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
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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
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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
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