The URL can be used to link to this page

Home My WebLink AboutContract 55809CSC N o. 55809 Agreement ID #: 00129893,0 Date:4/30/2021 Dear Reggie Zeno, Thank you for requesting Public Ratingsfor the City of Fort Worth from Fitch Ratings, Inc. ("Fitch"), The Issuer agreesto pay Fitch fees for credit rating services as set forth below: � � Rating Fee for General Purpose RefundingS21, General Purpose Refunding S21(taxable), Certificates of Obligation S21 & Tax Notes S21C: Par Amount Fee $1.50,000,000- $199,999,999 $75,000 $200, 000,000 - $299, 999, 999 $90,000 Rating Fee for Waterand SewerSystem Revenue Refunding 521: Par Amount Fee $100,000,000- $149,999,999 $61,000 $150,000,000-$ 199,999,999 $75,000 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 ofyour receipt of an invoice from Fitch. All fees and charges quoted are net of sales 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 paysalestaxes included on the invoice from Fitch. In issuing and maintaining its ratings, Fitch relies on factual information it receivesfrom issuers and fram 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 lssuer further recognizes the importance to monitored ratings of keeping Fitch informed on a time ly 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 a ny rating at any time for any reason it deems sufficient. Under such circumstances, no fees paid to Fitch will be returned, OFFICIAL REC�RD CITY SECRETARY FT. VIIORTH, TX Fitch is not responsible for any underwriting, credit, loan, purchase, strategic or investment decision. Ratings are 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 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 between the 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 separately forward 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's website. 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. FORTWORTH MEMORANDUM Date: June 7, 2021 To: Charissa A. Williams, Financial Management Services Department ___;),.. f'i��.,- From: Denis McElroy, Assistant City Attorney Subject: Delegated Authority in connection with the City of Fort Worth, Texas The puipose 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 various Council- authorized bond and debt obligations and to enter into related agreements and for the CFO to execute related contractual documents. On April 13, 2021, the Mayor and Council adopted oi•dinances authorizing issuance and sale of taxable and tax-exempt general obligation bonds, tax notes, certificates of obligation, and water and sewer system revenue bonds (Ordinances 24799, 24801, 24892, 24805, 24808, and 24811-04-2021, collectively the "Debt Ordinances"). Each of the Debt Ordinances designated the City Manager and the CFO as the City's agent with authority to effect the sale of the debt within the parameters of the specific ordinance as approved by the Mayor and Council. The Council-approved Debt Ordinances also generally provided these individuals with authority to undertake all actions and execute all instruments, whether or not mentioned in the ordinance, that are deemed necessary to complete the sale. Because each Debt Ordinance generally contemplates the debt having and maintaining a rating, in my opinion the rating-agency agreements are necessaiy instruments in order to effect the sale of the debt, and execution of the instruments is authorized by the Debt Ordinances even though these contracts ai•e not specifically identified. Each ordinance also contains language designating the Chief Financial Officer/ Director of Financial Management Services as a special Acting Assistant City Manager for the limited purposes of executing certificates, agreements, notices, instruction letters, requisitions, and other documents on behalf of the City in accordance with the corresponding Debt Ordinance. Therefore, under the terms of the Debt Oi•dinances, the City Manager or the CFO is authorized to execute contracts related to issuance and sale of the debt obligations authorized under the terms of the Debt Ordinances. Contract Compliance Manager: By signing I acknowledge that 1 am the person ►•esponsible for the monitoring a�ad adminish�ation of this contract, including ensuring all perfoimance and repoi�ting requu•ements, Alex Laufer /�'U U Name of Employee/Signatui•e Debt & Compliance Manager Title []I This form is N/A as No City Funds are a�clated with this Contract Alex Laufer /� Printed Name Signature �i i�1 '•I , Jun 7, 2021