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HomeMy WebLinkAboutResolution 2026-039 RESOLUTION NO. 2026-039 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 (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) purchasing vehicles and equipment for the City's fire department, 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 $3,000,000, 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. SECTION 3. All Resolutions of the City Council of the City in conflict herewith are hereby amended or repealed to the extent of such conflict. SECTION 4. 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. Resolution No.2026-039 Page 1 of 3 PASSED AND APPROVED on this 22nd day of June, 2026. CITY OF NORTH RICHLAND HILLS 4,-7/m - a%°°°•® „��ack McCarty, Mayor ATTEST: � °°® • ��®� • ® y n • E-° e ^ Alicia Richardson 1 •• � °•• .• )> City Secretary/Chief Governs ?Oic „, � APPROVED AS TO FORM AND LEGALITY: Bradley A. nderle, City Attorney APPROVED AS TO CONTENT: -41 ri r bQflJywa, Steph- Barnes, Director of Finance Resolution No.2026-039 Page 2 of 3 EXHIBIT A NOTICE OF INTENTION TO ISSUE CITY OF NORTH RICHLAND HILLS, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2026 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 24th day of August, 2026, 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 $3,000,000, for the purpose of paying contractual obligations to be incurred for(i) purchasing vehicles and equipment for the City's fire department, 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 $109,200,000; (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 $135,944,134; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $3,624,396; (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, 2036. 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.2026-039 Page 3 of 3 Resolution 2026-039 Attachment 1 Page 1 of 1 im City of North Richland Hills, Texas Combination Tax & Revenue Certificates of Obligation, Series 2026 General Obligation Refunding Bonds, Series 2026 Projected Schedule of Events Jun-26 Jul-26 Aug-26 Sep-26 SMTWTF S SMTWTF S SMTWTF S SMTWTF S 1 2 3 4 5 6 1 2 3 E 1 1 2 3 4 5 7 8 9 10 11 12 13 5 6 7 8 9 10 11 2 3 4 5 6 7 8 6 7 8 9 10 11 12 14 15 16 17 18 El 20 12 13 14 15 16 17 18 9 10 11 12 13 14 15 13 14 15 16 17 18 19 21 22 23 24 25 26 27 19 20 21 22 23 24 25 16 IR 18 19 20 21 22 20 21 22 23 24 25 26 28 29 30 26 27 28 29 30 31 23 24 25 26 27 28 29 27 28 29 30 30 31 Complete By Day Event 22-Jun-26 Monday City Council authorizes publication of Notice of Intent for COs 29-Jun-26 Monday First publication of Notice of Intent no later than July 9th Initial Draft of Preliminary Official Statement distributed to City and to Bond Counsel for review TBD TBD 2nd Notice of Intent published (exactly 7 days after publication of first notice) 6-Jul-26 Monday Receive initial comments to Preliminary Official Statement 8-Jul-26 Wednesday Distribute revised draft Preliminary Official Statement and Notices of Sale to City and Bond Counsel Distribute draft Preliminary Official Statement to Rating Agencies 20-Jul-26 Week of Rating Agency Conference Calls 24-Jul-26 Friday Receive 2nd Round of comments on Preliminary Official Statement and Notices of Sale 29-Jul-26 Wednesday Distribute revised draft Preliminary Official Statement and Notices of Sale for additional comments 5-Aug-26 Wednesday Receive ratings,information and comments to Preliminary Official Statement and Notices of Sale from City and Bond Counsel 10-Aug-26 Monday Distribute updated Preliminary Official Statement and Notices of Sale for sign off 13-Aug-26 Thursday Receive sign off on Preliminary Official Statement and Distribute Official Statement and Notices of Sale Electronically through i-Deal Prospectus 24-Aug-26 Monday Sale of Obligations:City Council adopts Ordinances and approves sales 22-Sep-26 Tuesday Closing and Delivery of Funds to the City HilltopSecurities at. 9/3/24 A Hilltop Holdings Company.