HomeMy WebLinkAbout032467 RES - 06/15/2021RESOLUTION
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS AUTHORIZING AND APPROVING PUBLICATION
OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF
OBLIGATION; 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) as taxable or tax-exempt obligations and in an
aggregate amount not to exceed $18,500,000 as provided pursuant to the provisions of the
Certificate of Obligation Act of 1971, as amended, Texas Local Government Code, Section
271.041 through Section 271.064, 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) (a) constructing, acquiring, purchasing, renovating, enlarging, and improving City facilities
and signage, including City Hall and the Museum of Science and History, (b) constructing,
acquiring, purchasing, renovating, enlarging, and improving City facilities and signage, (c)
constructing, acquiring, purchasing, renovating, enlarging, and improving City solid waste
facilities, including landfill site development, a gas collection and control system, and related
road improvements, and (d) constructing, acquiring, purchasing, renovating, enlarging, and
improving City park facilities, including the Veterans Memorial Park, and City golf courses; (2)
the purchase of materials, supplies, equipment, machinery, landscaping, land, and rights-of-way
for authorized needs and purposes relating to the aforementioned projects; and (3) the payment
of professional services related to the design, construction, management 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
comply with the distribution requirements and continuing disclosure requirements contained in
the Securities and Exchange Commission Rule; and
102337000 6
032467
SCANNED
WHEREAS, the City Council authorizes the City Manager, any Assistant City Manager,
the Chief Financial Officer, the Director of Finance and Business Analysis, 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, and if the City maintains an internet website, publish such notice of intent on the City's
internet website, 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 purposes for which the
Certificates are to be issued, (iii) the manner in which the City Council proposes to pay the
Certificates; (iv) the then -current principal amount of all outstanding ad valorem debt obligations
of the City; (v) the then -current combined principal and interest required to pay all outstanding
ad valorem debt obligations of the City on time and in full, which may be based on the City's
expectations relative to the interest due on any variable rate ad valorem debt obligations; (vi) the
maximum principal amount of the Certificates to be authorized; (vii) the estimated interest rate
for the Certificates to be authorized or that the maximum interest rate for the Certificates may not
exceed the maximum legal interest rate; and (viii) the maximum maturity date of the Certificates
to be authorized; 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; and
WHEREAS, the City Council hereby finds and determines that the adoption of this
Resolution is in the best interests of the residents 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
$18,500,000 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) (a)
constructing, acquiring, purchasing, renovating, enlarging, and improving City facilities and
signage, including City Hall and the Museum of Science and History, (b) constructing,
acquiring, purchasing, renovating, enlarging, and improving City facilities and signage, (c)
constructing, acquiring, purchasing, renovating, enlarging, and improving City solid waste
facilities, including landfill site development, a gas collection and control system, and related
road improvements, and (d) constructing, acquiring, purchasing, renovating, enlarging, and
improving City park facilities, including the Veterans Memorial Park, and City golf courses; (2)
the purchase of materials, supplies, equipment, machinery, landscaping, land, and rights-of-way
for authorized needs and purposes relating to the aforementioned projects; and (3) the payment
of professional services related to the design, construction, management and financing of the
aforementioned projects;
102337000.6
-2-
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 management
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
weeks, the date of the first publication shall be at least forty-six (46) days prior to the date stated
therein for passage of the ordinance authorizing the issuance of the Certificates. Additionally,
the City Secretary shall cause the notice described in Section 1 to be posted continuously on the
City's website for at least forty-five (45) days prior to the date stated therein for passage of the
ordinance authorizing the issuance of the Certificates.
SECTION 3: The City Manager, any Assistant City Manager, the Chief Financial
Officer, the Director of Finance and Business Analysis, 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.
102337000 6
-3-
SECTION 9: This Resolution shall be in force and effect from and after the date of its
adoption, and it is so resolved.
102337000 6
[The remainder of this page intentionally left blank.]
-4-
PASSED AND APPROVED, this the 15th day of June, 2021.
ATTEST:
CITY OF CORPUS CHRISTI, TEXAS
(iftw, (Ai&
Mayor
City ecretary
(CITE! SEAL)
APPROVED THIS 15th DAY OF JUNE, 2021:
AL-- 2( ;
Miles Risley, City Attorney
I02337000 6
S-1
'_3240
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 1 Sth day of June,
2021, relating to establishing the City's intention to publish a notice of intention concerning the
issuance of certificates of obligation, 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 15th day of June, 2021.
City S cretary
(CITY SEAL)
102337000.6
S-2
PASSED AND APPROVED on the 15th day of June, 2021:
Paulette M. Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez
Ben Molina
Mike Pusley
Greg Smith
ATTEST:
A7c_
lk
Y OF CORPUS CHRISTI
Aatks
kK
14-4*
Rebecca Huerta Paulette M. Guajardo
U
City Secretary Mayor
102337000 .6
S-3
?
0324
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, beginning at
11:30 A.M., Corpus Christi, Texas time on Tuesday, July 27, 2021, to consider at its first
reading, and beginning at 11:30 A.M., Corpus Christi, Texas time on Tuesday, August 10, 2021,
to consider at its second and final reading 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 $18,500,000 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) (a) constructing,
acquiring, purchasing, renovating, enlarging, and improving City facilities and signage,
including City Hall and the Museum of Science and History, (b) constructing, acquiring,
purchasing, renovating, enlarging, and improving City facilities and signage, (c) constructing,
acquiring, purchasing, renovating, enlarging, and improving City solid waste facilities, including
landfill site development, a gas collection and control system, and related road improvements,
and (d) constructing, acquiring, purchasing, renovating, enlarging, and improving City park
facilities, including the Veterans Memorial Park, and City golf courses; (2) the purchase of
materials, supplies, equipment, machinery, landscaping, land, and rights-of-way for authorized
needs and purposes relating to the aforementioned projects; and (3) the payment of professional
services related to the design, construction, management 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 management system. In accordance with Section 271.049, as amended,
Texas Local Government Code, (i) the current principal amount of all of the City's outstanding
public securities secured by and payable from ad valorem taxes is $456,145,000; (ii) the current
combined principal and interest required to pay all of the City's outstanding public securities
secured by and payable from ad valorem taxes on time and in full is $593,890,782; (iii) the
estimated combined principal and interest required to pay the Certificates to be authorized on
time and in full is $62,721,305; (iv) the maximum interest rate for the Certificates may not
exceed the maximum legal interest rate; and (v) the maximum maturity date of the Certificates to
be authorized is March 1, 2041. 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 271.064, Subchapter G of Chapter
363, as amended, Texas Health and Safety Code, and the City's Home Rule Charter.
102337000 6
A-1
102337000.6
A-2
/s/ Rebecca Huerta
City Secretary,
City of Corpus Christi, Texas