HomeMy WebLinkAboutResolution 1989-018
RESOLUTION NO. P7/P
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
the Ci ty Counci 1 of the Ci ty of North
the following described bonds were duly
and are currently outstanding, to wit:
passed and adopted by
Richland Hi lls, Texas,
authorized to be issued
( 1) "City of North Richland Hills, Texas,
Waterworks and Sewer System Revenue Bonds,
Series 1980", dated September 1, 1980,
aggregating in principal amount $1,825,000,
and scheduled to mature on September 1 in
each of the years 1992 through 2003;
(2) "City of North Richland Hills, Texas,
Waterworks and Sewer System Revenue Bonds,
Series 1983", dated June 1, 1983,
aggregating ln principal amount $2,165,000,
and scheduled to mature on September 1 in
each of the years 1994 through 2003;
(3) "City of North Richland Hills, Texas,
Waterworks and Sewer System Revenue Bonds,
Series 1984", dated August 1, 1984,
aggregating in principal amount $1,460,000,
and scheduled to mature on September 1 in
each of the years 1995 through 2004;
(4) "City of North Richland Hills, Texas,
Waterworks and Sewer System Revenue Bonds,
Series 1986", dated June 1, 1986,
aggregating in principal amount $2,740,000,
and scheduled to mature on September 1 in
each of the years 1997 through 2006;
AND WHEREAS, the above identified bonds were authorized,
issued, sold and delivered to 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
bonds; and
WHEREAS, in connection with the advance refunding of the
above described bonds, the City 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 wi th the
requirements prescribed therefor and notice of redemption of
such bonds 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 bonds of that series known as "City
of North Richland Hi lIs, Texas, Waterwo rks and Sewer System
Revenue Bonds, Series 1980", maturing in the years 1992 through
2003, being bonds numbered 116 through 480, each in the
denomination of $5,000, and aggregating in principal amount
$1,825,000, shall be redeemed and the same are hereby called
for redempt ion on Septembe r 1, 1991, a t the price of pa rand
accrued interest to the date of redemption. The City Secretary
is hereby authorized and directed to cause a notice of
redemption to be filed with Texas American Bank/Fort Worth,
N .A., Fort Worth, Texas, the "paying agent", which notice of
redemption shall be substantially in the form and content of
Exhibi t A attached hereto and incorporated herein by reference
as a part of this resolution for all purposes.
SECTION 2: That the bonds of that series known as "City
of North Richland Hills, Texas, Waterworks and Sewer System
Revenue Bonds, Series 1983", maturing in the years 1994 through
2003, being bonds numbered 168 through 600, each in the
denomination of $5,000, and aggregating in principal amount
$2,165,000, shall be redeemed and the same are hereby called
for redemption on September 1, 1993, at the price of par and
accrued interest to the date of redemption. The City Secretary
is hereby authorized and directed to cause a notice of
redemption to be filed with Texas American Bank/Fort Worth,
N.A., Fort Worth, Texas, the "paying agent"; which notice of
redemption shall be substantially in the form and content of
Exhibit B attached hereto and incorporated herein by reference
as a part of this resolution for all purposes.
SECTION 3: That the bonds of that series known as "City
of North Richland Hills, Texas, Waterworks and Sewer System
Revenue Bonds, Series 1984", maturing in the years 1995 through
2004, and aggregating in -principal amount $1,460,000, shall be
redeemed and the same are hereby called for redemption on
September 1, 1994, at the price of par and accrued interest to
the date of redemption.
SECTION 4: That the bonds of that series known as "City
of North Richland Hi Ils, Texas, Waterworks and Sewer System
Revenue Bonds, Series 1986", maturing in the years 1997 through
2006, and aggregating in principal amount $2,740,000, shall be
redeemed and the same are hereby called for redemption on
September 1, 1996, at the price of par and accrued interest to
the date of redemption.
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SECTION 5: The redempt ion 0 f the bonds desc r i bed above
being associated wi th the advance refunding of such bonds, the
approval, authorization and arrangements herein given and
provided for the redemption of such bonds 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 bonds of the Ci ty I 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 March 20, 1989.
CITY OF NORTH RICHLAND
HILLS, TEXAS
"-,
Mayor
ATTEST:
~~ ¡¿.M
ty Secretary'
(City Seal)
30':1 0 5
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