HomeMy WebLinkAbout033269 ORD - 01/30/2024 ORDINANCE
ORDINANCE BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS AUTHORIZING THE PRIVATE PLACEMENT ISSUANCE OF ITS
UTILITY SYSTEM SENIOR LIEN REVENUE IMPROVEMENT BONDS WITH
THE TEXAS WATER DEVELOPMENT BOARD IN ONE OR MORE SERIES(AS
DESIGNATED BY PURPOSE AND SERIES) FOR WATER, WASTEWATER,
AND STORMWATER UTILITY IMPROVEMENTS IN AN AMOUNT NOT TO
EXCEED $211,050,000, WITHIN SET PARAMETERS; 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;APPROPRIATING THE PROCEEDS FROM THE SALE OF
THE BONDS; AUTHORIZING THE EXECUTION OF ONE OR MORE PAYING
AGENT/REGISTRAR AGREEMENTS AND ONE OR MORE ESCROW
AGREEMENTS; COMPLYING WITH THE REQUIREMENTS IMPOSED BY
THE LETTER OF REPRESENTATIONS PREVIOUSLY EXECUTED WITH THE
DEPOSITORY TRUST COMPANY; COMPLYING WITH THE REGULATIONS
PROMULGATED BY THE TEXAS WATER DEVELOPMENT BOARD;
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; AUTHORIZING THE EXECUTION AND APPROVAL OF A
FINANCING AGREEMENT BETWEEN THE CITY AND THE TEXAS WATER
DEVELOPMENT BOARD RELATED TO THE BONDS; ENACTING OTHER
PROVISIONS INCIDENT AND RELATED TO THE SUBJECT AND PURPOSE
OF THIS ORDINANCE;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 definedherein,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
WHEREAS,the City Council has determined for the purpose of improving the credit quality of its
Previously Issued Parity Obligations,which has become its primary lien for issuing System debt,that it will
no longer issue"Priority Bonds"which were previously secured by a first and prior lien on and pledge of
the Net Revenues of the System;and
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033269 SCANNED