Loading...
HomeMy WebLinkAboutResolution 1905AE&OI,UTION NO.l ~ RESOLUTION CONCERNING ISSUANCE OF BONDS TO FINANCE NEW FACILITIES WITHIN THE WILL ROGERS MEMORIAL CENTER WHEREAS, the Southwestern Exposition and Livestock Show, a • Texas non-profit corporation qualified under Section 50i(c)(3) of the Internal Revenue Code of 1986 ("SECS"), will be celebrating its 100th anniversary in 1996; .and WHEREAS, the Centennial celebration will result in significant national and international attention to the City of Fort Worth; and WHEREAS, there is currently a need within the Will Rogers Memorial Center (the "Center") for additional facilities as contemplated by the Cultural District Master Plan that was adopted by the City Council of the City of Fort Worth on May 8, 1990 and affirmed by the City's Cultural District Committee on June 4, 1992;~and WHEREAS, in connection with the Centennial celebration, SECS has proposed that new facilities be constructed for the Center (the "Facilities") to be located on the site currently occupied by Cattle Barn 5, located immediately south of the Richardson Bass Building on Crestline Road; and WHEREAS, in connection with the construction of the Facilities, it will be necessary for Harley Street to be realigned commencing in front of the Gray Bar Electric property and ending north of the Public Health Center at University Drive; and WHEREAS, SECS has expressed its desire that the realignment of Harley Street and construction of the Facilities be completed prior to the Centennial celebration in January, 1996; and ~s~:. ~~. WHEREAS, SELS has estimated that the cost of the Facilities, including related infrastructure improvements, will be approximately $9,000,000; and WHEREAS, SEL5 has stated that it will provide $4,000,000 for • the acquisition and construction of such facilities, $2,000,000 to be provided from private sources and $2,000,000 from SELS reserves; and WHEREAS, SELS has requested that the City issue its bonds or other obligations to finance all or a portion of the cost of the realignment of Harley Street and the cost of acquiring and constructing the Facilities (collectively, the "Project"); and WHEREAS, in view of the significant contribution such a facility will provide to the City of Fort Worth including the additional business that will be generated and the economic benefits derived therefrom, the City of Fort Worth hereby finds, determines and declares that this Resolution shall constitute its commitment, subject to the terms hereof, (i) to issue bonds, or other obligations, in an amount not exceeding $5,000,000 (herein the "Bonds"), which is the amount now estimated to be necessary to acquire and construct the Project less the $4,000,000 to be provided by SELS, and (ii) to expend the proceeds thereof to acquire, construct and install the Project and to pay all expenses and costs of the City in connection with the issuance of the Bonds and the Project. • THEREFORE, BE IT RESOLVED by the City Council of the City of Fort Worth, Texas, that. • - 2 - 0932a ~~ , a . `'~,. • (a) Use its best efforts, as it shall determine, to issue the Bonds, and i.f the City and SELS agree, other evidences of indebtedness providing temporary financing for the acquisition and construction of the Project which will be issued after the date hereof and be refunded by the Bonds. (b) Cooperate with SELS with respect to the issuance of the Bonds, and, if arrangements therefor satisfactory to the City and SELS can be made, the City will take such further action as may be necessary or advisable for the authorization, execution and delivery of any contracts or agreements deemed necessary or desirable by the City and. SELS in connection with the issuance of the Bonds and the • acquisition and construction of the Project, all as may be authorized, required, or permitted by law and as shall be mutually satisfactory.to the City and SEL5. (c) Take or cause to be taken such other actions as may be required to implement the aforesaid undertakings or as the City may deem appropriate in pursuance thereof. Section 2. Nothing herein shall be construed to commit the City to issue Bonds secured by a pledge of the faith and credit or taxing power of the City. Section 3. It is understood by the City and SELS, and S ELS has represented to the City, that in consideration of t his •~ r Section 1. Subject to the terms hereof, the City agrees that it will: 0932a ,.r - 3 - Y / ~' Resolution, and subject to the terms and conditions hereof, SELS has agreed that: (a) Prior to or contemporaneously with the sale of the Bonds, in one or more series or issues from time to time as the City and SELS shall hereafter agree to in writing, SELS will enter into a lease with the City under the terms of which SELS will obligate itself to pay to the City (or to a trustee, as the case may be) rental, including sums sufficient in the aggregate to pay the principal of, interest on, redemption premiums, paying agents' fees, and trustee's fees, if any, on the Bonds, as and when the same become due and payable, with such lease to .contain such other provisions as may be required or permitted by law and mutually acceptable to the City and SELS. . (b) SELS will be required to pay all costs of the Project which are not or cannot be paid or reimbursed from the proceeds of the Bonds, as agreed by the City and SELS. Section 4. It is recognized and agreed by SELS that the City may, in its sole discretion, exercise its rights and perform its obligations with respect.to the financing of the Project either through itself or through any agency,AP~~~h~~ity or corporation acting on behalf of the City. CITY CQUNC~~ `:~ .~ ~~R ~ ® X93 a ~~.aJ C'1 City $ecre4~ry aS the City of Fort Waith.7t'ex~9r . ~_.a~ s ADOPTED on this, the ~ day of 1993. - 4 - 0932a