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Home My Public Portal AboutResolution No. 353-09 12-08-2009RESOLUTION NO . 353..09 __,_..,_ RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND WATERWORKS AND SEWER SYSTEM REVENUE CERTIFICATES OF OBLIGATION THE ST A TE OF TEXAS COUNTY OF TARRANT CITY OF RICHLAND HILLS § § § WHEREAS, the City of Richland Hills (the "City") deems it advisable to give notice of intention to issue one or more series of interest bearing Certificates of Obligation, in the maximum principal amount of $2 ,750 ,000, for paying all or a portion of the City's contractual obligations incurred in connection with: (i) acquiring, constructing, installing and equipping improvements to the City's stormwater and drainage system, and the acquisition of land and interests in land as necessary therefor and (ii) legal, fiscal, design and engineering fees in connection with such projects (the "Certificates of Obligation"); and WHEREAS, the City Council hereby finds, considers and declares that the reimbursement of the payment by the City of such expenditures will be appropriate and consistent with the lawful objectives of the City and, as such, chooses to declare its intention, in accordance with the provisions of Section 1.1 50- 2 of the U.S. Treasury Regulations, to reimburse itself for such payments at such time as it issues the Certificates of Obi igation; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was considered was open to the public , and public notice of the time, place and purpose of said meeting was given , all as required by Chapter 551, Texas Government Code. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHLAND HfLLS: I . That attached hereto and marked as Exhibit A is a form of "Notice of Intention to Issue Combination Tax and Waterworks and Sewer System Revenue Certificates of Obligation of the City of Richland Hills , Texas" (the "Notice") the form and substance of which are hereby adopted and approved , and made a part of this Resolution for all purposes . 2. That the City Secretary shall cause the Notice to be published , in substantially the form attached hereto , in a newspaper, as defined by Subchapter C, Chapter 205 I , Texas Government Code of general circulation in the area of the City of Richland Hills , on the same day in each of two consecutive weeks, the date of the first publication to be before the thirtieth day before the day tentatively proposed for authorizing the issuance of the Certificates of Obligation as shown in the Notice . 3. That all costs to be reimbursed pursuant to this Resolution will be capital expenditures; the proposed Certificates of Obligation shall be issued within 18 months of the later of (i) the date the expenditures are paid or (ii) the date on which the property, with respect to which such expenditures were made, is placed in serv ice ; and the foregoing notwithstanding, the Certificates of Obligation will not be issued pursuant to this Resolution on a date that is more than three years after the date any expenditure which is to be reimbursed is paid . 4. That this Resolution shall become effective immediately upon its adoption. ADOPTED, APPROVED AND EFFECTIVE this December 8, 2009. ATTEST: Mayor, City of Richland Hills , Texas [CITY SEAL] Exhibit A NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND WATERWORKS AND SEWER SYSTEM REVENUE CERTIFICATES OF OBLIGATION OF THE CITY OF RICHLAND HILLS , TEXAS NOTICE IS HEREBY GIVEN that the City Council of the City of Richland Hills , Texas, at its meeting to commence at 6:30 p.m. on March 9 , 2010 , at its regular meeting place in the City Hall , 3200 Diana Drive , Richland Hills , Texas, tentatively proposes to authorize the issuance of interest bearing certificates of obligation of the City, in one or more series, in an amount not to exceed $2 ,750,000, for the purpose of paying all or a portion of the City's contractual obligations incurred in connection with (i) acquiring, constructing, installing and equipping improvements to the City's stormwater and drainage system , and the acquisition of land and interests in land as necessary therefor and (ii) legal , fiscal , design and engineering fees in connection with such projects. The City proposes to provide for the payment of said series (one or more) of such certificates of obligation from a pledge of ad valorem taxes levied and collected in the City as provided by law and from a pledge of limited surplus revenues of the City's waterworks and sewer system , remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve, and other requirements in connection with all of the City's revenue bonds or other obligations (now or hereafter outstanding), which are payable from all or any part of the net revenues of the City's waterworks and sewer system. The Certificates of Obligation are to be issued , and this notice is given , under and pursuant to the provisions of V.T.C.A ., Local Government Code, Subchapter C of Chapter 271 . CITY OF RICHLAND HILLS , TEXAS CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTY OF TARRANT CITY OF RICHLAND HILLS § § § We , the undersigned officers of the City of Richland Hills, Texas (the "City"), hereby certify as follows: I. The City Council of the City (the "City Council") convened in REGULAR MEETING ON THE 8th DAY OF DECEMBER, 2009 (the "Meeting"), and the roll was called of the duly con stituted officers and members of the City Council , to-wit: David L. Ragan Kenny Davis James Blyn Andy Baugh Donald Acker Larry Marrs Mayor Mayor Pro Tern Councilor Councilor Councilor Councilor and all of such persons except --, were present, thus constituting a quorum. Whereupon , among other business, the following was transacted at the Meeting: a written RESOLUTION DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND WATER WORKS AND SEWER SYSTEM REVENUE CERTIFICATES OF OBLIGATION was duly introduced for the consideration of the City Council and read in full (the "Resolution"). It was then duly moved and seconded that the Resolution be adopted ; and , after due discussion, the motion, carrying with it the adoption of the Resolution , prevailed and carried by the following vote: AYES: ,6 NOES: ~ 2. That a true, full , and correct copy of the Resolution passed at the Meeting is attached to and follows this Certificate; that the Resolution has been duly recorded in the City Council's minutes of the Meeting; that the above and foregoing paragraph is a true, full , and correct excerpt from the City Council's minutes of the Meeting pertaining to the passage of the Resolution , that the persons named in the above and foregoing paragraph are the duly chosen, qualified , and acting officers and members of the City Council as indicated therein ; that each of the officers and members of the City Council was duly and sufficiently notified officially and personally, in advance, of the time , place, and purpose of the Meeting, and that the Resolution would be introduced and considered for passage at the Meeting, and each of such officers and members consented , in advance, to the holding of the Meeting for such purpose ; and that the Meeting was open to the public, and public notice of the time , place , and purpose of the Meeting was given , all as required by Chapter 551 , Texas Government Code . 3 . That the Mayor of the City has approved , and hereby approves the Resolution ; that the Mayor and the City Secretary of the City have duly signed the Resolution ; and that the Mayor and the City Secretary of the City hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of the Resolution for all purposes . 4 . That the Resolution has not been modified, amended or repealed and is in full force and effect on and as of the date hereof. SIGNEDANDSEALEDthis ~0._. 41 '~I l_o()"\. City Secretary, City of Richland Hills , Texas [CITY SEAL]