HomeMy WebLinkAboutOrdinance 19158-05-2010ORDINANCE NO 19158-OS-2010
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
SERIES 2010• AND ORDAINING OTHER MATTERS RELATING TO THE
SUBJECT
WHEREAS the City of Fort Worth expects to pay expenditures in connection with the
design, planning, acquisition and construction of the protects described m Exhibit A to this
Ordinance pnor to the issuance of the Certificates of Obligation hereinafter described, and
WHEREAS, the City Council hereby finds, considers and declares that the
reimbursement of the payment by the City of such expenditures will be appropriate and
consistent with the lawful obJectives of the City and, as such, chooses to declare its intention, in
accordance with the provisions of Section 1 150-2 of the U S Treasury Regulations, to
reimburse itself for such payments at such time as it issues the hereinafter described Certificates
of Obligation, and
WHEREAS, rt is hereby officially found and determined that the meeting at which this
Ordinance was considered was open to the public, and public notice of the time, place and
purpose of said meeting was gYVen, all as required by Chapter 551 Texas Government Code.
NOW THEREFORE, 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, m substantially
the form attached hereto in a newspaper of general circulation in the City of Fort Worth, Texas,
for two consecutive weeks, the date of the first publication to be before the thirtieth (30th) day
before the day tentatively proposed for authonzmg the issuance of the Certificates of Obligation
as shown m said notice.
Section 3 That the facilities and improvements to be financed with proceeds from the
proposed Certificates of Obligation are to be used for the purposes described m the attached
Notice of Intention.
Section 4 That all costs to be reimbursed pursuant to this Ordinance will be capital
expenditures, the proposed Certificates of Obligation shall be issued within 18 months of the
later of (i) the date the expenditures are paid or (ii) the date on which the property with respect
to which such expenditures were made, is placed in service; and the foregoing notwithstanding,
the Certificates of Obligation will not be issued pursuant to this Ordinance on a date that is more
than three years after the date any expenditure which is to be reimbursed is paid.
5 That this Ordinance shall be effective immediately from and after rts passage m
accordance with the provisions of Section 2 of Chapter 25 of the Charter of the City and it is
accordingly so ordained.
PASSED AND APPROVED this the 18th day of May 2010
ATTEST
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City Secretary y of
Fort Worth, Texas
APPROVED AS TO FORM
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City Attorney Crty o
Fort Worth, Texas
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THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH
I, Marty Hendnx, City Secretary of the City of Fort Worth, in the State of 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 May
18 2010 and of the ordinance authonzmg the publication of notice of intention to issue
Certificates of Obligation, 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. 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 Chapter 551 Texas Government Code, as amended.
In testimony whereof, I have set my hand and have hereunto affixed the seal of said Crty
of Fort Worth, this 18th day of May 2010
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ORDINANCE NO 19158-OS-2010
EXHIBIT A
NOTICE OF INTENTION TO ISSUE -~-
COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that rt is the intention of the Crty Council of the City of
Fort Worth, Texas, to issue one or more series of the interest bearing certificates of obligation of
the City to be entitled 'Crty of Fort Worth, Texas Combination Tax and Revenue Certificates of
Obligation for the purpose of paying contractual obligations to be incurred by the City to-wit,
the development, design, construction and equipping of amulti-purpose facility located in the
Will Rogers Memorial Center of the Crty of Fort Worth as an addition to the Will Rogers
Memonal Center equestrian and parking system, including the modification, renovation and
improvement of a parking garage and related infrastructure and utilities, the modification,
renovation and improvement of hvestocklequestrian/events facilities, the construction of one or
more building tunnels and connector canopies, the purchase and installation of security systems,
landscaping, communications systems, and lighting; the purchase of furnishings, fixtures,
equipment and systems related thereto at the Will Rogers Memonal Center public art
enhancements, the funding of caprtahzed interest during construction and for up to one year after
completion of construction, and the payment of fiscal, engineering and legal fees incurred in
connection therewith. The Crty Council tentatively proposes to authorize the issuance of said
series (one or more) of Certificates of Obligation at its regular meeting place m the City Hall at a
meeting to commence at 10 o clock, a.m., on the 22nd day of June, 2010 The maximum amount
of Certificates of Obligation indebtedness that maybe authorized to be sold on said date for such
purposes described above is $35,000 000 The City Council presently proposes to provide for
payment of said senes (one or more) of Certificates of Obligation from the levy of ad valorem
taxes and from a pledge of revenues derived from an agreement entered into by the City under
authority of Section 22 0781 Texas Transportation Code, with respect to certain revenues
generated at D/FW International Airport.
CITY OF .FORT WORTH, TEXAS
/s/ Mike Moncrief
Mayor
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 5/18/2010; -Ord, No. 19158-05-2010
DATE Tuesday May 18 2010 REFERENCE NO G-16929
LOG NAME 1310 WR CO NOI
SUBJECT
Adopt an Ordinance Directing Publication of Notice of Intention to Issue Combination Tax and Revenue
Certificates of Obligation Series 2010 in an Amount Not to Exceed $35 000 000 00 and Ordaining Other
Matters Relating to the Subject
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached ordinance directing the publication of notice of intention to issue Combination Tax
and Revenue Certificates of Obligation Series 2010 in an amount not to exceed $35 000 000 00•
2 Approve the form of notice marked 'Exhibit A attached to the ordinance
3 Authorize the City Manager to cause said notice to be published in substantially the form attached
hereto in a newspaper of general circulation in the City of Fort Worth Texas, for two consecutive weeks
the date of the first publication to be prior to the thirtieth day before the day tentatively proposed for
authorizing the issuance of the Certificates of Obligation as shown in said notice and
4 Authorize the proceeds to be used for the development, design construction .and equipping of a multi-
purpose facility located in the Will Rogers Memorial Center of the City of Fort Worth as an addition to the
Will Rogers Memorial Center equestrian and parking system including the modification renovation and
improvement of a parking garage and related infrastructure and utilities the modification renovation and
improvement of livestock/equestrian/events facilities the construction of one or more building tunnels and
connector canopies, the purchase and installation of security systems landscaping communications
systems and lighting the purchase of furnishings, fixtures equipment and systems related thereto at the
Will Rogers Memorial Center public art enhancements the funding of capitalized interest during
construction and for up to one year after completion of construction and the payment of fiscal
engineering and legal fees incurred in connection therewith
DISCUSSION
Under the laws of the State of Texas the City Council has the authority to issue Certificates of Obligation
(C O.s) a form of debt, without prior voter approval The City however has established financial policies
governing the issuance of such debt. C O s may only be used to finance public improvements in special
circumstances and only after determining the City's ability to assume additional debt. These criteria
include situations where it would be more economical to issue C O s rather than revenue bonds and
where the timing of the construction of a capital improvement and the expense of calling a bond election
for a single proposition would in the opinion of staff and with the approval of the Council warrant the
issuance of C O.s to finance the capital improvement.
The proposed project described in the attached Notice of Intention qualifies to be eligible for C O
Logname: 1310 WR CO NOI Page 1 of 2
financing The maximum amount of the C O.s sold shall not exceed $35 000 000 00 The C O s will be
partially secured by a pledge of DFW Car Rental Taxes
Upon City Council approval the City Manager shall publish the initial Notice of Intention no later than May
21 2010 The second Notice of Intention will be published the same day of the week following the first
notice
The City Council will be asked to approve the sale of the C O s and adopt the related ordinance on June
22, 2010 The C O.s are intended to be sold on a competitive basis It is anticipated that the closing and
delivery of the C O funds will occur on July 29 2010
FISCAL INFORMATION /CERTIFICATION
The Financial Management Services Director certifies that funds will be available upon completion of the
sale closing and delivery of the Combination Tax and Revenue Certificates of Obligation Series 2010 for
the project.
FUND CENTERS
TO FundlAccount/Centers
FROM Fund/Account/Centers
CERTIFICATIONS
Submitted for City Manager's Office bv:
Originating Department Head.
Additional Information Contact:
Logname 1310 WR CO NOI
Karen Montgomery (6222)
Lena Ellis (8517)
James Mauldin (2438)
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