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INFORMAL REPORT TO CITY COUNCIL MEMBERS No. §993
To the Mayor and Members of the City Council January 15, 1985
Subject: PROPOSED GENERAL OBLIGATION AND VATER/SEWER REVENUE
JOINT BOND SALE
Background
At the City Council workshop of January 3, 1985, the Council was briefed
on the proposed joint General Obligation and Water/Sewer Revenue bond
sale, tentatively scheduled for Tuesday, February 12, 1985. The pro-
posed General Obligation portion of the sale, detailed at the November 6
Work Session, totals' $73,745,009 and the Revenue bond portion is
$43,150,000. The intended purposes of the Revenue bond proceeds were
detailed in Informal Report No. 6991 and discussed at the January
meeting, and the major projects proposed for funding from the General
Obligation portion of the sale were listed by the City Manager. The
proposed street improvement projects were discussed at the November Work
Session and a detailed list is included with this report which provides
additional information on projects to be funded from the proposed sale.
Pp
j��?sed General Obligation Bond Sale
The General Obligation Bond Sale is detailed in this narx ti and
Attachments I, II and III.
This prcposed bond sale would accomplish the following:
Public Safety
1. Fund three Fire Stations ($2,005,000) which would complete the
1982-84 Public Safety Prcposition. $500,000 of unissued fire safety
improvement bonds would rermin to be sold from the 1978-81 Bond Pro-
Landfills
2. Fund land options ($500,000) for the New Landfill Site, leaving
$2,080,000 of unissued bonds.
Library
3. Fund construction of the Southwest Regional Library ($2,600,000)
which would complete the Library Proposition.
Municipal Services
4. Fund the Southwest Service Center ($3,818,000) and complete the
third floor of the Municipal Building ($1,422,000). This would com-
plete the Municipal Services Proposition.
-ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 6993 - Pa-ze-2
T I
to To the Mayor and Members of the City Council January 15, 1985
PROPOSED GENERAL OBLIGATION AND WATER/SEWER REVENUE
Subject:
JOINT BOND SALE
Public Events
5. The Public Events Proposition was funded by previous bond sales.
Park and Recreation
6. Fund Park and Recreation projects ($2,400,000) which would leave
$1,370,000 of unissued bonds.
Street Improvements
7. Fund Street projects ($61,000,000) which would permit street con-
struction to continue expeditiously and in ccupliance with legal
requirements related to contracting. this sale also would provide
funds for the large number of new development projects that have
exceeded expectations.
Attachment I indicates propositions, the amount of currently authorized
but unissued bonds, proposed FY 1984-85 bond sale, and unissued bonds
after this sale for each proposition.
Attachment II details the street projects and their tentative schedules.
Attachment III shows the debt service requirements resulting from the
proposed $73,745,000 sale. The interest rate is projected at.9.75% over
a 21-year life.
The Proposed Water and Sewer Revenue Bond Sale is explained by attach-
ment to Informal Report 1b. 6991, located at Attachment IV.
Attachment V shows the debt service requirements resulting from the
$43,125,000 sale. The interest rate is projected at 10.0% over a
21 year life.
Should additional information be desired, it will be furnished upon
request.
kgA, Vernell Sturns
U Acting City Manager
VS:jcnn
Attachment I Proposed General Obligation Bond Sale FY 1984-85
Attachment II Street Irprovements-Capital Improvement Program
Expenditure Plan
Attachment III Debt Service Requirements
Attachment IV Water and Sewer 1985 CIP Projects - Proposed Bond
Proceeds January 3, 1985
Attachment V $43,125,000 City of Fort Worth, Texas Water and
Sewer System Improvement Revenue Bonds, Series 1985
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS