HomeMy WebLinkAboutOrdinance 9775~. t
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ORDINANCE NO. ~z J~
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS, APPROVING AND AUTHORIZING THE
GIVING OF NOTICE OF I[JTENTION TO ISSUE $3,000,000
"WILL ROGERS riEMORIAL CENTER PARKING REVENUE
BONDS, SERIES 1986",.AND DECLARING AN EMERGENCY
WHEREAS, the City Council of the City of Fort Worth,
Texas deems it advisable a~r~d necessary to issue $3,000,000
in revenue bonds to provide funds for acquiring, construct-
ing and equipping parking Facilities in the vicinity of Will
Rogers Memorial Center in the City of Fort Worth, Texas (the
"City"), such revenue bonds to be payable from and secured
by a first lien on and pledge of the Net Revenues of the
City's Parking Facilities (as defined in the Ordinance
authorizing said bonds) ; acid
WHEREAS, it is now p~~oper for this Council to give
notice of intention to issue such revenue bonds in the time,
form and manner provided b~~ law; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH
Section 1. The City ~~ecretary is hereby authorized and
directed to cause notice t~~ be published of this Council's
intention to meet on the 22nd day of December, 1986, to pass
an ordinance and take such action as will be necessary to
authorize the issuance of revenue bonds in the total princi-
pal amount of $3,000,000 fc~r the purpose of providing funds
for acquiring, constructing and equipping Parking Facilities
in the vicinity of Will Rogers Memorial Center in
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said City. The notice to ]~e published (the form and content
of which is hereby approvE;d) shall read substantially as
follows:
"NOTICE OF INTENT:CON 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 22nd day of December, 1986, to pass such
ordinance and take such acs=ion as may be deemed necessary to
authorize the issuance of "WILL ROGERS MEMORIAL CENTER
PARKING REVENUE BONDS, SERIES 198.6", in the aggregate
principal amount of $3,000,,000, for the purpose of providing
funds for acquiring, constructing and equipping parking
facilities in the vicinity of Will Rogers Memorial Center in
the City of Fort Worth. :such bonds shall mature serially
over a period of years not to exceed forty (40) years, shall
bear interest at such rate or rates (not to exceed 15$ per
annum) as shall be determined within the discretion of the
City Council, and shall bps payable only from and secured
solely by a first lien on and pledge of the Net Revenues of
the City's Parking Facilii:ies. 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 Council of the City of Fort
Worth, this 25th day of No~~~ember, 1986.
_ xxxxx
M;~yor, City of Fort Worth, Texas
ATTEST:
XXXXX
City Secretary, City of Fort Worth, Texas"
(CITY SEAL)
Section 2. Such notice shall be published once a week
for two consecutive weeks in a newspaper published and
having general circulation in the City of Fort Worth, Texas,
the date of the first pub] ication of such notice to be at
least fourteen (14) days F~rior to the date stated in said
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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 acquisition, construction and equipment of parking
facilities in the vicinity of Will Rogers Memorial Center,
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 25th day of November, 1986.
Bob Bolen, Ma or, City of
Fort Worth, Texas
ATT S
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Ruth Howard, City Secretary
City of Fort Worth, Texas
' A P OVED AS TO RM D GALITY:
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Wade Adkins, City Attorney
City of Fort Worth, Texas
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PUBLIC EV NTQ~T REFERENCE SUBJECT r finance pproving an u - PAGE
1/25/86 NUMBER razing Giving of Notice of Intention 1
E/NANCE'ai~ G-6893 o Issue Bonds - Will Rogers Memorial ' °f --
Recommendation
It is recommended that the City Council adopt the attached ordinance approving
and authorizing the giving of notice of intention to issue $3,000,000 Will
Rogers Revenue Investment Bonds, Series 1986.
Background ~~'`~
On November 18, 1986 Inform Report No 71~.~f was presented to the City Council
describing the proposed financing oT-1~Rogers Memorial Center Equestrian
Parking Facility The plan consists of issuing small denomination capital
appreciation revenue bonds which will be directly sold to citizens by the City
In order to target a marketing period to coincide with the 1987 Southwestern
Exhibition and Fat Stock Show, it is necessary for the Council to declare an
intention to issue these bonds by adopting the attached ordinance today.
The estimated cost of the parking facility is 1 2 million dollars As bids have
not yet been received on this project the action recommended today is to declare
an intention to issue for 3 million dollars in order to avoid any risk of
today's action being insufficient The adoption of this ordinance in no way
irrevocably commits the Council to the dollar amount or the actual issuance of
the bonds
APPROV UNCIL
CITY CO
NOV 25 1986
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City Sooaeta=Y cf tho.
City of Fait Wa~~ To%a9 ,
SUBMITTED FOR I DISPOSITION BY COUNCIL. PROCESSED BY
CITY MANAGER'S ~ L APPROVED
OFFICE BY
ORIGINATING //////fffff%''ffffJJ111111 , [: OTHER (DESCRIBE)
DEPARTMENT HEAD~~ CIT ECRETARY
FOR ADDITIONAL INFORMAT p Adopted 4rdmanc@ No.
CONTACT ` A t]UdSOYI Bdl ~ ~ ff ....,. DATE
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