Loading...
HomeMy WebLinkAboutResolution 2022-007 RESOLUTION NO. 2022-007 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS, PROVIDING FOR THE REDEMPTION OF CERTAIN OUTSTANDING OBLIGATIONS OF THE CITY OF NORTH RICHLAND HILLS, TEXAS; AND RESOLVING OTHER MATTERS INCIDENT AND RELATED TO THE REDEMPTION OF SUCH OBLIGATIONS. WHEREAS, the City of North Richland Hills, Texas (the "City") has issued and there are currently outstanding certain obligations more particularly described as follows: "City of North Richland Hills, Texas, Special Assessment Revenue Bonds, Series 2019 (City Point Public Improvement District Improvement Zone B Project)", dated December 1, 2019, being a portion of such bonds maturing on September 1 in each of the years 2025, 2030, 2040, and 2050 and aggregating in the principal amount of $3,150,000.00 (the "Redeemed Bonds"); and WHEREAS, the Redeemed Bonds were authorized, issued, sold and delivered subject to the right and authority of the City to redeem the same prior to maturity pursuant to the extraordinary optional redemption provisions, as provided in the Indenture of Trust, dated as of December 1, 2019 (the "Indenture"), between the City and Wilmington Trust, National Association (the "Trustee"); and WHEREAS, the City Council (the "Council") hereby finds and determines that the Redeemed Bonds, selected on a pro rata basis from all the outstanding maturities, should be " redeemed prior to their maturities on the date and in the manner hereinafter provided and in accordance with the requirements prescribed therefor in the Indenture, and notice of redemption of such Redeemed Bonds should be authorized; now, therefore. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS, THAT: SECTION 1 The Redeemed Bonds shall be redeemed and the same are hereby called for redemption on March 1, 2022, at the price of par and accrued interest to the date of redemption. The City's Director of Finance is hereby authorized and directed to file a copy of this Resolution, including the suggested form of notice of redemption to be sent to the holders of the Redeemed Bonds attached hereto as Exhibit A, which is incorporated herein by reference as a part of this Resolution for all purposes, with the Trustee, in accordance with the provisions of the Indenture applicable to the redemption such Redeemed Bonds. SECTION 2 The City's Director of Finance is hereby authorized and directed to make or to instruct the Trustee to make all arrangements necessary to notify the holders of the Redeemed Bonds of the City's decision to redeem the Redeemed Bonds on the date and in the manner herein provided and in accordance with the Indenture. SECTION 3 It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including Resolution 2022-007 Page 1 of 3 S-1 this Resolution, was given, all as required by Texas Government Code, Chapter 551, as amended. SECTION 4 This Resolution shall be in force and effect from and after its passage on the date shown below. PASSED AND APPROVED, on this 24th day of January, 2022. CITY F NOR R CHLA LS olowivimuo. By: \\`� tt, ./1/ Oscar Tre no, M or ATTEST: a ./ •••r` `yam Alicia Richardson •.......••'4 City Secretary/Chief Governe oeflher APPROVED AS TO FORM AND LEGALITY: Maleshia B. McGinnis, City Attorney APPROVED AS TO CONTENT: Mark Mills, Director of Finance Resolution 2022-007 Page 2 of 3 EXHIBIT A NOTICE OF REDEMPTION CITY OF NORTH RICHLAND HILLS, TEXAS, SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2019 (CITY POINT PUBLIC IMPROVEMENT DISTRICT IMPROVEMENT ZONE B PROJECT) Dated December 1, 2019 NOTICE IS HEREBY GIVEN that a portion of the bonds of the above series maturing on September 1 in each of the years shown below and aggregating in the principal amount of $3,150,000.00 have been called for extraordinary optional redemption on March 1, 2022 at the redemption price of par and accrued interest to the date of redemption, such bonds being identified as follows: Outstanding Principal Amount to Maturity Date Principal Amount ($) be Redeemed ($) 2025 620,000 210,000 2030 935,000 330,000 2040 2,655,000 955,000 2050 4,620,000 1,655,000 A lot selection resulting in a pro rata selection among the outstanding maturities of the bonds has been made and your Bond has been selected for redemption. All of such obligations shall become due and payable on March 1, 2022 and interest thereon shall cease to accrue from and after said redemption date, and payment of the redemption price of said obligations shall be paid to the registered owners of the obligations only upon presentation and surrender of such obligations to Wilmington Trust, National Association, Rodney Square North 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Operations. THIS NOTICE is issued and given pursuant to the terms and conditions prescribed for the redemption of said bonds and pursuant to a resolution adopted by the City Council of the City of North Richland Hills, Texas. WILMINGTON TRUST, NATIONAL ASSOCIATION 15950 North Dallas Parkway, Suite 550 Dallas, Texas 75248 Resolution 2022-007 Page 3 of 3