HomeMy WebLinkAboutOrdinance 26067-04-2023ORDINANCE 26067-04-2023
ORDINANCE AUTHORIZING ISSUANCE OF TAX NOTES OF THE CITY
OF FORT WORTH, TEXAS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $20,000,000;
APPROVING THE SALE OF THE NOTES; ESTABLISHING PARAMETERS WITH
RESPECT TO THE SALE OF THE NOTES; DELEGATING TO DESIGNATED CITY
OFFICIALS THE AUTHORITY TO EFFECT THE SALE OF THE NOTES; ENACTING
OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN
IMMEDIATE EFFECTIVE DATE
THE STATE OF TEXAS
COUNTIES OF TARRANT, DENTON, WISE, PARK.ER AND JOHNSON
CITY OF FORT WORTH
WHEREAS , the Issuer (such term and other capitalized terms used in this Ordinance being as
defined in Exhibit A attached hereto), is a home-rule municipality having a total population of at
least 80,000 according to the last preceding federal census , and was organized , created and
estab li shed pursuant to the Constitution and la ws of the State of Texas ; and
WHEREAS , the City Council is authorized pursuant to Chapter 1431 to issue notes for
specified purposes, including, without limitation, to pay a contractual ob li gation incurred or to be
incurred for the construction of a public work and the purchase of materials, supp li es , equipment,
machinery, buildings , lands , and rights-of-way for an issuer's authorized needs and purposes ; and
WHEREAS, the City Council deems it in the be st interest of the Issuer to issue the Notes ,
pursuant to Chapter 1431, for the purposes hereinafter stated, and to secure the payment of the Notes
from a pledge of the ad valorem taxes assessed and collected by the City; and
WHEREAS , because of fluctuating conditions in the municipal bond market, the City
Counci l delegates to the City Manager and the Chief Financial Officer/Director of Financial
Management Services of the City, individu a ll y, but not co ll ectively (each, a "Pricing Officer"), the
authority to effect the sa le of the Notes , subject to the parameters described in this Ordinance .; and
WHEREAS , in accordance with the provisions of Section 1431.003, Texas Government
Code, the City may exercise the authority granted to the governing body of an issuer w ith regard to
the issuance of ob li gations under Chapter 1371, Texas Government Code ("Chapter 1371 ").
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
Section 1. RECITALS, AMOUNT AND PURPOSE OF NOTES. That the note or notes
of the City to be called "City of Fort Worth , Texas Tax Notes , Series 2023" (the "Notes"), shall be
issued under and by virtue of the Constitution and laws of the State of Texas and the Charter of the
City in an aggregate principal amount not to exceed $20,000 ,000 , for the purpose of PA YING
CONTRACTUAL OBLIGATIONS INCURRED OR TO BE INCURRED FOR THE
CONSTRUCTION OF PUBLIC WORKS AND THE PURCHASE OF MATERIALS, SUPPLIES ,
EQUIPMENT, MACHINERY, BUILDINGS, LANDS , AND RIGHTS-OF-WAY , as more ful ly
described in Schedule I attached to this Ordinance (the "Projects"), and to pay the costs of issuance
of the Notes. The Notes are authorized pursuant to Chapter 1431 and other applicable laws of the
State of Texas. The City Council hereby finds that it is in the best interests of the City for the Notes
to be so ld by the Pricing Officer in the manner provided in this Ordinance. By adoption of this
Ordinance, the Chief Financial Officer/Director of Financial Management Services of the City, as a
Pricing Officer, is designated 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 this Ordinance.
Section 2. DELEGATION OF SALE OF NOTES; PARAMETERS. (a) Maximum
Maturity of Notes . That the Notes shall be sold as fully registered notes , without interest coupons ,
numbered consecutively from R-1 upward , payable to the respective initial registered owners of the
Notes, or to the registered assignee or assignees of the Notes, in any Authorized Denomination,
maturing not later than March 1, 2030 , payable serial ly or otherwise on the dates , in the years and in
the principal amounts , and dated , all as set forth in the Bidding Instructions and the Official Bid
Form , in the case ofNotes sold through a competitive sal e , and the Note Purchase Agreement, in the
case of Notes sold through a negotiated sale. The foregoing notwithstanding, the City agrees to
cause to be delivered to the Paying Agent/Registrar one (1) initial Note numbered T-1 (the "Initial
Note") and registered in the name as set forth in the Official Bid Form, in the case of Notes sold
through a competitive sale , or the Note Purchase Agreement, in the case of Notes sold through a
negotiated sale , following the approval by the Attorney General and the registration by the
Comptroller, as further provided in the FORM OF NOTE.
(b) Delegation of Authority. (i) Method of Sale. As authorized by Chapter 1371 , each
Pricing Officer is hereby authorized to effect the sale of all or any of the Notes authorized to be sold
by this Ordinance, whether by competitive sale, or by negotiated sale conducted either through a
public underwriting of the Notes, a private placement of the Notes , or both. The determination of
each Pricing Officer, acting for and on behalf of the City, relating to the method of and the terms and
conditions relating to the sale of Notes pursuant to this Ordinance shall have the same force and
effect as if such determination were made by the City Council. In effecting the sale of the Notes
authorized to be sold by this Ordinance , each Pricing Officer, acting for and on behalf of the City,
may determine any additional or different designation or title by which any series of Notes shall be
known , and the aggregate principal amount of Notes, if any , to be issued. The sale of the Notes,
including specifically the terms of the purchase price of the Notes , shal l be subject to the limitations
set forth in Section 2 of this Ordinance , and the provisions in subsection ( c) of this Section. Prior to
the delivery of any Notes authorized to be so ld by this Ordinance , whether by competitive sale or
negotiated sale, a Pricing Officer shall execute a certificate (a "Pricing Certificate") addressing the
matters described in this subsection with respect to the Notes sold under authority granted by this
Ordinance.
(ii) Competitive Sale . Each Pricing Officer, acting for and on behalf of the City, is hereby
authorized to seek competitive bids for the sa le of the Notes authorized to be sold by this Ordinance ,
and is hereby authorized to prepare and distribute the Bidding Instructions and the Official Bid Form
with respect to seeking competitive bids for the sale of the Notes. The Bidding Instructions shall
contain the terms and conditions relating to the sale of the Notes , including the date bids for the
purchase of the Notes are to be received , the date of the Notes, any additional designation or title by
which the Notes shall be known , the aggregate principal amount of the Notes to be sold , the price at
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which the Notes will be sold , the years in which the Notes will mature , the principal amount to
mature in each of such years, the rate or rates of interest to be borne by each such maturity, the
interest payment periods, the dates, price , and terms upon and at which the Notes shall be subject to
redemption prior to maturity at the option of the Issuer, as well as any mandatory sinking fund
redemption provisions, and all other matters relating to the issuance, sale and delivery of the Notes
so sold including, without I imitation, the use of municipal Note insurance for the Notes. Each Pricing
Officer, acting for and on behalf of the City, is hereby authorized to receive and accept bids for the
sale of Notes in accordance with the Bidding Instructions on such date as determined thereby. The
Notes so sold shall be sold at such price as such Pricing Officer shall determine to be the most
advantageous to the City, which determination shall be evidenced by the execution thereby of the
Official Bid Form submitted by the best and winning bidder. The Notes shall bear interest at the
rates per annum set forth in the Official Bid Form accepted as the best bid. One Note in the principal
amount maturing on each maturity date as set forth in the Official Bid Form shall be delivered to the
Purchasers, and the Purchasers shall have the right to exchange such Notes as provided in Section 5
hereof without cost. The FORM OF NOTE shall be revised to reflect the terms of the sale of the
Notes as reflected in the Official Bid Form accepted as the best bid for the Notes. The Notes shall
initially be registered in the name as set forth in the Official Bid Form. In case any officer whose
signature shall appear on the Notes shall cease to be such officer before the delivery of the Notes ,
such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer
had remained in office until such delivery.
(iii) Negotiated Sale -Underwriting. Each Pricing Officer, acting for and on behalf of the
City, is hereby authorized to sell all or any portion of the Notes authorized to be sold by this
Ordinance by a negotiated sale conducted as a public underwriting, and should each Pricing Officer
determine to sell Notes by negotiated sale conducted as a public underwriting, each Pricing Officer
may designate the senior managing underwriter for the Notes so sold by a negotiated sale pursuant to
this Section 3(b)(iii), and such additional investment banking firms as deemed appropriate by each
Pricing Officer to assure that the Notes are sold on the most advantageous terms to the City. Should
Notes be sold through a negotiated sale conducted as a public underwriting, each Pricing Officer,
acting for and on behalf of the City, is authorized to enter into and carry out a Note Purchase
Agreement with the Underwriters for the Notes, at such price, with and subject to such terms as
determined by each Pricing Officer, subject to the provisions of this Ordinance. One Note in the
principal amount maturing on each maturity date as set forth in the Note Purchase Agreement shall
be delivered to the Underwriters, and the Underwriters shall have the right to exchange such Notes as
provided in Section 5 hereof without cost. The Notes shall initially be registered in the name
designated by the Underwriters as set forth in a Note Purchase Agreement. In case any officer whose
signature shall appear on the Notes shall cease to be such officer before the delivery of the Notes,
such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer
had remained in office until such delivery. The Note Purchase Agreement shall be in the form and
substance as shall be acceptable to the Pricing Officer, including, without limitation, to contain such
terms and conditions as may be provided in accordance with subsection (d) of this Section.
(iv) Negotiated Sale -Private Placement. Each Pricing Officer, acting for and on behalf of
the City, is hereby authorized to sell all or any portion of the Notes authorized to be sold by this
Ordinance by a negotiated sale conducted as a private placement, and should each Pricing Officer
determine to sell Notes by negotiated sale conducted as a private placement, each Pricing Officer
may negotiate the sale of Notes pursuant to this Section 3(6 )(iv) with a bank or other financial
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institutions as deemed appropriate by each Pricing Officer to assure that the Notes are sold on the
most advantageous terms to the City. Should Notes be sold through a negotiated sale conducted as a
private placement, each Pricing Officer, acting for and on behalf of the City, is authorized to enter
into and carry out a Note Purchase Agreement with the Purchaser of the Notes, at such price, with
and s ubject to such terms as determine d by each Pricing Officer , s ubject to the provisions of this
Ordinance . One Note in the principal amount maturing on each maturity date as set forth in the Note
Purchase Agreement shall be delivere d to the Purchaser, and the Purchase r shall have the right to
exchange such Notes as provided in Section 5 hereof without cost. The Notes shall initially be
regi stered in the name designated by the Purchaser as set forth in a Note Purchase Agreement. In
case any officer whose signature shall appear on the Notes shall cease to be s uch officer before the
delivery of the Notes, such signature shall nevertheless be valid and sufficient for all purpo ses the
same as if such officer had remained in office until such delivery . The Note Purchase Agreement
shall be in the form and substance as shall be acceptable to the Pricing Officer, including, without
limitation , to contain such t erms and conditions as may be pro v ided in accordance with subsection
( d) of this Section.
(c) General; Other Parameters. (i) The City Council authorizes the City Manager and the
Chief Financial Officer/Director of Financial Management Services of the City to provide for and
oversee the preparation of a preliminary official statement and the final official statement (the
"Official Statement") in connection with the issuance of the Notes, and to approve the preliminary
official statement and the Official Statement and deem the preliminary official statement final , and to
provide the Official Statement to the Purchasers , in connection with Notes sold through a
competitive sale, or the Underwriters, in connection with Notes sold through a negotiated sale , in
compliance with the Rule. The Official Statement in th e form and content approved by a Pricing
Officer shall be deemed approved by the City Council and constitute the Official Statement
authorized for distribution to and use by the Purchase rs of the Notes, in connection with Notes sold
through a competitive sale, or th e Underwriters, in connection with Notes sold through a ne go tiated
sale. The Notes s hall not have a true interes t cost in excess of 6.00% and shall not have a net
effective interest rate, calculated in accordance with Chapter 1204 , Texas Government Code, in
excess of 15%.
(ii) A Pricing Officer shall not execute the Official Bid Form or a Note Purchase Agreement
unless (A) the Notes bear a rating at a level such that the Notes satisfy the requirements of Chapter
1371 to constitute "obligations", as such term is defined in Chapter 13 71 , and (B) the be st bidder, in
the case of Notes sold pursuant to a competitive sale , each Underwriter, in the case of Notes sold
pursuant to a negotiated sale conducted a s a public offering, or the Purchaser, in the case of Notes
sold pursuant to a negotiated sale conducted as a private placement, has confirmed to a Pricing
Officer that either it has made disclosure filings to the Texas Ethics Commission in accordance with
Section 2252.908, Texas Government Code or is exempt from making such filings under Section
2252.908( c )( 4 ), Texas Government Code. Within thirty (30) days of receipt of any disclosure filings
from the best bidder for the Notes, the City will acknowledge such disclosure filings in accordance
with the rules of the Texas Ethics Commission. Any findin g or determination made by a Pricing
Officer relating to the issuance and sale of the Notes shall have the same force and effect as a finding
or determination made by the City Council.
(iii) The foregoing notwithstanding, the purchase price to be paid for the Notes sold pursuant
to this Ordinance shall not be le ss than 95% of the aggregate principal amount thereof. The authority
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delegated to the Pricin g Officer to effect th e sa le of the Notes expires at the close of business on
September 30, 2023.
(d) Note Purchase Agreement. Should Notes be sold by a negotiated sale, each Pricing
Officer is hereby a uthori zed , appointed , and designated to act on behalf of the City in the selling and
delivering the Notes and carrying out the other procedures specified in this Ordinance, includin g
determining and fixin g th e date of the Notes, any additional or different des ignation or title by which
the Notes shall be known, the aggregate principal amount of the Notes to be sold, the price at which
the Notes will be so ld , the yea rs in which the Notes will mature , the principal amount to mature in
each of such years , the rate or rates of interest to be borne by each such maturity, the inte rest
payment period s, the dates , price , and terms upon and at which the Notes shall be subject to
redemption prior to maturity at the option of the Issuer, as well as any mandatory sinking fund
redemption provisions, and all other matters relatin g to the iss uance , sale, and delivery of the Notes,
including, without limitation , the use of municipal bond insurance for the Notes , all of which shall be
specified in the Note Purchase Agreement. Eac h Pricing Officer, act ing for and on behalf of the
City, is authorized to enter into with the Underwriters, in the case ofNotes so ld through a negotiated
sale conducted as a public underwriting, and the Purchaser, in th e case of Notes sold throu g h a
negotiated sale conducted as a private placeme nt, and to carry out the conditions specified in a Note
Purchase Agreement for the Notes, at such price and subject to such terms as are set forth therein.
Section 3. RIGHT OF PRIOR REDEMPTION . (a) Optional Redemption. That the Notes
may be subject to redemption prior to their sc heduled maturities at the option of the City, on the
dates and in the manner provided in the Biddin g Instruction s, in the case of Notes so ld through a
competitive sale, or the Note Purchase Agreement, in the case ,ofNotes sold throu g h a negotiated
sale. Should the Notes be s ubject to redemption prior to their scheduled maturities , ifless than all of
the Notes are to be red eemed by the City, the City s hall determine the maturity or maturities and the
amounts to be redeemed and shall direct the Paying Agent/Registrar to call by lot Notes, or portions
of Notes, within a maturity and in the principal amounts for redemption; provided , that during any
period in which ownership of the Notes is determined only by a book entry at a sec urities depository
for the Notes, if fewer than all of the Notes of the same maturity and bearing the same interest rate
are to be redeemed , the particular Notes shall be selected in accordance with the arrangements
between the City and the securities depository. The FORM OF NOTE shall be revised to reflect any
optional redemption of the Notes, to the extent provided in the Bidding Instructions and incorporated
by reference into the Official Bid Form accepted by a Pricing Officer as the best bid on the Notes, in
connection with a competitive sale, or to the extent provided in the Note Purchase Agreement,
executed in connection with a negotiated sale. The optional redemption of Notes at the option of the
City may be made conditional upon the occurrence of certain events, as may be provided for in the
FORM OF NOTE.
(b) Mandatory Redemption. Should the Official Bid Form or a Note Purchase Agreement, as
the case may be , provide for the mandatory sinking fund redemption of the Notes, the terms and
conditions governing any mandatory sinking fund redemption and the payment of mandatory sinking
fund payments shall be set forth therein, and the FORM OF NOTE shall be revised to reflect any
mandatory s inking fund redemption of the Notes, to the extent provided in the Official Bid Form
accepted by a Pricing Officer as the be st bid for the Notes, in connection with a competitive sale, or
to the extent provided in the Note Purchase Agreement, executed in connection with a negotiated
sa le.
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(c) General Notice . Notice of any redemption of Notes shall be g iven in the following
manner, to-wit, a written notice of such redemption shall be given to the registered owner of each
Note or a portion thereof being called for redemption at least thirty (30) days prior to the date fixed
for such redemption by depositing such notice in the United States mail , first-class postage prepaid ,
addressed to each such registered owner at the address shown on th e Registration Books of the
Paying Agent/Registrar. By the date fixed for any such redemption due provision shall be made by
the City with the Paying Agent/Registrar for the payment of the required redemption price for the
Notes or the portions thereof which are to be so redeemed . If such notice of redemption is given, and
if due provision for such payment is made, all as provided above, the Notes , or the portions thereof
which are to be so redeemed , thereby automatically shall be redeemed prior to their scheduled
maturities, and shall not be regarded as being Outstanding except for the right of the owner to receive
the redemption price from the Paying Agent/Registrar out of the funds provided for such payment.
The Paying Agent/Registrar shall record in the Registration Books all such redemptions of principal
of the Notes or any portion thereof. If a portion of any Note shall be redeemed , a substitute Note or
Notes having the same maturity date , bearing interest at the same rate , in any Authorized
Denomination at the written request of the owner, and in an aggregate principal amount equal to the
unredeemed portion thereof, will be issued to the owner upon the surrender thereof for cancellation ,
at the expense of the City, all as provided in this Ordinance. The maturities of Notes to be called for
redemption shall be determined by the City. The Notes or portions to be redeemed within each such
maturity shall be selected by lot or other customary random method selected by the Paying
Agent/Registrar in accordance with any requirements of a securities depository, if applicable
(provided that a portion of a Note may be redeemed only in an Authorized Denomination). The City
shall give written notice to the Paying Agent/Registrar of any such redemption ofNotes at least sixty
(60) calendar days ( or such shorter period as is acceptable to the Paying Agent/Registrar) prior to
such redemption.
( d) Additional Notice. (i) In addition to the manner of providing notice of redemption of
Notes as set forth above , the Paying Agent/Registrar shall give notice of redemption of Notes by
United States mail , first-class postage prepaid , at least thirty (30) days prior to a redemption date to
the MSRB and to any national information service that disseminates redemption notices. Any notice
sent to the MSRB or such national information services shall be sent so that they are received at least
two (2) days prior to the general mailing date of such notice. The Paying Agent/Registrar shall also
send a notice of prepayment or redemption to the owner of any Note who has not sent the Notes in
for redemption sixty (60) days after the redemption date.
(ii) E ach redemption notice, whether required in the FORM OF NOTE or otherwise
by this Ordinance , shall contain a description of the Notes to be redeemed including the
complete name of the Notes, the series, the date of issue, the interest rate, the maturity date ,
the CUSIP number, ifany, the amounts called for redemption, the mailing date for the notice ,
the date of redemption , the redemption price, the name of the Paying Agent/Registrar and the
address at which the Note may be redeemed including a contact person and telephone
number.
(iii) All redemption payments made by the Paying Agent/Registrar to the registered
owners of the Notes shall include a CUSIP number relating to each amount paid to such
registered owner.
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Section 4. INTEREST. That the Notes shall bear interest at the rates per annum set forth in
the FORM OF NOTE set forth in Exhibit B to this Ordinance. The intere st on the Notes shall be
payable to the registered owner of any such Note on the dates and in the manner provided in the
FORM OF NOTE set forth in Exhibit B to this Ordinance. Interest shall be calculated on the basis
of a 360-day year con s isting of twelve 30-day months.
Section 5. PAYING AGENT/REGISTRAR; BOOK-ENTRY ONLY SYSTEM. (a)
Registration, Transfer, Conversion and Exchange; Authentication. That the City shall keep or cause
to be kept at the de s ignated corporate trust office of BOKF , NA (the "Paying Agent/Registrar"),
books or records for the registration of the transfer, conversion and exchange of the Notes (the
"Registration Books"), and the City hereby appoints the Paying Agent/Registrar as its registrar and
transfer agent to keep such books or records and make such registrations of transfers, conversions
and exchanges under such reasonable regulations as the City and the Paying Agent/Registrar may
prescribe; and the Paying Agent/Registrar shall make such registrations , transfers , conversions and
exchanges as herein provided. The Paying Agent/Registrar shall obtain and record in the
Registration Books the addres s of the owner of each Note to which payments with respect to the
Notes shall be mailed , as herein provided ; but it shall be the duty of each owner to notify the Paying
Agent/Registrar in writing of the address to which payments shall be mailed , and such interest
payments shall not be mailed unless such notice has been given. The City shall have the right to
inspect, at the Designated Trust Office of the Paying Agent/Registrar, the Registration Books during
regular business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall
keep the Registration Books confidential and, unless otherwise required by law, shall not permit their
inspection by any other entity. Except as otherwise provided in the FORM OF NOTE, the owner of
each Note requesting a conversion , transfer, exchange and delivery of such Note shall pay the Paying
Agent/Registrar's standard or customary fee s and charges for making such registration, transfer,
conversion, exchange and delivery of a substitute Note or Notes. Registration of assignments ,
transfers , conversions and exchanges of Notes shall be made in the manner provided and with the
effect stated in the FORM OF NOTE. Each substitute Note shall bear a letter and/or number to
distinguish it from each other Note. An authorized representative of the Paying Agent/Registrar
shall , before the delivery of any such Note, date and manually sign the "Paying Agent/Registrar's
Authentication Certificate" in the form set forth in the FORM OF NOTE (the "Authentication
Certificate"), and , except as provided below, no such Note shall be deemed to be issued or
Outstanding unless the Authentication Certificate is so executed ; however, the foregoing
notwithstanding, the Authentication Certificate need not be executed if any such Note is
accompanied by an executed "Comptroller's Registration Certificate" in the form set forth in the
FORM OF NOTE. The Paying Agent/Registrar promptly shall cancel all paid Notes and Notes
surrendered for conversion and exchange. No additional ordinances, orders , or resolutions need be
passed or adopted by the governing body of the City or any other body or person so as to accomplish
the foregoing conversion and exchange of any Note or portion thereof, and the Paying
Agent/Registrar shall provide for the printing, execution, and delivery of the substitute Notes in the
manner prescribed herein. Pursuant to Chapter 1206 , the duty of conversion and exchange of Notes
as aforesaid is hereby imposed upon the Paying Agent/Registrar, and , upon the execution of the
Authentication Certificate, the converted and exchanged Note shall be valid , incontestable, and
enforceable in the same manner and with the same effect as the Notes which initially were issued and
delivered pursuant to this Ordinance , approved by the Attorney General, and registered by the
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Comptroller. As of the date this Ordinance is approved by the City, the City has been advised that
the Designated Trust Office of the Paying Agent/Registrar is its Dallas , Texas corporate trust office ,
approved by the Attorney General , and registered by the Comptroller. As of the date this Ordinance
is approved by the City, the Designated Trust Office is its Dallas , Texas corporate trust office.
(b) Payment of Notes and Interest. The City hereby further appoints the Paying
Agent/Registrar to act as the paying agent for paying the principal of, premium , if any, and interest
on the Notes , all as provided in this Ordinance. The Paying Agent/Registrar shall keep proper
records of all payments made by the City and the Paying Agent/Registrar with respect to the Notes.
( c) In General. The Notes (i) shall be issued in fully registered form , without interest
coupons , with the principal of and interest on such Notes to be payable only to the registered owners
thereof, (ii) may be redeemed prior to their scheduled maturities , (iii) may be transferred and
assigned, (iv) may be converted and exchanged for other Notes, (v) shall have the characteristics , (vi)
shall be signed, sealed , executed and authenticated , (vii) shall be payable as to principal and interest,
and (viii) shall be administered and the Paying Agent/Registrar and the City shall have certain dutie s
and responsibilities with respect to the Notes, all as provided, and in the manner and to the effect as
required or indicated , in the FORM OF NOTE. The Notes initially issued and delivered pursuant to
this Ordinance are not required to be , and shall not be, authenticated by the Paying Agent/Registrar,
but on each substitute Note issued in conversion of and exchange for any Note or Notes issued under
this Ordinance the Paying Agent/Registrar shall execute the Authentication Certificate.
( d) Substitute Paying Agent/Registrar. The City covenants with the owners of the Notes that
at all times while the Notes are outstanding a competent and legally qualified entity shall act as and
perform the services of Paying Agent/Registrar for the Notes under this Ordinance , and that the
Paying Agent/Registrar will be one entity. Such entity may be the City, to the extent permitted by
law, or a bank, trust company, financial institution , or other agency, as selected by the City. The City
reserves the right to , and may , at its option , change the Paying Agent/Registrar upon not less than
one hundred and twenty (120) days written notice to the Paying Agent/Registrar, to be effective not
later than sixty (60) days prior to the next principal or interest payment date after such notice. In the
event that the entity at any time acting as Paying Agent/Registrar ( or its successor by merger,
acquisition , or other method) should resign or otherwise cease to act as such , the City covenants that
promptly it will appoint a competent and legally qualified entity to act as Paying Agent/Registrar
under this Ordinance. Upon any change in the Paying Agent/Registrar, the previous Paying
Agent/Registrar promptly shall transfer and deliver the Registration Books ( or a copy thereof), along
with all other pertinent books and records relating to the Notes, to the new Paying Agent/Registrar
designated and appointed by the City. Upon any change in the Paying Agent/Registrar, the City
promptly will cause a written notice thereof to be sent by the new Paying Agent/Registrar to each
owner of the Notes , by United States mail, first-class postage prepaid , which notice also shall give
the address of the new Paying Agent/Registrar. By accepting the position and performing as such ,
each Paying Agent/Registrar shall be deemed to have agreed to the provisions of this Ordinance , and
a certified copy of this Ordinance shall be delivered to each Paying Agent/Registrar.
(e) Additional Notice of Redemption. (i) In addition to the manner of providing notice of
redemption of Notes as set forth in Section 3 hereof, the Paying Agent/Registrar shall give notice of
redemption of Notes by United States mail , first-class postage prepaid , at least thirty (30) days prior
to a redemption date to the MSRB. Any notice sent to the MSRB shall be sent so that such notice is
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received at least two (2) days prior to the general mailing or publication date of such notice . The
Paying Agent/Registrar shall also send a notice of redemption to the registered owner of any Notes
who has not sent the Notes in for redemption sixty (60) days after the redemption date. The failure
to send , mail or receive any such notice described in this clause (i), or any defect therein or in the
sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the
redemption of any Note.
(ii) Each redemption notice, whether required in the FORM OF NOTE or otherwise by
this Ordinance , shall contain a description of the Notes to be redeemed including the complete name
of the Notes , the series , the date of issue , the interest rate , the maturity date, the CU SIP number, the
amounts called of each Note , the publication and mailing date for the notice, the date ofredemption,
the redemption price, the name of the Paying Agent/Registrar and the address at which the Note may
be redeemed including a contact person and telephone number.
(iii) All redemption payments made by the Paying Agent/Registrar to the registered owners
of the Notes shall include a CU SIP number relating to each amount paid to such registered owner.
(f) DTC Book-Entry-Only System of Registration. That the Notes initially shall be issued
and delivered in such manner that no physical distribution of the Notes will be made to the public,
and The Depository Trust Company ("DTC"), New York, New York, initially will act as depository
for the Notes. DTC has represented that it is a limited purpose trust company incorporated under the
laws of the State of New York, a member of the Federal Reserve System, a "clearing corporation"
within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered
under Section 17 A of the Securities Exchange Act of 1934 , as amended, and the City accepts , but in
no way verifies , such representations. The Notes initially authorized by this Ordinance shall be
delivered to and registered in the name of CEDE & CO., the nominee ofDTC. So long as each Note
is registered in the name of CEDE & CO., the Paying Agent/Registrar shall treat and deal with DTC
the same in all respects as if it were the actual and beneficial owner thereof. It is expected that DTC
will maintain a book-entry system which will identify ownership of the Notes in integral amounts of
$5,000 , with transfers of ownership being effected on the records of DTC and its participants
pursuant to rules and regulations established by them , and that the Notes initially deposited with
DTC shall be immobilized and not be further exchanged for substitute Notes except as hereinafter
provided. The City is not responsible or liable for any functions ofDTC, will not be responsible for
paying any fees or charges with respect to its services , will not be responsible or liable for
maintaining, supervising, or reviewing the records of DTC or its participants , or protecting any
interests or rights of the beneficial owners of the Notes. It shall be the duty of the DTC Participants,
as defined in the Official Statement herein approved , to make all arrangements with DTC to establish
this book-entry system, the beneficial ownership of the Notes, and the method of paying the fees and
charges of DTC. The City does not represent nor covenant that the initial book-entry system
established with DTC will be maintained in the future. Notwithstanding the initial establishment of
the foregoing book-entry system with DTC, if for any reason any of the originally delivered Notes is
duly filed with the Paying Agent/Registrar with proper request for transfer and substitution, as
provided for in this Ordinance , substitute Notes will be duly delivered as provided in this Ordinance ,
and there will be no assurance or representation that any book-entry system will be maintained for
such Notes. To effect the establishment of the foregoing book-entry system, the City has executed
and filed with DTC the "Blanket DTC Letter of Representations" in the form provided by DTC to
evidence the City's intent to establish said book-entry system. The foregoing notwithstanding, if
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Notes are sold through a negotiated sale conducted as a private placement, the Note Purchase
Agreement governing such sale of Notes shall provide whether the Notes so sold shall be subject to
the book-entry system described in this Section .
Section 6. FORM OF NOTES. That the form of all Notes, including the form of the
Authentication Certificate, the form of Assignment, and the form of the Comptroller's Registration
Certificate to be attached only to the Notes initially issued and delivered pursuant to this Ordinance,
shall be, respectively, substantially as set forth in Exhibit B , with such appropriate variations ,
omissions, or insertions as are permitted or required by this Ordinance.
Section 7. INTEREST AND REDEMPTION FUND; TAX LEVY. That the Interest and
Redemption Fund is hereby created and established solely for the benefit of the Notes, and the
Interest and Redemption Fund shall be established and maintained by the Issuer at an official deposi-
tory bank of the Issuer for so long as the Notes or interest thereon are outstanding and unpaid. The
Interest and Redemption Fund shall be kept separate and apart from all other funds and accounts of
the Issuer, and shall be used only for paying the interest on and principal of the Notes. Until ex-
pended for the purposes set forth in Section 1 hereof, the proceeds derived from the sale of the Notes
shall be held as further security for the timely payment of the principal and interest on the Notes. Ad
valorem taxes levied and collected for and on account of the Notes shall be deposited, as collected , to
the credit of the Interest and Redemption Fund. During each year while any Note is outstanding and
unpaid, the City Council shall compute and ascertain a rate and amount of ad valorem tax which will
be sufficient to raise and produce the money required to pay the interest on the Notes as such interest
comes due, and to provide and maintain a sinking fund of at least two percent (2%) thereof, in any
event in an amount adequate to pay the principal of such Notes as such principal matures; and said
tax shall be based on the latest approved tax rolls of the Issuer, with full allowance being made for
tax delinquencies and the cost of tax collection. The rate and amount of ad valorem tax is hereby
levied by the City Council , and is hereby ordered to be levied, against all taxable property in the
Issuer for each year while any Note is outstanding and unpaid ; and said tax shall be assessed and
collected each such year and deposited to the credit of the Interest and Redemption Fund. Ad
valorem taxes sufficient to provide for the payment of the interest on and principal of the Notes as
such interest comes due and such principal matures, are hereby pledged from the ad valorem taxes of
the Issuer for such payment, within the limit prescribed by law. If sufficient ad valorem taxes have
not been levied and collected for the purpose of making debt service payments on Notes when due ,
there shall be appropriated from the City's general fund moneys sufficient to enable the City to make
such debt service payments on a Payment Date including specifically the payment of debt service on
the Notes on the first Payment Date therefor. Notwithstanding the foregoing , if the City deposits or
budgets to be deposited in the Interest and Redemption Fund any other revenues , income or
resources in advance of the time when ad valorem taxes are scheduled to be levied for any year, then
the amount of taxes which otherwise would have been required to be levied may be reduced to the
extent and by the amount then on deposit or budgeted to be deposited in the Interest and Redemption
Fund.
Section 8. CHAPTER 1208, GOVERNMENT CODE, APPLIES TO THE NOTES.
That Chapter 1208 applies to the issuance of the Notes and the pledge of the taxes granted by the
Issuer under Section 7 of this Ordinance, and such pledge is therefore valid , effective, and perfected.
If Texas law is amended at any time while the Notes are outstanding and unpaid such that the pledge
of the taxes granted by the Issuer under Section 7 of this Ordinance is to be subject to the filing
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requirements of Chapter 9 , then in order to preserve to the registered owners of the Notes the
perfection of the security interest in said pledge, the Issuer agrees to take such measures as it
determines are reasonable and necessary under Texas law to comply with the applicable provisions
of Chapter 9 and enable a filing to perfect the security interest in said pledge to occur.
Section 9. REMEDIES OF REGISTERED OWNERS. That in addition to all rights and
remedies of any registered owners of the Notes provided by the laws of the State of Texas, the Issuer
covenants and agrees that in the event the Issuer defaults in the payment of the principal of or interest
on the Notes when due , the registered owners of the Notes shall be entitled to a writ of mandamus
issued by a court of proper jurisdiction compelling and requiring the City Council and other officers
of the Issuer to observe and perform any covenant, obligation or condition prescribed in this
Ordinance. No delay or omission by any registered owner to exercise any right or power accruing to
him upon default shall impair any such right or power, or shall be construed to be a waiver of any
such default or acquiescence therein, and every such right or power may be exercised from time to
time and as often as may be deemed expedient. The specific remedies mentioned in this Ordinance
shall be available to the registered owners of the Notes and shall be cumulative of all other existing
remedies. By accepting the delivery of a Note authorized under this Ordinance, the registered owner
thereof agrees that the certifications required to effect any covenants or representations contained in
this Ordinance do not and shall never constitute or give rise to a personal or pecuniary liability or
charge against the officers, employees or members of the City or the City Council. None of the
members of the City Council, nor any other official or officer, agent, or employee of the City, shall
be charged personally by the registered owners with any liability, or be held personally liable to the
registered owners of the Notes under any term or provision of this Ordinance, or because of any
default or alleged default under this Ordinance.
Section 10. TRANSFERS TO PA YING AGENT. That the Issuer further covenants that on
or before each Payment Date, there shall be transferred to the Paying Agent/Registrar an amount
sufficient to pay the principal and interest requirements due on the Notes as they become due and
payable.
Section 11. USE OF NOTE PROCEEDS. That the proceeds of the issuance of the Notes
shall be deposited in the manner directed in writing by the Chief Financial Officer/Director of
Financial Management Services and used to pay contractual obligations incurred or to be incurred in
connection with and the purchase of materials, supplies, equipment, machinery, buildings, lands, and
rights-of-way for the Projects. The foregoing notwithstanding, proceeds representing accrued
interest, if any, on the Notes shall be deposited to the credit of the Interest and Redemption Fund,
and proceeds, if any, representing premium paid as part of the purchase price for the Notes may be
used for any purpose authorized by Section 1201.042(d), Texas Government Code.
Section 12. INVESTMENTS. ( a) That the City may place proceeds of the Notes (including
investment earnings thereon) in time deposits, or invest or direct the investment of the same, as
authorized by law, including, without limitation , the Public Funds Investment Act of 1987, as
amended (Chapter 2256 , Texas Government Code), and the City's investment policy; provided ,
however, that the Issuer hereby covenants that the proceeds of the sale of the Notes will be expended
as soon as practicable for the purposes for which the Notes are issued.
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(b) Amounts received from the investment of the proceeds of the Notes remaining after the
payment of all project costs , to the extent not required to be deposited to a separate rebate fund as
required by section 148 of the Code and Section 15 of this Ordinance, shall be placed into the
Interest and Redemption Fund and used for the payment of debt service on the Notes.
Section 13. SECURITY FOR FUNDS. That all deposits authorized or required by this
Ordinance shall be secured to the fullest extent required by law for the security of public funds.
Section 14. DUTIES OF OFFICERS OF THE ISSUER. (a) That the Mayor, the City
Secretary, and each Pricing Officer is hereby instructed and directed to do any and all things
necessary in reference to the maintenance of the Issuer and to make money available for the payment
of the Notes in the manner provided by law.
(b) The City Secretary is authorized to execute the certificate to which this Ordinance is
attached on behalf of the City. The Mayor, any Pricing Officer, the City Secretary and any Assistant
City Secretary are authorized to do any and all things proper and necessary to carry out the intent of
this Ordinance.
(c) The City Manager is hereby authorized to have control of the Notes and all necessary
records and proceedings pertaining to the Notes pending their delivery to the initial purchasers of the
Notes. The City Manager or the designee thereof is directed to submit for investigation , examination
and approval by the Attorney General of the State of Texas the Notes and the proceedings
authorizing their issuance, and to request the registration of the Notes and the proceedings
authorizing their issuance by the Comptroller of Public Accounts of the State of Texas. The City
Council hereby authorizes the payment of the fee of the Office of the Attorney General of the State
of Texas for the examination of the proceedings relating to the issuance of the Notes , in the amount
determined in accordance with the provisions of Section 1202.004 , Texas Government Code.
Section 15 . FEDERAL TAX COVENANTS. Thatthelssuercovenantstocomplywith the
provisions of the Code applicable to the issuance of tax-exempt obligations such as the Notes. The
Issuer's covenant to comply with the Code shall include, without limitation, compliance with those
provisions of the Code regarding the timing of expenditure of proceeds of the Notes, the restriction
on investment yields, the filing of information returns with the Internal Revenue Service, and , if
required by the Code, the rebate of excess arbitrage earnings to the United States . Further, the Issuer
certifies that based upon all facts and estimates now known or reasonably expected to be in existence
on the date the Notes are delivered and paid for, the Issuer expects that the proceeds of the Notes will
not be used in a manner that would cause the Notes or any portion of the Notes to be an "arbitrage
bond" within the meaning of section 148 of the Code, and the regulations prescribed thereunder.
Furthermore, the Mayor and each Pricing Officer is authorized and directed to provide certifications
of facts and estimates that are material to the reasonable expectations of the Issuer as of the date the
Notes are delivered and paid for. In particular, the Mayor and each Pricing Officer is authorized to
certify for the Issuer the facts and circumstances and reasonable expectations of the Issuer on the date
the Notes are delivered and paid for regarding the amount and use of the proceeds of the Notes.
Moreover, the Issuer covenants to make such use of the proceeds of the Notes, regulate investments
of proceeds of the Notes , take such other and further actions and follow such procedures , including,
without limitation the method of calculating yield on the Notes, as may be required so that the
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interest on the Notes shall continue to be excluded from gross incom e for federal income tax
purposes under the Code. The Issuer further covenants that the proceed s of the Notes will not be
used directly or indirectly so as to cause all or any part of the Notes to become a "private activity
bond" within the meaning of section 141(a) of the Code. In complying with the provisions of this
Section, the Issuer shall be entitled to rely upon an opinion of Bond Counsel.
In furtherance thereof, the Issuer covenants as follows:
(a) to take any action to assure that no more than ten percent of the proceeds of
the Notes (less amounts deposited to a re serve fund , if any) are used for any "private bu s ines s
use", as defin ed in section 141 (b )(6) of the Code or, if more than ten percent of the proceeds
are so use d , that amounts, whether or not received by the Issuer, with respect to such private
business use , do not , under the terms of this Ordinance or any underlying arrangement,
directly or indirectly, secure or provide for the payment of more than ten percent of the debt
service on the Notes, in contravention of section 141 (b )(2) of the Code;
(b) to take any action to assure that in the event that the "private business use"
de scr ibed in s ubsection (a) hereof exceeds five percent of the proceeds of the Notes (less
amounts deposite d into a reserve fund , if any), then the amount in excess of five p ercent is
used for a "private business use" which is "related" and not "disproportionate", within the
meaning of section 141 (b )(3) of the Code , to the governmental use ;
( c) to take any action to assure that no amount which is greater than the lesser of
$5,000,000, or five percent of the proceeds of the Notes (less amounts deposited into a
reserve fund, ifany), is directly or indirectly used to finance loans to persons , other than state
or local governmental units , in contravention of section 141 ( c) of the Code;
(d) to refrain from taking any action which would otherwise result in the Notes
being treated as "private activity bonds" within the meaning of section 141(b) of the Code;
(e) to refrain from taking any action that would result in the Notes being
"federally guaranteed" within the meaning of section 149(b) of the Code;
(f) to refrain from using any portion of the proceeds of the Notes , directly or
indirectly, to acquire or to replace funds which were used , directly or indirectly, to acquire
investment property (as defined in section 148(b)(2) of the Code) which produces a
materially higher yield over the term of the Notes, other than investment property acquired
with --
(1) proceeds of the Notes invested for a reasonable temporary period until
such proceeds are needed for the purpose for which the Notes are issued ,
(2) amounts invested in a bona fide debt service fund , within the meaning
of section 1.148-1 (b) of the Treasury Regulations , and
(3) amounts deposited in any reasonably required reserve or replacement
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fund to the extent such amounts do not exceed ten percent of the proceeds of the
Notes;
(g) to otherwise restrict the use of the proceeds of the Notes or amounts treated as
proceeds of the Notes, as may be necessary, so that the Notes do not otherwise contravene
the requirements of section 148 of the Code (relating to arbitrage);
(h) to refrain from using the proceeds of the Notes or the proceeds of any prior
bonds to pay debt service on another issue more than 90 days after the date of issue of the
Notes in contravention of section 149( d) of the Code (relating to advance refundings ); and
(i) to pay to the United States of America at least once during each five-year
period (beginning on the delivery date of the Notes) an amount that is at least equal to 90
percent of the "Excess Earnings" (within the meaning of section l 48(f) of the Code) and to
pay to the United States of America, not later than 60 days after the Notes have been paid in
full , 100 percent of the amount then required to be paid as a result of Excess Earnings under
section 148( f) of the Code.
The Issuer understands that the term "proceeds" includes "disposition proceeds" as defined in
the Treasury Regulations and , in the case of refunding bonds, transferred proceeds (if any) and
proceeds of the refunded bonds expended prior to the date of the issuance of the Notes. It is the
understanding of the Issuer that the covenants contained herein are intended to assure compliance
with the Code and any regulations or rulings promulgated by the U.S. Department of the Treasury
pursuant thereto. In the event that regulations or rulings are hereafter promulgated which modify, or
expand provisions of the Code, as applicable to the Notes, the Issuer will not be required to comply
with any covenant contained herein to the extent that compliance would conflict with or contradict
such modification or expansion and that compliance with such modification or expansion, in the
opinion of Bond Counsel, will not adversely affect the exemption from federa l income taxation of
interest on the Notes under section 103 of the Code . In the event that regulations or rulings are
hereafter promulgated which impose additional requirements which are applicable to the Notes, the
Issuer agrees to comply with the additiona l requirements to the extent necessary, in the opinion of
Bond Counsel, to preserve the exemption from federal income taxation of interest on the Notes under
section 103 of the Code . In furtherance of the foregoing, each of the Mayor, the City Manager, any
Assistant City Manager, and the Chief Financial Officer/Director of Financial Management Services
of the City may execute any certificates or other reports required by the Code and to make such
elections, on behalf of the City, which may be permitted by the Code as are consistent with the
purpose for the issuance of the Notes.
In order to facilitate compliance with the above clause (i), an account maintained by the City
designated as the "Rebate Fund" may be established by the City for the sole benefit of the United
States of America, and such Rebate Fund shall not be subject to the claim of any other person,
including without limitation the registered owners of the Notes. The Rebate Fund would be
established for the additional purpose of compliance with section 148 of the Code.
The City finds, considers, and declares that the reimbursement of expenditures for the
purposes described Section 1 of this Ordinance incurred within 60 days of April 11, 2023 and
thereafter, will be appropriate and consistent with the lawful objectives of the City and, as such, the
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City 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 improvements for the purposes described in the preamble to this Ordinance ; provided , that
all such costs to be reimbursed will be capital expenditures, and that any such pub! ic securities to be
issued shall be issued within 18 months of the later of (i) the date the expenditures were 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, the public securities will not be issued on a date that is
more than three years after the date any expenditure which is to be reimbursed is paid.
Section 16 . ALLOCATION OF, AND LIMITATION ON, EXPENDITURES FOR
ELIGIBLE PROJECTS. That the City covenants to account for on its books and records the
expenditure of proceeds from the sale of the Notes and any investment earnings thereon to be used
for the acquisition of the Projects by allocating proceeds to expenditures within 18 months of the
later of the date that (a) the expenditure on the Projects is made or (b) each item of each Project is
acquired. The foregoing notwithstanding, the City shall not expend such proceeds or investment
earnings more than 60 days after the later of (a) the fifth anniversary of the delivery date of the Notes
or (b) the date the Notes are retired, unless the City obtains an opinion of Bond Counsel substantially
to the effect that such expenditure will not adversely affect the tax-exempt status of the Notes. For
purposes of this Section, the City shall not be obligated to comply with this covenant if it obtains an
opinion of Bond Counsel to the effect that such failure to comply will not adversely affect the
excludability for federal income tax purposes from gross income of the interest.
Section 17. DISPOSITION OF ELIGIBLE PROJECTS. That the City covenants that any
item of the Projects will not be sold or otherwise disposed in a transaction resulting in the receipt by
the City of cash or other compensation , unless the City obtains an opinion of Bond Counsel
substantially to the effect that such sale or other disposition will not adversely affect the tax-exempt
status of the Notes. For purposes of this Section, the portion of the property comprising personal
property and disposed of in the ordinary course of business shall not be treated as a transaction
resulting in the receipt of cash or other compensation. For purposes of this Section, the City shall
not be obligated to comply with this covenant if it obtains an opinion of Bond Counsel to the effect
that such failure to comply will not adversely affect the excludability for federal income tax purposes
from gross income of the interest.
Section 18. WRITTEN PROCEDURES. Until superseded by another action of the City,
the written procedures to ensure compliance with the covenants contained herein regarding private
business use, remedial actions , arbitrage and rebate approved by the City on September 13 , 2022 ,
apply to the issuance of the Notes, and are incorporated by reference into this Ordinance .
Section 19. CONTINUING DISCLOSURE UNDERTAKING. That if the Notes are sold
by public offering, and are subject to the Rule, the following provisions shall apply, unless modified
by the Pricing Officer in the Pricing Certificate:
(a) Annual Reports. (i) That the City shall provide annually to the MSRB (1) within six
months after the end of each fiscal year ending in or after 2023 , financial information and operating
data with respect to the City of the general type described in Exhibit C hereto , and (2) if not
provided as part of the financial information and operating data, annual financial statements of the
City, when and if available . Any financial statements so to be provided shall be (I) prepared in
15
accordance with the accounting principles described in Exhibit C hereto, or such other accounting
principles as the City may be required to employ from time to time pursuant to state law or
regulation, and (2) audited, if the City commissions an audit of such statements and the audit is
completed within twelve months after the end of each fiscal year ending in or after 2023. If audited
financial statements are not available by the end of the twelve month period , then the City shall
provide notice that the audited financial statements are not available , shall provide unaudited
financial information containing the information described in the tables referenced in Exhibit C
hereto under the heading "Annual Financial Statements and Op erating Data" by the required time ,
and shall provide audited financial statements for the applicable fiscal year to the MSRB , when and
if the audited financial statements become available.
(ii) If the City changes its fiscal year, it will notify the MSRB of the change (and of the date
of the new fiscal year end) prior to the next date by which the City otherwise would be required to
provide financial information and operating data pursuant to this Section. The financial information
and operating data to be provided pursuant to this Section may be set forth in full in one or more
documents or may be included by specific reference to any document (including an official statement
or other offering document, if it is available from the MSRB) that theretofore has been provided to
the MSRB or filed with the SEC. Filings shall be made electronically, in such format as 1s
prescribed by the MSRB.
(b) Disclosure Event Notices. The City shall notify the MSRB of any of the following
events with respect to the Notes , in a timely manner not in excess of ten Business Days after the
occurrence of the event:
1. Principal and interest payment delinquencies ;
2. Non-payment related defaults , if material;
3. Unscheduled draws on debt service reserves reflecting financial difficulties;
4. Unscheduled draws on credit enhancements reflecting financial difficulties;
5. Substitution of credit or liquidity providers, or their failure to perform ;
6 . Adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS
Form 5701-TEB) or other material notices or determinations with respect to
the tax status of the Notes, or other material events affecting the tax status of
the Notes ;
7. Modifications to rights of holders of the Notes, if material;
8. Note calls , if material , and tender offers;
9. Defeasances;
10. Release , substitution, or sale of property securing repayment of the Notes , if
material ;
11. Rating changes ;
12. Bankruptcy, insolvency, receivership or similar event of the City;
13. The consummation of a merger, consolidation, or acquisition involving the
City or the sale of all or substantially all of the assets of the City, other than in
the ordinary course of business, the entry into a definitive agreement to
undertake such an action or the termination of a definitive agreement relating
to any such actions , other than pursuant to its terms , if material;
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14. Appointment of a successor Paying Agent/Registrar or change in the name of
the Paying Agent/Registrar, if material;
15. Incurrence of a Financial Obi igation of the Obligated Person , if material , or
agreement to covenants, events of default, remedies , priority rights, or other
similar terms of a Financial Obligation of the Obligated Person, any of which
affect security holders , if material; and
16. Default, event of acceleration , termination event, modification of terms, or
other similar event under the terms of a Financial Obi igat ion of the Obligated
Person, and which reflect financial difficulties.
The City shall notify the MSRB, in a timely manner, of any failure by the City to provide financial
information or operating data in accordance with subsection (b) of this Section by the time required
by subsection (a).
As used in clause 12 above, the phrase "bankruptcy, insolvency, receivership or similar
event" means the appointment of a receiver, fiscal agent or s imilar officer for the City in a
proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in
which a court or governmental authority has assumed juri sd iction over s ubstantially all of the assets
or business of the City, or if jurisdiction has been assumed by leaving the City Council and officials
or officers of the City in possession but subject to the supervision and orders of a court or
governmental authority, or the entry of an order confirming a plan of reorganization , arrangement or
liquidation by a court or governmental authority having supervision or jurisdiction over substantially
all of the assets or business of the City.
As used in clauses 15 and 16 above, the term "Financial Obligation" means: (i) a debt
obligation; (ii) a derivative instrument entered into in connection with, or pledged as security or a
source of payment for, an existing or planned debt obligation; or (iii) a guarantee of (i) or (ii);
however, the term Financial Obligation s hall not include Municipal Securities as to which a final
official statement has been provided to the MSRB consistent with the Rule; the term "Municipal
Securities" means securities which are direct obligations of, or obligations guaranteed as to principal
or interest by, a state or any political subdivision thereof, or any agency or instrumentality of a state
or any political subdivision thereof, or any municipal corporate instrumentality of one or more states
and any other Municipal Securities described by Section 3(a)(29) of the Securities Exchange Act of
1934 , as the same may be amended from time to time ; and the term "Obligated Person" means the
City.
( c) Limitations, Disclaimers, and Amendments. (i) The City shall be obligated to observe
and perform the covenants specified in this Section for so long as, but only for so long as, the City
remains an "obligated person" with respect to the Notes within the meaning of the Rule, except that
the City in any event will give notice of any deposit made in accordance with this Ordinance or
applicable law that causes any Notes no longer to be outstanding.
(ii) The provisions of this Section are for the sole benefit of the holders and beneficial
owners of the Notes, and nothing in this Section, express or implied , shall give any benefit or any
legal or equitable right, remedy, or claim hereunder to any other person. The City undertakes to
provide only the financial information , operating data, financial statements , and notices which it has
expressly agreed to provide pursuant to this Section and does not hereb y undertake to provide any
17
other information that may be re levant or material to a complete pre se ntati on of the City's financial
res ults , condition, or prospects or to update any inform at ion provided in accordance with this Section
or otherwise, except as express ly provided herein. The C ity does not make any representation or
warranty concernin g such information or its use fuln ess to a deci s ion to inv est in or sell Notes at any
future date.
(iii) UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE HOLDER
OR B ENEFICIAL OWNER OF ANY NOTE OR ANY OTHER PERS ON, IN CONTRACT OR
TORT,FORDAMAGESRESULTINGINWHOLEORINPARTFROMANYBREACHBYTHE
CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, O F ANY COVENANT
SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON ,
IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH BREACH SHALL BE
LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC PERFORMANCE .
(iv) A default by th e City in observing or pe rforming its obligations under this Section shall
not comprise a breach of or default under thi s Ordinance for purposes of any other provi s ion of this
Ordinance. Nothing in thi s Section is intend ed or shall act to disclaim , waive, or otherwise limit the
duties of the City under federal and state securities law s.
(v) Should the Rule be amended to obligate th e City to make filings with or provide notice s
to entities other than the MSRB, the City agrees to undertake such obligation in accordance with the
Rule as amended .
(vi) The provision s of this Section may be amended by the City from time to time to adapt to
changed circumstances that arise from a change in legal requirements, a change in law, or a change
in the identity, nature , statu s , or type of operations of the City, but only if (I) the provision s of this
Section, as so amend ed , would hav e p ermitted an und erwriter to purchase or se ll Notes in the
primary offering of the Notes in compliance with the Rul e, taking into account any amendments or
interpretations of the Rule since such offering as well as s uch changed circumstances and (2) either
(A) the holders of a majority in aggregate principal amount ( or any greater amount required by any
other provi s ion of this Ordinance that authorizes such an amendment) of the outstanding Notes
consent to such amendment or (B) a person that is unaffiliated with the City (such as nationally
recognized bond counsel) determines that such amendment will not materially impair the interest of
the holders and beneficial owners of the Notes. If the City so amends the provisions of this Section,
it shall include with any amended financial information or operating data next provided in
accordance with subsection (a) of this Section an explanation, in narrative form, of the reaso n for the
amendment and of the impact ofany change in the type of financial information or operating data so
provided . The City may also amend or repeal the provis ion s of this continuing disclosure agreement
if the SEC amends or repeals the applicable provision of the Rule or a court of final jurisdiction
enters judgment that such provisions of the Rule are invalid , but only if and to the extent that the
provisions of this sentence would not prevent an underwriter from lawfully purchasing or selling
Notes in the primary offering of the Notes.
Section 20. DEFEASANCE. (a) Deemed Paid . That the principal of and/or intere st on any
Note shall be deemed to be paid , retired and no lon ger outstanding within the meaning of thi s
Ordinance, except to the exte nt provided by subsection ( d) of thi s Section, when payment of the
principal of such Note, plu s interest thereon to the due date thereof (whether s uch due date be by
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reason of maturity or otherwise) either (i) shall have been made or caused to be made in accordance
with the term s thereof, or (ii) shall have been provided for by irrevocably depositin g with , or making
available to , a paying agent ( or escrow agent) therefor, in trust and irrevocably set aside exclusively
for such payment, ( 1) money sufficient to make such payment, (2) Defeasance Obligations, certified
by an independent public accounting firm of national reputation , to mature as to principal and
interest in such amounts and at such times as will insure the availability, without reinvestment, of
sufficient money to make such payment, or (3) any combination of (l) and (2) above, and when
proper arrangements have been made by the City with each such paying agent for the payment of its
services until after all of the Notes so defeased shall have become due and payable. At such time as
a Note shall be deemed to be paid hereunder, as aforesaid , it shal I no longer be secured by or entitled
to the benefit of this Ordinance or a lien on and pledge of the security granted in support of the
payment of the Notes, and shall be entitled to payment solely from such money or Defeasance
Obligations, and shall not be regarded as outstanding for any purposes other than payment, transfer,
and exchange.
(b) Investments. Any escrow agreement or other instrument entered into by the City and a
paying agent pursuant to which the money and /or Defeasance Obligations are being held by such
paying agent for the payment of such Notes may contain provisions permitting the investment or
reinvestment of such moneys in Defeasance Obligations or the substitution of other Defeasance
Obligations upon the satisfaction of the requirements specified in subsection (a)(i) or (ii). All
income from all Defeasance Obligations in the hands of the paying agent pursuant to this Section
which is not required for the payment of the Notes and interest thereon, with respect to which such
money has been so deposited , shall be remitted to the City, or deposited as directed in writing by the
City, and upon receipt of an opinion of Bond Counsel that such transfer is permitted under state law.
( c) Federal Income Tax Consideration. The City covenants that no deposit will be made or
accepted under subsection (a)(ii) of this Section and no use made of any such deposit which would
cause such Notes to be treated as arbitrage bonds within the meaning of section 148 of the Code.
(d) Continuing Duty of Paying Agent/Registrar. Until all Notes defeased under this
Section of this Ordinance shall become due and payable , the Paying Agent/Registrar for such Notes
shall perform the services of Paying Agent/Registrar for such Notes the same as if they had not been
defeased, and the City shall make proper arrangements to provide and pay for such services.
Section 21. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED NOTES.
(a) Replacement Notes. That in the event any outstanding Note is damaged, mutilated, lost, stolen ,
or destroyed , the Paying Agent/Registrar shall cause to be printed, executed , and delivered , a new
Note of the same principal amount, maturity, and interest rate, as the damaged , mutilated, lost,
stolen , or destroyed Note, in replacement for such Note in the manner hereinafter provided.
(b) Application for Replacement Notes. Application for replacement of damaged ,
mutilated , lost, stolen, or destroyed Notes shall be made by the registered owner thereof to the
Paying Agent/Registrar. In every case of loss , theft, or destruction of a Note , the registered owner
applying for a replacement Note shall furnish to the Issuer and to the Paying Agent/Registrar such
security or indemnity as may be required by them to save each of them harmless from any loss or
damage with respect thereto. Also , in every case of loss, theft, or destruction of a Note, the
registered owner shall furnish to the Issuer and to the Paying Agent/Registrar evidence to their
19
satisfaction of the loss , theft, or destruction of such Note, as the case may be . In every case of
damage or mutilation of a Note, the registered owner shall surrender to the Paying Agent/Registrar
for cancellation the Note so damaged or muti lated.
(c) No Default Occurred. Notwithstanding the foregoing provisions of this Section 21 , in
the event any such Note shall have matured , and no default has occurred which is then continuing in
the payment of the principal of or interest on such Note, the Issuer may authorize the payment of the
same (without surrender thereof except in the case of a damaged or mutilated Note) instead of
issuing a replacement Note, provided security or indemnity satisfactory to the City and the Paying
Agent/Registrar is furnished.
( d) Charge for Issuing Replacement Notes . Prior to the issuance of any replacement Note,
the Paying Agent/Registrar shall charge the registered owner of such Note with all legal, printing,
and other expenses in connection therewith. Every replacement Note issued pursuant to the
provisions of this Section 21 by virtue of the fact that any Note is lost, stolen , or destroyed shall
constitute a Note of the Issuer whether the lost, stolen , or destroyed Note shall be found at any time,
or be enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and
proportionately with any and all other Notes duly issued under this Ordinance.
(e) Authority for Issuing Replacement Notes. In accordance with Subchapter D of
Chapter 1201 , this Section 21 of this Ordinance shall constitute authority for the issuance of any such
replacement Note without necessity of further action by the Issuer or any other body or person, and
the duty of the replacement of such Notes is hereby authorized and imposed upon the Paying
Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such replacement
Notes in the form and manner and with the effect, as provided in Section 5(a) of this Ordinance for
Notes iss1;1ed in conversion and exchange of other Notes.
Section 22. EVENTS OF DEFAULT. (a) Events of Default Defined . That each of the
following occurrences or events for the purpose of this Ordinance is hereby declared to be an Event
of Default:
(i) the failure to make payment of the principal of or interest on any of the Notes
when the same becomes due and payable; or
(ii) except as provided in Section 19( d)(iv) of this Ordinance, default in the
performance or observance of any other covenant, agreement or obligation of the City, the
failure to perform which materially, adversely affects the rights of the registered owners of
the Notes, including, but not limited to , their prospect or ability to be repaid in accordance
with th is Ordinance, and the continuation thereof for a period of 60 days after notice of such
default is given by any registered owner to the City.
(b) Remedies for Default.
(i) Upon the happening of any Event of Default, then and in every case , any
registered owner or an authorized representative thereof, including, but not limited to , a
trustee or trustees therefor, may proceed against the City, or any official, officer or employee
of the City in their official capacity, for the purpose of protecting and enforcing the rights of
20
the registered owners under this Ordinance, by mandamus or other suit, action or special
proceeding in equity or at law, in any court of competent jurisdiction, for any relief permitted
by law as permitted by this Ordinance, including the specific performance of any covenant or
agreement contained herein , or thereby to enjoin any act or thing that may be unlawful or in
violation of any right of the registered owners hereunder or any combination of such
remedies.
(ii) It is provided that all such proceedings shall be instituted and 111.aintained for the
equal benefit of all registered owners of Notes then outstanding.
(c) Remedies Not Exclusive.
(i) No remedy herein conferred or reserved is intended to be exclusive of any other
available remedy or remedies, but each and every such remedy shall be cumulative and shall
be in addition to every other remedy given hereunder or under the Notes or now or hereafter
existing at law or in equity;provided, however, that notwithstanding any other provision of
this Ordinance, the right to accelerate the debt evidenced by the Notes shall not be available
as a remedy under this Ordinance.
(ii) The exercise of any remedy herein conferred or reserved shall not be deemed a
waiver of any other available remedy.
(iii) By accepting the delivery of a Note authorized under this Ordinance, such
registered owner agrees that the certifications required to effectuate any covenants or
representations contained in this Ordinance do not and shall never constitute or give rise to a
personal or pecuniary liability or charge against the officers , employees or members of the
City or the City Council.
(iv) None of the members of the City Council, nor any otherofficial orofficer, agent ,
or employee of the City, shall be charged personally by the registered owners with any
liability, or be held personally liable to the registered owners under any term or provision of
this Ordinance, or because of any Event of Default or alleged Event of Default under this
Ordinance.
Section 23. AMENDMENTS. (a) Amendments Approved by Majority ofNoteholders.
That the holders of the Notes aggregating a majority of the aggregate principal amount of then
outstanding Notes shall have the right from time to time to approve any amendment to this
Ordinance which may be deemed necessary or desirable by the City; provided, however, that without
the consent of the holders ofall of the Notes at the time outstanding, nothing herein contained shall
permit or be construed to permit the amendment of the terms and conditions in this Ordinance or in
the Notes so as to:
(1) Make any change in the maturity of the outstanding Notes;
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(2) Reduce the rate of interest borne by any of the outstanding Notes;
(3) Reduce the amount of the principal payable on the outstanding Notes;
(4) Modify the terms of payment of principal of or interest on the outstanding Notes or
impose any conditions with respect to such payment;
(5) Affect the rights of the holders of le ss than all of the Notes then outstanding; or
(6) Change the minimum percentage of the principal amount of Notes necessary for
consent to such amendment.
(b) Publication of Notice. If at any time the City shall desire to amend the Ordinance
under this Section, the City shall cause notice of the proposed amendment to be published in a
financial newspaper or journal published in The City of New York, New York, once during each
calendar week for at least two successive calendar weeks;provided, however, that the publication of
such notice shall not constitute a condition precedent to the adoption of such amendatory ordinance
and the failure to publish such notice shall not adversely affect the implementation of such
amendment as adopted pursuant to such amendatory ordinance. Such notice shall briefly set forth
the nature of the proposed amendment and shall state that a copy thereof is on file at the principal
office of the Paying Agent/Registrar for inspection by all holders of Notes. Such publication is not
required , however, if notice in writing is given to each holder of Notes.
(c) Consent to Amendment. Whenever at any time not less than thirty days , and within
one year, from the date of the first publication of said notice or other service of written notice the
City shall receive an instrument or instruments executed by the holders of at least a majority in
aggregate principal amount of all Notes then outstanding, which instrument or instruments shall refer
to the proposed amendment described in said notice and which specifically consent to and approve
such amendment in substantially the form of the copy thereof on file with the Paying
Agent/Registrar, the City Council may pass the amendatory ordinance in substantially the same form.
( d) Passage of Amendatory Ordinance. Upon the passage of any amendatory ordinance
pursuant to the provisions of this Section, this Ordinance shall be deemed to be amended in
accordance with such amendatory ordinance, and the respective rights , duties and obligations under
this Ordinance of the City and all the holders of then outstanding Notes shall thereafter be
determined , exercised and enforced hereunder, subject in all respects to such amendments.
(e) Consent Irrevocable. Any consent given by the holder of a Note pursuant to the
provisions of this Section shall be irrevocable for a period of six months from the date of the first
publication of the notice provided for in this Section, and shall be conclusive and binding upon all
future holders of the same Note during such period . Such consent may be revoked at any time after
six months from the date of the first publication of such notice by the holder who gave such consent,
or by a successor in title , by filing notice thereof with the Paying Agent/Registrar therefor and the
22
City, but such revocation shall not be effective if the holders of a majority in aggregate principal
amount of the then outstanding Notes as in this Section d efi ned have , prior to the attempted
revocation , consented to and approved the amendment.
(f) Determination of Ownership of Notes. For the purposes of this Section , the
ownership and other matters relating to all Notes registered as to ownership shall be determined from
the registration books kept by the Paying Agent/Registrar therefor. The Paying Agent/Registrar may
conclusively assume that such ownership continues until written notice to the contrary is served upon
the Payin g Agent/Reg istrar.
(g) Amendments not Requiring Noteholder Consent. The foregoing provisions of this
Section notwithstanding, the City by action of the City Council may amend this Ordinance for any
one or more of the following purposes :
(1) To add to the covenants and agreements of the City in this Ordinance
contained, other covenants and agreements thereafter to be observed, grant additional rights
or remedies to Noteholders or to s urrender, restrict or limit any right or power herein
reserved to or conferred upon the City;
(2) To make such provisions for the purpose of curing any ambiguity, or curing,
correcting or supplementing any defective provision contained in this Ordinance, or in regard
to clarifying matters or questions arising under this Ordinance, including, without limitation,
those matters described in Section 19( d)(v) hereof, as are necessary or desirable and not
contrary to or inconsistent with this Ordinance and which shall not adversely affect the
interests of the holders of the Notes; or
(3) To modify any of the provis ions of thi s Ordinance in any other respect
whatsoever, provided that such modification shall be , and be expressed to be , effective only
after all previously issued Notes outstanding at the date of the adoption of such modification
shall cease to be outstanding.
Section 24. PROPERTY APPRAISALS. That the City has satisfied or will satisfy the
appraisal requirements of Section 252.051, Texas Local Government Code, in the acquisition any
real property (including rights-of-way) with proceeds of the Notes.
Section 25. MISCELLANEOUS PROVISIONS. (a) Preamble. The preamble to this
Ordinance shall be considered an integral part of thi s Ordinance and is herein incorporated as part of
the body of this Ordinance for all purposes.
(b) Immediate Effect. This Ordinance shall be effective immediately from and after its
passage in accordance with the provisions of Section 1201.028 , Texas Government Code.
(c) Open Meeting. It is hereb y officially found and determined that the meeting at which
this Ordinance was passed was open to the public, and public notice of the time , place and purpose
23
of said meeting was given , all as required by Chapter 551 , Texas Government Code, as amended.
(d) Rules of Construction . The words "herein", "hereof' and "hereunder" and other words
of similar import refer to this Ordinance as a whole and not to any particular Section or other
subdivision. Except where the context otherwise requires , terms defined in this Ordinance to impart
the singular number shall be considered to include the plural number and vice versa. References to
any named person shall mean that party and its successors and assigns. References to an officer or
designated position ( e .g., City Manager) include any person acting in the capacity of such officer or
designated position , whether on an acting, interim or permanent basis. References to any
constitutional , statutory or regulatory provision mean such provision as it exists on the date this
Ordinance is adopted by the City and any future amendments thereto or successor provisions thereof.
Any reference to the FORM OF NOTE sha ll refer to the form attached to this Ordinance as
Exhibit B. The titles and headings of the Sections and subsections of this Ordinance have been
inserted for convenience of reference only and are not to be considered a part hereof and shall not in
any way modify or restrict any of the terms or provisions hereof.
[Ex ecution Page Fo ll ows ]
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(e) Inconsistent Provis ions. All orders and resolutions , or parts thereof, which are in
confl ict or in co n s iste nt with a ny provision of thi s Ordin ance are hereby repealed and declared to be
inapplicable, and the p rov is ion s of this Ordinance sha ll be and remain controlling as to the matters
prescribed h erei n.
ADOPTED AND EFFECTIVE April 11 , 2023 .
Mayor
C ity of Fort Worth , Texas
City Secretary
C ity of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY : (SEAL)
C ity Atto rn ey
C ity of Fort Worth , Texas
Sig nature Page -S eries 2023 Tax N ote Ordinance
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Description
Fire Apparatus Replacements
Radio Tower
Schedule I
DESCRIPTION OF PROJECTS
Balance of any unspent proceeds to pay costs of issuance of the Notes
Schedule I
Cost($)
13 ,720,000
4 ,600 ,000
Exhibit A
"Authentication Certificate" shall have the meaning given sa id term in Section 5(a) hereof.
"Authorized Denomination" shall have the meaning given said term in Section 2(a) of thi s
Ordinance.
"Bidding Instructions" means the Notice of Sale and Bidding Instructions distributed to
potential purchasers of Notes sold pursuant to a competitive sale.
"Bond Counsel" s hall mean McCall, Parkhurst & Horton L.L.P. and Kelly Hart & Hallman
LLP, or such other attorney or firm of attorneys who are nationally recognized as having expertise in
the practice of tax-exempt municipal finance law as approved by the City.
"Business Day" means a day other than a Saturday, Sunday, a le ga l holiday, or a day on
which banking institutions are authorized by law or executive order to close in the City or the city
where the Designated Trust Office of the Paying Agent/Registrar is located.
"Chapter 9" s hall mean Chapter 9, Texas Business and Commerce Code.
"Chapter 1201" shall mean Chapter 1201 , Texas Government Code.
"Chapter 1208" shall mean Chapter 1208 , Texas Government Code.
"Chapter 1371" shall mean Chapter 1371, Texas Government Code.
"Chapter 14 31" shall mean Chapter 1431 , Texas Government Code.
"City" or "Issuer" shall mean the City of Fort Worth, Texas.
"City Council" shall mean the City Council of the Issuer, its governing body.
"Code" shall mean the Internal Revenue Code of 1986 , as amended.
"Defeasance Obligations" shall mean (i) direct, noncallable obligations of the United States
of America, including obligations that are unconditionally guaranteed by the United States of
America and (ii) noncallable obligations of an agency or instrumentality of the United States of
America, including obligations that are unconditionally guaranteed or insured by the agency or
instrumentality and that , on the date the City adopts or approves proceedings authorizing the issuance
of refunding bonds or, if such defeasance is not in connection with the issuance ofrefunding bonds ,
on the date the City provides for the funding of an escrow to effect the defeasance of the Notes, are
rated as to investment quality by a nationally recognized investment rating firm not less than AAA or
its equivalent.
"Designated Trust Office" shall mean, on the date the Notes are delivered to the initial
purchaser of the Notes, the Dallas, Texas corporate trust office of BOKF, NA.
A-l
"DTC" shall have the meaning given said term in Section 22 of this Ordinance.
"Fiscal Year" shall mean the twelve-month period ending September 30, or any consecutive
twelve-month period declared by the City to be its fiscal year.
"Interest and Redemption Fund" shall mean the "CityofFort Worth , Texas Tax Notes , Series
2023 Interest and Redemption Fund" established by this Ordinance.
"MSRB" shall mean the Municipal Securities Rulemaking Board.
"Note" or "Notes" shall mean the "City of Fort Worth, Texas , Tax Notes , Series 2023",
issued in accordance with this Ordinance, the Bidding Instructions and the Official Bid Form. The
term "Notes" shall mean and include the Notes initially issued and delivered pursuant to this
Ordinance and all substitute Notes exchanged therefor, as well as all other substitute Notes and
replacement Notes issued pursuant to this Ordinance , and the term "Note" shall mean any of the
Notes.
"Note Purchase Agreement" means a note purchase agreement (i) between the City and the
Underwriters, pertaining to the purchase of the Notes by the Underwriters sold through a negotiated
sale conducted as a public underwriting, and (ii) between the City and the Purchaser, pertaining to
the purchase of the Notes by the Purchaser sold through a negotiated sale conducted as a private
placement.
"Official Bid Form" means the bid form prepared in accordance with the Bidding Instructions
and submitted by potential purchasers of any Notes sold pursuant to a competitive sale .
"Ordinance" shall mean this ordinance authorizing the issuance of the Notes.
"Paying Agent/Registrar" shall mean BOKF, NA, or its successor as designated in accordance
with Section 5 of this Ordinance.
"Payment Date" shall mean each date interest or principal on the Notes shall be due and
payable.
"Pricing Certificate" shall have the meaning given said term in Section 2(b) hereof.
"Pricing Officer" shall have the meaning given said term in the preamble to this Ordinance.
"Purchaser" or "Purchasers" means (a) the entity or entities listed in the Official Bid Form
accepted by the City as the best bid for the Notes, in the case of the sale of Notes sold through a
competitive sale or (b) the bank or other financial institution listed in a Note Purchase Agreement
executed in connection with a negotiated sale conducted as a private placement of Notes .
"Projects" shall have the meaning given said term in Section 1 of this Ordinance.
"Registration Books" shall mean the books or records for the registration of the transfer and
exchange of the Notes.
A-2
"Rule" shall mean SEC Rule l 5c2-12 , as amended from time to time.
"SEC" sha ll mean the United States Securities and Exchange Commission.
"State" shall mean the State of Texas.
"Treasury Regulations" shall mean all applicable temporary, proposed and final regulations
and procedures promulgated under the Code or promulgated under the Internal Revenue Code of
1954, to the extent applicable to the Code.
"Underwriters" means the investment banking firms listed in a Note Purchase Agreement
executed in connection with a negotiated sale conducted as a public underwriting of Notes.
A-3
NO.R-
MATURITY DATE
Registered Owner:
Exhibit B
FORM OF NOTE
UNITED STA TES OF AMERICA
STA TE OF TEXAS
CITY OF FORT WORTH, TEXAS
TAX NOTE, SERIES 2023
INTEREST RA TE DELIVERY DATE
[June 8], 2023
Dollars Principal Amount: -------------
PRINCIPAL
AMOUNT
$ ___ _
CUSIPNO.
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT WORTH,
TEXAS (the "Issuer"), being a political subdivision of the State of Texas , hereby promises to pay to
the Registered Owner set forth above, or registered assigns (either being hereinafter called the
"registered owner") the principal amount set forth above , and interest thereon from the Delivery Date
specified above, to the maturity date specified above , or the date of its redemption prior to scheduled
maturity, at the rate of interest per annum specified above, with said interest being payable on
___ l , 202_, and semiannually on each ___ land ___ 1 thereafter; except that if the
Paying Agent/Registrar's Authentication Certificate appearing on the face of this Note is dated later
than ____ 1, 202 _, such interest is payable semiannually on each ___ 1 and ___ 1
following such date. Interest on this Note shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months.
THE PRINCIPAL OF AND INTEREST ON this Note are payable in lawful money of the
United States of America, without exchange or collection charges. The principal of this Note shall
be paid to the registered owner hereof upon presentation and surrender of this Note at maturity or
redemption prior to maturity at the designated corporate trust office in Dallas , Texas (the
"Designated Payment Office"), ofBOKF , NA, which is the "Paying Agent/Registrar" forth is Note.
The payment of interest on this Note shall be made by the Paying Agent/Registrar to the registered
owner hereof as shown by the Registration Books kept by the Paying Agent/Registrar at the close of
business on the 15th day of the month next preceding such interest payment date by check, dated as
of such interest payment date, drawn by the Paying Agent/Registrar on , and payable solely from ,
funds of the Issuer required to be on deposit with the Paying Agent/Registrar for such purpose as
hereinafter provided; and such check shall be sent by the Paying Agent/Registrar by United States
mail , first-class postage prepaid, on each such interest payment date, to the registered owner hereof at
its address as it appears on the Registration Books kept by the Paying Agent/Registrar, as hereinafter
described. Any accrued interest due at maturity or upon redemption of this Note prior to maturity as
B-4
provided herein sh al I be paid to the registered owner upon presentation and surrender of this Note for
redemption and payment at the Designated Payment Office of the Paying Agent/Registrar.
IN THE EVENT OF ANON-PAYMENT of interest on a scheduled payment date, and for 30
days thereafter, a new record date for such interest payment (a "Special Record Date") will be
established by the Paying Agent/Registrar, if and when funds for the payment of such interest have
been received from the Issuer. Notice of the Special Record Date and of the scheduled payment date
of the past due interest ("Special Payment Date", which shall be 15 days after the Special Record
Date) shall be sent at least five business days prior to the Special Record Date by United States mail ,
first class postage prepaid, to the address of each registered owner of a Note appearing on the
registration books of the Paying Agent/Registrar at the close of business on the last business day next
preceding the date of mai I ing of such notice.
IF THE DATE for the payment of the principal of or interest on this Note shall be a Saturday,
Sunday, a legal holiday, or a day on which banking institutions in the City or the city where the
Designated Trust Office of the Paying Agent/Registrar is located are authorized by law or executive
order to close , then the date for such payment shall be the next succeeding day which is not such a
Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and
payment on such date shall have the same force and effect as if made on the original date payment
was due. Notwithstanding the foregoing , during any period in which ownership of the Notes is
determined only by a book entry at a securities depository for the Notes, any payment to the
securities depository, or its nominee or registered assigns, shall be made in accordance with existing
arrangements between the Issuer and the securities depository.
THE ISSUER COVENANTS with the registered owner of this Note that on or before the
principal and interest payment date for this Note it will make available to the Paying
Agent/Registrar, from the "Interest and Redemption Fund" created by the Ordinance, the amounts
required to provide for the payment, in immediately available funds , of all principal of and interest
on the Notes, when due.
THIS NOTE is one of the series of notes authorized by the Ordinance to be issued in the
aggregate principal amount of $ ____ . This Note, and the series of which it is a part, is
authorized pursuant to Chapter 1431, Texas Government Code ("Chapter 1431 "), is dated __ ,
2023, and is issued for the purpose of PA YING CONTRACTUAL OBLIGATIONS INCURRED OR
TO BE INCURRED FOR THE CONSTRUCTION OF PUBLIC WORKS AND THE PURCHASE
OF MATERIALS , SUPPLIES, EQUIPMENT, MACHINERY, BUILDINGS , LANDS, AND
RIGHTS-OF-WAY, as more fully described in the Ordinance, and to pay costs of issuance. This
Note and the series of which it is a part are issued pursuant to the Ordinance passed and adopted by
the City Council of the Issuer and duly recorded in the minutes of said City Council, as authorized by
the Constitution and laws of the State of Texas, including Chapter 1431.
ON MARCH 1, 203 _, or on any date thereafter, the Notes of this Series maturing on March
1, 203 _ and thereafter may be redeemed prior to their scheduled maturities , at the option of the
Issuer, in whole , or in part, at par and accrued interest to the date fixed for redemption. The years of
maturity of the Notes called for redemption at the option of the Issuer prior to their stated maturity
shall be selected by the Issuer. The Notes or portions thereof redeemed within a maturity shall be
8-5
selected by lot or other method by the Paying Agent/Regi strar; provided , that during any period in
which ownership of the Notes is determined only by a book entry at a securities depository for the
Notes, iffewer than all of the Notes of the same maturity and bearing the same interest rate are to be
redeemed , the particular Notes of such maturity and bearing such interest rate shall be selected in
accordance with the arrangements between the Issuer and the securities depository.
NOTICE OF any such redemption of Notes shall be given in the following manner, to-wit, a
written notice of such redemption shall be given to the registered owner of each Note or portion
thereof being called for redemption at least 30 days prior to the date fixed for such redemption by
depositing such notice in the United States mail , first-class postage prepaid, addressed to each such
registered owner at his address shown on the Registration Books of the Paying Agent/Registrar. Any
notice so mailed shall be conclusively presumed to have been duly given notwithstanding whether
one or more registered owners may have failed to have received such notice. By the date fixed for
any such redemption due provision shall be made by the Issuer with the Paying Agent/Registrar for
the payment of the required redemption price for this Note or the portion hereof which is to be so
redeemed , plus accrued interest thereon to the date fixed for redemption. If such notice of
redemption is given, and if due provision for such payment is made , all as provided above, this Note,
or the portion hereof which is to be so redeemed, thereby automatically shall be redeemed prior to its
scheduled maturity, and shall not bear interest after the date fixed for its redemption , and shall not be
regarded as being outstanding except for the right of the registered owner to receive the redemption
price plus accrued interest to the date fixed for redemption from the Paying Agent/Registrar out of
the funds provided for such payment. The Paying Agent/Registrar shall record in the Registration
Books all such redemptions of principal of this Note or any portion hereof. If a portion of any Note
shall be redeemed a substitute Note or Notes having the same maturity date, bearing interest at the
same rate, in any denomination or denominations in any integral multiple of $5 ,000 (an "Authorized
Denomination"), at the written request of the registered owner, and in aggregate principal amount
equal to the unredeemed portion thereof, will be issued to the registered owner upon the surrender
thereof for cancellation , at the expense of the Issuer, all as provided in the Ordinance. The Notes or
portions thereof redeemed within a maturity shall be selected by lot or other customary random
method selected by the Paying Agent/Registrar in accordance with any requirements of a securities
depository, if applicable (provided that a portion of a Note may be redeemed only in any
denomination or denominations in any Authorized Denomination).
THE FOREGOING PARAGRAPH NOTWITHSTANDING, with respect to any optional
redemption of the Notes, unless certain prerequisites to such optional redemption required by the
Ordinance have been met and money sufficient to pay the principal of, premium, if any , and interest
on the Notes to be redeemed will have been received by the Paying Agent/Registrar prior to giving
such notice, such notice may state that the optional redemption will , at the option of the City, be
conditional upon the satisfaction of such prerequisites and receipt of such money by the Paying
Agent/Registrar on or prior to the date fixed for such redemption or upon any prerequisite set forth in
the notice ofredemption. If a conditional notice ofredemption is given and such prerequisites to the
redemption are not satisfied , such notice will be of no force and effect, the City will not redeem such
Notes and the Paying Agent/Registrar will give notice in the manner in which the notice of
redemption was given, to the effect that such Notes will not be redeemed.
ALL NOTES OF THIS SERIES are issuable solely a s fully registered notes, without interest
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coupons, in any Authorized Denomination. As provided in the Ordinance , this Note, or any
unredeemed portion hereof, may, at the request of the registered owner or the assignee or assignees
hereof, be assigned, transferred , and exchanged for a like aggregate principal amount of fully
registered notes, without interest coupons, payable to the appropriate registered owner, assignee , or
assignees , as the case may be , having the same maturity date, and bearing interest at the same rate, in
any Authorized Denomination as requested in writing by the appropriate registered owner, assignee ,
or assignees , as the case may be , upon surrender of this Note to the Paying Agent/Registrar at its
Designated Payment Office for cancellation , all in accordance with the form and procedures set forth
in the Ordinance. Among other requirements for such assignment and transfer, this Note must be
presented and surrendered to the Paying Agent/Registrar, together with proper instruments of
assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar,
evidencing assignment of this Note or any portion or portions hereof in any Authorized
Denomination to the assignee or assignees in whose name or names this Note or any such portion or
portions hereof is or are to be transferred and registered. The Form of Assignment printed or
endorsed on this Note may be executed by the registered owner to evidence the assignment hereof,
but such method is not exclusive, and other instruments of assignment satisfactory to the Paying
Agent/Registrar may be used to evidence the assignment of this Note or any portion or portions
hereof from time to time by the registered owner. The one requesting such exchange shall pay the
Paying Agent/Registrar's reasonable standard or customary fees and charges for exchanging any Note
or portion thereof. The foregoing notwithstanding, in the case of the exchange of a portion of a Note
which has been redeemed prior to maturity, as provided herein, and in the case of the exchange ofan
assigned and transferred Note or Notes or any portion or portions thereof, such fees and charges of
the Paying Agent/Registrar will be paid by the Issuer. In any circumstance, any taxes or
governmental charges required to be paid with respect thereto shall be paid by the one requesting
such assignment, transfer, or exchange as a condition precedent to the exercise of such privilege. In
any circumstance, neither the Issuer nor the Paying Agent/Registrar shall be required (1) to make any
transfer or exchange during a period beginning at the opening of business 30 days before the day of
the first mailing of a notice of redemption of Notes and ending at the close of business on the day of
such mailing, or (2) to transfer or exchange any Notes so selected for redemption when such
redemption is scheduled to occur within 30 calendar days.
WHENEVER the beneficial ownership of this Note is determined by a book entry at a
securities depository for the Notes, the foregoing requirements of providing notice , holding,
delivering or transferring this Note shall be modified to require the appropriate person or entity to
meet the requirements of the securities depository as to registering or transferring the book entry to
produce the same effect.
IN THE EVENT any Paying Agent/Registrar for the Notes is changed by the Issuer, resigns,
or otherwise ceases to act as such, the Issuer has covenanted in the Ordinance that it promptly will
appoint a competent and legally qualified substitute therefor, and promptly will cause written notice
thereof to be mailed to the registered owners of the Notes.
IT IS HEREBY CERTIFIED AND REPRESENTED that this Note has been duly and validly
authorized , issued and delivered; that all acts , conditions and things required or proper to be
performed, exist and be done precedent to or in the authorization, issuance and delivery of this Note
have been performed , existed and been done in accordance with law; that this Note constitutes an
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obligation of said Is s uer ; and that annual ad valorem taxes s ufficient to provide for the payment of
the interest on and principal of this Note, as such interest comes due and such principal matures,
have been and will be levi ed and ordered to be levied against all taxable property in said Issuer, and
hav e been pledged from th e Issuer's annual ad valorem tax for such pay ment, within the limits pre s -
cribed by law. Reference is made to the Ordinance for a m ore complete de sc ription of the Issuer's
obligation to provide for the payment of the principal of and intere st on the Notes. By acceptance of
thi s Note, the registered owner expressly assents to all pro v ision s of the Ordinance.
IN WITNESS WHEREOF, the Issuer has caused this Note to be signed with the manual or
facsimile signature of the Mayor of the Issuer and countersigned with the manual or facsimile
signature of the City Secretary and approved as to form and legality by the manual or facsimile
signature of the City Attorney, and ha s caused the official seal of the Iss uer to be dul y impre ssed , or
placed in facsimile , on this Note.
ecretary Mayor
of Fort Worth , Texas City of Fort Worth , Texas
APPROVED AS TO FORM AND LEGALITY:
ty Attorney
City of Fort Worth, Texas
(S EAL)
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FORM OF ASSIGNMENT
ASSIGNMENT
F OR VALUE RECEIVED , the unders igned hereb y se ll s, assigns and transfers unto
Please ins ert Social Security or Taxpayer Identification Number of Transferee
I I -------------
(Please print or typewrite name and address , including zip code of Transferee)
the within Note and all ri ghts thereunder, and hereby irrevocably constitutes and appoints
attorney to re g ister the transfer of the within Note on the books kept for reg istration thereof, with full
power of substitution in the premises .
Dated: -------
Signature Guaranteed:
NOTICE: Signature(s) must be guaranteed by a
member firm of the New York Stock Exchange
or a commercial bank or trust company.
NOTICE: The s ignature above mu st correspond
with the name of the Registered Owner as it
appears upon the front of this Note in every
particular, without alteration or enlargement or
any change whatsoever.
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FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Note has been issued under the provisions of the Ordinance
described in the text of this Note; that this Note has been duly authenticated; and that this Note has
been issued in exchange for or replacement of a note, notes, or a portion of a note or notes of an
issue , the proceedings pursuant to which such issue was authorized were approved by the Attorney
General of the State of Texas.
Dated:
BOKF, NA,
Paying Agent/Registrar
By ____________ _
Authorized Representative
FORM OF COMPTROLLER'S REGISTRATION CERTIFICATE:
(only to accompany the In itial Notes to be delivered at closing)
OFFICE OF COMPTROLLER
STATE OF TEXAS
REGISTER NO. ------
I thereby certify that this Note has been examined , certified as to validity , and approved by
the Attorney General of the State of Texas and that this Note has been registered by the Comptroller
of Public Accounts of the State of Texas.
WITNESS MY HAND and seal of office at Austin, Texas
(SEAL)
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-----------
Comptroller of Public Accounts of the
State of Texas
The Initial Note shall be in the form set forth above, except that the form of the single fully
reg istered Initial Note s ha ll be modified as follows:
(i) immediately under the name of the Note the headings "Maturity Date", "Inte rest
Rate", "Delivery Date" and "CUSIP" shall be om itted ; and
(ii) Paragraph one shall read as fo ll ows :
Registered Owner:
Principal Amount:
Delivery Date: [June 8], 2023
ON THE MATURITY DA TE SPECIFIED ABOVE, THE CITY OF FORT WORTH,
T E XAS (the "Issuer") promises to pay to the Registered Owner named above, or the registered
ass igns thereof, the Principal Amount hereinabove stated on March 1 in each of the years and in
principal in stallm ents in accordance with the following schedul e:
(Information to be inserted from the Official Bid Form)
and to pay interest thereon from the delivery date specified above , on March 1, 2024 and
semiannua ll y on each September 1 and March 1 thereafter to the maturity date specified above, or to
the date of redemption prior to maturity, at the interest rate per annum specified above. Interest shall
be calcu lated on the basis of a 360-day year consisting of twelve 30-day months.
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Exhibit C
DESCRIPTION OF ANNUAL FINANCIAL INFORMATION
The following information is referred to in Section 19 of this Ordinance.
Annual Financial Statements and Operating Data
The financial information and operating data with respect to the City to be provided annua ll y
in accordance with such Section are as specified below:
The City has agreed to update annually financial information and operating data with respect
to the City of the general type included in the official statement for the Notes as set forth in tables 1
through 6 , inclusive, and 8 through 15 , inclusive, contained in such official statement, and Appendix
B to such official statement, "Excerpts from the Annual Financial Report of the City of Fort
Worth, Texas". The above-described financial information and operating data with respect to the
City is hereby incorporated by reference , and in Section 19 of this Ordinance the City has agreed to
annually update such financial information and operating data in accordance with Rule l 5c2-l 2,
promulgated by the United States Securities and Exchange Commission.
Accounting Principles
The accounting principles referred to in Section 19 of this Ordinance are the accounting
principles described in the notes to the annual financial report referred to above.
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THE STATE OF TEXAS
COUNTIES OF TARRANT, DENTON , WIS E, PARKER AND JOHNSON
CITY OF FORT WORTH
I, Jannette S. Goodall , City Secretary of the City of Fort Worth, in the State of Tex as , do
hereby certify that I have compared the attached and foregoing excerpt from the minutes of the
regular, open, public meeting of the City Council of the City of Fort Worth , Texas held on April 11 ,
2023 and of the ordinance authorizing the issuance of City of Fort Worth , Texas Tax Notes, Series
2023 , which was duly passed at said meeting, and that said copy is a true and correct copy of said
excerpt and the who le of said ordinance. Said meeting was open to the public, and public notice of
the time, place, and purpose of said meeting was given , all as required by Chapter 551 , Texas
Government Code, as amended.
In testimony whereof, I have set my hand and have hereunto affixed the seal of said City of
Fort Worth , this _Jl day of April , 2023.
of Fort Worth , Texas
(SEAL)
City of Fort Worth, Texas
Mayor and Council Communication
DA TE: 04/11 /23
LOG NAME: 13TAX NOTES SERIES 2023
SUBJECT
M&C FILE NUMBER: M&C 23-0275
(ALL) Adopt Ordinance Authorizing Issuance and Sale of City of Fort Worth Tax Notes , Series 2023 in an Aggregate Principal Amount Not to
Exceed $20 ,000 ,000.00 and Enacting Other Provisions Related to the Subject; and Adopt Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance authorizing the issuance and sale of Tax Notes , Series 2023 , in an aggregate principal amount not to exceed
$20 ,000 ,000 .00 ; authorizing execution of all related documents ; and approving the sale of the notes by competitive or negotiated sale as
determined most advantageous based on current market conditions and subject to meeting certain parameters , as set forth in the ordinance ;
providing for levy, assessment and collection of a property tax sufficient to pay the interest on and principal of the notes if other revenues are
not otherwise available and appropriated for those payments ; and ordaining related matters; and
2 . Adopt the attached ordinance increasing estimated receipts and appropriations in the Tax Note Series 2023 Fund in the amount of
$20 ,000 ,000 .00 , for the purpose of paying (i) contractual obligations incurred or to be incurred fo r the construction of public works and the
purchase of materials , supplies , equipment, machinery, buildings , lands , and rights-of-way of identified projects and (ii) costs of issuance of
the notes , with such appropriations subject to the sale of tax notes and receipt of proceeds and all identified amounts being subject to
reduction to conform to final figures reflected in the note-closing documents and with any excess cost of issuance funds remaining after
closing being transferred to the general debt service fund .
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to take actions associated with the issuance and sale of Series 2023 Tax Notes
and appropriation of proceeds for the purpose of paying (i) costs related to certain capital projects and (ii) costs of issuance of the Notes .
The anticipated aggregate amount of proceeds from the sale of the Series 2023 Tax Notes is $20 ,000 ,000 .00 . Proceeds from sale of the notes
will be used to purchase fire apparatus and equipment, finance the construction of the Northwest Radio Tower, and pay for costs of issuance
related to the sale of the Notes .
The schedule of project costs listed below :
Project Description Amount
Fire Apparatus Replacement $13 ,720 ,0
Northwest Radio Tower
least of Issuance $1,680 ,000 .00 1
!Total $20,000,000.00 1
The City has used an Equipment Note Program for the City's Fire Department since at least 1999 (Ordinance No . 13701 ). On an annual recurring
basis, tax notes are sold on the open market under a competitive process, and proceeds are used to finance the equipment replacement program
for fire equipment and apparatus . In conjunction with the Fleet Management Division of the Property Management Department, the Fire
Department manages a fleet rotation plan that annually identifies vehicles and equipment that have reached the end of their useful lives and are too
old or costly to continue to utilize or maintain for public safety operations . A portion of the proceeds from sale of the notes will be used to acquire
equipment replacements scheduled for Fiscal Year 2024 .
The ordinance provides delegated authority to the City Manager and Chief Financial Officer, individually, to effect the sale of notes. This includes
authority to seek not only competitive bids for the sale of the Notes authorized , but also a negotiated sale conducted as either a public offering
negotiated through a purchase agreement with Underwriters . Staff is recommending that these notes be sold with the City Manager or the Chief
Financial Officer having authority to approve the terms of the sale so lo ng as those terms come within the parameters set forth in the Council-
adopted ordinance . Key parameters includ e that the Notes must be rated in one of the four highest generic rating categories (BBB or higher); the
maximum maturity is March 1, 2030; and the maximum net effective interest rate is 6 .00 %.
Rating agency calls with Moody's and S&P will be conducted prior to the sale of the notes. Ratings are anticipated to be received the week of May
1, 2023 . Bids for the sale of the notes are scheduled to be submitted on May 10 , 2023. Subsequent to accepting the best bid and awarding the
sale of the notes , the City will seek approval of the debt transactions from the Texas Attorney General with an estimated closing date of June 8,
2023.
The attached appropriation ordinance reflects the maximum appropriation amount for note proceeds . Its structure accommodates variables
associated with sale of debt. To the extent numbers at closing a re less than thos e reflected in the ordinance , the available appropriation amount
will be reduced as needed to reflect final figu res based on the closing documents to ensure appropriations do not exceed actuals . Similarly , to the
extent there are any remaining proceeds after paying cost of issuance expense , those funds are to be moved to the General Debt Service Fund .
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity .
FISCAL INFORMATION/ CERTIFICATION:
The Director of Finance certifies that upon adoption of the actions provided within this Mayor and Council Communication , the sale of the 2023 Ta x
Notes will proceed as necessary to provide funding in the Tax Notes Series 2023 Fund for the 2023 FD Apparatus Tax Note, NW Radio Tower and
Cost of Issuance projects . Prior to any expenditures being incurred , the Property Management and Financial Management Services Departments
have the responsib ility to validate the availability offunds.
Submitted for City Manager's Office by : Reginald Zeno 8517
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Anthony Rousseau 8338
Expedited