HomeMy WebLinkAboutOrdinance 10016»~ .~ _
ORDINANCE NO. 4~
BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS,
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; ORDAINING OTHER MATTERS
RELATING TO THE SUBJECT; AND DECLARING 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 Certificates of Obligation to provide funds for
acquiring the Fort Worth Livestock Exchange building and
lands appurtenant thereto 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 Manager 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, with the date of the first publica-
tion to be before the fourteenth (14th) day before the date
tentatively proposed for authorizing the issuance of the
Certificates of Obligation as shown in said notice.
PASSED the 8th day ofj15e've~5er, 1987
,~~" ;r>"""-~-~^-..`~.~.,' ,,.,i ~;, ayor, City of Fort Wort , Texas
~TTES~:
ty of Fort Worth, Texas
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A ROVED AS T O AN LEGA~,ITY:
City Attorney,. City of Fort Worth, Texas
ti
e=~ a
NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
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 certificates of obligation of the City
entitled "City of Fort Worth, Texas Certificates of Obliga-
tion, Series 1987", in the amount not to exceed $ ~,~DQ,(~/1,
for the purpose of providing a part of the funds for acquir-
ing the Fort Worth Livestock Exchange Building and lands
appurtenant thereto. The City Council tentatively proposes
to authorize the issuance of said Certificates of Obligation
at its regular meeting place in the City Hall at a regular
meeti g to commence at '' :00 o'clock, ~.m. on the 5~ day
of 198. The City Council presently proposes to
provide for payment of such Certificate of Obligation by the
levy of taxes.
,,
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
I, the undersigned, City Secretary of the City of Fort
Worth, Texas, do hereby certify that the above and foregoing
is a true, full and correct copy of an Ordinance (and of the
minutes pertaining thereto) passed by the City Council of
said City on the 8th day of December, 1987, directing
publication of Notice of Intention to Issue Certificates of
Obligation, and that the same is of record in the minutes of
said City Council..
WITNESS MY HAND and the official seal of the City of
Fort Worth, Texas this 8th day of December, 1987.
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MASTER fr16~E+}!,~
ACC0411V71MQ~i; .11~layor and Council Co~"na'D'D.unicat~®~,
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DATE REFERENCE
MATER AOMI ISiRA710M d NUMBER
22/08/87 G-7369
PUBLIC EVEN
SUBJECT CONSIDER THE GIVING OF NOTICE
OF INTENTION TO ISSUE CERTIFICATES OF
OBLIGATION
PAGE
1 of ~
Recommendation
It is recommended that the City Council:
i. Adopt the attached ordinance authorizing publication of "Notice
of Intention to Issue Certificates of Obligation" in the F_or_t_W_o_rth_
Star_Telegram;
2. Engage the firm of McCall, Parkhurst 8 Norton to issue the
legal opinion on the Certificates; and,
3. Engage the firm of First Southwest Company to serve as
financial advisors in the transaction.
Discussion
On Tuesday, November 24, 19@7 during the Pre Council meeting, the
City Council was briefed on a proposed financial plan for the
Stockyards area by Lloyds International on behalf of its client
Stockyards '@5. Among other things, the plan included the
recommendation that the City of Fort Worth use certificates of
obligations to purchase the historic Livestock Exchange Building
and other properties An ad hoc committee was appointed by the
Mayor, and later confirmed by the City Council, to evaluate the
Lloyds Internatonal proposal.
The Committee has had several meetings with representatives from
Lloyds and Stockyards '@5 to obtain more information on the
components of the plan in order to advise the City Council of their
findings. Stockyards '@5 currently has an option to purchase the
Livestock Exthange Building and related properties from United
Stockyards Corporation that is scheduled to expire on January 15,
19@@. The Committee members have recommended that the City give
serious consideration to acquiring at least the Livestock Exthange
Building in order to protect the western heritage of the Stockyards
area. It is anticipated that the cost of acquisitions will not
exceed X4.5 million. Although the City Council has not had the
opportunity to review all of the details involved with the possible
acquisition of this facility, if a decision is made in the near
future to make a purchase through the use of certificates of
obligation, certain steps need to be initiated at this time.
~~.
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DATE REFERENCE SUBJECT CONSIDER THE GIVING OF NOTICE PAGE
NUMBER OF INTENTION TO ISSUE CERTIFICATES OF
~°'~
12/08/87 G-7369 OBLIGATION
Under the Certificates of Obligation Act, the City is required to
publish notice of its intent to issue certificates for a period of
at least two weeks prior to any issuance of such evidence of
indebtedness. To initiate the process, it is necessary for the
City Council to authorize the publication of "Intention to Issue
Certificates of Obligation" in a newspaper of general circulation
and the hiring. of a bond counsel and financial advisor.
APPROV
E
D
~Y
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Instructed City Manager to
negotiate the best deal possible AS ~i~DED
and~ring back to City Council DEC 8 ~
for final approval
~~ `~4nr/d,.~
City Seczotary of thEs
Ci'tY of Fora Vi~orth, T~xa~
SUBMITTED FOR THE
CITY MANAGER'S DISPOSITIO Y COUNCIL: PROCESSED BY
OFFICE BY: APPROVED
ORIGINATING
DEPARTMENT HEAD: BOb Terrell OTHER (DESCRIBE)
CITY SECRETARY
FOR ADDITIONAL INFORMATION B. Terrel 1-6143 Ado ted Ordinance NA ,/~~~
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DATE
CONTACT