HomeMy WebLinkAboutOrdinance 11136Adc~pte~ ~~t~t~~~r~ f~o.///
ORDINANCE DIRECTING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE WATER AND SEWER SYSTEM
SUBORDINATE LIEN BONDS; AND ORDAINING OTHER
MATTERS RELATING TO THE SUBJECT
WHEREAS, it is hereby officially found and determined
that it is necessary under Texas law to authorize the
publication of Notice of Intention to Issue Revenue Bonds to
provide funds for the improvements described in the Notice
referred to below; and that said meeting at which this
Ordinance 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 Vernon's Ann. Civ. St. Art. 6252-
17, as amended.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS:
Section 1. That attached hereto and marked "Exhibit A"
is a form of notice, the form and substance of which are
hereby passed and approved.
Section 2. That the City Secretary shall cause said
notice to be published, in substantially the form attached
hereto, in the "Fort Worth Star-Telegram", a newspaper of
general circulation in the City of Fort Worth, Texas, for
two consecutive weeks, the date of the first publication to
be before the fourteenth (14th) day before the date tenta-
tively proposed for authorizing the issuance of the Revenue
Bonds as shown in said notice.
PASSED the 21st day of July, 1992.
Mayor, C' y of Fort rth, Texas
ATTEST:
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City Secretary
City of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
~S~Cit ttorney F,.~.
City of Fort Worth, Texas ~~f~~5~ ~ ~ ~~}}(~~
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE
REVENUE BONDS
NOTICE IS HEREBY GIVEN that it is the intention of the City
Council of the City of Fort Worth, Texas, to issue the interest
bearing revenue bonds of the City entitled "City of Fort Worth,
Texas Water and Sewer System Subordinate Lien Revenue Bonds, Series
1992", for the purpose of providing funds for extensions and
improvements to the City's wastewater treatment facilities. The
City Council tentatively proposes to authorize the issuance of said
revenue bonds at its regular meeting place in the City Hall at a
regular meeting to commence at 10:00 o'clock a.m. on the 18th day
of August, 1992. The maximum amount of revenue bond indebtedness
that may be authorized for such purpose is $20,000,000. The City
Council presently proposes to provide for payment of such revenue
bonds from surplus revenues of the City's Water and Sewer System.
The proposed revenue bonds are to be sold to the Texas Water
Development Board as part of its State Revolving Fund program to
provide low-interest loans to political subdivisions to construct
wastewater treatment facility improvements.
~FF~~~~ RE~~RD
CITY ~E~~~ETARY
FT. WORTH, TEX.
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I, the undersigned, City Secretary of the City of Fort Worth,
in the State of Texas, do hereby certify that I have compared the
attached and foregoing excerpt from the minutes of the regular
meeting of the City Council of the City of Fort Worth, Texas which
was held on July 21, 1992, and of an ordinance which was duly
passed at said meeting, and that said copy is a true and correct
copy of said excerpt and the whole of said ordinance. Said meeting
was open to the public, and public notice of the time, place and
purpose of said meeting was given, all in accordance with Vernon's
Annotated Civil Statutes, Article 6252-17, as amended.
In testimony whereof, I have set my hand and have hereunto
affixed the seal of said City of Fort Worth, this 21st day of July,
1992.
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City Secretary of the City of
-''~ ~ Fort Worth, Texas
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DATE
07/21/92 REFEREN E NUMBER G_g744 LOG NAME
13SEWER PA E
1 of 1
SUBJECT ORDINANCE DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE WATER AND
SEWER SYSTEM SUBORDINATE LIEN BONDS; AND ORDAINING OTHER MATTERS RELATED TO
THE SUBJECT
RECOMMENDATION:
It is recommended that the City Council adopt the attached ordinance directing the
publication of a notice of intention to issue up to $20,000,000.00 in Water and Sewer
System Subordinate Lien Bonds.
DISCUSSION:
On February 4, 1992, the City Council adopted Resolution No. 1802 approving submission
of an application to the Texas Water Development Board State Revolving Loan Fund for
$19,900,000.00. By receiving capital project financing through the Revolving Loan
Fund, the City is able to finance applicable projects at interest rates significantly
lower than those which would be obtained by the issuance of traditional water and sewer
revenue bonds. The TWBD approved the City's application on March 12.
Proceeds from these bonds will be used to finance the third expansion at the Village
Creek Wastewater Treatment Plant and will include two primary clarifiers, sludge pump
station, influent metering, storm water pumps, and primary effluent station.
For funds to be available to meet the desired construction schedule, it is necessary
to issue bonds as soon as possible. The next step required for bond issuance is the
publishing of required notices which must be printed once a week for two consecutive
weeks prior to issuance of the bonds.
It is anticipated the bonds will be sold on August 18.
FISCAL INFORMATION/CERTIFICATION:
The Director of Fiscal Services certifies that funds required to pay the costs of
issuance will be available from the proceeds of this issue.
CB:j
Su itte or City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by to
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