HomeMy WebLinkAbout028186 RES - 05/26/2009RESOLUTION
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS DIRECTING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION IN AN AMOUNT UP TO $8,500,000
FOR THE PURPOSE OF FINANCING COSTS ASSOCIATED WITH
MAKING PERMANENT PUBLIC IMPROVEMENTS TO HOLLY ROAD,
BAYFRONT DEVELOPMENT IMPLEMENTATION PLAN PHASE 1
(SHORELINE REALIGNMENT PHASE 1), AND THE RODD FIELD
PUBLIC IMPROVEMENT DISTRICT; COMPLYING WITH THE
REQUIREMENTS CONTAINED IN SECURITIES AND EXCHANGE
COMMISSION RULE 15c2-12; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council (the City Council) of the City of Corpus Christi, Texas (the
City) has determined that it is advisable and necessary to issue and sell one or more series of
certificates of obligation (the Certificates) in an amount not to exceed $8,500,000 as provided
pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Texas Local
Government Code, Section 271.041 through 271.065, for the purpose of paying contractual
obligations of the City to be incurred for making permanent public improvements and for other
public purposes, to -wit: (1) constructing street, curb, gutters, and sidewalk improvements
(including utilities repair, replacement and relocation) and drainage incidental thereto relating to
Holly Road and the Rodd Field Public Improvement District; (2) acquiring, purchasing,
constructing, renovating, enlarging, and improving Bayfront Development Implementation Plan
Phase 1 (Shoreline Realignment Phase 1); (3) purchasing materials, supplies, equipment, land,
and rights-of-way for authorized needs and purposes relating to the aforementioned capital
infrastructure improvements; and (4) the payment of professional services related to the
construction, design, and financing of the aforementioned projects; and
WHEREAS, prior to the offering, sale, and issuance of the Certificates, the appropriate
officials of the City must review and approve the distribution of a "deemed final" preliminary
official statement (the Official Statement) in order to comply with the requirements contained in
17 C.F.R. §240.15c2-12 (the Securities and Exchange Commission Rule); and
WHEREAS, based upon their review of the Official Statement, the appropriate officials
of the City must find to the best of their knowledge and belief, after reasonable investigation, that
the representations of facts pertaining to the City contained in the Official Statement are true and
correct and that, except as disclosed in the Official Statement, there are no facts pertaining to the
City that would adversely affect the issuance of the Certificates or the City's ability to pay the
debt service requirements on the Certificates when due; and
WHEREAS, the City Council will comply with the requirements contained in the
Securities and Exchange Commission Rule concerning the creation of a contractual obligation
between the City and the proposed purchaser(s) of the Certificates (the Purchasers) to provide
the Purchasers with an Official Statement in a time and manner that will enable the Purchasers to
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comply with the distribution requirements and continuing disclosure requirements contained in
the Securities and Exchange Commission Rule; and
WHEREAS, the City Council authorizes the Mayor, City Manager, City Secretary, and
the City Attorney, as appropriate, or their designees, to review, approve, and execute any
document or certificate in order to allow the City to comply with the requirements contained in
the Securities and Exchange Commission Rule; and
WHEREAS, prior to the issuance of the Certificates, the City Council is required to
publish notice of its intention to issue the Certificates in a newspaper of general circulation in the
City, such notice stating (i) the time and place the City Council tentatively proposes to pass the
ordinance authorizing the issuance of the Certificates, (ii) the maximum amount proposed to be
issued, (iii) the purposes for which the Certificates are to be issued, (iv) and the manner in which
the City Council proposes to pay the Certificates; and
WHEREAS, the City Council hereby finds and determines that such documents
pertaining to the sale of the Certificates should be approved, and the City should proceed with
the giving of notice of intention to issue the Certificates in the time, form, and manner provided
by law;
WHEREAS, the City Council hereby finds and determines that the adoption of this
Resolution is in the best interests of the citizens of the City; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS THAT:
SECTION 1: The City Secretary is hereby authorized and directed to cause notice to be
published of the City Council's intention to issue the Certificates in an amount not to exceed
$8,500,000 for the purpose of paying contractual obligations of the City to be incurred for
making permanent public improvements and for other public purposes, to -wit: (1) constructing
street, curb, gutters, and sidewalk improvements (including utilities repair, replacement and
relocation) and drainage incidental thereto relating to Holly Road and the Rodd Field Public
Improvement District; (2) acquiring, purchasing, constructing, renovating, enlarging, and
improving Bayfront Development Implementation Plan Phase 1 (Shoreline Realignment
Phase 1); (3) purchasing materials, supplies, equipment, land, and rights-of-way for authorized
needs and purposes relating to the aforementioned capital infrastructure improvements; and (4)
the payment of professional services related to the construction, design, and financing of the
aforementioned projects. The Certificates will be payable from the levy of an annual ad valorem
tax, within the limitations prescribed by law, upon all taxable property within the City and
additionally from a pledge of and lien on certain revenues derived from the operation of the
City's solid waste system. The notice hereby approved and authorized to be published shall read
substantially in the form and content of Exhibit A attached hereto, which notice is incorporated
herein by reference as a part of this Resolution for all purposes.
SECTION 2: The City Secretary shall cause the notice described in Section 1 to be
published in a newspaper of general circulation in the City, once a week for two consecutive
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weeks, the date of the first publication shall be at least thirty (30) days prior to the date stated
therein for passage of the ordinance authorizing the issuance of the Certificates.
SECTION 3: The Mayor, City Manager, City Secretary, and the City Attorney, as
appropriate, or their designees, are authorized to review and approve the Official Statement
pertaining to the offering, sale, and issuance of the Certificates and to execute any document or
certificate in order to comply with the requirements contained in the Securities and Exchange
Commission Rule.
SECTION 4: The recitals contained in the preamble hereof are hereby found to be true,
and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a
part of the judgment and findings of the City Council.
SECTION 5: All ordinances and resolutions, or parts thereof, which are in conflict or
inconsistent with any provision of this Resolution are hereby repealed to the extent of such
conflict, and the provisions of this Resolution shall be and remain controlling as to the matters
resolved herein.
SECTION 6: This Resolution shall be construed and enforced in accordance with the
laws of the State of Texas and the United States of America.
SECTION 7: If any provision of this Resolution or the application thereof to any person
or circumstance shall be held to be invalid, the remainder of this Resolution and the application
of such provision to other persons and circumstances shall nevertheless be valid, and the City
Council hereby declares that this Resolution would have been enacted without such invalid
provision.
SECTION 8: It is officially found, determined, and declared that the meeting at which
this Resolution is adopted was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Resolution, was
given, all as required by Chapter 551, as amended, Texas Government Code.
SECTION 9: This Resolution shall be in force and effect from and after the date of its
adoption, and it is so resolved.
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PASSED AND APPROVED, this the 26th day of May, 2009.
ATTEST:
City Secretary
(CITY SEAL)
APPROVED THIS a a DAY OF , 2009:
�✓ Mary Kay tikher, City Attorney
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CITY OF CORPUS CHRISTI, TEXAS
Mayor
Exhibit A
NOTICE OF INTENTION TO ISSUE
CITY OF CORPUS CHRISTI, TEXAS
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Corpus Christi, Texas
will convene at its regular meeting place in the City Hall in Corpus Christi, Texas, at
10:00 o'clock A.M., Corpus Christi, Texas time on June 30, 2009 and, during such meeting, the
City Council will consider the passage of an ordinance or ordinances and take such other actions
as may be deemed necessary to authorize the issuance of one or more series of certificates of
obligation in an aggregate principal amount not to exceed $8,500,000 for the purpose or purposes
of paying contractual obligations of the City to be incurred for making permanent public
improvements and for other public purposes, to -wit: (1) constructing street, curb, gutters, and
sidewalk improvements (including utilities repair, replacement and relocation) and drainage
incidental thereto relating to Holly Road and the Rodd Field Public Improvement District; (2)
acquiring, purchasing, constructing, renovating, enlarging, and improving Bayfront Development
Implementation Plan Phase 1 (Shoreline Realignment Phase 1); (3) purchasing materials,
supplies, equipment, land, and rights-of-way for authorized needs and purposes relating to the
aforementioned capital infrastructure improvements; and (4) the payment of professional
services related to the construction, design, and financing of the aforementioned projects. The
certificates of obligation (the Certificates) will be payable from the levy of an annual ad valorem
tax, within the limitations prescribed by law, upon all taxable property within the City and from a
lien on and pledge of certain revenues derived by the City from the operation of the City's solid
waste system. The Certificates are to be issued, and this notice is given, under and pursuant to
the provisions of the Certificate of Obligation Act of 1971, as amended, Texas Local
Government Code Section 271.041 through Section 271.065, Section 363.135, as amended,
Texas Health and Safety Code, and the City's Home Rule Charter.
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/s/ Armando Chapa
City Secretary,
City of Corpus Christi, Texas
Corpus Christi, Texas
, 2009
The above resolution was passed by the following vote:
Joe Adame
Chris N. Adler
Brent Chesney
Larry Elizondo, Sr.
Kevin Kieschnick
Priscilla G. Leal
John E. Marez
Nelda Martinez
Mark Scott
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