HomeMy WebLinkAboutResolution 1991-010
RESOLUTION NO. 91-10
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 an ordinance passed and adopted by
the Ci ty Counci 1 of the Ci ty of North Richland Hi lIs, Texas,
the following described obligations were duly authorized to be
issued and are currently outstanding, to wit:
Ci ty of North Richland Hi lIs, Texas, Tax and Golf
Course Revenue Certificates of Obligation, Series
1988, dated September 1, 1988, aggregating in
principal amount $3,020,000, and scheduled to
mature on September 1, 1999 through September 1,
2008;
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 authorizing ordinance and in said obligations;
and
WHEREAS, in connection with the advance refunding of the
above described obligations, the Council hereby finds and
determines that such certificates should be redeemed prior to
their maturi ties on the date and in the manner hereinafter
provided and in accordance with the requirements prescribed
therefor and notice of redemption of such certificates 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: That the certificates of obligation of that
series known as "City of North Richland Hills, Texas, Tax and
Golf Course Revenue Certificates of Obligation, Series 1988",
dated September 1, 1988, maturing in the years 1999 through
2008, and aggregating in principal amount $3,020,000, shall be
redeemed and the same are hereby called for redemption on
September 1, 1998, 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
filed with certificateholders, with Team Bank, Fort Worth,
Texas (successor paying agent/registrar to Texas American
Bank/Fort Worth, N.A.), in accordance with the redemption
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provisions applicable to such certificates; 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 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 date 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
obligations of the City's decision to redeem such obligations
on the date and in the manner herein provided and in accordance
with the ordinance authorizing the issuance of the certificates
of obligation.
PASSED AND ADOPTED, this March 25, 1991.
CITY OF NORTH RICHLAND HILLS,
TEXAS
ATTEST:
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. y Secretary
(City Seal)
S193S
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EXHIBIT A
NOTICE OF REDEMPTION
CITY OF NORTH RICHLAND HILLS, TEXAS,
TAX AND GOLF COURSE REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1988
DATED SEPTEMBER 1, 1988
NOTICE IS HEREBY GIVEN that the certificates of
obligation of the above series described below and aggregating
in principal amount $3,020,000 have been called for redemption
on September 1, 1998 at the redemption price of par and accrued
interest to the date of redemption, such certificates being
identified as follows:
Certificate Year of Principal Amount Amount to be
Numbers Maturity Outstanding Redeemed
1999 $210,000 $210,000
2000 225,000 225,000
2001 245,000 245,000
2002 265,000 265,000
2003 285,000 285,000
2004 305,000 305,000
2005 330,000 330,000
2006 355,000 355,000
2007 385,000 385,000
2008 415,000 415,000
THE ABOVE DESCRIBED CERTIFICATES shall become due and
payable on September 1, 1998, 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 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 conditions prescribed
certificates and pursuant to
of the City of North Richland
and given pursuant to the terms
for the redemption of said
a resolution by the City Council
Hills, Texas.
TEAM BANK, Fort Worth,
as Paying Agent/Registrar
51945
Address: P. O. Box 2604
Fort Worth, Texas 76113