HomeMy WebLinkAboutOrdinance 18328-10-2008ORDINANCE NO. 18328-10-2008
DIItECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND WILL ROGERS MEMORIAL CENTER
COMPLEX PARKING REVENUE CERTIFICATES OF OBLIGATION,
SERIES 2008; 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 in Exhibit A to this
Ordinance prior to the issuance of the Certificates of Obligation hereinafter described; and
WHEREAS., the City Council hereby fmds, 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
WI-AREAS, it 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 given, 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, 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 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 in 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 in
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 7th day of October, 2008.
ATTEST:
City Secretary, of
Fort Worth, Texas
APPROVED AS TO FORM:
City Attorney, City o
Fort Worth, Texas
(SEAL)
EXHIBIT A
NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND WILL ROGERS MEMORIAL CENTER COMPLEX
PARK.]NG REVENUE 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 one or more series of the interest bearing certificates of obligation of
the City to be entitled "City of Fort Worth, Texas Combination Tax and Will Rogers Memorial
Center Complex Parking Revenue Certificates of Obligation", for the purpose of paying
contractual obligations to be incurred by the City, to-wit, the construction and equipping of the
"Will Rogers/Cultural District Parking System Improvements Project", including, but not limited
to: the development, design and construction of a new parking garage located in the vicinity of
the Will Rogers Memorial Center and the Cultural District of the City of Fort Worth; related road
improvements; sidewalks; geotechnical and environmental testing; parking access and
infrastructure improvements; utility relocations; landscaping; signage; communication and
telecommunication systems; lighting; public art enhancements; and ADA modifications and
improvements; and the payment of fiscal, engineering and legal fees incurred in connection
therewith. The City Council tentatively proposes to authorize the issuance of said series (one or
more) of Certificates of Obligation at its regular meeting place in the City Hall at a meeting to
commence at 10 o'clock, a.m., on the 1 lth day of November, 2008. The maximum amount of
Certificates of Obligation indebtedness that may be 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 series (one or more) of Certificates of Obligation from the levy of ad valorem
taxes and from a pledge of revenues derived from parking charges assessed by the City in the
vicinity of the Will Rogers Memorial Center and the Cultural District, including, without
limitation, revenues derived from the operation of the parking garage to be constructed with the
proceeds of the Certificates of Obligation.
CITY OF FORT WORTH, .TEXAS
/s/ Mike Moncrief
Mayor
THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH
I, Marty Hendrix, 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
October 7, 2008, and of the ordinance authorizing 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 7th day of October, 2008.
City Secret of the
City of Fort Worth, Texas
(SEAL)
Mayor and Council Communication
COUNCIL ACTION: Approved on 10/7/2008 -Ord. No. 18328-10-2008
DATE: Tuesday, October 07, 2008
LOG NAME: 13WR CO NOI REFERENCE NO.: G-16310
SUBJECT:
Adopt Ordinance Directing Publication of Notice of Intention to Issue Combination Tax and Will
Rogers Memorial Center Complex Parking Revenue Certificates of Obligation, Series 2008 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
Will Rogers Memorial Center Complex Parking Revenue Certificates of Obligation, Series 2008 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 construction of a parking garage and related improvements at the
Will Rogers Memorial Center Complex as well as related costs.
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.
financing. The maximum amount of the C.O.s sold shall not exceed $35,000,000.00.
Upon City Council approval, the City Manager shall publish the initial Notice of Intention no later than
October 10, 2008. 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
November 11, 2008. The C.O.s are intended to be sold on a competitive basis through a private
Logname: 13 WR CO NOI Page 1 of 2
placement. It is anticipated that the closing and delivery of the C.O. funds will occur on December 17, 2008.
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 Will Rogers Memorial Center Complex .Parking
Revenue Certificates of Obligation, Series 2008 for the project.
TO Fund/AccountlCenters FROM Fund/Account/Centers
Submitted for City Manager's Office b~ Karen Montgomery (6222)
Originating Department Head: Lena Ellis (8517)
Additional Information Contact: James Mauldin (2438)
Logname: 13 WR CO NOI Page 2 of 2