HomeMy WebLinkAboutResolution 2022-039 RESOLUTION NO. 2022-039
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, renovating,
equipping, and improving various City streets, roads, and intersections, and
related curb, gutter, sidewalk, trail, drainage and utility infrastructure
improvements, and the acquisition of land, easements, rights-of-way, and
other real property interests necessary therefor, (ii) 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, (iii) acquiring fleet vehicles and equipment for various
City departments, including the fire/emergency services department and
public works, and (iv) 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 $14,450,000, 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 bepublished (i) in a newspaper of general circulation in the City,
p
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
Resolution No.2022-039
Page 1 of 3
the date stated therein for the passage of the ordinance authorizing the
issuance of the certificates of obligation.
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 12th day of September, 2022.
CITY OF 1 O,-TH r LAN► HILLS
�tpuu�usprrU�i By: — /
,)' t1g Lq �%,� Oscar Trevi o, ►o or
ATTEST: 'SN''• '•0-
1kLram,c1&a eL e) M
Alicia Richardson =,,�'•
City Secretary/Chief Gov'�� . 1e ber
E�'�irruun�
APPROVED AS TO FORM AND LEGALITY:
Maleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Mark C. Mills, Director of Finance
Resolution No. 2022-039
Page 2 of 3
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CITY OF NORTH RICHLAND HILLS, TEXAS
CERTIFICATES OF OBLIGATION, SERIES 2022A
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 14th day of November, 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 $14,450,000,for the purpose
of paying contractual obligations to be incurred for (i) constructing, renovating, equipping,
and improving various City streets, roads, and intersections, and related curb, gutter,
sidewalk, trail, drainage and utility infrastructure improvements, and the acquisition of
land, easements, rights-of-way, and other real property interests necessary therefor,
(ii) 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, (iii) acquiring fleet vehicles and equipment for various City departments,
including the fire/emergency services department and public works, and (iv) 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 $124,665,000; (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
$154,138,035; (iii) the estimated combined principal and interest required to pay the
certificates of obligation to be authorized on time and in full is $17,933,427; (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. 2022-039
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