount required by any other provision of this Ordinance that
authorizes such all amendment) of the Outstanding Certificates consent to such amendment or
(h) a person that is unaffiliated with the City (such as nationally recognized bond counsel)
determines that such amendment will not materially impair the interests of the holders and
beneficial owners of the Certificates. 'I he City may also repeal or amend the provisions of this
Section if the SEC amends or repeals the applicable provisions of the Rule or any court of final
nz+i 3,62 r. -41-
jurisdiction enters judgment (bat such provisions of the Rude are invalid, and the City also may
amend the provisions of this Section in its discretion in any other manner or circumstance, but in
either case only if and to the extent that the provisions of this sentence would not have prevented
an underwriter from Iawlully purchasing or selling Certificates in the primary offering of the
Certificates, giving elfcct to (a) .such provisions as so amended and (li) any amendments 01
interpretations of the Rule. If the City so amends the provisions of this Section, the City shall
include with ally amended financial inforinwioil or operating data next provided in accordance
with this Section an explanation, in narrative form, of the reasons for the amendment and of the
impact of any change in the type of financial information or operating data so provided.
E. Information Format; Incorporation by Reference.
The City information required under this Section shall he Bled with the MSRB through
I NIMA in such format and accompanied by such identifying information as may be specified
from time to time thereby. Under the current rules of the MSRB, continuing disclosure
documents submitted to EMMA must he in word-searchable portable document format (PDP)
tiles that permit the document to be saved, viewed, printed, and retransmitted by electronic
means and the series of obligations to which sueh continuing disclosure documents relate must
be identified by CUSIP number or numbers.
Financial information and operating data to be provided pursuant to this Section may he
set fortis in full in one or more documents or may he included by specific reference to any
document (including all official statement or other offering document) available to the public
through EMMA or filed with the SEC.
SECTION 45. Hook-P.ntr Only System.
The Certificates shall initially be registered so as to participate in a securities depository
system (the DTC Sy.slem) with The Depository "Dust Company, New York. New York, or any
successor entity thereto (DT('), as set forth herein. Each Stated Maturity of the Certificates shall
he issued (following cancellation of the Initial Certificate described in Section 7) in the form of a
separate single definitive Certificate. upon issuance, the ownership of each such Certificate
shall he registered in the name of Cede & Co., as the nominee of l)IC, and all of the Outstanding
Certificates shall be registered in the name of Cede &Co., us the nominee of DTV. The City and
the Paying Agent/Registrar are authorized to execute. deliver, and lake the actions set forth in
such letters to or agreements with DIC as shall be necessary to effectuate the DTC System,
including the Letter of Representations attached hereto as Exhibit D (the Napresenlalinn teller).
With respect to the Certificates registered in the name of Cede & Co., as nominee of
DTC, the City and the Paying Agent/Registrar shall have no responsibility or obligation to any
broker-deader, bank, or other Ii -Mlle l institution for which DTC holds the Certificates from time
to time as securities depository (a Depoxlion• Participant) or to any person on behalf of whom
such a Depository Participant holds an interest in the Certificates (an Indirect Participant).
Without limiting the immediately preceding sentence, the City and the Paving Agent/Registrar
shall have no responsibility or obligation with respect to (i) the accuracy of the records of D'lI
Cede & Co., or any Depository Participant with respect to any ownership interest in the
Certificates, (ii) the delivery to any Depositor' Participant or any other person, other than a
S211S9s.: -4'-
registered owner of the Certificates, as shown on the Security Register, of any notice with
respect to the Certificates, including any notice of redemption, or (iii)the delivery to any
Depository Participant or any Indirect Participant or any other Person, other than a 1101der of a
Certificate, of any amount with respect to principal oC premium. if any, or interest on the
Certificates. While in the DTC System. no person other than (ede. & Co., or any successor
thereto, as nominee for DTC, shall receive a bond certificate evidencing the obligation of the
City to make payments of principal, premium, if any, and interest pursuant to this Ordinance.
I!port delivery by DTC to the Paying Agent/Registrar of written notice to the effect that DTC has
determined to substitute a new nominee in place of Cede & Co., and subject to the provisions in
this Ordinance with respect to interest checks or drafts being ntmled to the I folder, the word
`Cede& Co." in this Ordinance shall refer to such new nominee of DTC.
In the event that (a) the City determines that 1)1C is incapable of discharging its
responsibilities described herein and in the Representation Letter, (h) the Representation Letter
shall be terminated for any reason, or (e) UTC or the City determines that it is in the best interest
of the beneficial owners of the Certificates that they be able to obtain certificated Certificates, the
City shall notify the Paying Agent/Registrar, DTC, and the Depository Participants of the
availability within a reasonable period of time through DIY' of hond certificates, and the
Certificates shall no longer he restricted to being registered in the name of Cede & Co., as
nominee of DTC'. At that time, the City may detennine that the Certificates shall be registered in
the name of and deposited with a successor depository operating a securities depository system,
as may be acceptable to the City, or such depository's agent or designee, and if the City and the
Paying Agent/Registrar do not select such alternate securities depository system then the
Certificates may be registered in whatever name or names the holders of Certificates transferring
or exchanging the Certificates shall designate, in accordance with the provisions hereof.
Notwithstanding any other provision of this Ordinance to the contrary, so long as any
Certificate is registered in the name of Cede & Co., as nominee of DTC, all payments with
respect to principal of, premium, if any, and interest on such Certificate and all notices with
respect to such Certificate shall be made and given, respectively, in the ntanner provided in the
Representation Letter.
SECTION 46. Further Procedt_es. The officers and employees of the City are hereby
authorized, empowered and directed from time to time and at any time to do and perforin 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 or not herein mentioned, as may be
necessary or desirable in order to carry out the terms and provisions of this Ordinance, the initial
sale and delivery of the Certificates, the Paying Agent/Registrar Agreement, the Purchase
Contract, and the Official Statement. In addition, prior to the initial delivery of the Certificates,
the Authorized Representatives and Bond Counsel are hereby authorized and directed to approve
any teehnical changes or corrections to this Ordinance or to any of the instruments authorized
and approved by this Ordinance and as described in the Official Statement necessary in order to
(i) correct any ambiguity or mistake or properly or more completely decumcm the transactions
contemplated and approved by this Ordinance, (ii) obtain a rating f}om any of the national bond
rating agencies, or (iii) obtain the approsal of the Certificates by the Texas Attorney General's
office. In case any officer of the City whose signature shall appear on any certificate shall cease
to be such officer hefore the delivery of sueh certificate. such signature shall nevertheless be
81:1 syn -43-
valid and sufficient for all purposes the same as if such officer had remained in office until such
delivery_
SECTION 47. City's Consent to Provide Information and Documentation to the Texas
MAC. the Municipal Advisory Council of Texas (the Te.cas MA('), a non-profit membership
corporation organized exclusively for non-profit purposes described in section 501(c)(6) of the
Internal Revenue Code and which serves as a comprehensive financial information repository
regarding municipal debt issuers in Texas, requires provision of written document atinn regarding
the issuance of municipal debt by the issuers thereof En support of the purpose of the .1 exas
MAC and in compliance with applicable law, the City hereby consents to and authorizes any
Authorized Representative, Bond Counsel to the City, and/or Financial Advisor to the City to
provide to the Texas MAC information and documentation requested by the Texas MAC relating
to the Certificates; provided, however, that no such information and documentation .shall be
provided prior to the Closing Date. This consent and authorization relates only to information
and documentation that is a part of the public record concerning the issuance of the Certificates.
SECTION 48. Delegation Authorization Pursuant to I IB 1295. "[bough such parties
may be identified, and the entry into a particular contract may be authorized herein, the City
Council, pursuant to Chapter 1371 and other applicable law, hereby delegates to any Authorized
Representative the authority to independently select the counterparty to any agreement with any
paying agent/registrar, rating agency, securities depository, or any other contract that' is
determined by the City Manager, the City's financial advisor, or the City's bond counsel to he
necessary or incidental to the issuance of the Bonds as long as each of such contracts has a value
of less than the amount referenced in Section 2252.908 of the 'Texas Government Code
(collectively, the .Incillarn Bond Conti-cuts) and, as necessary, to execute the Ancillary Bond
Contract on behalf and as the act and deed of the City. The City Council has not participated in
the selection of any of the business entities which are Counterparties to the Ancillary Bond
Contracts.
SECTION 49. Effective Date. Pursuant to the provisions of Section 1201.028, as
amended, Texas Government Code, this Ordinance shall he effective immediately upon
adoption, notwithstanding any provision in the City's Home Rule Charter to the contrary
concerning a multiple reading requirement lir the adoption of ordinances.
j"rhe remainder nj this page intentionally let blank)
82,11 SYS2 6 -44-
PASSED AND ADOPTED on the 12th day of April, 2016.
CITY OF CORPUS CHRISTI, TEXAS
(-\\(.( :=2i
Mayor
ATTEST:
12e10-1."—el__&- f---
City Secretary
APPROVED THIS 12th DAY OF APRIL, 2016:
Mie-4—•X,,X ,,
Miles Risley,City Attorney
(CITY SEAL)
82415952.3 S-1
INDEX OF SCHEDULES AND EXHIBITS
Schedule I- - Approval Certificate
EXHIBIT A - Paying Agent/Registrar Agreement
EXHIBIT B - Purchase Contract
EXHIBIT C - Description of Annual Financial Information
EXHIBIT D - DTC Letter of Representations
32415952 3 I-I
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 12th
day of April, 2016, authorizing the issuance of the City's Combination Tax and Limited Pledge
Revenue Certificates of Obligation, Series 2016A, 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 12th day of April,
2016.
try Secretary
(CITY SEAL)
82415952.3
The foregoing ordinance was read for the first time and passed to its second reading on this the
29th day of March, 2016, by the following vote:
Nelda Martinez —4-- Brian Rosas 1 .4..
Rudy Garza, Jr. , A.A _ Lucy Rubio /,
41
Michael Hunter I , J: Mark Scott te...1
Chad Magill i 4/ Carolyn Vaughn Ili ,
Colleen McIntyre - .
1
I
The foregoing ordinance was read for the second time and passed finally on this the 12th day of
April, 2016,by the following vote:
Nelda Martinez Li / Brian Rosas A , A.
Rudy Garza, Jr. ._A %t. Lucy Rubio t I 1
Michael Hunter IL ,A. Mark Scott t
Chad Magill At . Carolyn Vaughn i.ii/ I
�r , /
Colleen McIntyre A
PASSED AND APPROVED, this the 1 th day of April, 2016.
ATTEST: \\\2.......
P.I.,,,., ---:--1-,,,A eTh
Rebecca Huerta Nelda Martinez
City Secretary Mayor
82415952.3
630810
INDEX OF SCHEDULES AND EXHIBITS
Schedule I - - .Approval Certificate
EXHIBIT A - Paving Agent/Registrar Agreement
i-XHff31T B - Pur chase Contract
HXH[fi1'f C - Description of Annual Financial Inlurmation
ILXI IIII) - IDC Letter of Representations
I-1
SCHEDULE I
APPROVAL I. C LILHF ICA TE
SEE E At NO. 2
Acarus:o Schedule I
EXHIBIT A
PAYING AGENT'.REGISTRAR AGREI9M11N1
SI119 I A19 NO. 4
aan ses,e A-I
EXHIBIT B
PI:RCI IASI. CONTRACT
SEE 'FAB NO. 8
xzni=oe:n 13-I
EXHIBIT ('
DESCRIPTION Of ANN( Al. FINANCIAL INFORMA I ION
the following information is referred to in Section 44 of this Ordinance.
Annual Financial Statements and Operating Data
The financial int irrmation and operating data with respect to the City to he provided
annually in ace Irdanec with such Section are as specified (and included in the Appendix or
under the heading of the Official Statement referred to) below:
t I ) The City's audited financial statements for the most recently concluded fiscal year
or to the extent these audited financial statements arc not available, the portions of the unaudited
financial statements of the City appended to the Official Statement as Appendix (', but for the
most recently concluded fiscal year
(2) All quantitative financial intbrntation and operating data with respect to the City
of the general type included in Appendix A to the Official Statement ('i'i nancial Information ')
under the headings "Debt Payable From Taxes', "General Fund Balances", "Ad Valorem
Fax and "lite Tax Increment Uinancing Act".
Accounting Principles
The accounting principles referred to in such Section are generally accepted accounting
principles Iia governmental units as prescribed by the Government Accounting Standards Board
from time to lime_
xxi<,nt 6 C-I
EXHIBIT I)
UTC IHI'll?Ii OI REPRESGN I A I IONS
SEH TAB NO.5
RNU9f2 r. 1)-I
PUBLISHER'S AFFIDAVIT
State of Texas } CITY OF CORPUS CHRISTI
County of Nueces } Ad# 959402
PO #
Before me,the undersigned, a Notary Public,this day personally came GEORGIA LAWSON, who
being first duly sworn, according to law, says that she is LEGAL SALES REPRESENATIVE AND
EMPLOYEE OF THE PUBLISHER, namely the Corpus Christi Caller-Times, a daily newspaper
published at Corpus Christi in said City and State, generally circulated in Aransas, Bee. Brooks, Duval,
Jim Hogg, Jim Wells, Kleberg, Live Oak, Nueces, Refugia, and San Patricia, Counties, and that the
publication of NOTICE OF INTENTION TO ISSUE CITY OF which the annexed is a true copy, was
inserted in the Corpus Christi Caller-Times on:
CC-Corpus Christi Caller-Times 02/28/16 Sun
CC-Corpus Christi Caller-Times 03/06/16 Sun
CC-Internet - callencom 02/28/16 Sun
CC-Internet - caller.com 03/06/16 Sun
LEGA. ALES REPRESENTATIVE
On this yi day of 104(.111- , 20 I L certify that the attached document is a true
and exact copy made by publisher.
1/(//L—,052--
_ _ Notary Public. State of Texas
0PAI,i '
MICHELLEryO0YkC1E2C464ABB1E8
Expires March 19,2020 1I
CALLER-TIMES a Sunday, rearuary 28,2016 a 7E
Legals
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 meet-
ing place in the City Hall
Council Chambers in Cor-
pus Christi, Texas, at 11:30
o'clock A.M.,Corpus Christi,
Texas time on April 12,2016,
and, during such meeting,
the City Council will, on
second reading(and after a
first reading to occur at the
March 29, 2016 meeting of
the City Council), consider
the passage of an ordinance
or ordinances and take such
other actions as may be
deemed necessary to autho-
rize the issuance of one or
more series of certificates
of obligation in an aggre-
gate principal amount not to
exceed $18,140,037 for the
purpose or purposes of pay-
ing contractual obligations
of the City to be incurred for
making permanent public
improvements and for other
public purposes, to-wit:
(1) constructing, renovat-
ing, equipping, enlarging,
and improving City streets
(including utilities repair,
replacement, and reloca-
tion), including curb, gut-
ters, sidewalks, and drain-
age improvements neces-
sary or incidental thereto;
(2) the purchase of mate-
rials, supplies, equipment,
macinery, andscaping,
land, and rights-of-way for
authorized needs and pur-
poses relating to the afore-
mentioned capital improve-
ments;and (3)the payment
of professional services
related to the design, con-
struction, project manage-
ment, and financing of the
aforementioned projects.
The certificates of obliga-
tion(the Certificates)will be
payable from the levy of an
annual ad valorem tax,with-
in 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 opera-
tion of the City's solid waste
system.The Certificates are
to be issued,and this notice
is given, under and pursu-
ant to the provisions of the
Certificate of Obligation Act
of 1971, as amended, Texas
Local Government Code Sec- `
tion 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
PUBLISHER'S AFFIDAVIT
State of Texas } CITY OF CORPUS CHRISTI
County of Nueces } Ad # 959402
PO N
Before me, the undersigned, a Notary Public,this day personally came GEORGIA LAWSON, who
being first duly sworn, according to law, says that she is LEGAL SALES REPRESENATIVE AND
EMPLOYEE OF THE PUBLISHER, namely the Corpus Christi Caller-Times, a daily newspaper
published at Corpus Christi in said City and State, generally circulated in Aransas, Bee, Brooks, Duval,
Jim Hogg, Jim Wells, Kleberg, Live Oak, Nueces, Refugio, and San Patricio, Counties, and that the
publication of NOTICE OF INTENTION TO ISSUE CITY OF which the annexed is a true copy, was
inserted in the Corpus Christi Caller-Times on:
CC-Corpus Christi Caller-Times 02/28/16 Sun
CC-Corpus Christi Caller-Times 03/06/16 Sun
---------------CC-Internet--caller.com 02/28/16 Sun
CC-Internet - caller.com 03/06/16 Sun
ji i
-
LEG•ALES REPRESENTATIVE
On this y day of U , 20 1 (4 certify that the attached document is a true
and exact copy made by publisher.
1/(A_IeiL"
--- Notary Public, State of Texas
fin'hryr MICHELLE JOYCE CA9REM
ILMy Nalary lD#1248btl83
is ' Expires March 19,2020 —
CALLER-TIMES « Sunday, March 6, 2016 « 7E
legals
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 meet-
ing place in the City Hall
Council Chambers in Cor-
at
o'clock A.us M., TexasCopus Christii,,
Texas time on April 12,2016,
and, during such meeting,
the City Council will, on
second reading (and after a
first reading to occur at the
March 29, 2016 meeting of
the City Council), consider
the passage of an ordinance
or ordinances and take such
other actions as may be
deemed necessary to autho-
rize the issuance of one or
more series of certificates
of obligation in an exceedaggre-
gate t to
�$18 1140037fornt o
the
purpose or purposes of pay-
ing contractual obligations
of the City to be incurred for
making permanent public
improvements and for other
public purposes, to-wit:
(1) constructing, renovat-
ing, equipping, enlarging,
and improving City streets
(including utilities repair,
replacement, and reloca-
tion), including curb, gut-
ters, sidewalks, and drain-
age improvements neces-
sary or incidental thereto;
(2) the purchase of mate-
rials, supplies, equipment,
machinery, landscaping,
land, and rights-of-way for
authorized needs and pur-
poses relating to the afore-
mentioned capital improve-
ments; and (3)the payment
of professional services
related to the design, con-
struction, project manage-
ment, and financing of the
aforementioned projects.
The certificates of obliga-
tion(the Certificates)will be
payable from the levy of an
annual ad valorem tax,with-
in 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 opera-
tion of the City's solid waste
system.The Certificates are
to be issued,and this notice
is given, under and pursu-
ant to the provisions of the
Certificate of Obligation Act
of 1971, as amended,Texas
Local Government Code Sec-
tion 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