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HomeMy WebLinkAboutResolution 2019-018 RESOLUTION NO. 2019-018 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT. WHEREAS,the City of North Richland Hills (the "City"), Texas and the Trinity River Authority of Texas (the"Issuer") have heretofore entered into, and may in the future enter into, contracts relating to the provision of facilities and/or services by the Issuer for the benefit of the City; and WHEREAS, in connection with the financing of the facilities and/or services provided by the Issuer for the benefit of the City, the Issuer has, and/or will, from time to time authorize, issue and deliver bonds (the "Bonds") of the Issuer supported by payments to be made by the City pursuant to such contracts; and WHEREAS, the United States Securities and Exchange Commission has adopted Rule 15c2-12, as amended from time to time (the "Rule"); and WHEREAS, the Rule provides that a broker, dealer or municipal securities dealer of Bonds issued after the effective dates set forth in the Rule, may not purchase or sell Bonds in connection with an offering thereof unless, prior to the purchase or sale thereof, "obligated persons", or entities acting on behalf of "obligated persons", have undertaken to provide certain updated financial-information and operating data annually, and timely notice of specified material events, to certain information vendors; and WHEREAS, the Issuer and the City heretofore entered into a Continuing Disclosure Agreement, as amended, in conformance with the Rule (the "Original CDA"); and WHEREAS, in order to reflect the Rule, as recently amended, and provide adequate flexibility to accommodate any subsequent amendments to the Rule, it is deemed appropriate and necessary to enter into a new Continuing Disclosure Agreement (the "CDA"), which supercedes the Original CDA; and WHEREAS, it is the intent of both the Issuer and the City that any and all obligations and/or duties of the respective party under the Original CDA with respect to any heretofore issued series of Bonds shall continue to be observed as carried forward into the CDA; and WHEREAS, in order to comply with the Rule and facilitate the future issuance of Bonds, the City and the Issuer have agreed that it is deemed appropriate and necessary to enter into the CDA hereinafter authorized to be executed and delivered. Resolution No.2019-018 Page 1 of 3 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS THAT: Section 1. The recitals set forth in the preamble hereof are incorporated herein and shall have the same force and effect as if set forth in this Section. Section 2. That the Mayor or the Mayor Pro Tern of the North Richland Hills City Council or the City Manager of the City of North Richland Hills is hereby authorized and directed to execute and deliver, and the City Secretary of the City of North Richland Hills is authorized and directed to attest, the CDA substantially in the form and substance attached hereto. Section 3. That the Mayor or the Mayor Pro Tern of the City of North Richland Hills City Council or the City Manager of the City of North Richland Hills is hereby authorized and directed to execute and deliver, and the City Secretary of the City of North Richland Hills is authorized and directed to attest, any amendment or supplement to the CDA hereinafter required or appropriate in response to further amendment i of the Rule in order to maintain compliance with the requirements of the Rule. Section 4. That the CDA, and any amendment or supplement thereof, shall become effective and enforceable in accordance with its terms immediately upon execution and delivery thereof for all intents and purposes. Section 5. That each of the officers and members of the City Council was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the meeting at which this Resolution was introduced, and that said Resolution would be introduced and considered for passage at said meeting, and each of said officers, and members consented, in advance, to the holding of said meeting for such purpose, and that said meeting was open to the public and public notice of the time, place and purpose of said meeting was given, all as required by the Texas Government Code, Chapter 551. PASSED AND APPROVED on this the 25th day of March, 2019. CITY O' NO' -I HLAND HILLS, TEXA By: ir y: � Osca'rev"no, Mayor Resolution No.2019-018 Page 2 of 3 S i l 11 i i I I I F H lI le////110 ATTEST: Alicia Richardson, ,:y.,,,,SepretW . APPROVED AS TO FORM AND LEGALITY: `IbId`.eshia B. McGinnis, City Attorney Y APPROVED AS TO CONTENT: ✓� Mark C. Mills, Director of inance Resolution No.2019-018 Page 3 of 3