File #: 24-0111    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 1/12/2024 In control: City Council
On agenda: 1/23/2024 Final action: 1/30/2024
Title: 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 $10,000,000, 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 ...
Sponsors: Finance & Procurement
Attachments: 1. 24-0111 - Agenda Memo-SWIFT 3 Bond Delegation, 2. Delegation Ordinance - SWIFT 3.pdf

Title

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 $10,000,000, 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, the Chief Financial Officer, and the 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.