HomeMy WebLinkAboutOrdinance 23653-05-2019 •
Ordinance No. 23655-05-2019
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE
GENERAL DEBT SERVICE FUND IN THE AMOUNT OF $1,250,000.00, FROM
AVAILABLE FUNDS, FOR THE PURPOSE OF FUNDING THE COST OF ISSUANCE OF
SERIES 2019 GENERAL PURPOSE BONDS; PROVIDING FOR A SEVERABILITY
CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2018-2019 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
General Debt Service Fund in the amount of$1,250,000.00, from available funds, for the purpose of funding
the cost of issuance of series 2019 general purpose bonds.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair
the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall
be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance 23392-09-2018 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of
said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
7174 VE A. TO FORM AND LEGALITY: CITY SECRETARY
ii T=MiS C. i1caUwi'‘ ,
Assistant Cit 0•rney M ry J. Kay r
ADOPTED AND EFFECTIVE: May 7, 2019
Ordinance No. 23652-05-2019
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE
GENERAL DEBT SERVICE FUND IN THE AMOUNT OF $1,250,000,00, FROM
AVAILABLE FUNDS, FOR THE PURPOSE OF FUNDING THE COST OF ISSUANCE OF
SERIES 2019 GENERAL PURPOSE BONDS; PROVIDING FOR A SEVERABILITY
CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN
EFFECTIVE DATE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2018-2019 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
General Debt Service Fund in the amount of $1,250,000.00, from available funds, for the purpose of funding
the cost of issuance of series 2019 general purpose bonds.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair
the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall
be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance 23392-09-2018 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of
said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
VE A TO FORM AND LEGALITY: CITY SECRETARY
q LIS C C6 d4M
Assistant Cit A rney Miry J. Kay r
ADOPTED AND EFFECTIVE: Mav 7. 2019
City of Fort Worth, Texas
Mayor and Council Communication
DATE: Tuesday, May 7, 2019 REFERENCE NO.: G-19530
LOG NAME: 13SERIES 2019 GENERAL PURPOSE BONDS
SUBJECT:
Adopt Ordinance Providing for Issuance and Sale of General Purpose Bonds Series 2019 in an Aggregate
Principal Amount Not to Exceed $114,725,000.00, Establishing Parameters with Respect to Sale of the
Bonds, Delegating to Designated City Officials Authority to Effect the Sale of the Bonds, Enacting Other
Provisions Related to the Subject, and Declaring an Immediate Effective Date; and Adopt Appropriation
Ordinance (ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance authorizing the issuance of Series 2019 General Purpose Bonds in an
aggregate principal amount not to exceed $114,725,000.00 for the purpose of funding projects within the
2014 bond program and 2018 bond program to include (i) constructing permanent street and
transportation improvements (2014 election); streets and public mobility improvements (2018 election);
parks, recreation and community center improvements (2014 election); parks and recreation
improvements (2018 election); library system improvements (2014 election); fire safety improvements
(2014 and 2018 elections); municipal courts improvements; and police facility improvements; (ii) paying
the costs of issuance associated with the issuance of the Bonds; authorizing execution of all related
documents; ordaining related matters, including approving the sale of the notes subject to certain
parameters, as set forth in the ordinance, being met and providing for levy, assessment and collection of a
property tax sufficient to pay the interest on and principal of the bonds if other revenues are not otherwise
available and appropriated for those payments;
2. Adopt the attached appropriation ordinance increasing receipts and appropriations in the General Debt
Service Fund in the amount of $1,250,000.00, subject to the sale of bonds and receipts of proceeds, for
the purpose of paying costs of issuance.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to take actions associated with issuance
as part of the 2014 bond program and 2018 bond program.
Adoption of the attached bond ordinance approves the issuance and sale of Series 2019 General Purpose
Bonds for the purpose of (i) constructing permanent street and transportation improvements (2014
election); streets and public mobility improvements (2018 election); parks, recreation and community
center improvements (2014 election); parks and recreation improvements (2018 election); library system
improvements (2014 election); fire safety improvements (2014 and 2018 elections); municipal courts
improvements; and police facility improvements; and (ii) paying the costs of issuance associated with the
issuance of the Bonds.
Logname: 13SERIES 2019 GENERAL PURPOSE BONDS Page 1 of 2
The proposed bond sale will fund capital projects in alignment with the 2014 and 2018 Bond Program
Capital Improvement Plans.
Staff is recommending that these bonds be sold through a competitive sale with identified city
representatives being authorized to approve the terms of the sale so long as it comes within the
parameters set forth in the Council -adopted ordinance. Key parameters include providing for levy,
assessment and collection of a tax sufficient to pay the interest on and principal of the bonds if other
revenues are not otherwise available and appropriated for those payments.
Rating agency presentations for Moody's, Fitch, Standard & Poor's, and Kroll will be conducted in early
May of 2019. Ratings are anticipated to be received in Mid -May. Bids for the sale of the bonds are
estimated to be submitted on June 19, 2019. Subsequent to accepting the best bid and awarding the sale
of the bonds, the City will seek approval of the debt transactions from the Texas Attorney General with an
estimated closing date of July 16, 2019.
This M&C does riot request approval of a contract with a business entity.
FISCAL INFORMATION /CERTIFICATION:
The Director of Finance certifies that upon adoption of the attached ordinances, the sale of the 2019
General Purpose Bonds will occur as required under the parameters set forth therein and funds will be
available in the General Debt Service Fund to repay the debt when due and payable.
FUND IDENTIFIERS (FIDs):
TO
Fund Department Accoun Project Program ctivity Budget Reference # moun
ID ID Year Chartfield 2
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CERTIFICATIONS:
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
Susan Alanis (8180)
Kevin Gunn (2015)
Alex Laufer (2268)
Logname: 13SERIES 2019 GENERAL PURPOSE BONDS Page 2 of 2