HomeMy WebLinkAbout033065 ORD - 06/13/2023ORDINANCE NO
ORDINANCE AUTHORIZING THE ISSUANCE OF "CITY OF CORPUS
CHRISTI, TEXAS, GENERAL IMPROVEMENT BONDS, SERIES 2023"
FOR IMPROVEMENTS TO STREETS AND PARKS AND RECREATION
FACILITIES IN AN AMOUNT NOT TO EXCEED $35,750,000 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 TO EXECUTE CERTAIN DOCUMENTS
RELATING TO THE SALE 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 $,,.00 (plus the allocation of a portion of the
[net] reoffering premium in the amount of $ , to aggregate $ .00) of the hereinafter -
described voter authorization should be issued and sold at this time, being the second and final
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 dates hereof
being as follows:
Date
Voted
Pur . ose
Amount
Authorized
Previously
Issued Bonds
Bonds
Issued
Herein
Premium
allocated to
Bonds Herein
Amount
Unissued
11/03/2020
Streets and Sidewalks
$61,000,000
30,500,000
11/03/2020
Parks and Recreation
Facilities
$12,000,000
$6,750,000
11/03/2020
Public Safety Facilities
$2,000,000
$2,000,000
-
-
-
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 final 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:
SECTION 1: Authorization — Designation — Principal Amount — Purpose. General
improvement bonds of the Issuer shall be and are hereby authorized to be issued in the aggregate
135078542.3
033065
SCANNED
Call Times
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
N�/4N
Notary Public, State of Wisconsin County of Brown
61111/(
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 on ordinance
or ordinances and toke
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,
to-wit: (I) (a) 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 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 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 Cerlificates)
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
tdAR.occ.nnn: riil f#te
current combined principal
and interest required to
ROY all of the City's
outstanding public
' securities secured by and
payable tram 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 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 1,2043,
The Certificates are to be
issued, and this notice is
given, under and pursuant
to the provisions at 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.
Is/RebeccaHuerta
City Secretary,
City of Corpus Christi,
Texas
Caller Times
• 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:
04/23/2023
On this April 23,2023, I certify that the attached document is
a true and exact copy made by the publisher:
AAL,,________._
egal Notice Clerk
Notary Pu , State of isconsin, ounty of Brown
6t/R-tr
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
C ITY 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, 2023,4a 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 an aggregate
Principal amount not to
exceed 515,000400 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 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,
enlorging, 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 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 praiects.
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
s44Lc55.11nn: (iii the
•
current combined principal
and interest required to
WY 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 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 1,2043,
The Certificates are to be
issued, and this notice is
given, under and pursuant
to the provisions of the
Certificate of Obligation
Act of 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.
/s/Rebecca Muerte
City Secretary.
City of Corpus Christi,
Texas