HomeMy WebLinkAbout032299 RES - 12/01/2020RESOLUTION NO. 932299
RESOLUTION RELATING TO ESTABLISHING THE CITY'S
INTENTION TO REIMBURSE ITSELF FOR THE PRIOR LAWFUL
EXPENDITURE OF FUNDS FROM THE PROCEEDS ONE OR MORE
SERIES OF TAX-EXEMPT OBLIGATIONS TO BE ISSUED BY THE CITY
IN AN AGGREGATE AMOUNT NOT TO EXCEED $75,000,000 FOR
AUTHORIZED PURPOSES RELATING TO CONSTRUCTING VARIOUS
CITY IMPROVEMENTS; AUTHORIZING MATTERS INCIDENT AND
RELATED THERETO; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council (the Governing Body) of the City of Corpus Christi, Texas
(the Issuer) has entered into or will enter into various contracts pertaining to the expenditure of
lawfully available funds of the Issuer to finance the costs associated with (i) designing,
demolishing, constructing, renovating, improving, reconstructing, restructuring and extending
streets and thoroughfares and related land and right-of-way sidewalks, streetscapes, collectors,
drainage, landscape, signage, acquiring lands and rights-of-way necessary thereto or incidental
therewith, designing, demolishing, constructing, renovating, improving, expanding, and equipping
City parks and recreation facilities, and acquiring lands and rights-of-way necessary thereto or
incidental therewith, and designing, demolishing, constructing, renovating, improving, expanding,
upgrading and equipping City public safety facilities, and acquiring lands and rights-of-way
necessary thereto or incidental therewith, being the projects approved at an election held on
November 3, 2020 by the City (the Construction Costs), (ii) the payment of various engineering
costs, including design testing, design engineering, and construction inspection related to the
Construction Costs (the Engineering Costs), (iii) the payment of various architectural costs,
including preparation of plans and specifications and various other plans and drawings related to
the Construction Costs (the Architectural Costs), and (iv) the payment of various administrative
costs, including the fees of bond counsel, financial advisor, project manager, project consultant,
other professionals, and bond printer (the Administrative Costs) [the Construction Costs, the
Engineering Costs, the Architectural Costs, and the Administrative Costs collectively constitute
the costs of the projects that are the subject of this Resolution (the Project)]; and
WHEREAS, the provisions of Section 1201.042, as amended, Texas Government Code
provide that the proceeds from the sale of obligations issued to finance the acquisition,
construction, equipping, or furnishing of any project or facilities, such as the Project, may be used
to reimburse the Issuer for costs attributable to such project or facilities paid or incurred before the
date of issuance of such obligations; and
WHEREAS, the Issuer intends to reimburse itself for the prior lawful capital expenditure
of funds from the proceeds of one or more series of tax-exempt obligations (the Obligations) that
the Issuer currently contemplates issuing in an amount not to exceed $75,000,000 to finance a
portion of the costs of the Project; and
WHEREAS, to fund such reimbursement with proceeds of the Obligations, the Issuer must
declare its expectation ultimately to make such reimbursement before making the expenditures;
and
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WHEREAS, the Issuer hereby finds and determines that the reimbursement for the prior
expenditure of funds of the Issuer is not inconsistent with the Issuer's budgetary and financial
circumstances; and
WHEREAS, the Governing Body hereby finds and determines that the adoption of this
Resolution is in the best interests of the citizens of the Issuer; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS THAT:
SECTION 1. This Resolution is a declaration of intent to establish the Issuer's reasonable,
official intent to reimburse itself from certain of the proceeds of the Obligations for any capital
expenditures previously incurred or to be incurred with respect to the Project from the Issuer's
General Fund or other lawfully available funds of the Issuer.
SECTION 2. The reimbursed expenditure will be a type properly chargeable to a capital
account (or would be so chargeable with a proper election) under general federal income tax
principles.
SECTION 3. The Issuer intends to otherwise comply with those matters addressed within
this Resolution.
SECTION 4. This Resolution may be relied upon by the appropriate officials at the Office
of the Attorney General for the State of Texas and establishes compliance by the Issuer with the
requirements of Texas law.
SECTION 5. 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 Governing Body.
SECTION 6. All ordinances and resolutions, or parts thereof, which are in conflict or
inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict,
and the provisions of this Resolution shall be and remain controlling as to the matters resolved
herein.
SECTION 7. This Resolution shall be construed and enforced in accordance with the laws
of the State of Texas and the United States of America.
SECTION 8. 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 Governing
Body hereby declares that this Resolution would have been enacted without such invalid provision.
SECTION 9. 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.
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SECTION 10. This Resolution shall be in force and effect from and after its final passage,
and it is so resolved.
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PASSED, ADOPTED AND APPROVED on this the 1st day of December, 2020.
CITY OF CORPUS CHRISTI, TEXAS
Mayor
ATTEST:
City ecretary
(CITY SEAL)
APPROVED THIS 1st DAY OF DECEMBER, 2020:
x
Miles Risley, City Attorney
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THE STATE OF TEXAS )(
COUNTY OF NUECES )(
I, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certify that the
above and foregoing is a true, full and correct copy of a Resolution passed by the City Council of
the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 1st day of
December, 2020, relating to establishing the City's intention to reimburse itself in an amount not
to exceed $75,000,000 for the prior lawful expenditure of funds relating to constructing various
capital improvements to City property, 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 1st day of December, 2020.
City Secretary
(CITY SEAL)
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That the foregoing resolution was read and passed on this the 1st day of December, 2020, by the
following vote:
Everett Roy
Roland Barrera
Gil Hernandez
Paulette Guajardo
J*_
Ben Molina
Greg Smith
Michael Hunter
PASSED AND APPROVED, this the 1st day of December, 2020.
ATTEST:
Reb cca Huerta
City Secretary
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