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HomeMy WebLinkAboutResolution 1996-076 RESOLUTION NO. 96-76 A RESOLUTION providing for the redemption of certain outstanding bonds of the city; and resolving other matters incident and related to the redemption of such bonds. WHEREAS, pursuant to ordinances passed and adopted by the City 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, Waterworks and Sewer System Improvement and Refunding Revenue Bonds, Series 1989, dated March 1, 1989, being (i) current interest bonds aggregating in principal amount $1,770,000 and maturing on September 1 in each of the years 2000 and 2001, and (ii) capital appreciation bonds aggregating in maturity amount of $4,070,000 and maturing on September 1 in each of the years 2002 through 2008; (2) city of North Richland Hills, Texas, Waterworks and Sewer System Refunding Revenue Bonds, Series 1989-A, dated March 1, 1989, being (i) current interest bonds aggregating in principal amount $770,000 and maturing on September 1 in each of the years 2000 and 2001, and (ii) capital appreciation bonds aggregating in maturity amount of $1,730,000 and maturing on September 1 in each of the years 2002 through 2008; and (3) city of North Richland Hills, Texas, Waterworks and Sewer System Refunding Revenue Bonds, Series 1989-B, dated July 1, 1989, being (i) current interest bonds aggregating in principal amount $1,200,000 and maturing on September 1 in each of the years 2000 and 2001, and (ii) capital appreciation bonds aggregating in maturity amount of $3,020,000 and maturing on September 1 in each of the years 2002 through 2008; O:i83891 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 refunding and/or defeasance 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, Waterworks and Sewer System Improvement and Refunding Revenue Bonds, Series 1989", dated March 1, 1989, (a) maturing in the years 2000 and 2001, and aggregating in principal amount $1,770,000, shall be redeemed and the same are hereby called for redemption on September 1, 1999, at the price of par and accrued interest to the date of redemption and (b) maturing in the years 2002 through 2008, and aggregating in maturity amount of $4,070,000, shall be redeemed and the same are hereby called for redemption on March 1, 1997 at the redemption price equivalent to 104.50% of the Accreted Value as of 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 Texas American Bank/Fort Worth, N .A.), in accordance with 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 bonds of that series known as "City of North Richland Hills, Texas, Waterworks and Sewer System Refunding Revenue Bonds, Series 1989-A", dated March 1, 1989, (a) maturing in the years 2000 and 2001, and aggregating in principal amount $770,000, shall be redeemed and the same are hereby called for redemption on September 1, 1999, at the price of par and accrued interest to the date of redemption and (b) maturing in the years 2002 through 2008, and aggregating in maturity amount of $1,730,000, shall be redeemed and the same are hereby called for redemption on March 1, 1997 at the redemption price equivalent to 104.50% of the Accreted Value as of the date of redemption. The 0383894 -2- 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 Texas American Bank/Fort Worth, N.A.), in accordance with the redemption provisions applicable to such bonds; 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, Waterworks and Sewer System Refunding Revenue Bonds, Series 1989-B", dated July 1,1989, (a) maturing in the years 2000 and 2001, and aggregating in principal amount $1,200,000, shall be redeemed and the same are hereby called for redemption on September 1, 1999, at the price of par and accrued interest to the date of redemption and (b) maturing in the years 2002 through 2008, and aggregating in maturity amount of $3,020,000, shall be redeemed and the same are hereby called for redemption on March 1, 1997 at the redemption price equivalent to 104.50% of the Accreted Value as of 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 Texas American Bank/Fort Worth, N.A.), in accordance with 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 refunding and/or defeasance 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 shall be irrevocable upon the issuance and delivery of the "City of North Richland Hills, Texas, Waterworks and Sewer System Revenue Refunding Bonds, Series 1996", dated December 1, 1996 and upon the accomplishment of the defeasance of certain outstanding bonds; 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. 0383894 -3- PASSED AND ADOPTED, this December 16, 1996. CITY OF NORTH RICHLAND HILLS, TEXAS ( </~/ L7::~n-~:t{..¿/ .£.,)1.Jt...~,--,"-.... "~ ./ , Mayor / .' ATTEST: ( " i ; f' / /1 /' ,.I /( .< .Hi . /: ( "1'''' c. -K , .\.- City Secretary (City Seal) 0383894 -4- EXHIBIT A NOTICE OF REDEMPTION CITY OF NORTH RICHLAND HILLS, TEXAS, WATERWORKS AND SEWER SYSTEM IMPROVEMENT AND REFUNDING REVENUE BONDS SERIES 1989 DATED MARCH 1, 1989 NOTICE IS HEREBY GIVEN that (i) current interest bonds of the above series maturing on and after September 1, 2000 and aggregating in principal amount $1,770,000 have been called for redemption on September 1, 1999 at the redemption price of par and accrued interest to the date of redemption and (ii) capital appreciation bonds of the above series maturing on and after September 1, 2002 and aggregating in maturity amount $4,070,000 have been called for redemption on March 1, 1997 at the redemption price equivalent to 104.5% of the Accreted Value as of the date of redemption, such bonds being identified as follows: Bond Numbers Year of Maturity 2000 2001 2002 2003 2004 2005 2006 2007 2008 *redemption date: September **redemption date: March 1, Principal Amount/ Maturity Amount to be Redeemed Accreted Value of CABs as of March 1, 1997 $855,000* 915,000* 985,000** 985,000** 520,000** 395,000** 395,000** 395,000** 395,000** 1, 1999 1997 $653,529.72 606,555.63 295,056.94 207,819.64 191,817.13 177,772.80 164,756.76 ALL SUCH CURRENT INTEREST BONDS shall become due and payable on september 1, 1999 and all such Capital Appreciation Bonds shall become due and payable on March 1, 1997, and interest on the current interest bonds shall cease to accrue, and the value of the capital appreciation bonds shall cease to accrete, from and after such redemption dates. Payment of the respective redemption price of said bonds shall be paid to the registered owners of the bonds only upon presentation and surrender of such bonds to the offices of Bank One, Texas, N.A., Fort Worth, Texas (successor paying agent/registrar to the Texas American Bank/Fort Worth, N.A.) located at 235 West Schrock Road, Westerville, Ohio 43081- 0393, Attention: Securities Transfer. 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. 0383923 BANK ONE, TEXAS, N.A. 500 Throckmorton, suite 704 Fort Worth, Texas 76102, as Paying Agent/Registrar EXHIBIT B NOTICE OF REDEMPTION CITY OF NORTH RICHLAND HILLS, TEXAS, WATERWORKS AND SEWER SYSTEM REFUNDING REVENUE BONDS SERIES 1989-A DATED MARCH 1, 1989 NOTICE IS HEREBY GIVEN that (i) current interest bonds of the above series maturing on and after September 1, 2000 and aggregating in principal amount $770,000 have been called for redemption on September 1, 1999 at the redemption price of par and accrued interest to the date of redemption and (ii) capital appreciation bonds of the above series maturing on and after September 1, 2002 and aggregating in maturity amount $1,730,000 have been called for redemption on March 1, 1997 at the redemption price equivalent to 104.5% of the Accreted Value as of the date of redemption, such bonds being identified as follows: Bond Numbers Year of Maturity 2000 2001 2002 2003 2004 2005 2006 2007 2008 *redemption date: September **redemption date: March 1, Principal Amount/ Maturity Amount to be Redeemed Accreted Value of CABs as of March 1, 1997 $370,000* 400,000* 425,000** 425,000** 220,000** 165,000** 165,000** 165,000** 165,000** 1, 1999 1997 $281,979.83 261,711.82 124,831.78 86,810.73 80,126.14 74,259.53 68,822.45 ALL SUCH CURRENT INTEREST BONDS shall become due and payable on September 1, 1999 and all such Capital Appreciation Bonds shall become due and payable on March 1, 1997, and interest on the current interest bonds shall cease to accrue, and the value of the capital appreciation bonds shall cease to accrete, from and after such redemption dates. Payment of the respective redemption price of said bonds shall be paid to the registered owners of the bonds only upon presentation and surrender of such bonds to the offices of Bank One, Texas, N.A., Fort Worth, Texas (successor paying agent/registrar to the Texas American Bank/Fort Worth, N.A.) located at 235 West Schrock Road, Westerville, Ohio 43081- 0393, Attention: Securities Transfer. 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. 0383923 BANK ONE, TEXAS, N.A. 500 Throckmorton, Suite 704 Fort Worth, Texas 76102, as Paying Agent/Registrar EXHIBIT C NOTICE OF REDEMPTION CITY OF NORTH RICHLAND HILLS, TEXAS, WATERWORKS AND SEWER SYSTEM REFUNDING REVENUE BONDS SERIES 1989-B DATED JULY 1, 1989 NOTICE IS HEREBY GIVEN that (i) current interest bonds of the above series maturing on and after September 1, 2000 and aggregating in principal amount $1,200,000 have been called for redemption on September 1, 1999 at the redemption price of par and accrued interest to the date of redemption and (ii) capital appreciation bonds of the above series maturing on and after September 1, 2002 and aggregating in maturity amount $3,020,000 have been called for redemption on March 1, 1997 at the redemption price equivalent to 104.5% of the Accreted Value as of the date of redemption, such bonds being identified as follows: Bond Numbers Year of Maturity 2000 2001 2002 2003 2004 2005 2006 2007 2008 *redemption date: September **redemption date: March 1, Principal Amount/ Maturity Amount to be Redeemed Accreted Value of CABs as of March 1, 1997 $580,000* 620,000* 665,000** 665,000** 400,000** 370,000** 380,000** 270,000** 270,000** 1, 1999 1997 $453,975.14 422,542.33 236,176.00 203,642.08 194,065.24 128,471.94 119,698.56 ALL SUCH CURRENT INTEREST BONDS shall become due and payable on September 1, 1999 and all such Capital Appreciation Bonds shall become due and payable on March 1, 1997, and interest on the current interest bonds shall cease to accrue, and the value of the capital appreciation bonds shall cease to accrete, from and after such redemption dates. Payment of the respective redemption price of said bonds shall be paid to the registered owners of the bonds only upon presentation and surrender of such bonds to the offices of Bank One, Texas, N.A., Fort Worth, Texas (successor paying agent/registrar to the Texas American Bank/Fort Worth, N.A.) located at 235 West Schrock Road, Westerville, Ohio 43081- 0393, Attention: Securities Transfer. 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. 0383923 BANK ONE, TEXAS, N.A. 500 Throckmorton, Suite 704 Fort Worth, Texas 76102, as Paying Agent/Registrar