HomeMy WebLinkAboutResolution 2022-027 RESOLUTION NO. 2022-027
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS, APPROVING AND AUTHORIZING
PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Council of the City of North Richland Hills, Texas, has determined
that certificates of obligation should be issued, in one or more series, under
and pursuant to the provisions of Texas Local Government Code,
Subchapter C of Chapter 271, as amended (the "Act"), for the purpose of
paying contractual obligations to be incurred for (i) constructing, acquiring,
purchasing, renovating, enlarging, equipping, and improving the City's
water and sewer system facilities, including the acquisition of land and
rights-of-way therefor, (ii) acquiring fleet vehicles and equipment for various
City departments, including the fire/emergency services department, and
(iii) professional services rendered in relation to such projects and the
financing thereof (collectively such purposes are referred to herein as the
"Project"); and
WHEREAS, prior to the issuance of such certificates, the City Council is required to
publish notice of its intention to issue the same in accordance with the
provisions of the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, THAT:
SECTION 1. The City Secretary or the Assistant City Secretary is hereby authorized and
directed to cause notice to be published of the Council's intention to issue
certificates of obligation in one or more series in a principal amount not to
exceed $3,875,000, for the purpose of paying contractual obligations to be
incurred for the Project; such certificates to be payable from ad valorem
taxes and a limited pledge of the net revenues derived from the operation
of the City's combined Waterworks and Sewer System. The notice hereby
approved and authorized to be published shall read substantially in the form
and content of Exhibit A hereto attached and incorporated herein by
reference as a part of this resolution for all purposes.
SECTION 2. The City Secretary or the Assistant City Secretary shall cause the aforesaid
notice to be published (i) in a newspaper of general circulation in the City,
once a week for two consecutive weeks, the date of the first publication to
be at least forty-six(46) days prior to the date stated therein for the passage
of the ordinance authorizing the issuance of the certificates of obligation and
(ii) continuously on the City's website for at least forty-five (45) days before
the date stated therein for the passage of the ordinance authorizing the
issuance of the certificates of obligation.
Resolution No.2022-027
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SECTION 3. This Resolution shall take effect and be in full force and effect from and after
the date of its adoption, and it is so resolved; and all Resolutions of the City
Council of the City in conflict herewith are hereby amended or repealed to
the extent of such conflict.
PASSED AND APPROVED on this 27th day of June, 2022.
CITY OF NO TH RICHLAND HILLS
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Alicia Richardson 'Y,()..
City Secretary/Chief G�r n icer
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APPROVED AS TO FORM AND LEGALITY:
aleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No.2022-027
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE CITY OF NORTH RICHLAND HILLS, TEXAS
CERTIFICATES OF OBLIGATION, SERIES 2022
TAKE NOTICE that the City Council of the City of North Richland Hills, Texas, shall
convene at 7:00 o'clock P.M. on the 22nd day of August, 2022, at the City Hall, 4301 City
Point Drive, North Richland Hills, Texas, and, during such meeting, the City Council will
consider the passage of an ordinance authorizing the issuance of certificates of
obligation, in one or more series, in an amount not to exceed $3,875,000, for the purpose
of paying contractual obligations to be incurred for(i) constructing, acquiring, purchasing,
renovating, enlarging, equipping, and improving the City's water and sewer system
facilities, including the acquisition of land and rights-of-way therefor, (ii) acquiring fleet
vehicles and equipment for various City departments, including the fire/emergency
services department, and (iii) professional services rendered in relation to such projects
and the financing thereof; such certificates to be payable from ad valorem taxes and a
limited pledge of the net revenues of the City's combined Waterworks and Sewer System.
In accordance with Texas Local Government Code Section 271.049, (i) the current
principal amount of all of the City's outstanding public securities secured by and payable
from ad valorem taxes is $109,190,000; (ii) the current combined principal and interest
required to pay all of the City's outstanding public securities secured by and payable from
ad valorem taxes on time and in full is$134,178,805; (iii)the estimated combined principal
and interest required to pay the certificates of obligation to be authorized on time and in
full is $5,286,250; (iv) the maximum interest rate for the certificates may not exceed the
maximum legal interest rate; and (v) the maximum maturity date of the certificates to be
authorized is February 15, 2042. The certificates are to be issued, and this notice is
given, under and pursuant to the provisions of Texas Local Government Code,
Subchapter C of Chapter 271, as amended.
Alicia Richardson, City Secretary
City of North Richland Hills, Texas
Resolution No.2022-027
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