HomeMy WebLinkAboutContract 54755 CSC No . 54755
Agreement ID#:00106902.0
Date:9/22/2020
DearAlex Laufer,
Thank you for requesting a Public Rating for Fort Worth from Fitch Ratings, Inc.("Fitch").
The Issuer agreesto pay Fitch fees for credit rating services as set forth below:
Fee Details
Rating Fee:
Par Amount Fee
$75,000,000-$99,999,999 $45,000
$100,000,000-$149,999,999 $61,000
Payment of these fees is not contingent on the issuance or sale of the rated securities, your use of the
ratings, Fitch's issuance of a particular rating or any other work performed. Fees are due and payable
within 30 days of your receipt of an invoice from Fitch.
All fees and charges quoted are net of sa les taxes. Issuer acknowledges and agrees that to the extent it
is exempt from payment of sales tax, it is Issuer's obligation to provide Fitch with all necessary
documentation from the relevant state authority confirming such exemption or pay sales taxes included
on the invoice from Fitch.
In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and from
other sources Fitch believes to be credible. The Issuer recognizes the need to supply Fitch with all
information relevant to evaluating the ratings, including without limitation any information identified by
Fitch in any questionnaire that may be forwarded to the Issuer or its agents periodically. The Issuer
further recognizes the importance to monitored ratings of keeping.Fitch informed on a timely basis of all
material changes in the information provided to Fitch, potential material events and the overall financial
condition of the rated entity.
Fitch reserves the right in its sole discretion to raise, lower, place on Rating Watch or withdraw any
rating at any time for any reason it deems sufficient. Under such circumstances, no fees paid to Fitch
will be returned.
Fitch is not responsible for any underwriting, credit, loan, purchase, strategic or investment decision.
Ratingsare not a recommendation or suggestion, directly or indirectly, to the Issuer or any other person,
to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with
respect to any investment, loan or security or any entity. Ratings do not comment on the adequacy of
market price, the suitability of any investment, loan or security for a particular investor (including
without limitation, any accounting and/or regulatory treatment), or the tax-exempt nature or taxability
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH, TX
of payments made in respect of any investment, loan or security. Fitch is not the Issuer's advisor and is
not providing the Issuer or any other party any financial advice, or any legal, auditing, accounting,
appraisal, valuation or actuarial services. A rating should not be viewed as a replacement for such advice
or services. Nothing in the fee agreement is intended to or should be construed as creating a fiduciary
relationship betweenthe Issuer and Fitch or between Fitch and any user of a rating.
The Issuer acknowledges that Fitch's rating is subject to both (i) the analytical process and limitations
described in this fee agreement and (ii) the provisions relating to understanding ratings, including the
usage and limitations thereof, found on Fitch's website, www.fitchratings.com. Subject to any specific
limitations set forth elsewhere in the fee agreement, nothing in the fee agreement shall limit Fitch's
right to publish, disseminate or license others to publish or otherwise to disseminate the ratings or the
rationale for the ratings.
The Issuer agrees that each of Fitch's affiliates and subsidiaries is an intended third party beneficiary of
the fee agreement. The Issuer further agrees that nothing in this fee agreement, or the rating when
issued, is intended to create rights in any third parties other than Fitch's affiliates and subsidiaries,
including any users or recipients of ratings.
If the Issuer,or your firm on behalf of the issuer, is in agreement with the above, please accept below
indicating such agreement.Work will commence after receipt of written agreement to the above terms.
You should separatelyforward materials needed to provide the rating service directly to the analyst.
Ratings assigned by Fitch shall be valid and effective only if the rating letter assigning the rating contains
the Agreement ID number set forth in this letter, and, in the case of a public rating, the rating is
published on Fitch'swebsite.
Please let me know if you have any questions and thanks again for choosing Fitch Ratings.
Best regards,
Richard Packard
If you are in agreement please type "Accept"below.
Reginald Zeno(Sep 28,202011:38 CDT)
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH, TX
ORTWORTH
MEMORANDUM
Date: September 28, 2020
To: File
From: Alex Laufer, Debt Manager
Re: Delegated Authority in connection with the City of Fort Worth, Texas
Drainage Utility System Revenue Refunding and Improvement Bonds,
Series 2020
The purpose of this memo is to document the authority of the City Manager and/or the
Chief Financial Officer/Director of Financial Management Services ("CFO") to effect the
sale of the City of Fort Worth, Texas Drainage Utility System Revenue Refunding and
Improvement Bonds, Series 2020 ("Series 2020 Drainage Bonds") and enter into related
agreements and for the CFO to execute related contractual documents.
On September 22, 2020, the Mayor and Council adopted an ordinance authorizing the
issuance and sale of the Series 2020 Drainage Bonds (M&C 20-0727; Ordinance 24453-
09-2020) (the "Ordinance"). The Ordinance designated the City Manager and CFO
individually, but not collectively, each as a "Designated Financial Officer" with authority to
effect the sale of the bonds within the parameters of the Ordinance approved by the Mayor
and Council. The Ordinance explicitly authorizes execution of an escrow agreement
(Section 27) and payment to the Attorney General for examination of the bonds (Section
29) and implicitly authorizes engagement of agencies to rate the drainage system and
bonds (Section 2).
Section 29 of the Ordinance also designates the CFO as "a special Acting Assistant City
Manager for the limited purposes of executing [all] documents on behalf of the City in
accordance with this Ordinance" and the sale of the bonds.
Therefore under the terms of the Ordinance the City Manager or the CFO is authorized
to execute contracts related to issuance and sale of the Series 2020 Drainage Bonds.
Concur:
9/28/2020
Denis McElroy Date
Senior Assistant City Attorney
Contract Compliance Manager:
By signing I acknowledge that I am the person responsible
for the monitoring and administration of this contract, including
ensuring all performance and reporting requirements.
Alex Laufer /�dz�-
Name of Employee/Signature
Debt&Compliance Manager
Title
This form is N/A as No City Funds are associated with this Contract
Alex Laufer �1�'4dzb'
Printed Name Signature
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OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX