HomeMy WebLinkAboutResolution 4010-07-2011A Resolution
NO. 4010 -07 -2011
RESOLUTION AUTHORIZING DEFEASANCE OF
AD VALOREM TAX SUPPORTED OBLIGATIONS
WHEREAS, the City of Fort Worth, Texas (the "City ") has outstanding the following
obligations:
City of Fort Worth, Texas General Purpose Refunding and Improvement Bonds, Series 2001 (the
"Series 2001 Bonds ");
City of Fort Worth, Texas Combination Tax and Revenue Certificates of Obligation, Series 2001
(the "Series 2001 Certificates ");
City of Fort Worth, Texas General Purpose Bonds, Series 2001A (the "Series 2001A Bonds ");
and
WHEREAS, the proceedings adopted by the City Council authorizing the issuance of the Series
2001 Bonds, the Series 2001 Certificates and the Series 2001A Bonds each provide that the City may
effect a defeasance of the Series 2001 Bonds, the Series 2001 Certificates and the Series 2001A Bonds,
respectively, prior to their scheduled maturities; and
WHEREAS, City staff has determined and recommended to the City Council that effecting the
defeasance of the Series 2001 Bonds, the Series 2001 Certificates and the Series 2001A Bonds in the
manner described below will be the most beneficial use of moneys in the Interest and Redemption Fund
for each such series (the "Available Moneys "), resulting in the reduction of the outstanding indebtedness
secured thereby.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Section 1. That the City Council hereby authorizes the use of water and sewer system revenues
for the purpose of effecting the defeasance of (a) the Series 2001 Bonds maturing on March 1 in each of
the years 2018 and 2021, aggregating $2,400,000 in principal amount, (b) the Series 2001 Certificates
maturing on March 1, 2021, aggregating $1,020,000 in principal amount, and (c) the Series 2001A
Bonds maturing on March 1 in each of the years 2016 through 2021, aggregating $5,700,000 in principal
amount (collectively, the "Defeased Obligations ").
Section 2. That the City Manager is hereby directed to cause the Defeased Obligations to be
redeemed prior to their scheduled maturities. The City Manager is hereby directed to determine the date
the Defeased Obligations are to be redeemed, provided, that the date fixed for redemption shall occur no
more than 90 days from the date this Ordinance is adopted. Notice of the redemption of the Defeased
Obligations shall be in substantially the form attached to this Ordinance as Exhibit A, and shall be given
in the manner provided in the proceedings authorizing the issuance of the respective series of Defeased
Obligations.
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Resolution No. 4010 -07 -2011
Section 3. That the City Manager is hereby directed to fund the defeasance of the Defeased
Obligations from Available Moneys in an amount equal to the principal amount of the Defeased
Obligations to be redeemed, plus accrued interest on the Defeased Obligations to the date fixed for
redemption.
Section 4. That this Resolution shall become effective immediately upon its adoption, in
accordance with the provisions of Section 1201.028, Texas Government Code.
Section 5. That this City Council officially finds and determines that the meeting
at which this Resolution is adopted was open to the public, and that public notice of the
time, place, and purpose of such meeting was given, all as required by Chapter 551,
Texas Government Code.
Adopted this 26`h day of July 2011.
ATT
Marty Hendrix, City Secretary
APPROVED AS TO FORM AND LEGALITY:
City Attorn , City of Fort Worth, Texas
ORT WORT
9
APPROVED
ITY COUNCIL
JUL 26 2011
City Secretary of the
City of Fort Worth, Texas