HomeMy WebLinkAboutResolution 1992-004
RESOLUTION NO. 92-04
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 Ci ty Counci 1 of the Ci ty of North Richland Hi lIs, Texas,
the fOllowing described bonds were duly authorized to be issued
and are currently outstanding, to wit:
(1) City of North Richland Hills, Texas,
General Obligation Refunding and Improvement Bonds,
Series 1985, dated November 1, 1985, aggregating in
principal amount $4,010,000, and scheduled to
mature on February 15, 1996 through February 15,
1999; and
(2) City of North Richland Hills, Texas,
General Obligation Bonds, Series 1986, dated
August 1, 1986, aggregating in principal amount
$4,490,000, and scheduled to mature on February 15,
1997 through February 15, 2007;
(3) City of North Richland Hills, Texas,
General Obligation Bonds, Series 1987, dated
July 1, 1987, aggregating in principal amount
$5,810,000, and scheduled to mature on February 15,
1998 through February 15, 2008; and
(4) City of North Richland Hills, Texas,
General Obligation Bonds, Series 1989, dated
March 1, 1989, aggregating in principal amount
$3,490,000, and scheduled to mature on February 15,
2000 through February 15, 2009;
AND WHEREAS, the above identified bonds were authorized,
issued, sold and delivered subject to the right and authority
of the Ci ty to redeem the same prior to maturi ty, as provided
in the respective authorizing ordinances and in said bonds; and
WHEREAS, in connection with the advance refunding of the
above described bonds, the Council hereby finds and determines
that bonds 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 "Ci ty of
North Richland Hills, Texas, General Obligation Refunding and
Improvement Bonds, Series 1985", dated November 1, 1985,
maturing in the years 1996 through 1999, and aggregating in
principal amount $4,010,000, shall be redeemed and the same are
hereby called for redemption on February 15, 1995 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 Team Bank, Fort
Worth, Texas (successor to Texas American Bank/Fort Worth,
N .A.), 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 bonds of that series known as lOCi ty of
North Richland Hills, Texas, General Obligation Bonds, Series
1986", dated August 1, 1986, maturing in the years 1997 through
2007, and aggregating in principal amount $4,490,000, shall be
redeemed and the same are hereby called for redemption on
February 15, 1996 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 wi th a suggested form of notice of redemption to be
sent to bondholders, with Team Bank, Fort Worth, Texas
(successor to Texas American Bank/Fort Worth, N.A.), in
accordance wi th 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 lOCi ty of
North Richland Hills, Texas, General Obligation Bonds, Series
1987", dated July 1, 1987, maturing in the years 1998 through
2008, and aggregat ing in principa I amount $5,810,000, sha 11 be
redeemed and the same are hereby called for redemption on
February 15, 1997 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 Team Bank, Fort Worth, Texas
(successor 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.
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SECTION 4: The bonds of that series known as lOCi ty of
North Richland Hills, Texas, General Obligation Bonds, Series
1989", dated March 1, 1989, maturing in the years 2000 through
2009, and aggregating in principal amount $3,490,000, shall be
redeemed and the same are hereby called for redemption on
February 15, 1999 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 wi th a suggested form of notice of redemption to be
sent to bondholders, with Team Bank, Fort Worth, Texas
(successor to Texas American Bank/Fort Worth, N.A.), in
accordance wi th the redemption provisions applicable to such
bonds; such suggested form of notice of redemption being
attached hereto as Exhibit D and incorporated herein by
reference as a part of this resolution for all purposes.
SECTION 5: The redemption of the bonds described above
being associated with the advance refunding of such bonds, the
approval, authorization and arrangements herein given and
provided for the redemption of such bonds on the redemption
dates designated therefor and in the manner provided shall be
irrevocable; and the City Secretary is hereby authorized and
directed to make all arrangements necessary to notify the
holders of such bonds of the City's decision to redeem such
bonds on the dates and in the manner herein provided and in
accordance with the ordinances authorizing the issuance of the
bonds.
PASSED AND ADOPTED, this February 10, 1992.
CITY OF NORTH RICHLAND HILLS,
TEXAS
ATTEST:
----1----ß·, ~
Mayor /
~~~
C Y Secretary
(City Seal)
61135
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EXHIBIT A
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION REFUNDING AND
IMPROVEMENT BONDS
SERIES 1985
DATED NOVEMBER 1, 1985
NOTICE IS HEREBY GIVEN that all bonds of the above
series maturing on and after February 15, 1996 and aggregating
in principal amount $4,010,000 have been called for redemption
on February 15, 1995 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
Outstanding
1996
1997
1998
1999
$1,210,000
1,255,000
950,000
595,000
ALL SUCH BONDS sha 11 become due and payable on
February 15, 1995, 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 the principal office of Team Bank, Fort Worth,
Texas (successor paying agent/registrar to Texas American
Bank/Fort Worth, N.A.).
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.
TEAM BANK, Fort Worth, Texas,
as Paying Agent/Registrar
Address: P. O. Box 2604
Fort Worth, Texas 76113
(, 1 1 4 5
EXHIBIT B
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION BONDS
SERIES 1986
DATED AUGUST 1, 1986
NOTICE IS HEREBY GIVEN that all bonds of the above
series maturing on and after February 15, 1997 and aggregating
in principal amount $4,490,000 have been called for redemption
on February 15, 1996 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
Outstanding
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
$ 255,000
275,000
300,000
330,000
360,000
395,000
430,000
470,000
510,000
560,000
605,000
ALL SUCH BONDS shall become due and payable on
February 15, 1996, 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 the principal office of Team Bank, Fort Worth,
Texas (successor paying agent/registrar to Texas American
Bank/Fort Worth, N.A.).
THIS NOTICE is issued and given pursuant to the terms
and conditions prescribed for the redemption of said bonds and
pursuant to a reso1ut ion by the Ci ty Counci 1 of the Ci ty of
North Richland Hills, Texas.
TEAM BANK, Fort Worth, Texas,
as Paying Agent/Registrar
Address: P. O. Box 2604
Fort Worth, Texas 76113
61145
EXHIBIT C
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION BONDS
SERIES 1987
DATED JULY 1, 1987
NOTICE IS HEREBY GIVEN that all bonds of the above
series maturing on and after February 15, 1998 and aggregating
in principal amount $5,810,000 have been called for redemption
on February 15, 1997 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
Outstanding
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
$ 355,000
380,000
410,000
440,000
475,000
510,000
550,000
595,000
645,000
695,000
755,000
ALL SUCH BONDS sha II become due and payable on
February 15, 1997, 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 the principal office of Team Bank, Fort Worth,
Texas (successor paying agent/registrar to Texas American
Bank/Fort Worth, N.A.).
THIS NOTICE is issued and given pursuant to the terms
and conditions prescribed for the redemption of said bonds and
pursuant to a reso lut ion by the Ci ty Counci 1 of the Ci ty of
North Richland Hills, Texas.
TEAM BANK, Fort Worth, Texas,
as Paying Agent/Registrar
Address: P. O. Box 2604
Fort Worth, Texas 76113
61145
EXHIBIT D
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
GENERAL OBLIGATION BONDS
SERIES 1989
DATED MARCH 1, 1989
NOTICE IS HEREBY GIVEN that all bonds of the above
series maturing on and after February 15, 2000 and aggregating
in principal amount $3,490,000 have been called for redemption
on February 15, 1999 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
Outstanding
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
$ 245,000
265,000
285,000
305,000
330,000
355,000
380,000
410,000
440,000
475,000
ALL SUCH BONDS sha 11 become due and payab Ie on
February 15, 1999, 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 the principal office of Team Bank, Fort Worth,
Texas (successor paying agent/registrar to Texas' American
Bank/Fort Worth, N.A.).
THIS NOTICE is issued and given pursuant to the terms
and conditions prescribed for the redemption of said bonds and
pursuant to a reso lut ion by the Ci ty Counci 1 of the Ci ty of
North Richland Hills, Texas.
TEAM BANK, Fort Worth, Texas,
as Paying Agent/Registrar
Address: P. O. Box 2604
Fort Worth, Texas 76113
61145