HomeMy WebLinkAboutOrdinance 10886~~
ORDINANCE NO. ~~
BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS, DIRECTING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE WATER AND SEWER SYSTEM
SUBORDINATE LIEN BONDS; ORDAINING OTHER
MATTERS RELATING TO THE SUBJECT; AND DECLAR-
ING AN EMERGENCY
WHEREAS, it is hereby officially found and determined
that a case of emergency or urgent public necessity exists
which requires the holding of the meeting at which this
Ordinance is passed, such emergency or urgent public neces-
sity being that the publication of Notice of Intention to
Issue Revenue Bonds to provide funds for the improvements
described in the Notice referred to below is required as
soon as possible and without delay; and that said meeting
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.
PASS~;n,~the 30th day of Jul , 991.
A"~` ~:"~l ~° ~"~" : ~1~ Mayor, C ty of Fort rth, Texas
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'City ofCFo~t~'' W~'rth, Texas
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A ROVED,AS l0 F RM AND LEGALITY:
City Attorney
City of Fort Worth, Texas
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
1991", 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 27th day
of August, 1991. The maximum amount of revenue bond indebtedness
that may be authorized for such purpose is $16,200,000. 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.
THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH
I, Ruth Howard, City Secretary of the City of Fort
Worth, Texas, do hereby certify that I have compared the
attached and foregoing excerpt from the minutes of the
regular, open, public meeting of the City Council of the
City of Fort Worth, Texas held on July 30, 1991, and of
Ordinance which was duly adopted at said meeting, and that
said copy is a true and correct copy of said excerpt and the
whole of said ordinance.
In testimony whereof, I have set my hand and have
hereunto affixed the seal of said City of Fort Worth, this
~„~day o f~,~~;V , 19 91.
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City Secretary of the City of
Fort Worth, Texas
nnASP@R FILE-1
ACCOUNTING 2 ~~ OV ~VI v ~M~'y /~M~
TRANSPDRI'ATIDNfPUBLiC. WORKSia~ v, ~ V,//~~'/~7 j ~ `I,,
N oIER ADMINISTRATA I.I.~// •Or ~I~ 'C~~iII ~~ll ~/I~~~~~~i~
FINANCE 1
DATE REFERENCE NUMBER LOG NAME PAGE
~A~'~ 1 07/30/91 G-9244 13.BONDS 1 of 1
~~J SUBJECT
ORDINANCE APPROVING AND AUTHORIZING GIVING OF NOTICE OF INTENTION TO ISSUE
WATER AND SEWER SYSTEM REVENUE BONDS SERIES 1991
RECOMMENDATION:
It is recommended that the City Council adopt the attached ordinance approving and
authorizing the giving of notice of intention to issue $16,200,000 City of Fort Worth
Water and Sewer System Revenue Bonds, Series 1991, and declare an urgent necessity to
issue bonds as soon as possible.
nTSr.ussiclN•
On June 19, 1990, the City Council adopted Resolution No. 1538 approving submitting of
an application to the Texas Water Development Board State Revolving Loan Fund for
$16,200,000. 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
Proceeds from these bonds will be used to finance improvements at the Village Creek
Wastewater Treatment Plant designated as Phase IV-D-2, Second Phase of Computer System
Replacement, Phase I Interceptor VC-1 and Phase I Interceptor WF-1 and CF-1. 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
CB:t
Submitted for City Manager s r
Office by to
Charles Boswell 8500
Originating Department Head
Judson Bailiff 8185
For Additional Information
Contact
Judson Bailiff 8185
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'APPROV~u ~r
CITY CaUNCIL
Adopt d or ~~a ~ ~~~
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City Seczatazy of the
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Printed on regded paper