HomeMy WebLinkAbout032966 RES - 01/24/2023RESOLUTION NO.
'032 96 6
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS PROVIDING FOR THE DEFEASANCE AND CALLING
FOR REDEMPTION CERTAIN CURRENTLY OUTSTANDING
OBLIGATIONS; DIRECTING THAT THE CITY SECRETARY, OR
DESIGNEE, EFFECTUATE THE REDEMPTION OF THESE
OBLIGATIONS; AND OTHER MATTERS IN CONNECTION
THEREWITH
WHEREAS, the City Council (the Governing Body) of the City of Corpus Christi, Texas
(the Issuer) previously adopted an ordinance (the Ordinance) on June 22, 2010 authorizing the
issuance of obligations designated as "City of Corpus Christi, Texas Combination Tax and Limited
Pledge Revenue Certificates of Obligation, Series 2010 (Convention Center), dated July 1, 2010,
in the original principal amount of $3,000,000 (the Obligations); and
WHEREAS, the Obligations are currently outstanding in the principal amount of
$1,315,000 and mature on March 1 in each of the years 2024 through 2030; and
WHEREAS, the Obligations maturing on and after March 1, 2020 are subject to
redemption on March 1, 2019 (the Redemption Date) or any date thereafter, at the option of the
Issuer; and
WHEREAS, the Ordinance provides the notice requirements to effectuate the redemption
of the Obligations; and
WHEREAS, it is in the best interest of the Issuer and the citizens of the Issuer to defease
and redeem all or a portion of the Obligations as herein provided in order to terminate the payment
of interest thereon and to reduce the Issuer's aggregate debt service requirements in the years
subsequent to the redemption date; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS THAT:
SECTION 1. All or a portion of the Obligations in an amount not less than $1,315,000
(but to include such additional amounts due to availability of funds, as hereinafter described),
eligible to be redeemed on the Redemption Date, is hereby called for redemption and shall be
redeemed on such Redemption Date (the Redeemed Obligations). The Governing Body hereby
authorizes and directs the Chief Financial Officer or the Director of Finance and Procurement to
ultimately determine the principal amount of Redeemed Obligations to be redeemed on the basis
of the availability of funds for such purpose by the funding deadline hereinafter described;
provided, however, that in no case shall the principal amount of Redeemed Obligations be less
than $1,315,000. This election to redeem is irrevocable upon adoption of this resolution (the
Redemption Resolution) by the Governing Body. The Notice of Redemption for the Obligations
shall be prepared and delivered in the form required by the Ordinance. As directed by an
Authorized Official (as hereinafter defined) the Issuer shall transfer on or before the Redemption
Date its lawfully available funds to the paying agent/registrar for the selected Redeemed
Obligations to effectuate the redemption. Alternatively, the Issuer may transfer its lawfully
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SCANNED
available funds to an escrow agent in an amount sufficient (when combined with investment
earnings on such initial deposit) to pay all costs of interest due and owing on the Redeemed
Obligations from the time of such deposit through the Redemption Date, plus the principal amount
of such Redeemed Obligations due and owing at such time of redemption. Upon the making of
such deposit, the Redeemed Obligations will be determined to have been defeased and, as a result,
discharged and no longer considered outstanding as an obligation of the Issuer in accordance with
applicable Texas law.
SECTION 2. The City Manager, Chief Financial Officer, Director of Finance and
Procurement, and City Secretary (each an Authorized Official) are authorized and instructed to
give notice of redemption described herein to the paying agent/registrar for the Redeemed
Obligations, called for early redemption, for further delivery thereby to the holders of such
Redeemed Obligations, as provided in the Ordinance.
SECTION 3. Each Authorized Official is authorized to evidence adoption of this
Redemption Resolution and to do any and all things necessary or convenient to effect the
redemption described herein and otherwise give effect to the intent and purpose hereof, including
any escrow agent or verification agent, if applicable.
SECTION 4. The Governing Body hereby approves payment from lawfully available
Issuer funds of professional fees and expenses of the Issuer's Bond Counsel, the Issuer's Financial
Advisor, the paying agent/registrar for the Redeemed Obligations, respectively, and any other
party whose services have been determined by the Issuer to be necessary to accomplish the purpose
and intent of this Redemption Resolution, including any escrow agent or verification agent, if
applicable.
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 Redemption 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 Redemption Resolution are hereby repealed to the extent
of such conflict, and the provisions of this Redemption Resolution shall be and remain controlling
as to the matters resolved herein.
SECTION 7. This Redemption 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 Redemption Resolution or the application thereof to
any person or circumstance shall be held to be invalid, the remainder of this Redemption
Resolution and the application of such provision to other persons and circumstances shall
nevertheless be valid, and the Governing Body hereby declares that this Redemption Resolution
would have been enacted without such invalid provision.
SECTION 9. It is officially found, determined, and declared that the meeting at which
this Redemption 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
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Redemption Resolution, was given, all as required by Chapter 551, as amended, Texas
Government Code.
SECTION 10. Though such parties may be identified, and the entry into a particular form
of contract may be authorized herein, the Governing Body hereby delegates to each Authorized
Official the authority to independently select the counterparty to any agreement with an Escrow
Agent, Verification Agent or any other contract that is determined by the Authorized Official, the
Issuer's Financial Advisor, or Bond Counsel to be necessary or incidental to carry out the
provisions of this Redemption Resolution, as long as each of such contracts has a value of less
than the amount referenced in Section 2252.908 of the Texas Government Code (collectively, the
Ancillary Bond Contracts); and, as necessary, to execute the Ancillary Bond Contracts on behalf
and as the act and deed of the Issuer. The Governing Body has not participated in the selection of
any of the business entities which are counterparties to the Ancillary Bond Contracts.
SECTION 11. This Redemption 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 24th day of January, 2023.
ATTEST:
City ecretary
(CITY SEAL)
APPROVED THIS 24th day of January, 2023:
Miles Risley, City Attorne
CITY OF CORPUS CHRISTI, TEXAS
Signature page to the Resolution
S-1
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 24th day of
January, 2023, relating to the defeasance and calling for redemption certain currently outstanding
obligations, 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 24th day of January, 2023.
(A4Jr
(z.
City Secretary
(CITY SEAL)
Signature page to the Resolution
S-2
That the foregoing resolution was read and passed on this the 24th day of January, 2023, by the
following vote:
Paulette Guajardo
Roland Barrera
Sylvia Campos
Gil Hernandez
Michael Hunter
Jim Klein
Mike Pusley
Everett Roy
Dan Suckley
PASSED AND APPROVED, this the 24th day of January, 2023.
ATTEST:
eta-Cf—CN
Rebecca Huerta Paulette Guajardo
Aye
City Secretary
Mayor
Signature page to the Resolution
S-3
032966