Title
Second Reading Ordinance - Authorizing Issuance of Utility System Revenue Bonds - Fixed Rate (1st Reading 11/11/14) (Requires 2/3 vote)
Ordinance authorizing the issuance of one or more series of City of Corpus Christi, Texas Utility System Junior Lien Revenue Improvement Bonds, in an aggregate principal amount, when combined with other City Utility System Revenue Obligations authorized on the date hereof, not to exceed $115,000,000, pursuant to the delegation provisions set forth herein; making provisions for the payment and security thereof by a junior and inferior 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 forms, terms, conditions, and resolving other matters incident and related to the issuance, sale and delivery of each 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, and one or more purchase contracts; complying with the requirements imposed by the letter of representations previously executed with the depository trust company; establishing the City's intention to reimburse itself from the proceeds of any such series of bonds for the prior lawful expenditure of funds to construct various City improvements; delegating the authority to the certain members of the City staff to execute certain documents relating to the sale of each series of bonds; and providing an effective date.