File #: 16-0634    Version: Name:
Type: Ordinance Status: Passed
File created: 6/2/2016 In control: City Council
On agenda: 6/14/2016 Final action: 6/21/2016
Title: Second Reading Ordinance - Authorizing the Issuance of Utility System Revenue Refunding Bonds (1st Reading 6/14/16) Ordinance authorizing the issuance of "City of Corpus Christi, Texas Utility System Junior Lien Revenue Refunding Bonds, Series 2016" in an amount not to exceed $84,735,000; 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 form, terms, conditions, and resolving other matters incident and related to the issuance, sale, and delivery of the Bonds; including the approval and distribution of an official statement pertaining thereto; authorizing the execution of a paying agent/registrar agreement, an escrow agreement, and a purchase contract; complying with the requirements imp...
Sponsors: Finance & Procurement
Attachments: 1. Agenda Memo - Issuance of Utility Refunding Bonds_6-14-16.pdf, 2. Ordinance - Issuance of Utility Refunding Bonds.pdf
Related files: 16-0632

Title

Second Reading Ordinance - Authorizing the Issuance of Utility System Revenue Refunding Bonds (1st Reading 6/14/16)

 

Ordinance authorizing the issuance of "City of Corpus Christi, Texas Utility System Junior Lien Revenue Refunding Bonds, Series 2016" in an amount not to exceed $84,735,000; 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 form, terms, conditions, and resolving other matters incident and related to the issuance, sale, and delivery of the Bonds; including the approval and distribution of an official statement pertaining thereto; authorizing the execution of a paying agent/registrar agreement, an escrow agreement, and  a purchase contract;  complying with the requirements imposed by the letter of representations previously executed with the depository trust company; delegating the authority to certain members of the City staff to execute certain documents relating to the sale of the bonds, and providing an effective date.