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HomeMy WebLinkAbout031158 RES - 05/30/2017 RESOLUTION NO. 031158 RESOLUTION REQUESTING FINANCIAL ASSISTANCE FROM THE TEXAS WATER DEVELOPMENT BOARD FOR THE REFUNDING OF CITY OBLIGATIONS INCURRED BY THE CITY UNDER FEDERAL CONTRACT NO. 6-07-01-X0675 BY AND AMONG THE CITY, THE UNITED STATES OF AMERICA, AND THE NUECES RIVER AUTHORITY; AUTHORIZING CITY STAFF AND CONSULTANTS TO COORDINATE THE SUBMISSION OF THE APPLICATION TO THE TEXAS WATER DEVELOPMENT BOARD FOR FUNDING FROM ITS WATER DEVELOPMENT FUND; AND OTHER MATTERS IN CONNECTION THEREWITH WHEREAS, the City of Corpus Christi, Texas (the City) deems it necessary to apply to the Texas Water Development Board (the Board) for financial assistance; and WHEREAS, in accordance with the rules and regulations of the Board, which govern the procedures in making such an application, the governing body of the City is required to pass a resolution to accompany such application; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI THAT: • 1. The City hereby requests that the Board, from its Water Development Fund, grant financial assistance to the City in the amount not to exceed $50,000,000 by the purchase of obligations of the City (the Refunding Bonds), and the receipt of the largest amount of grant funds lawfully available from the Board, for refunding certain of the City's outstanding debt obligations, being those obligations incurred under Federal Contract No. 6-07-01-X06785 by and among-the City, the United States of America, and the Nueces River Authority, the proceeds of such obligations having been expended for the purposes of constructing improvements relating to the Nueces River Project authorized by Public Law 93-493. The Refunding Bonds will be issued by the City in one or more series. 2. The City Manager or Director of Financial Services of the City is hereby authorized to execute and submit to the Board the application for such financial assistance, and the City Manager or Director of Financial Services of the City, together with bond counsel, financial advisors and consulting engineers named in such application, are authorized to appear before the Board in support of such application and to make the required assurances and representations to the Board in accordance with the rules, regulations, and policies of the Board. 3. A certified copy of this Resolution shall be attached to the application for financial assistance herein authorized to be prepared and submitted to the Board, and the City Secretary of the City is authorized and directed to prepare and certify such number of copies of this Resolution as may be required for purposes of supporting the submission of such application to the Board. • 82503948.1 031158 INDEXED 4. The recitals contained in the preamble hereof are hereby found to be true, and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a part of the judgment and findings of the City. 5. All resolutions, or parts thereof, which are in conflict or inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict, and the provisions of this Resolution shall be and remain controlling as to the matters resolved herein. 6. This Resolution shall be construed and enforced in accordance with the laws of the State of Texas and the United States of America. 7. If any provision of this Resolution or the application thereof to any person or circumstance shall be held to be invalid, the remainder of this Resolution and the application of such provision to other persons and circumstances shall nevertheless be valid, and the City hereby declares that this Resolution would have been enacted without such invalid provision. 8. It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by Chapter 551, as amended, Texas Government Code. 9. This Resolution shall be in force and effect from and after its final passage, and it is so resolved. * * * * 82503948.1 -2- PASSED, ADOPTED AND APPROVED on the 30th day of May, 2017. CITY OF CORPUS CHRISTI, TEXAS Mai Attest: Re_.10-et/&C" City Secretary (SEAL) APPROVED THIS 30TH DAY OF MAY, 2017: ?X City Attorney 82503948.1 -3- THE STATE OF TEXAS § COUNTY OF NUECES § CITY OF CORPUS CHRISTI § I, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of a resolution passed by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 30th day of May, 2017, authorizing the City to request financial assistance from the Texas Water Development Board, which resolution is duly of record in the minutes of said City Council, and said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Texas Government Code,Chapter 551. EXECUTED UNDER MY HAND AND SEAL OF SAID CITY,THIS THE 301-H DAY OF MAY,2017. City Secretary 82503948.I -4- ATTEST: THE CITY OF CORPUS CHRISTI /IttcArtj , Rebecca Huerta Joe 'omh City Secretary May. Corpus Christi, Texas PASSED AND APPROVED, this the 30th day of May, 2017 The above resolution was passed by the following vote: Joe McComb Rudy Garza Paulette Guajardo Michael Hunter Ben Molina Lucy Rubio 0(it( r�QJVI Greg Smith 4 Carolyn Vaughn 0 Council Member V CtX Lvlt 82503948.1