HomeMy WebLinkAboutOrdinance 19265-08-2010ORDINANCE NO 19265-08-2010
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
SERIES 2010A, 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 projects described m Exhibit A to this
Ordinance prior 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, m
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 rt 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, in substantially
the form attached hereto m a newspaper of general circulation m the Crty 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 authorizing the issuance of the Certificates of Obligation
as shown in 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 its passage m
accordance with the provisions of Section 2 of Chapter 25 of the Charter of the City and rt is
accordingly so ordained.
PASSED AND APPROVED this the 10th day of August, 2010
ATTEST
Crty Secretar Crty of
Fort Worth, Texas
APPROVED AS TO FORM
Crty Attorney City of
Fort Worth, Texas
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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 City Council of the City of
Fort Worth, Texas, to issue one or more serves of the interest bearing certificates of obligation of
the Crty 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 Crty to-wit,
the construction and equipping of improvements to fire stations and police stations located
throughout the City of Fort Worth, the construction and reconstruction of streets (including
freeway interchanges and arterial access) and related drainage and sidewalk improvements
throughout the City and the acquisition of related traffic and communications equipment; the
acquisition of equipment with respect to traffic safety programs of the Crty the acquisition of
software and associated equipment for use m the management of City financial, construction and
improvement projects, the acquisition and construction of improvements to street and off street
parking throughout the City owned and maintained by the Crty including the acquisition of pay
and display parking stations, improvements to the Commerce Street parking garage and the
acquisition of equipment related thereto and the acquisition of security systems for the
Commerce Street and Houston Street garages, the construction of a communications tower for
City information technology communications, and the payment of fiscal, engineering and legal
fees incurred m connection therewith. The City Council tentatively proposes to authorize the
issuance of said serves (one or more) of Certificates of Obligation at its regular meeting place m
the City Hall at a meeting to commence at 7 o clock, p.m., on the 14th day of September 2010
The maximum amount of Certificates of Obligation indebtedness that may be authorized to be
sold on said date for such purposes described above is $50 000 000 The City Council presently
proposes to provide for payment of said series (one or more) of Certificates of Obligation from
the levy of ad valorem taxes and from a limited pledge (not to exceed $1 000) of surplus
revenues derived from the operation of the City's water and sewer system.
CITY OF FORT WORTH, TEXAS
/s/ Mike Moncrief
Mayor
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
August 10 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 City
of Fort Worth, this 10th day of August, 2010
~~~ Crty Secretary o e
~ ~~.~,. Crty of Fort Worth, Texas
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City of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION:.Approved on 8110/2010 -Ord. No.'19265-08-2010
DATE Tuesday August 10 2010
LOG NAME 1310 CO NOI fi,~;.
REFERENCE NO G-17007
SUBJECT
Adopt an Ordinance Directing Publication of Notice of Intention to Issue Combination Tax and Revenue
Certificates of Obligation Series 2010A in an Amount Not to Exceed $50 000 000 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 2010A in an amount not to exceed $50 000 000 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 Critical Capital needs, Phase II of the Enterprise Resource
Planning (ERP) system acquisition of and improvements to parking-related assets and the acquisition of
fire equipment as described in the attached Notice of Intention
DISCUSSION
Under the laws of the State of Texas the City Council has the authority to issue Certificates of Obligation
(COs) 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 projects described in the attached Notice of Intention qualifies to be eligible for C O
financing The maximum amount of the C O s sold shall not exceed $50 000 000 00
Upon City Council approval the City Manager shall publish the initial Notice of Intention no later than
August 14 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
Logname: 1310 CO NOI Page 1 of 2
September 14 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 October 19 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 2010A
for the projects
FUND CENTERS
TO Fund/Account/Centers
CERTIFICATIONS
FROM Fund/Account/Centers
Submitted for City Manager's Office by: Karen Montgomery (6222)
Originating Depantment Head. Lena Ellis (8517)
Additional Information Contact: James Mauldin (2438)
Logname: 1310 CO NOI Page 2 of 2