HomeMy WebLinkAboutOrdinance 20805-07-2013 ORDINANCE NO{�-014 2013
DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION;
AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT
WHEREAS, the City of Fort Worth expects to pay expenditures in connection with the
design, planning, acquisition and construction of the projects described in Exhibit A to this
Ordinance prior to the issuance of the Certificates of Obligation hereinafter described; and
WHEREAS, the City Council hereby finds, considers and declares that the
reimbursement of the payment by the City of such expenditures will be appropriate and
consistent with the lawful objectives of the City and, as such, chooses to declare its intention, in
accordance with the provisions of Section 1.150-2 of the U.S. Treasury Regulations, to
reimburse itself for such payments at such time as it issues the hereinafter described Certificates
of Obligation; and
WHEREAS, it is hereby officially found and determined that the meeting at which this
Ordinance was considered 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.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
Section 1. That attached hereto and marked "Exhibit A" is a form of notice, the form and
substance of which are hereby passed and approved.
Section 2. That the City Manager shall cause said notice to be published, in substantially
the form attached hereto, in a newspaper of general circulation in the City of Fort Worth, Texas,
for two consecutive weeks, the date of the first publication to be before the thirtieth (30th) day
before the day tentatively proposed for authorizing the issuance of the Certificates of Obligation
as shown in said notice.
Section 3. That the facilities and improvements to be financed with proceeds from the
proposed Certificates of Obligation are to be used for the purposes described in the attached
Notice of Intention.
Section 4. That all costs to be reimbursed pursuant to this Ordinance will be capital
expenditures; the proposed Certificates of Obligation shall be issued within 18 months of the
later of(i) the date the expenditures are paid or (ii) the date on which the property, with respect
to which such expenditures were made, is placed in service; and the foregoing notwithstanding,
the Certificates of Obligation will not be issued pursuant to this Ordinance on a date that is more
than three years after the date any expenditure which is to be reimbursed is paid.
Section 5. That this Ordinance shall be effective immediately from and after its passage
in accordance with the provisions of Section 2 of Chapter 25 of the Charter of the City, and it is
accordingly so ordained.
PASSED AND APPROVED this the 16th day of July, 2013.
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Signature Page—Ordinance Authonnng Publication of Notice of Intent to Issue Certificates of Obligation
EXHIBIT A
NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of
Fort Worth, Texas, to issue one or more series of the interest bearing certificates of obligation of
the City to be entitled "City of Fort Worth, Texas Combination Tax and Revenue Certificates of
Obligation", for the purpose of paying contractual obligations to be incurred by the City, to-wit,
the acquisition of a maintenance facility located at 5001 James Street, Fort Worth, Texas 76115
(the "Maintenance Facility"); the construction and reconstruction of streets (including arterial
bridges and arterial access) and related drainage and sidewalk improvements throughout the
City; the acquisition of traffic signals and related traffic and communications equipment; the
acquisition of equipment with respect to the City's traffic safety program; the acquisition of
firefighting and related equipment for use by the City's fire department; the construction of park
improvements throughout the City, including, but not limited to, walks and trails, athletic fields
and lighting, nature center boardwalk, and a new community center located in south central Fort
Worth, Council District 9; and the payment of fiscal, engineering and legal fees incurred in
connection therewith. The Maintenance Facility currently is owned by Service Center
Relocation, Incorporated (the "Corporation"), a local government corporation created in 2004 by
the Fort Worth City Council to act on behalf of the City in furtherance of the promotion,
development, encouragement and maintenance of employment, commerce, economic
development and public facility development in the City. The City leases the Maintenance
Facility in accordance with the terms of a Lease with an Option to Purchase Agreement between
the City and the Corporation (the "Agreement"). The purchase price for the Maintenance
Facility is established by the existing terms of the Agreement, and the Corporation shall use the
purchase price paid by the City to acquire the Maintenance Facility to refund all of its
outstanding Lease Revenue Bonds, Series 2004, issued to finance the acquisition, construction
and equipping of the Maintenance Facility, to achieve a present value debt service savings with
respect to the current lease payments made by the City for use of the Maintenance Facility. The
City Council tentatively proposes to authorize the issuance of said series (one or more) of
Certificates of Obligation at its regular meeting place in the City Hall at a meeting to commence
at 10:00 o'clock a.m., on the 20th day of August, 2013. The maximum amount of Certificates of
Obligation indebtedness that may be authorized to be sold on said date for such purposes
described above is $74,000,000. The City Council presently proposes to provide for payment of
said series (one or more) of Certificates of Obligation from the levy of ad valorem taxes and
from a limited pledge (not to exceed $1,000) of surplus revenues derived from the operation of
the City's water and sewer system.
CITY OF FORT WORTH, TEXAS
/s/ Betsy Price
Mayor
THE STATE OF TEXAS :
COUNTIES OF TARRANT, DENTON PARKER AND WISE
CITY OF FORT WORTH
I, Mary Kayser, City Secretary of the City of Fort Worth, in the State of Texas, 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 July 16 2013,
and of the ordinance authorizing the publication of notice of intention to issue Certificates of
Obligation, which was duly passed at said meeting, and that said copy is a true and correct copy
of said excerpt and the whole 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 he seal of said City
of Fort Worth, this day of July, 2013.
City SecretaVorth,f the
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