HomeMy WebLinkAbout033320 RES - 03/19/2024RESOLUTION
RESOLUTION BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS AUTHORIZING AND APPROVING PUBLICATION OF
NOTICE OF INTENTION TO ISSUE NOT MORE THAN $50,005,000 OF
CERTIFICATES OF OBLIGATION, IN ONE OR MORE SERIES FOR
CERTAIN FACILITY CONSTRUCTION AND CAPTIAL
IMPROVEMENTS, AS INCLUDED AND APPROVED IN THE FISCAL
YEAR 2024 CAPITAL BUDGET; COMPLYING WITH THE
REQUIREMENTS CONTAINED IN SECURITIES AND EXCHANGE
COMMISSION RULE 15c2-12; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council (the City Council) of the City of Corpus Christi, Texas (the
City) has determined that it is advisable and necessary to issue and sell one or more series of
certificates of obligation (the Certificates) as taxable or tax-exempt obligations and in an aggregate
amount not to exceed $50,005,000 as provided 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, for the purpose 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 administrative facilities and
signage, including renovations and improvements to City Hall and a new public works department
facility for City vehicles, (b) constructing, acquiring, purchasing, renovating, enlarging, and
improving City public health facilities and signage, including renovations and improvements to
the City's public health department building, (c) constructing, acquiring, purchasing, renovating,
enlarging, and improving City public safety facilities and signage, including a Training Academy
and a new fire station, (d) designing, demolishing, 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, (e) constructing, acquiring, purchasing
renovating, enlarging, and improving City solid waste facilities, including landfill site
development, a gas collection and control system, and related road improvements, and (f)
constructing, acquiring, purchasing, renovating, enlarging, and improving City park facilities,
including South Bay Park and City golf courses; (2) the purchase of materials, supplies, equipment,
machinery, landscaping, land, and rights -of -way for authorized needs and purposes; and (3) the
payment of professional services related to the design, construction, management and financing of
the aforementioned projects; and
WHEREAS, prior to the offering sale, and issuance of the Certificates, the appropriate
officials of the City must review and approve the distribution of a "deemed final" preliminary
official statement (the Official Statement) in order to comply with the requirements contained in
17 C.F.R. §240.15c2-12 (the Securities and Exchange Commission Rule); and
WHEREAS, based upon their review of the Official Statement, the appropriate officials of
the City must find to the best of their knowledge and belief, after reasonable investigation, that the
representations of facts pertaining to the City contained in the Official Statement are true and
correct and that, except as disclosed in the Official Statement, there are no facts pertaining to the
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City that would adversely affect the issuance of the Certificates or the City's ability to pay the debt
service requirements on the Certificates when due; and
WHEREAS, the City Council will comply with the requirements contained in the
Securities and Exchange Commission Rule concerning the creation of a contractual obligation
between the City and the proposed purchaser(s) of the Certificates (the Purchasers) to provide the
Purchasers with an Official Statement in a time and manner that will enable the Purchasers to
comply with the distribution requirements and continuing disclosure requirements contained in the
Securities and Exchange Commission Rule; and
WHEREAS, the City Council authorizes the City Manager, any Assistant City Manager,
the Chief Financial Officer, the Director of Finance and Procurement, and the City Attorney, as
appropriate, or their designees, to review, approve, and execute any document or certificate in
order to allow the City to comply with the requirements contained in the Securities and Exchange
Commission Rule; and
WHEREAS, prior to the issuance of the Certificates, the City Council is required to publish
notice of its intention to issue the Certificates in a newspaper of general circulation in the City,
and if the City maintains an intend website publish such notice of intent on the City's Internet
website, such notice stating (i) the time and place the City Council tentatively proposes to pass the
ordinance authorizing the issuance of the Certificates, (ii) the purposes for which the Certificates
are to be issued, (iii) the manner in which the City Council proposes to pay the Certificates; (iv) the
then -current principal amount of all outstanding ad valorem debt obligations of the City; (v) the
then -current combined principal and interest required to pay all outstanding ad valorem debt
obligations of the City on time and in full, which may be based on the City s expectations relative
to the interest due on any variable rate ad valorem debt obligations; (vi) the maximum principal
amount of the Certificates to be authorized; (vii) the estimated interest rate for the Certificates to
be authorized or that the maximum interest rate for the Certificates may not exceed the maximum
legal interest rate; and (viii) the maximum maturity date of the Certificates to be authorized; and
WHEREAS, the City Council hereby finds and determines that such documents pertaining
to the sale of the Certificates should be approved and the City should proceed with the giving of
notice of intention to issue the Certificates in the time, form, and manner provided by law; and
WHEREAS, the City Council hereby finds and determines that the adoption of this
Resolution is in the best interests of the residents of the City; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS THAT:
SECTION 1 The City Secretary is hereby authorized and directed to cause notice to be
published of the City Council's intention to issue the Certificates in an amount not to exceed
$50,005,000 for the purpose of paying contractual obhgations of the City to be incurred for making
permanent pubhc improvements and for other public purposes, to -wit: (1) (a) constructing,
acquiring, purchasing renovating, enlarging, and improving City administrative facilities and
signage, including renovations and improvements to City Hall and a new public works department
facility for City vehicles, (b) constructing, acquiring, purchasing, renovating, enlarging, and
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improving City public health facilities and signage, including renovations and improvements to
the City's public health department building, (c) constructing, acquiring, purchasing, renovating,
enlarging, and improving City public safety facilities and signage, including a Training Academy
and a new fire station, (d) designing, demolishing 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, (e) constructing, acquiring, purchasing,
renovating, enlarging, and improving City solid waste facilities, including landfill site
development, a gas collection and control system, and related road improvements, and (f)
constructing, acquiring, purchasing, renovating, enlarging, and improving City park facilities,
including South Bay Park and City golf courses; (2) the purchase of materials, supplies, equipment,
machinery, landscaping, land, and rights -of -way for authorized needs and purposes; and (3) the
payment of professional services related to the design, construction, management and financing of
the aforementioned projects. 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 additionally from a pledge of and lien on certain revenues derived from the operation of the
City's solid waste management system. The notice hereby approved and authorized to be
published shall read substantially in the form and content of Exhibit A attached hereto, which
notice is incorporated herein by reference as a part of this Resolution for all purposes.
SECTION 2: The City Secretary shall cause the notice described in Section 1 to be
published in a newspaper of general circulation in the City, once a week for two consecutive weeks,
the date of the first publication shall be at least forty-six (46) days prior to the date stated therein
for passage of the ordinance authorizing the issuance of the Certificates. Additionally, the City
Secretary shall cause the notice described in Section 1 to be posted continuously on the City's
website for at least forty-five (45) days prior to the date stated therein for passage of the ordinance
authorizing the issuance of the Certificates.
SECTION 3: The City Manager, any Assistant City Manager the Chief Financial Officer,
the Director of Finance and Procurement, and the City Attorney, as appropriate, or their designees,
are authorized to review and approve the Official Statement pertaining to the offenng, sale and
issuance of the Certificates and to execute any document or certificate in order to comply with the
requirements contained in the Securities and Exchange Commission Rule.
SECTION 4. The recitals contained in the preamble hereof are hereby found to be true,
and such recitals are hereby made a part of this Resolution for all purposes and are adopted as a
part of the judgment and findings of the City Council
SECTION 5: All ordinances and resolutions, or parts thereof, which are in conflict or
inconsistent with any provision of this Resolution are hereby repealed to the extent of such conflict,
and the provisions of this Resolution shall be and remain controlling as to the matters resolved
herein.
SECTION 6: This Resolution shall be construed and enforced in accordance with the laws
of the State of Texas and the United States of America.
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SECTION 7: If any provision of this Resolution or the application thereof to any person
or circumstance shall be held to be invalid, the remainder of this Resolution and the application of
such provision to other persons and circumstances shall nevertheless be valid, and the City Council
hereby declares that this Resolution would have been enacted without such invalid provision.
SECTION 8: It is officially found, determined, and declared that the meeting at which
this 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 Resolution, was
given, all as required by Chapter 551, as amended, Texas Government Code.
SECTION 9: This Resolution shall be in force and effect from and after the date of its
adoption, and it is so resolved.
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PASSED AND APPROVED, this the day of of tV"ordt, 2024.
ATTEST:
(CITY SEAL)
APPROVED THIS �DAY OF I\NXith , 2024:
Miles Risley, City Attorney
CITY OF CORPUS CHRISTI, TEXAS
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Exhibit A
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, April 23, 2024, to consider at its first reading,
and beginning at 11:30 A.M., Corpus Christi, Texas time on Tuesday, May 14, 2024, 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 an aggregate principal amount not to exceed
$50,005,000 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 administrative
facilities and signage, including renovations and improvements to City Hall and a new public
works department facility for City vehicles, (b) constructing, acquiring, purchasing, renovating,
enlarging and improving City public health facilities and signage, including renovations and
improvements to the City s public health department building, (c) constructing, acquiring,
purchasing, renovating, enlarging, and improving City public safety facilities and signage,
including a Training Academy and a new fire station, (d) designing, demolishing, 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, (e) constructing,
acquiring, purchasing, renovating enlarging, and improving City solid waste facilities, including
landfill site development, a gas collection and control system, and related road improvements, and
(f) constructing, acquiring, purchasing, renovating, enlarging, and improving City park facilities,
including South Bay Park and City golf courses, (2) the purchase of materials supplies, equipment,
machinery landscaping, land, and rights -of -way for authorized needs and purposes; 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
$461,175,000.00; (ii) 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
$603,546,320.68; (iii) the estimated combined principal and interest required to pay the
Certificates to be authorized on time and in full is $73,514,803.75; (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, 2044. 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,
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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
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