An Ordinance by the City Council of the City of Corpus Christi, Texas authorizing the issuance of its Utility System Senior Lien Revenue Improvement and/or Refunding Bonds in one or more series (as designated by purpose and series) for water, wastewater,

Staff Report & Agenda Item Details

An Ordinance by the City Council of the City of Corpus Christi, Texas authorizing the issuance of its Utility System Senior Lien Revenue Improvement and/or Refunding Bonds in one or more series (as designated by purpose and series) for water, wastewater, stormwater, and gas utility improvements in an amount not to exceed $500,000,000 and refinancings in an amount not to exceed $113,175,000, 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 parity therewith, and resolving other matters incident and related to the issuance, sale, and delivery of one or more 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, one or more escrow agreements, and one or more purchase contracts; complying with the requirements imposed by the letter of representations previously executed with the Depository Trust Company; delegating authority to the City Manager, Deputy City Manager, Director of Finance and Procurement, and certain other authorized officials to approve and execute documents relating to the issuance, sale and delivery of each series of Bonds; authorizing the execution of any necessary engagement agreements with the City’s Financial Advisors and Bond Counsel; and providing for an effective date.

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 8.8/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).