HomeMy WebLinkAboutOrdinance 8874
ORDINANCE NO. _~~
BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS, DIRECTING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE TAX AP7D REVENUE CERTIFICATES
OF OBLIGATIODI; ORDAINING OTHER MATTERS RELATING
TO THE SUBJECT; AND DECLARING AN EP~ERGENCY
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 right--of-way is required as soon as possible and
without delay; and that said meeting was open to the public,
and public notice cf the time, place and purpose of said
meeting was given, all as required by Vernon's Arn. Civ. St.
Art. 6252-17, as amended.
BE IT ORDAII`1ED 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, the date of the
first publication to be Ai,g~,st ]~ , 1983, 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 26th day of July, 1983.
~l
1
Mayor, City of Fort Worth, Texas
ATTEST:
City Secretary, City of Fort
Worth, Texas
(SEAL)
APPROVED AS TO FORM AND LEGALITY:
City Attorney, City of Fort
Worth, Texas
€. ~
.~ ~ ~ c ~ `,5= J
EXi~I~YT 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 1983", for the purpose of providing a part of
the funds for acquiring right-of-way. The City Council
tentatively purposes 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 16th day of August 1983. The
maximum amount of Certificates of Obligation indebtedness
that may be authorized for such purpose is $~1, 0®0~, 000 . The
City Council presently proposes to provide for payment of
such Certificates of Obligation by the levy of taxes and
from revenues.
L~STER "~~ r. City of ~`1ort 'i~orth., texas
CITY MANAGER+II
ACCOL'NTINC+2 ~~ y- ®~ V4 ~ LW ~® ~{+'~~@~ [~L ~Ol I i~~ W ([~~~ai~ ~®l ~
JT'RAN3PORTATION1PUBCIC WORKS:<~ _
FINANCE ! DATE REFERENCE SUBJECT Consider the Giving of Notice PAGE
NUMBER of Intention to Issue Certificate of
rAw=r 7/26/83 G-Sb98 Obligation i cr._._L__
RE_AC'PRO ERTY~~
It is antic$pated that the Federal Court in Chicago will issue as order
directing the Trustee in Bankruptcy of the Rock island Railroad to sell the
•- right-of-way between Fort Worth and Dallas for the sum of $18,000,000 to the
two cities.
The City of Fort Worth and the City of Dallas have been jointly awarded an LIMTA
~ Grant to cover 80% of the purchase price. The State Department of Highways and
} Public Transportation has issued a minute order authorizing the State to pay
13% of the purchase price. The two cities have to pay the balance and they
_:;~ have agreed to make the purchase on a 50-50 basis.
~~ Fart. ~T"art~'`s ~ha're ofythe $18,000,000 will be $630,000. An additional $5b0,000
,.°~ will be~required from Fort Worth to complete the transaction of purchasing
the Katy easement.
Ta obtain the City of Fort Worth's share, it is proposed that the City sell
$1,000,000 of Certificates of Obligation and to use the Capital Projects
Reserve Account for the balance due of $190,000. (To sell more than
$1,000,000 requires a much more elaborate process than if the amount is
limited to $1,000,000.) 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 circuls-tion.
1r .~ -a
Recommendation
It is the recommend+a~,i~n- of the staff that the City Council:
1) Adopt the attached ordinance authorizing publication of "Notice of
Intention to Issue Certificates of Obligation" in the Fort Worth Star-
Telegram;
2) Engage the firm of McCall, Parkhurst 6 Horton 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. APPROVED DY
CITY COUNCIL
MCM.kc JUL ~~ 1983
_ _~__ _ Cite Sscxetazy of tie ~--^-~--
'~ SUBMITTED FOR THE ~-~~
CITr MANAGER'S / OtSPOSITION Br COUNCIL. PROCESSED BV
t1FFICE Br ~ APPROVED ~ ~ ~ ~ ,
ORIGINATING r OT E_R,. DESGRIBEB (T/_
DEPARTMENT HEAD MOrriS C . MatSOn q~0~~i ~~ ~~~1NA~C ~ a ~ r SECRETAR,
fOR ADDi~IONAL INiORMATION
CONTACT Morris C. MatSOn Ext. 6143 DATE