HomeMy WebLinkAboutOrdinance 10052ORDINANCE NO. l~ vS~
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS, APPROVING AND AUTHORIZING THE
GIVING OF NOTICE OF INTENTION TO ISSUE $18,875,000
"CITY OF FORT WORTH WATER AND SEWER SYSTEM REVENUE
BONDS, SERIES 1988", AND DECLARING AN EMERGENCY
WHEREAS, the City Council of the City of Fort Worth,
Texas deems it advisable and necessary to issue $18,875,000
of revenue bonds to provide funds for improvements and
extensions to the City's Water and Sewer System, such
revenue bonds to be payable from and secured by a lien on
and pledge of the revenues derived from the operation of
said System; and
WHEREAS, it is now proper for this Council to give
notice of intention to issue such revenue bonds in the time,
form and manner provided by law; therefore,
BE iT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH:
Section 1. The City Secretary is hereby authorized and
directed to cause notice to be published of this Council's
intention to meet on the 8th day of March, 1988, to pass an
ordinance and take such action as will be necessary to
authorize the issuance of revenue bonds in the total
principal amount of $18,875,000 for the purpose of providing
funds for improvements and extensions to the City's Water
and Sewer System. The notice to be published (the form and
content of which is hereby approved) shall read substan-
tially as follows:
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"NOTICE OF INTENTION TO ISSUE REVENUE BONDS
"NOTICE IS HEREBY GIVEN that the City Council of the City of
Fort Worth, Texas, will convene at its regular meeting place
in the City Hall of Fort Worth, Texas, at 10:00 a.m., on the
8th day of March, 1988, to pass such ordinance and take such
action as may be deemed necessary to authorize the issuance
of "CITY OF FORT WORTH WATER AND SEWER SYSTEM REVENUE BONDS,
SERIES 1988", in the aggregate principal amount of
$18,875,000, for the purpose of providing funds for improve-
ments and extensions to the City's Water and Sewer System.
Such bonds shall mature serially over a period of years not
to exceed forty (40) years, shall bear interest at such rate
or rates (not to exceed 15% per annum) as shall be deter-
mined within the discretion of the City Council, and shall
be payable only from and secured solely by a pledge of and
lien on the net revenues derived from the operation of the
Water and Sewer System of the City of Fort Worth, Texas.
The holder of such bonds shall never have the right to
demand payment out of any funds raised or to be raised by
taxation and said bonds shall not be a debt of the City of
Fort Worth, Texas.
"GIVEN by Order of the Co it of e City of Fort
Worth~;~;th?ifs~,~2nd day of Februa , 988.
,,; ' ~',;,`J,~.,`r~ May , 1ty of Fort Worth, Texas
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~, C~.~y,~ ecretary; =City o f Fort Worth, Texas"
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%~~. 'S-e.ctoxi~2.~~ Such
notice
shall be published once a week
for ~:t~~~ca~consecutive weeks in a newspaper published .and
having general circulation in the City of Fort Worth, Texas,
the date of the first publication of such notice to be at
least fourteen (14) days prior to the date stated in said
notice for the passage of the ordinance authorizing the
issuance of the revenue bonds.
Section 3. By reason of the urgent necessity to issue
bonds as soon as possible to enable the City to proceed with
needed improvements and extensions to the City's Water and
~. - .
Sewer System, an emergency is hereby declared to exist
making it necessary to the preservation of the public peace,
property, health and safety that this ordinance become
effective immediately upon its passage, and it is so
enacted.
PASSED this 2nd day of February, 1988.
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~"~ ~~,,_~ .~ r ~,. ~{~, Bob olen, ayor, City of
~~ ~4,~ u ~ Fort Worth, Texas
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~P,.TTEST ~ ~. (;,
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th~~Howard, City°Secretary,
pity ~'of,~Fort.Worth, exas
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A O~'E-D,~AS,,~ O FO 13 LEGALITY
Wade Adkins, City Attorney,
City of Fort Worth, Texas
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'r THE STATE OF TEXAS
COUNTY OF TARRANT
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 February 2, 1988, and of
Ordinance No.~oG~~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.
In testimony whereof, I have set my hand and have
hereunto affixed the seal of said City of Fort Worth, this
2nd day of February, 1988.
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Ci y Secretary of the City of
Fort Worth, Texas
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41ATER ADA^INI,r,TRATi;)N g' sf~
FINANw[,n
DATE REFERENCE SUBJECT Ordinance Approving and Auth- PAGE
NUMBER orizing Giving of Notice of Intention 1
2/ 2/ 8 8 G- 7 4 3 7 to Issue Bonds-Water and Sewer S stem > °r
Recommendation: '"
It is recommended that the City Council adopt the attached ordinance
approving and authorizing the giving of notice of intention to issue
$18,875,000 City of Fort Worth Water and Sewer System Revenue Bonds, Series
1988.
AppROVED BY
CITY COU~I~ICIL
FEB 2 1988
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Citq Saczeta>:Si cf the
C;tp of Fart Worth, Texae
SUBMITTED FOR 1H
CITY MANAGER'S `
DISPOSITION BY COUNCIL:
PROCESSED BY
OFFICE BY ^ APPROVED
ORIGINATING ^ OTHER (DESCRIBE)
DEPARTMENT HEAD: ~ ~ CITY SECRETARY
FOR AODITIONAI INFORMATI N J
CONTACT B a i l i f f 8 1 8
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