HomeMy WebLinkAboutOrdinance 25515-05-2022 ORDINANCE NO. 25515-05-2022
AN ORDINANCE FINDING THAT THE SPECIAL
ELECTION CONDUCTED ON MAY 7, 2022, ON THE
QUESTION OF THE ISSUANCE OF AD VALOREM TAX
SUPPORTED PUBLIC SECURITIES WAS DULY AND
LAWFULLY HELD; DECLARING THE RESULTS OF THE
ELECTION; AND EXPRESSING OFFICIAL INTENT TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF
FUTURE DEBT
WHEREAS,on February 8,2022,the City Council of the City of Fort Worth adopted Ordinance
25326-02-2022 Ordering an Election by the Qualified Voters of the City of Fort Worth, Texas,on May 7,
2022,on the Question of the Issuance of Ad Valorem Tax Supported Public Securities for the 2022 General
Obligation Debt Program;and
WHEREAS, all circumstances surrounding calling of election, giving of notice(including, but not
limited to, dissemination of voter information documents conforming with Section 1251.052(b)of the
Texas Government Code),holding of election,and return of ballots have been legally had and done; and
WHEREAS,a tabulation of the votes for and against each measure in each precinct and the sum
of the precinct totals has been prepared in accordance with State law;and
WHEREAS,more than fifty percent of the votes cast with regards to Propositions A,B, C,D,and
E were cast in favor of the listed propositions, meaning that public securities outlined in the listed
propositions may be issued in accordance with State law;and
WHEREAS,the City expects to pay expenditures from available funds in connection with the
public-securities-funded capital improvement program representing the listed propositions approved with
more than fifty percent of the votes cast(collectively, the 'Project")prior to the issuance of the securities
by the City in connection with the financing of the Project;and
WHEREAS,the City finds,considers,and declares that the reimbursement of the City for the
payment of such expenditures will be appropriate and consistent with the lawful objectives of the City and,
as such,chooses to declare its intention,in accordance with the provisions of Section 1.150-2 of the
Treasury Regulations,to reimburse itself for such payments at such time as it issues public securities to
finance the Project.
NOW THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS THAT:
SECTION 1.
The City Council officially finds and determines that the election on May 7, 2022 was duly and
lawfully held.
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SECTION 2.
The City Council officially finds and determines that the following votes were cast at the election
held on May 7,2022, at which election the following Propositions were submitted for consideration by
the resident, qualified electors of the City of Fort Worth who voted at the election:
PROPOSITION A
THE ISSUANCE OF $369,218,300 OF PUBLIC SECURITIES FOR
STREETS AND MOBILITY INFRASTRUCTURE
IMPROVEMENTS AND THE IMPOSITION OF TAXES
SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST ON THE
PUBLIC SECURITIES
Tarrant County Denton County Parker County Total
FOR 19,671 261 37 19,969
AGAINST 9,514 244 19 9,777
PROPOSITION B
THE ISSUANCE OF $123,955,500 OF PUBLIC SECURITIES FOR
PARK AND RECREATION IMPROVEMENTS AND THE
IMPOSITION OF TAXES SUFFICIENT TO PAY THE PRINCIPAL
AND INTEREST ON THE PUBLIC SECURITIES
Tarrant County Denton County Parker County Total
FOR 17,893 219 32 18,144
AGAINST 119148 284 23 11,455
PROPOSITION C
THE ISSUANCE OF $12,505,200 OF PUBLIC SECURITIES FOR
PUBLIC LIBRARY IMPROVEMENTS AND THE IMPOSITION OF
TAXES SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST
ON THE PUBLIC SECURITIES
Tarrant County Denton County Parker County Total
FOR 17,639 231 25 17,895
AGAINST 11,335 269 30 11,634
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PROPOSITION D
THE ISSUANCE OF $39,321,000 OF PUBLIC SECURITIES FOR
POLICE AND FIRE PUBLIC SAFETY IMPROVEMENTS AND
THE IMPOSITION OF TAXES SUFFICIENT TO PAY THE
PRINCIPAL AND INTEREST ON THE PUBLIC SECURITIES
Tarrant County Denton County Parker County Total
FOR 21,581 344 42 21,967
AGAINST 77498 155 14 7,667
PROPOSITION E
THE ISSUANCE OF $1570007000 OF PUBLIC SECURITIES FOR
ACQUISITION, SITE PREPARATION, AND ACCESSIBILITY
ENHANCEMENTS FOR NATURAL AREA AND OPEN SPACE
IMPROVEMENTS AND THE IMPOSITION OF TAXES
SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST ON THE
PUBLIC SECURITIES
Tarrant County Denton County Parker County Total
FOR 16,557 204 31 167792
AGAINST 129251 290 24 12,565
SECTION 3.
The City Council officially finds, determines, and declares the result of said election to be
that the aforesaid Propositions A,B, C,D,and E so submitted that are shown above have received a
favorable majority vote; that such Propositions A, B, C, D, and E therefore have passed; that the
tax-supported public securities authorized by the aforesaid Propositions A,B, C, D, and E may be
issued; and that the ad valorem tax supporting said public securities may be levied and pledged
by the City within the limits prescribed by law.
SECTION 4.
The City intends for the obligations approved by the voters at the election to be issued as
tax-exempt obligations under the provisions of the Internal Revenue Code of 1986. The City
expects to pay expenditures from available funds in connection with the design, planning,
acquisition, and construction of the projects described in the propositions approved by the voters
prior to the issuance of obligations authorized at the election. The City Council hereby declares
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that the reimbursement of the payment by the City of such expenditures will be appropriate and
consistent with the lawful objectives of the City and, as such, chooses to declare its intention, in
accordance with the provisions of Section 1.150-2 of the U.S. Treasury Regulations, to reimburse
itself for such payments at such time as it issues the obligations authorized by the voters at the
election for such purpose. All expenditures to be reimbursed will be capital expenditures; the
obligations authorized to be issued by the voters at the election shall be issued within 18 months
of the later of(i) the date the expenditures are paid or (ii) the date on which the property, with
respect to which such expenditures were made, is placed in service; and the foregoing
notwithstanding,no obligations will be issued on a date that is more than three years after the date
any expenditure which is to be reimbursed is paid.
SECTION 5.
This ordinance shall take effect upon adoption.
Mattie er
Mayor of the City of Fort Worth
ATTE
�oF FORT
o
J ette S. Goodall, City ecr tary
APPROVED AS TO FORM AND LEGALITY: XAS
Leann Guzman, City Attorney
ADOPTED AND EFFECTIVE: May 17, 2022
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