Case File 26-0654
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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.
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Pull the utility bond parity test and rate covenant
Context: The ordinance adopted 9-0 on May 12, 2026 pledges net revenues on a parity with currently outstanding utility system revenue obligations and stipulates terms and conditions for issuing additional parity revenue bonds, but the governing parameter language is only in the full ordinance and escrow and purchase documents.
Recommended: Obtain the executed ordinance text and ask what the additional-bonds parity test, rate covenant, and maximum interest rate and maturity parameters actually require, because the pledge is a first and prior lien on net utility revenues shared with outstanding obligations. Clients holding existing utility system obligations, or negotiating utility service or wholesale contracts with the city, should know whether these covenants constrain future rate setting or revenue diversion.
Get on bidder lists for utility bond construction work
Context: The May 12, 2026 ordinance authorizes up to $500,000,000 of improvement bonds for water, wastewater, stormwater and gas utility improvements issued in one or more series over time.
Recommended: Contact the city's utilities and engineering staff now for the water, wastewater, stormwater and gas project schedule funded by this authorization, and register as a bidder before packages are advertised. Firms that wait for advertisements will be responding to solicitations already shaped by consultants engaged during the design phase that runs ahead of each bond series sale.
Verify water and sewer capacity projects serving your site
Context: The ordinance passed on second reading May 12, 2026 authorizes up to $500,000,000 for water, wastewater, stormwater and gas improvements but the record identifies no specific projects or locations.
Recommended: Ask Finance and Utilities which line items in the funded program cover the mains, lift stations, and stormwater outfalls constraining your parcel, and get the construction sequencing in writing before you commit to a site or a service-availability assumption. A not-to-exceed authorization is not a project commitment, and capacity fixes not on the funded list could push your utility extension cost onto you.
Ask which utility projects the $500 million funds
Context: The ordinance passed 9-0 on first reading May 5, 2026 and 9-0 on second reading May 12, 2026, both on the consent agenda with no project detail, while delegating sizing and sale terms to the City Manager, Deputy City Manager, Director of Finance and Procurement and unnamed 'certain other authorized officials.'
Recommended: Request the utility capital improvement project list tied to this authorization plus the pricing certificate and official statement for each series, since the ordinance sets only a not-to-exceed ceiling and names no projects. Without those documents, the public has no way to know how a half-billion dollars in water, wastewater, stormwater and gas borrowing is being spent or whether the $113,175,000 refunding actually saved money.
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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.
Vote: 9 for, 0 against
Authorize Utility System Senior Lien Revenue Bonds up to $500,000,000 and refinancings up to $113,175,000 (second reading)
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.
Vote: 9 for, 0 against
Authorize issuance of Utility System Senior Lien Revenue Bonds, up to $500,000,000