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HomeMy WebLinkAboutResolution 2024-042 RESOLUTION NO. 2024-042 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 (the "City"), 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) designing, constructing, improving, and equipping park and recreation facilities that are generally accessible to the public and are part of the City park system, and (ii) 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 City Council's intention to issue certificates of obligation, in one or more series, in a principal amount not to exceed $5,700,000, 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. 2024-042 Page 1 of 3 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 9th day of September, 2024. CITY OF NORTH RICHLAND HILLS By- _ �6`%` . Ja McCarty, Mayor ATTEST: VA.(' - : n Alicia Richardson :y0 h• .f>>. City Secretary/Chief GovernkertiOffieerSd4e? APPROVED AS TO FORM AND LEGALITY: Bradley A e le, Interim City Attorney APPROVED AS TO CONTENT: Jay, I, Fir nc Director Resolution No. 2024-042 Page 2 of 3 EXHIBIT A NOTICE OF INTENTION TO ISSUE CITY OF NORTH RICHLAND HILLS, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2025 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 9th day of December, 2024, 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 $5,700,000, for the purpose of paying contractual obligations to be incurred for (i) designing, constructing, improving, and equipping park and recreation facilities that are generally accessible to the public and are part of the City park system, and (ii) 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 $129,685,000; (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 $161,375,128; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $7,698,008; (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, 2045. 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. 2024-042 Page 3 of 3 The Beaufort Gazette Durham I The Herald-Sun The Modesto Bee The Belleville News-Democrat Fort Worth Star Telegram The Sun News-Myrtle Beach Bellingham Herald The Fresno Bee Raleigh News Sr Observer McClatchyCentre Daily Times The Packet Rock Hill I The Herald Sun Herald The Kansas City Star The Sacramento Bee Idaho StatesmanLexingtonngton Herald-Leader San Luis Obispo Tnbune Bradenton Herald The Telegraph-Macon Tacoma ( The News Tribune The Charlotte Observer Merced Sun-Star Tri-City Herald The State Miami Herald The Wichita Eagle Ledger-Enquirer Et Nuevo Herald The Olympian AFFIDAVIT OF PUBLICATION Account 0 Order Number Identification Order PO Amount Cols Depth 19363 591821 Print Legal Ad-IPL01937640-IPL0193764 Traci Henderson $133.62 1 58 L Attention: Traci Henderson THE STATE OF TEXAS CITY OF NORTH RICHLAND HILLS COUNTY OF TARRANT PO BOX 820609 NORTH RICHLAND HILLS,TX 761820609 Before me,a Notary Public in and for said County and State,this day personally appeared Mary Castro,Bid and Legal Coordinator for the Star- treasury@nrhtx.com;thenderson@nrhtx.com Telegram,published by the Star-Telegram,Inc.at Fort Worth,in Tarrant County,Texas;and who, NOSCE ISSUE NTE TIO N TO after being duly sworn,did depose and say that NORTH RICHLAND HILLS,Tex- the attached clipping of an advertisement was OBLIGATION,SERIES 2025 published in the above named paper on the listed TAKE NOTICE that the City Council of dates: the City of North Richland Hills,Texas, shall convene at 7:00 o'clock P.M.on the 9th day of December,2024,at the City Hall,4301 City Point Drive,North 2 insertion(s)published on: Richland Hills, Texas, and, during such meeting, the City Council will 09/13/24,09/22/24 consider the passage of an ordinance authorizing the issuance of certificates of obligation,in one or more series,in an amount not to exceed$5,700,000, for the purpose of paying contrac- tual obligations to be incurred for(I) designing, constructing, improving, and equipping park and recreation facilities that are generally accessi- ble to the public and are part of the City park system,and(ii)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 com- bined Waterworks and Sewer System. M '+ o In accordance with Texas Local Gov O _ _ / emment Code Section 271.049,(i)the current principal amount of all of the City's outstanding public securities secured by and payable from ad va- lorem taxes is$129,685,000;(ii)the current combined principal and in- terest required to pay all of the City's Sworn to and subscribed before me this 20th day of outstanding public securities secured September in the year of 2024 by and payable from ad valorem taxes p on time and in full is$161,375,128;(iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is$7,698,008;(iv)the max- imum 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 15,2045.The t certificates are to be issued,and this �� Haiciik " notice is given,under and pursuant to the provisions of Texas Local Govern- ment Code,Subchapter C of Chapter Notary Public in and for the state of Texas.residing in 271,as amended. Dallas County Alicia Richardson,City Secretary City of North Richland Hills,Texas 1PL0193764 =-p.r r,,4,, STEPHANIE HATCHER Sep 13,22 2024 r _ :*= My Notary ID#133534406 I.";: d. Expires January 14,2026 Extra charge for lost or duplicate affidavits. Legal document please do not destroy!