HomeMy WebLinkAboutOrdinance 9255r
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ORDINANCE NO ,~~~
BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS, DIRECTING PUBLICATION OF NOTICE OF INTENTION
TO ISSUE TAX AND REVENUE 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 necessity
being that the publication of Notice of Intention to Issue
6 Certificates of Obligation to provide funds for the purpose
of providing part of the funds for paying contractual
obligations to be incurred for the construction of public
works or for the purchase of materials, supplies, equipment
or machinery or for the payment of professional services
(including engineering, architectural, attorneys and financial
advisors) or for any one or more of such purposes 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,
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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
November 24, 1984, which date is at least fourteen (14) days
prior to the day tentatively proposed for authorizing the
issuance of the Certificates of Obligation as shown in said
notice
PASSED the 20th day of November, 1984
Mayor, City of Fort Worth, Texas
ATTEST
City Secretary
City of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY
City Attorney
City of Fort Worth, Texas
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EXHIBIT 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 Obligation,
Series 1984," for the purpose of providing part of the funds
for paying contractual obligations to be incurred for the
construction of public works or for the purchase of materials,
supplies, equipment or machinery or for the payment of
professional services (including engineering, architectural,
attorneys and financial advisors) or for any one or more
of such purposes 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
meeting to commence at 10 00 o'clock A.M on the 11th day
of December, 1984, The maximum amount of Certificates of
Obligation indebtedness that may be authorized for such purpose
is $2,800,000 The City Council presently proposes to provide
for payment of such Certificates of Obligation by the levy
of taxes and from revenues
JMAST~R FILE 1
CITY "~" s~~ ~ ~it~ o~' lF~rt 'worth, texas
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PUBLIC EVEN's-a
DATE REFERENCE SUBJECT Consider the Giving of Notice PAGE
NUMBER
11/20/84 M&C G-6172 of Intention to Issue Certificates of 1
1 of
Background
On October~23, 1984, Informal Report No. 6977 was presented to the City Council
outlining 'the. proposal fran Triad Oorporation for redevelopment in the
Stockyards--area. Also, on October 23rd the City Council adopted M&C G-6144
approving in concept the renovation of the Northside Qoliseum as outlined in
the proposal from Triad at an estimated cost of $2.8 million to the City and
$1.2 million to Triad.
'Ib obtain the City of Fort Worth's share, it is proposed that the City sell
$2,800,000 of Certificates of Obligation. The sale will be negotiated with a
local investor to keep the interest rate to a minimum. To initiate the process
it is necessary for the Council to authorize the publication of "Intention to
Issue Certificates of Obligation" in a newspaper of general circulation.
Reccrrmendation
It is the recndation of the staff that the City Council:
1.
2.
3.
Adopt the attached ordinance authorizing publication of
Intention to Issue Certificates of Obligation" in the Fort
Telegram;
Engage the firm of McCall, Parkhurst & Horton to issue the legal opinion
on the Certificates; and,
Engage the firm of First Southwest Company to serve as financial advisors
in the transaction.
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Attachment
"Notice of
Worth Star-
APPROV£0 BY
c1 ~ r cou~c~l
NOV ~0 194
City Socretcxg of the
pity of Fort ;
SUBMITTED FOR TH DISPOSITION BY COUNCIL. PROCESSED BY
CITY MANAGER'S
nF~FIf;E BY ^ APPROVED
ORIGINATING ^ OTHER (DESCRIBE)
DEPARTMENT HEAD: A. Judson Bailiff SECRETARti
FOR ADDITIONAL INFORNAA, lo~dson Bailiff Adopted Ordinance ~~o.
CONTACT DATE