HomeMy WebLinkAboutC2016-667 - 4/19/2016 - Approved APPROVAL CERTIFICATE
I, the undersigned, Director of Financial Services, and an Authorized Official under the
hereinafter-defined Ordinance, of the City of Corpus Christi, Texas (the City), pursuant to
Section 1 of the ordinance (the Ordinance) authorizing the issuance of obligations designated as
"City of Corpus Christi, Texas General Improvement Refunding Bonds, Series 2016A" (the
Bonds)do hereby approve the following terms of the Bonds:
The Bonds were sold based on the following method of sale and the applicable provisions
and terms related to the method of sale are as follows:
(i) the total principal amount of the Bonds of$7,330,000;
(ii) the purchase price for the Bonds is $7,407,869.60 (representing the principal
amount of the Bonds of$7,330,000, plus an original issue reoffering premium on
the Bonds of$77,869.60) and no accrued interest;
(iii) the true interest cost(federal arbitrage yield)on the Bonds is 1.9794868%;
(iv) the refunding of the Refunded Obligations will result in a net present value
benefit of$717,068.44 (9.891%) and a gross savings of$721,966.91; excluding
the City's cash contribution of$0.00;
(v) the interest rates, yields, and maturity schedule for the Bonds are as set forth
below:
Years of Stated Maturity Principal/Maturity Interest
(September 1) Amounts ($) Rates (%) Yields (%)
2017 690,000 3.500 1.220
2018 665,000 3.500 1.370
2019 690,000 3.500 1.470
2020 715,000 1.750 1.570
2021 725,000 1.720 1.720
2022 740,000 1.820 1.820
2023 755,000 1.970 1.970
2024 765,000 2.070 2.070
2025 785,000 2.210 2.210
2026 800,000 2.360 2.360
(vi) the Purchasers of the Bonds, through a privately placed bank loan, are Broadway
National Bank, San Antonio, Texas;
(vii) the Paying Agent/Registrar is Broadway National Bank, San Antonio, Texas;
C2016-667
4/19/16
Ord. 030822
Broadway National Bank
SCANNED
(viii) of the proceeds of the Bonds, $7,330,563.11 will be deposited with the paying
agents for each respective series of Refunded Obligations in an amount sufficient
to redeem such Refunded Obligations on December 6,2016.
(ix) the Bonds are not subject to redemption prior to Stated Maturity and, as such,
Section 4 of the Order is revised as follows:
A. No Optional Redemption of the Bonds. The Bonds are not subject to optional
redemption prior to Stated Maturity.
(x) The pricing and terms of the sale of the Bonds are hereby found and determined
to be the most advantageous reasonably obtainable by the City.
(xi) Capitalized Terms used herein without definition shall have the meaning ascribed
thereto in the Ordinance.
(xii) The Refunded Obligations are as set forth in Schedule I hereto.
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27614980.3 -2-
EXECUTED AND DELIVERED
CITY OF CORPUS CHRISTI,TEXAS
Director of Financial Services
04 : 0501H
MACH...
SECR�TA�K.0
27614980.3 -3-
SCHEDULE I
REFUNDED OBLIGATIONS
(1) "City of Corpus Christi, Texas Combination Tax and Utility System Revenue
Certificates of Obligation, Series 2007",dated March 1,2007, in the original principal amount of
$8,460,000 and maturing on September 1,2025 and September 1,2026 in the aggregate principal
amount of$1,005,000;and
(2) "City of Corpus Christi, Texas General Improvement Bonds, Series 2007", dated
March 1, 2007, in the original principal amount of$6,985,000 and maturing on September 1 in
each of the years 2018 through 2026 in the aggregate principal amount of$2,290,000;and
(3) "City of Corpus Christi, Texas Tax Notes, Series 2015", dated March 1, 2015, in
the original principal amount of$5,090,000 and maturing on September 1 in each of the years
2017 through 2021 in the aggregate principal amount of$3,955,000.
27614980.3
CERTIFICATE OF INTERESTED PARTIES FORM 1295
1 of 1
Complete Nos.1-4 and 6 if there are interested parties. OFFICE USE ONLY
Complete Nos.1,2,3,5,and 6 if there are no interested parties. CERTIFICATION OF FILING
1 Name of business entity filing form,and the city,state and country of the business entity's place Certificate Number:
of business. 2016-143849
Broadway National Bank
San Antonio,TX United States Date Filed:
2 Name of governmental entity or state agency that is a party to the contract for which the form is 12/07/2016
being filed.
City of Corpus Chnsti,Texas DaateiAckno ledged:
1.k47
3 Provide the identification number used by the governmental entity or state agency to track or identify the c tract, nd provide a
description of the services,goods,or other property to be provided under the contract.
Corpus Christi 2016A GO Ref
Paying Agent
Nature of interest
4
Name of Interested Party City,State,Country(place of business) (check applicable)
Controlling I Intermediary
Cheever,Jr.,Charles San Antonio,TX United States X
Cheever Powell,Jane San Antonio,TX United States X
Goudge,Jim San Antonio,TX United States X
Bohne, David San Antonio, TX United States X
Parish, Pamela San Antonio,TX United States X
Hartenstine, Harvey San Antonio,TX United States X
Dieterle,William San Antonio,TX United States X
5 Check only if there is NO Interested Party. ❑
6 AFFIDAVIT I swear,or affirm,under penalty of perjury,that the above disclosure is true and correct.
c*vY AG SHANNON SAVARY :.
Notary Public,State of Texas
IM'Convnwala,axpir�
o DeCgmber 18,2018 • Signature of authorized agent of contracting business entity
ID ar 128472274
AFFIX NOTARY STAMP/SEAL ABOVE
Sworn to and subscribed before me.by the said Da"-, ,this the I day of ocyti),Jor ,
20 l ,to certify which,witness my hand and seal of office.
Signature of officer adm stering oath Printed name of officer administe ng oath Title of office administering oath
Forms provided by Texas Ethics Commission www.ethics.state.tx.us Version V1.0.277