HomeMy WebLinkAbout032788 ORD - 06/28/2022 ORDINANCE NO.
ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF CORPUS
CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 2022C
FOR IMPROVEMENTS TO STREETS, PARKS AND RECREATION
FACILITIES,AND PUBLIC SAFETY FACILITIES IN AN AMOUNT NOT
TO EXCEED $41,000,000 WITHIN SET PARAMETERS AND
ACCORDING TO THE PLAN OF FINANCE SET BY THE CITY'S
FINANCIAL ADVISORS; LEVYING A CONTINUING DIRECT ANNUAL
AD VALOREM TAX FOR THE PAYMENT OF THE BONDS;
DELEGATING AUTHORITY TO THE CITY MANAGER, CHIEF
FINANCIAL OFFICER, DIRECTOR OF FINANCE AND
PROCUREMENT, AND CERTAIN OTHER AUTHORIZED OFFICIALS
TO APPROVE AND EXECUTE DOCUMENTS RELATING TO THE
ISSUANCE, SALE, AND DELIVERY OF THE BONDS; ENACTING
OTHER PROVISIONS INCIDENT AND RELATED THERETO; AND
PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the City Council (the Governing Body) of the City of Corpus Christi, Texas
(the Issuer or the City) hereby finds and determines that new money general improvement bonds
of the Issuer in the total principal amount of$ , , (plus the allocation of a portion of the
reoffering premium in the amount of$ , to aggregate $ ) of the hereinafter-described
voter authorization should be issued and sold at this time, being the first installment of
general improvement bonds approved and authorized to be issued at an election held on November
3, 2020 (the Election), the respective authorized purposes and amounts authorized to be issued
therefor,amounts previously issued,amounts being issued pursuant to this ordinance,and amounts
remaining to be issued from such voted authorizations subsequent to the date hereof being as
follows:
Bonds Premium
Date Amount Previously Issued allocated to Amount
Voted Purpose Authorized Issued Bonds Herein Bonds Herein Unissued _
11/03/2020 Streets and Sidewalks $61,000,000 $0
11/03/2020 Parks and Recreation $12,000,000 $0
Facilities
11/03/2020 Public Safety Facilities $2,000,000 $0
WHEREAS,the Governing Body hereby finds and determines that,pursuant to applicable
Texas law,the delegation to a Pricing Officer with the authority to execute an Approval Certificate
(a form of which is attached hereto as Schedule I) to approve the fmal terms of each series of
Bonds as set forth in respective Approval Certificate is in the best interest of the City; and
WHEREAS,the Governing Body has determined that the issuance of general improvement
bonds is in the best interest of the City and its residents; now,therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI
THAT:
105198642.5
® 32 7 � �. SCANNED
_ �