HomeMy WebLinkAbout033064 ORD - 06/13/2023ORDINANCE NO.
ORDINANCE BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS AUTHORIZING THE ISSUANCE OF ITS UTILITY
SYSTEM SENIOR LIEN REVENUE IMPROVEMENT AND/OR
REFUNDING BONDS IN ONE OR MORE SERIES (AS DESIGNATED BY
PURPOSE AND SERIES) FOR WATER, WASTEWATER, AND
STORMWATER UTILITY IMPROVEMENTS IN AN AMOUNT NOT TO
EXCEED $114,000,000 AND REFINANCINGS IN AN AMOUNT NOT TO
EXCEED $186,645,000, WITHIN SET PARAMETERS AND ACCORDING
TO THE PLAN OF FINANCE SET BY THE CITY'S FINANCIAL
ADVISORS; MAKING PROVISIONS FOR THE PAYMENT AND
SECURITY THEREOF BY A FIRST AND PRIOR LIEN ON AND PLEDGE
OF THE NET REVENUES OF THE CITY'S UTILITY SYSTEM ON A
PARITY WITH CERTAIN CURRENTLY OUTSTANDING UTILITY
SYSTEM REVENUE OBLIGATIONS; STIPULATING THE TERMS AND
CONDITIONS FOR THE ISSUANCE OF ADDITIONAL REVENUE
BONDS ON A PARITY THEREWITH; PRESCRIBING THE FORM,
TERMS, CONDITIONS, AND RESOLVING OTHER MATTERS
INCIDENT AND RELATED TO THE ISSUANCE, SALE, AND DELIVERY
OF ONE OR MORE SERIES OF BONDS, INCLUDING THE APPROVAL
AND DISTRIBUTION OF ONE OR MORE OFFICIAL STATEMENTS
PERTAINING THERETO; AUTHORIZING THE EXECUTION OF ONE
OR MORE PAYING AGENT/REGISTRAR AGREEMENTS, ONE OR
MORE ESCROW AGREEMENTS, AND ONE OR MORE PURCHASE
CONTRACTS; COMPLYING WITH THE REQUIREMENTS IMPOSED
BY THE LETTER OF REPRESENTATIONS PREVIOUSLY EXECUTED
WITH THE DEPOSITORY TRUST COMPANY; DELEGATING
AUTHORITY TO THE CITY MANAGER, CHIEF FINANCIAL OFFICER,
DIRECTOR OF FINANCE AND PROCUREMENT TO EXECUTE
CERTAIN DOCUMENTS RELATING TO THE SALE OF EACH SERIES
OF BONDS; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council (the City Council) of the City of Corpus Christi, Texas (the
City) has heretofore issued, and there are currently Outstanding, revenue bonds (the Previously
Issued Parity Obligations) secured by a first and prior lien on and pledge of the Net Revenues
(hereinafter defined) of the City's combined utility systems (as further described and defined
herein, the System); and
WHEREAS, in the City ordinances authorizing the issuance of the Previously Issued Parity
Obligations, the City reserved the right to issue revenue bonds on a parity with the Previously
Issued Parity Obligations (hereinafter defined) from time to time outstanding; and
WHEREAS, the City Council has heretofore issued, and there are currently outstanding,
obligations supported by a lien on and pledge of the Net Revenues of the System that are inferior
to the lien thereon and pledge thereof securing the Previously Issued Parity Obligations (the
Previously Issued Subordinate Lien Obligations); and
133883231.6
033 064
SCANNED
• Caller imes
PART OF THE USA TODAY NETWORK:
Certificate of
Publication
CITY OF CORPUS CHRIS TI -SECRETARY
PO BOX 9277
CORPUS CHRISTI, TX 78401
STATE OF WISCONSIN)
))
COUNTY OF BROWN)
I, being first duly sworn, upon oath depose and say that I
am a legal clerk and employee of the publisher, namely, the
Corpus Christi Caller-Times, a daily newspaper published
at Corpus Christi in said City and State,generally circulated
in Aransas, Bee, Brooks, Duval, Jim Hogg,Jim Wells,
Kleberg, Live Oak, Nueces, Refugio, and San Patricio,
Counties, and that the publication of which the annexed is a
true copy,was inserted in the Corpus Christi Caller-Times
in the following issue(s)dated:
04/16/2023
On this April 16,2023, I certify that the attached document is
a true and exact copy made by the publisher:
Legal Notice CI k
Notary Public, State of Wisconsin, County of Brown
CilAd
Notary Expires
VICKY FELTY
Notary Public
Publication Cost: $688.85
Ad No: 0005665683 State of Wisconsin
Customer No: 1490432
PO#: 5665683
#of Affidavits 1
This is not an invoice
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, May 23,
2023, to consider at its first
reading, and beginning at
11:30 A.M., Corpus Christi,
Texas time on Tuesday,
June 13, 2023, 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, as
taxable or tax-exempt
obligations, in on aggregate
principal amount not to
exceed $15,000,000 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,
t0•Wlt: (1) (a) constructing,
acquiring, purchasing,
renovating, enlarging, and
Improving City solid waste
facilities, Including
generators and municipal
landfill waste disposal
cells, (bi constructing,
acquiring, purchasing,
renovating, enlarging, and
improving City Public
safety facilities and
signage, including a Police
Academy, and (c)
constructing, acquiring,
Purchasing, renovating,
enlarging, and improving
City park facilities,
including City golf courses;
(2) the purchase of
materials, supplies,
equipment, machinery,
landscaping, land, and
rights-of-way for authorized
needs and purposes
relating to Me
aforementioned projects;
and (3) the payment of
professional services
related to the design,
construction, management
and financing of 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
4ddR.VSS.Mf1; (ill fhe
• 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
$582,722,346; (iii) the
estimated combined
principal and interest
required to pay the
Certificates to be
authorized on time and in
full is $22,338,299; (iv) the
maximum interest rote 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 1,2043,
The Certificates are to be
issued, and this notice is
given, under and pursuant
to the provisions of the
Certificate of Obligation
Act of 1911, as amended,
Texas Local Government
Code Section 271.041
through Section 271.064,
Subchapter G of Chapter
363, as amended, Texas
Health and Safety Cade,
and the City's Home Rule
Charter.
Is!Rebecca Huerta_
City Secretary,
City of Corpus Christi,
Texas
• Caller Times
FART of THE USA 107)4Y N E_TWOR+::
Certificate of
Publication
CITY OF CORPUS CHRIS TI -SECRETARY
PO BOX 9277
CORPUS CHRISTI, TX 78401
STATE OF WISCONSIN)
))
COUNTY OF BROWN)
I, being first duly sworn, upon oath depose and say that I
am a legal clerk and employee of the publisher, namely,the
Corpus Christi Caller-Times, a daily newspaper published
at Corpus Christi in said City and State, generally circulated
in Aransas, Bee, Brooks, Duval,Jim Hogg,Jim Wells,
Kleberg, Live Oak, Nueces, Refugio, and San Patricio,
Counties, and that the publication of which the annexed is a
true copy,was inserted in the Corpus Christi Caller-Times
in the following issue(s)dated:
04/23/2023
On this April 23, 2023, I certify that the attached document is
a true and exact copy made by the publisher:
,4 &(4,_______
egal Notice Clerk
Notary Pdr te of isconsin, ounty of Brown
6t/Nli
Notary Expires
VICKY FELTY
Notary Public
Publication Cost: $688.85 State of Wisconsin
Ad No: 0005665688
Customer No: 1490432
PO#: 5665688
#of Affidavits)
This is not an invoice
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, May 23,
2023, to consider at its first
reading, and beginning at
11:30 A.M., Corpus Christi,
Texas time on Tuesday,
June 13, 2023, to consider at
its second and final reading
the passage of on 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, as
taxable or tax-exempt
obligations, in art aggregate
principal amount not to
exceed $15,000,000 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) (o) constructing,
acquiring, purchasing,
renovating, enlarging, and
improving City solid waste
facilities, Including
generators and municipal
landfill waste disposal
cells, (b) constructing,
acquiring, purchasing,
renovating, enlarging, and
Improving City public
safety facilities and
signage, including a Police
Academy, and (c)
constructing, acquiring,
purchasing, renovating,
enlarging, and improving
City pork facilities,
including City golf courses;
(2) the purchase of
moterials, supplies,
equipment, machinery,
landscaping, land, and
rights-at-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 (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
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