Loading...
HomeMy WebLinkAbout033068 ORD - 06/13/2023ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE OF "CITY OF CORPUS CHRISTI, TEXAS LIMITED TAX NOTES, SERIES 2023" FOR STREET IMPROVEMENTS IN AN AMOUNT NOT TO EXCEED $3,500,000, LEVYING AN ANNUAL AD VALOREM TAX, WITHIN THE LIMITATIONS PRESCRIBED BY LAW, FOR THE PAYMENT OF THE OBLIGATIONS; PRESCRIBING THE FORM, TERMS, CONDITIONS, AND RESOLVING OTHER MATTERS INCIDENT AND RELATED TO THE ISSUANCE, SALE, AND DELIVERY OF THE OBLIGATIONS, INCLUDING THE APPROVAL AND DISTRIBUTION OF AN OFFICIAL STATEMENT PERTAINING THERETO; AUTHORIZING THE EXECUTION OF A PAYING AGENT/REGISTRAR AGREEMENT AND AN OFFICIAL BID FORM; COMPLYING WITH 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 THE NOTES; ENACTING OTHER PROVISIONS INCIDENT AND RELATED THERETO; AND PROVIDING AN EFFECTIVE DATE WHEREAS, pursuant to the provisions of Chapter 1431, as amended, Texas Government Code (the Act), the City Council (the Governing Body) of the City of Corpus Christi, Texas (the City or the Issuer) is authorized and empowered to issue anticipation notes to pay contractual obligations incurred or to be incurred for the construction of any public works, for the purchase of materials, supplies, equipment, machinery, buildings, lands, and rights-of-way for the Issuer's authorized needs and purposes, and for professional services, including services provided by tax appraisal engineers, engineers, architects, attorneys, auditors, mapmakers, financial advisors, and fiscal agents; and WHEREAS, in accordance with the provisions of the Act, the Governing Body hereby finds and determines that anticipation notes should be issued and sold at this time to finance the costs of paying contractual obligations to be incurred for (1) designing, constructing, renovating, improving, reconstructing, restructuring and extending streets and thoroughfares and related land and right-of-way sidewalks, streetscapes, collectors, drainage, landscape, signage, acquiring lands and rights-of-way necessary thereto or incidental therewith (but specifically excluding related City utility costs, which are the responsibility of the City's utility system); (2) the purchase of materials, supplies, equipment, machinery, land, and rights-of-way for authorized needs and purposes relating to the aforementioned capital improvements; (3) the payment of professional services related to the design, construction, project management, and financing of the aforementioned projects; and 135633734.3 033068 SCANNED Calle 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 CiA) Notary Public, State of Wisconsin, County of Brown 11411 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, 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, enlarging, and improving City pork 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 profects; 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 pro iects. 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 27L049, 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 titat.455.1Inn: fi11 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 • $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 Ad 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/Rebecca Huerto City Secretary, City of Corpus Christi, Texas • --...,,a11: r Times • PFT SOF 1HE USA TO:)AY NET'a OR 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&,______ _egal Notice Clerk Notary Pu , State of isconsin, ounty of Brown 1/11 Notary Ex fires ` 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,'to consider at its second and final reading the passage of on ordinance ar 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 515,000,000 for the aurPose 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, Purchosing, renovating, enlarging, and improving City pork facilities, including City golf courses; (2) the purchase of moterials, 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 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 oil of the City's outstanding public securities secured by and payable from ad valorem taxes is t,i .455.nnn: (iii the current combined principal and interest required to pay ail of the City's outstanding public securities secured by and payable from ad valorem taxes an 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 Huerta City Secretary. City of Corpus Christi. Texas