HomeMy WebLinkAboutOrdinance 23209-05-2018 ORDINANCE NO. 23209-05-2018
AN ORDINANCE FINDING THAT THE SPECIAL
ELECTION CONDUCTED ON MAY 5, 2018, ON THE
QUESTION OF THE ISSUANCE OF AD VALOREM TAX
SUPPORTED PUBLIC SECURITIES WAS DULY AND
LAWFULLY HELD; DECLARING THE RESULTS OF THE
ELECTION; AND EXPRESSING OFFICIAL INTENT TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF
FUTURE DEBT
WHEREAS,on February 6,2018,the City Council of the City of Fort Worth adopted Ordinance
23108-02-2018 Ordering an Election by the Qualified Voters of the City of Fort Worth,Texas,on May 5,
2018,on the Question of the Issuance of Ad Valorem Tax Supported Public Securities for the 2018 Capital
Improvement Program;and
WHEREAS,all circumstances surrounding calling of election,giving of notice,holding of election,
and return of ballots have been legally had and done;and
WHEREAS,a tabulation of the votes for and against each measure in each precinct and the sum
of the precinct totals has been prepared in accordance with State law;and
WHEREAS,more than fifty percent of the votes cast with regards to Propositions A,B, C,D,E,
and F were cast in favor of the listed propositions, meaning that public securities outlined in the listed
propositions may be issued in accordance with State law;and
WHEREAS, the City expects to pay expenditures from available funds in connection with the
public-securities-funded capital improvement program representing the listed propositions approved with
more than fifty percent of the votes cast(collectively,the 'Project")prior to the issuance of the securities
by the City in connection with the financing of the Project;and
WHEREAS, the City finds, considers, and declares that the reimbursement of the City for the
payment 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
Treasury Regulations, to reimburse itself for such payments at such time as it issues public securities to
finance the Project.
NOW THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
SECTION 1.
The City Council officially finds and determines that the election on May 5, 2018 was duly and
lawfully held.
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SECTION 2.
The City Council officially finds and determines that the following votes were cast at the election
held on May 5, 2018, at which election the following Propositions were submitted for consideration by
the resident, qualified electors of the City of Fort Worth who voted at the election:
PROPOSITION A
THE ISSUANCE OF TAX-SUPPORTED PUBLIC SECURITIES
FOR STREETS AND MOBILITY INFRASTRUCTURE
IMPROVEMENTS IN THE AGGREGATE PRINCIPAL AMOUNT
OF $261,630,080
Tarrant County Denton County Parker County Total
FOR 14,931 63 0 14,994
AGAINST 3,591 25 0 3,616
PROPOSITION B
THE ISSUANCE OF TAX-SUPPORTED PUBLIC SECURITIES
FOR PARKS AND RECREATION IMPROVEMENTS IN THE
AGGREGATE PRINCIPAL AMOUNT OF $84,180,600
Tarrant County Denton County Parker County Total
FOR 13,653 52 0 13,705
AGAINST 49814 36 0 4,850
PROPOSITION C
THE ISSUANCE OF TAX-SUPPORTED PUBLIC SECURITIES
FOR PUBLIC LIBRARY IMPROVEMENTS IN THE AGGREGATE
PRINCIPAL AMOUNT OF $9,868,500
Tarrant County Denton County Parker County Total
FOR 14,087 52 0 14,139
AGAINST 4,376 35 0 4,411
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PROPOSITION D
THE ISSUANCE OF TAX-SUPPORTED PUBLIC SECURITIES
FOR FIRE SAFETY IMPROVEMENTS IN THE AGGREGATE
PRINCIPAL AMOUNT OF $11,975,820
Tarrant County Denton County Parker Countv Total
FOR 15,246 66 0 15,312
AGAINST 39229 22 0 3,251
PROPOSITION E
THE ISSUANCE OF TAX-SUPPORTED PUBLIC SECURITIES
FOR ANIMAL CARE AND SHELTER FACILITY
IMPROVEMENTS IN THE AGGREGATE PRINCIPAL AMOUNT
OF $13,770,000
Tarrant County Denton County Parker County Total
FOR 13,621 47 0 13,668
AGAINST 4,827 41 0 4868
PROPOSITION F
THE ISSUANCE OF TAX-SUPPORTED PUBLIC SECURITIES
FOR POLICE FACILITY IMPROVEMENTS IN THE
AGGREGATE PRINCIPAL AMOUNT OF $18,075,000
Tarrant County Denton County Parker County Total
FOR 14,855 63 0 14,918
AGAINST 3,642 25 0 3,667
SECTION 3.
The City Council officially finds, determines, and declares the result of said election to be
that the aforesaid Propositions A, B, C, D, E, and F so submitted that are shown above have received
a favorable majority vote, that such Propositions A, B, C, D, E, and F therefore have passed and
that the tax-supported public securities authorized by the aforesaid Propositions A,B,C,D,E,and
F may be issued and the ad valorem tax supporting said public securities may be levied and
pledged by the City within the limits prescribed by law.
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SECTION 4.
The City intends for the obligations approved by the voters at the election to be issued as
tax-exempt obligations under the provisions of the Internal Revenue Code of 1986. The City
expects to pay expenditures from available funds in connection with the design, planning,
acquisition, and construction of the projects described in the propositions approved by the voters
prior to the issuance of obligations authorized at the election. The City Council hereby 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 obligations authorized by the voters at the
election for such purpose. All expenditures to be reimbursed will be capital expenditures; the
obligations authorized to be issued by the voters at the election 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, no obligations will be issued on a date that is more than three years after the date
any expenditure which is to be reimbursed is paid.
SECTION S.
This ordinance shall take effect upon adoption.
etsy P ' e
Mayo e City of Fort Worth
ATTEST:
M&!Z
Mary J. Kay „ it Sec tary
APPROVED AS TO FORM AND LEGALITY:
Sarah J. Fu enwider, City Attorney
ADOPTED AND EFFECTIVE:
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