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