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INFORMAL REPORT TO CITY COUNCIL MEMBERS No 6915
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4 coer,�A To the Mayor and Members of the City Council February 21 , 1984
rsxAy� Subject: pRaCPS SAI'E OF GENERAL OBLIGATION BCINDS FOR SANITARY SEWER
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On February 14, 1984, the Council reviewed the proposed general
obligation bond sale for 1983-84. Subsequently, planning has proceded
with the City's financial advisors to schedule a bond sale at the
earliest possible date prior to April 1, 1984.
The plan presented to the Council was for a $55,000,000 bond sale to
provide funding for seven capital improvement categories.
In examining the total capital improvement requirements of the City, it
has been determined that, in addition to the general obligation projects
included in the $55,000,000, there exists the need to issue bonds for
water and sewer projects prior to June 30, 1984.
Since 1982, Water and Sewer projects have been financed by the sale of
revenue bonds. Prior to this date sane financing of sanitary sewer
projects was by general obligation bonds. The last general obligation
bonds for sanitary sewer projects were approved by voters on December 9,
1975, in the amount of $27,500,000. Of this amount, $5,800,000 remains
unissued. These funds are required to complete projects already ap-
(�� proved by Council. To be consistent with the Council direction to sell
` bonds to cover all expended or obligated funds, the $5,800,000 autho-
rized bonds should be sold at this time.
Rather than schedule a second general obligation bond sale for the
$5,800,000 at the time of the anticipated water and sewer revenue bond
sale, the City's financial advisors and the staff concur that the least
costly approach would be to include general obligation bonds for
sanitary sewer projects in the March sale of general obligation bonds
for general capital projects.
The addition of the $5,800,000 would have no effect on the tax supported
debt service previously presented for the $55,000,000 sale since the
debt service on general obligation sanitary sewer bonds is paid from the
Water and Sewer Fund.
ISSUED BY THE CITY MANAGER - FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS N0.b915 - Page 2
,IT Ip,�p To the Mayor and Members of the City Council February 21, 1984
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�rEXP'y Subject: PROPOSED SALE OF GENERAL OBLIGATION BONDS FOR SANITARY SEWER
-.,3 PROJECTS
Accordingly„ with Council concurrence, the proposed March general
obligation bond sale will be structured at $60,800,000 to consist of the
following categories:
Public Safety $ 7,110,000
Municipal Services 1,100,000
Landfills 3,100,000
Public Events 10,500,000
Library 160,000
Streets 28,230,000
Park & Recreation 4,800,000
Sanitary Sewers 5,800,000
$60,800,000
Should additional information be desired, it will be furnished upon
request. /J
don Robert L. Herchert
City Manager
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ISSUED BY THE CITY MANAGER -- FORT WORTH, TEXAS