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HomeMy WebLinkAboutResolution 1988-025 'J RESOLUTION NO. 88-25 A RESOLUTION approving and authorizing publication of notice of intention to issue certificates of obligation. WHEREAS, the City Council of the City of North Richland Hills, Texas, has determined that certificates of obligation should be issued under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271, for the purpose of paying contractual obligations to be incurred for (i) constructing and equipping a municipal golf course, including a clubhouse and maintenance/storage ¡~cilities and the purchase of equipment and machinery for :¡-,.:iintaining and operating such golf course, and (ii) professional services rendered in connection therewith; and WHEREAS, prior to the issuance of such certificates, the City Council is required to publish notice of its intention to issue the same in a newspaper of general circulation in the City, said notice stating (i) the time and place the Council tentatively proposes to pass the ordinance authorizing the issuance of the cert i fica tes, (i i) the maximum amount proposed to be issued, (iii) the purposes for which the certificates are to be issued and (iv) the manner in which the Council proposes to pay the certificates; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS: /- SECTION 1: That the City Secretary is hereby authorized and directed to cause notice to be published of the Council's intention to issue certificates of obligation in the principal amount not "to exceed $4,500,000 for the purpose of paying con- tractual obligations to be incurred for (i) constructing and equipping a municipal golf course, including a clubhouse and maintenance/storage facilities and the purchase of equipment and machinery for maintaining and operating such golf course, and (ii) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a lien on and pledge of the net revenues derived from the ownership and operation of the City's municipal golf course facilities. The notice hereby approved and authorized to be published shall read substantially in the form and content or Exhibit A hereto attached and incorporated herein by reference as a part of this resolution for all purposes. '/ SECTION 2: That the City Secretary shall cause the aforesaid notice to be published in a newspaper of general circulation in the City, once a week for two consecutive weeks, the date of the first publication to be at least fifteen (l5) days prior to the date stated therein for the passage of the ordinance. authorizing the issuance of the certificates of obligation. PASSED AND ADOPTED, this the 8th day of August, 1988. ~ Mayor, City f North Richland Hills, Texas ATTEST: C· y Secretary, City of N rth Richland Hills, Texas (City Seal) 25035 -2-