HomeMy WebLinkAboutResolution 3929-10-2010 A Resolution
NO. 3929-10-2010
WAIVING THE CITY OF FORT WORTH RECOVERY
ZONE BOND ALLOCATION UNDER THE AMERICAN RECOVERY AND
REINVESTMENT ACT OF 2009
WHEREAS, pursuant to the American Recovery Reinvestment Act of 2009, the
federal government allocated a certain amount of Recovery Zone Bonds to each state to
distribute to certain cities and counties to be used for qualified economic development
purposes and qualified business purposes in areas designated as Recovery Zones; and
WHEREAS, the total Recovery Zone Bond allocation for the State of Texas is
$225 million, which is to be allocated to certain counties and large cities with population
greater than 100,000; and
WHEREAS, IRS Notice 2009-50 provides that counties or municipalities may use
the allocation, designate another unit of government as the issuer, or waive any part of
the allocation; and
WHEREAS, the City of Fort Worth has received a total allocation of $1,999,000
for Recovery Zone Economic Development Bonds and $2,999,000 for Recovery Zone
Facility Bonds; and
WHEREAS, in consultation with the City's financial advisors and bond counsel,
the Economic Development and Financial Management Services Departments are
recommending waiver of the City of the Fort Worth Recovery Zone Bond allocations
because use of the bonds would be economically inefficient for the City at this time; and
WHEREAS, the Texas Bond Review Board is administering this program and
requesting any entity that will not be utilizing the bonds to waive its allocation no later
than October 29, 2010 so that the bond amounts can be reallocated by the state.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
ORT WO
RESOLUTION NO. 3929-10-2010
THAT, the City of Fort Worth hereby waives its total bond allocations of
$1,999,000 for Recovery Zone Economic Development Bonds and $2,999,000 for
Recovery Zone Facility Bonds pursuant to the American Recovery and Reinvestment
Act.
The City of Fort Worth hereby authorizes the State of Texas, and/or its designated
agency, to reallocate such bond amounts in any reasonable manner as it shall determine
in good faith in its discretion.
Adopted this 26th day of October 2010.
ATTEST: APPROVED
CITY COUNCIL
By: y_ _ _ OCT S 6 2010
Marty Hendrix, City Secretary Cotthe
Cky CRY of Fort Worth,Text
FoRTWORTH