HomeMy WebLinkAboutResolution 1997-040
RESOLUTION NO. 97-40
A RESOLUTION providing for the redemption of certain
outstanding obligations of the City; and resolving
other matters incident and related to the
redemption of such obligations.
WHEREAS, pursuant to ordinances passed and adopted by the
ci ty Council of the City of North Richland Hills, Texas, the
following described obligations were duly authorized to be issued
and are currently outstanding, to wit:
(1) City of North Richland Hills, Texas,
General Obligation Bonds, Series 1991, dated
February 1, 1991, maturing on February 15 in each
of the years 2003 through 2011, and aggregating in
principal amount $1,725,000;
(2) City of North Richland Hills, Texas, Tax
and Waterworks and Sewer System (Limited Pledge)
Revenue certificates of Obligation, Series 1992,
dated February 1, 1992, maturing on February 15 in
each of the years 2004 through 2012, and
aggregating in principal amount $565,000;
(3) City of North Richland Hills, Texas,
General Obligation Improvement Bonds, Series
1992-A, dated February 1, 1992, maturing on
February 15 in each of the years 2004 through 2012,
and aggregating in principal amount $2,705,000;
AND WHEREAS, the above identified obligations were
authorized, issued, sold and delivered subject to the right and
authority of the City to redeem the same prior to maturity, as
provided in the respective authorizing ordinances and in said
obligations; and
WHEREAS, in connection with the advance refunding of the
above_ described obligations, the Council hereby finds and
determines that obligations of the respective series should be
redeemed prior to their maturities on the dates and in the manner
hereinafter provided and in accordance with the requirements
prescribed therefor and notice of redemption of such obligations
should be approved and authorized to be given at this time by the
Council; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS:
SECTION 1: The bonds of that series known as "city of
North Richland Hills, Texas, General Obligation Bonds, Series
1991", dated February 1, 1991, maturing in the years 2003 through
2011, and aggregating in principal amount $1,725,000, shall be
0458075
redeemed and the same are hereby called for redemption on
February 15, 2001, at the price of par and accrued interest to the
date of redemption. The City Secretary is hereby authorized and
directed to file a copy of this resolution, together with a
s~ggested form of notice of redemption to be sent to bondholders,
wlth Bank One, Texas, N.A., Fort Worth, Texas (successor paying
agent/registrar to Team Bank, Fort Worth, Texas), in accordance
wi th the redemption provisions applicable to such bonds; such
suggested form of notice of redemption being attached hereto as
Exhibit A and incorporated herein by reference as a part of this
resolution for all purposes.
SECTION 2: The certificates of obligation of that series
known as "City of North Richland Hills, Texas, Tax and Waterworks
and Sewer System (Limited Pledge) Revenue Certificates of
Obligation, Series 1992" dated February 1, 1992, maturing in the
years 2004 through 2012, and aggregating in principal amount
$565,000, shall be redeemed and the same are hereby called for
redemption on February 15, 2002, at the price of par and accrued
interest to the date of redemption. The city Secretary is hereby
authorized and directed to file a copy of this resolution,
together with a suggested form of notice of redemption to be sent
to certificateholders, with Bank One, Texas, N.A., Fort Worth,
Texas (successor paying agent/registrar to Team Bank, Fort Worth,
Texas), in accordance with the redemption provisions applicable to
such obligations; such suggested form of notice of redemption
being attached hereto as Exhibit B and incorporated herein by
reference as a part of this resolution for all purposes.
SECTION 3: The bonds of that series known as "City of
North Richland Hills, Texas, General Obligation Improvement Bonds,
Series 1992-A", dated February 1, 1992, maturing in the years 2004
through 2012, and aggregating in principal amount $2,705,000,
shall be redeemed and the same are hereby called for redemption on
February 15, 2002, at the price of par and accrued interest to the
date of redemption. The City Secretary is hereby authorized and
directed to file a copy of this resolution, together with a
suggested form of notice of redemption to be sent to bondholders,
with Bank One, Texas, N.A., Fort Worth, Texas (successor paying
agent/registrar to Team Bank, Fort Worth, Texas), in accordance
wi th the redemption provisions applicable to such bonds; such
suggested form of notice of redemption being attached hereto as
Exhibit C and incorporated herein by reference as a part of this
resolution for all purposes.
SECTION 4: The redemption of the obligations described
above being associated with the advance refunding of such
obligations, the approval, authorization and arrangements herein
given and provided for the redemption of such obligations on the
redemption dates designated therefor and in the manner provided
04.58075
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shall be irrevocable upon the issuance and delivery of the "City
of North Richland Hills, Texas, General Obligation Refunding
Bonds, Series 1997", dated September 1, 1997; and the City
Secretary is hereby authorized and directed to make all
arrangements necessary to notify the holders of such obligations
of the City's decision to redeem such obligations on the dates and
in the manner herein provided and in accordance with the
ordinances authorizing the issuance of the obligations.
PASSED AND ADOPTED, this September 8, 1997.
ATTEST:
CITY OF NORTH RICHLAND HIL¡'S, TEXAS
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M~'i~~7/~¥~~'"
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City Secretary
(City Seal)
04.58075
-3-
EXHIBIT A
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION BONDS
SERIES 1991
DATED FEBRUARY 1, 1991
NOTICE IS HEREBY GIVEN that all bonds of the above series
maturing on and after February 15, 2003 and aggregating in
principal amount $1,725,000 have been called for redemption on
February 15, 2001 at the redemption price of par and accrued
interest to the date of redemption, such bonds being identified as
follows:
Year of
Maturity
Principal Amount
Outstandinq
2003
2004
2005
2006
2007
2008
2009
2010
2011
$150,000
150,000
175,000
175,000
200,000
200,000
225,000
225,000
225,000
ALL SUCH BONDS shall become due and payable on February 15,
2001, and interest thereon shall cease to accrue from and after
said redemption date and payment of the redemption price of said
bonds shall be paid to the registered owners of the bonds only
upon presentation and surrender of such bonds to Bank One, Texas,
N.A., Fort Worth, Texas (successor paying agent/registrar to Team
Bank, Fort Worth, Texas).
THIS NOTICE is issued and given pursuant to the terms and
conditions prescribed for the redemption of said bonds and
pursuant to a resolution by the City Council of the City of North
Richland Hills, Texas.
BANK ONE, TEXAS, N.A.,
Fort Worth, Texas,
as Paying Agent/Registrar
Address: 500 Throckmorton, Suite 704
Fort Worth, Texas 76102
0458075
EXHIBIT B
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
TAX AND WATERWORKS AND SEWER SYSTEM (LIMITED PLEDGE)
REVENUE CERTIFICATES OF OBLIGATION
SERIES 1992
DATED FEBRUARY 1, 1992
NOTICE IS HEREBY GIVEN that all certificates of the above
series maturing on and after February 15, 2004 and aggregating in
principal amount $565,000 have been called for redemption on
February 15, 2002 at the redemption price of par and accrued
interest to the date of redemption, such certificates being
identified as follows:
Year of
Maturity
Principal Amount
Outstandinq
2004
2005
2006
2007
2008
2009
2010
2011
2012
$ 50,000
50,000
55,000
60,000
60,000
65,000
70,000
75,000
80,000
ALL SUCH CERTIFICATES shall become due and payable on
February 15, 2002, and interest thereon shall cease to accrue from
and after said redemption date and payment of the redemption price
of said certificates shall be paid to the registered owners of the
obligations only upon presentation and surrender of such
certificates to Bank One, Texas, N.A., Fort Worth, Texas
(successor paying agent/registrar to Team Bank, Fort Worth,
Texas) .
THIS NOTICE is issued and given pursuant to the terms and
conditions prescribed for the redemption of said certificates and
pursuant to a resolution by the City Council of the City of North
Richland Hills, Texas.
BANK ONE, TEXAS, N.A.,
Fort Worth, Texas,
as Paying Agent/Registrar
Address: 500 Throckmorton, Suite 704
Fort Worth, Texas 76102
0458075
EXHIBIT C
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION IMPROVEMENT BONDS
SERIES 1992-A
DATED FEBRUARY 1, 1992
NOTICE IS HEREBY GIVEN that all bonds of the above series
maturing on and after February 15, 2004 and aggregating in
principal amount $2,705,000 have been called for redemption on
February 15, 2002 at the redemption price of par and accrued
interest to the date of redemption, such bonds being identified as
follows:
Year of
Maturity
Principal Amount
Outstandinq
2004
2005
2006
2007
2008
2009
2010
2011
2012
$230,000
245,000
260,000
275,000
295,000
315,000
340,000
360,000
385,000
ALL SUCH BONDS shall become due and payable on February 15,
2002, and interest thereon shall cease to accrue from and after
said redemption date and payment of the redemption price of said
bonds shall be paid to the registered owners of the bonds only
upon presentation and surrender of such bonds to Bank One, Texas,
N.A., Fort Worth, Texas (successor paying agent/registrar to Team
Bank, Fort Worth, Texas).
THIS NOTICE is issued and given pursuant to the terms and
conditions prescribed for the redemption of said bonds and
pursuant to a resolution by the City Council of the City of North
Richland Hills, Texas.
BANK ONE, TEXAS, N.A.,
Fort Worth, Texas,
as Paying Agent/Registrar
Address: 500 Throckmorton, suite 704
Fort Worth, Texas 76102
04511075