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Home My Public Portal AboutResolution No. 366-10 12-14-2010RESOLUTION NO. 366-10 RESOLUTION OF THE CITY OF RICHLAND HILLS, TEXAS AUTHORIZING THE CITY'S CONSULTANTS AND STAFF TO PREPARE FOR THE ISSUANCE AND SALE OF PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS WHEREAS , pursuant to the Public Property Finance Act, Texas Local Government Code §§271.001 through 271.009, inclusive, as amended, the City Council (the "City Council") of the City of Richland Hills , Texas (the "City") is authorized to issue public property finance contractual obligations ("public property finance contractual obligations" or "obligations") for the purchase or other acquisition of personal property ; and WHEREAS , the City Council has determined that it is in the best interest of the City to issue obligations for the purpose of providing funds for the acquisition of an ambulance, two (2) patrol vehicles, two (2) trucks , a tractor and a cardiac monitor; and ' WHEREAS , in furtherance of such determination, the City Council desires that the City's financial consultant, bond counsel and appropriate professional staff of the City take such action as is necessary to prepare for the issuance and sa le of such obligations; Now, Therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHLAND HILLS, TEXAS : Section l. (a) Southwest Securities, the City's Financial Advisor, McCall , Parkhurst & Horton L.L.P., the City's Bond Counsel, and the appropriate professional staff of the City are each hereby authorized and directed to prepare such documentation as is necessary for the issuance and sale of public property finance contractual obligations by the City. The City's Financial Advisor, in consultation with City staff, is hereby authorized and directed to seek an offer for the purchase of such obligations. (b) The terms offered for the purchase of the obligations and the project to be funded with the proceeds of said obligations, all to be set forth in the documentation prepared for the issuance and sale of the obligations, shall be presented to the City Council for its review and approval , it being expressly stated and understood that it shall be within the sole authority and discretion of the City Council to authorize and approve the issuance and sa le of the obligations and the terms thereof. Section 2. This Resolution shall be effective immediately upon its adoption. .. ATTEST: City Secretary, City of Richland Hills, Texas (SEAL)