HomeMy WebLinkAboutResolution 2651U8-01-(?OPQ3 36 RCVD
i4 Re~Olution
NO ~G S~
RESOLUTION TO USE CASH ASSETS OF TARRANT COUNTY
MUNICIPAL UTILITY DISTRICT NO 1 TO PAY DEBT SERVICE
ON BONDS ISSUED FOR CONSTRUCTION OF INFRASTRUCTURE
WHEREAS, on January 4 2000 the City of Fort Worth ("City") annexed all territory within the
area formerly known as Tarrant County Municipal Utility District No. 1 ("MUD")
WHEREAS as of January 4 2000 the MUD owed debt service payments due m 2001 and 2002
in connection with bonds issued by the MUD for construction of water sewer and drainage
infrastructure;
WHEREAS the MUD was authorized to assess property taxes against MUD residents m order
to pay the bond debt service and had done so in previous years;
WHEREAS as of January 4 2000 the City took over all assets of the MUD assumed all
habilrties of the MUD including the bond debt payments, and was authorized to perform all functions of
the MUD•
WHEREAS the audited financial statements of the MUD as of January 4 2000, provided
sufficient cash to pay all current liabilities incurred by the MUD and the bond debt payments due in
2001
WHEREAS the Crty is prohibited from assessing City property taxes against former residents
of the MUD in 2000 because the annexation occurred after January 1 2000, but will assess property
taxes at the same rate assessed other residents of the Crty commencing in 2001
WHEREAS during the annexation process the Crty agreed that the cash assets of the MUD
would be used for the benefit of residents of the area,
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, that cash on hand in the MUD accounts be used for payment of the bond debt
payments incurred by the MUD that are due in 2001 and that no property taxes be assessed by the City
acting on behalf of the MUD for tax year 2000
Adopted this 1 day of August, 2000
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Kenneth Barr Mayor of the ity of Fort Worth
ATTEST
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City Secretaryt
APPROVED AS TO FORM AND LEGALITY
a~~P~ D
Assistant City Attorney
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ARPROVED
CITY COUNC~~
AUG Y ?000
ci~i~ Secretary of the
- of Forg Worth Texa$