HomeMy WebLinkAboutIR 7329 INFORMAL REPORT TO CiTY COUNCIL MEMBERS No 7329
611,* rr To the Mayor and Members of the City Council November 1 , 1988
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Subject PLANNING FOR A PROPOSED 1990-93 BOND PROGRAM
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This report is being submitted to inform City Council that the planning process for a new bond
program Is being Initiated. A tentative election date of May 5, 1990, has been set for the bond
election. Planning will proceed on schedule (SEE ATTACHMENT) unless directed otherwise by the
Council.
The tentative election date is suggested based upon projections of the commitment of our remain-
Ing bond funds. Currently authorized street bond funds are projected to be either expended or
committed by mid-1990. Approved bond funds for Ft re Department projects are already fusty com-
mitted and bond funds designated for the other service areas are being expended as scheduled.
Also, by mid-1990 financing needs to be determined for the City's new Interdepartmental communl-
cations system which would be a major element In the next bond program. WhIIs the staff is not
yet ready to recommend that conventional general obligation bonds be used to finance the system,
bonds are a possible financing alternative.
The City has been Informed by the Tarrant County Election Administrator that since the State of
Texas has changed Its primary elections from May to March, voting machines will not be eye[ table
to the City durl ng the months of February, March and April 1990. The Fort Worth independent
School District will conduct a school board election on May 5, 1990. A city bond election on
the same date would avoid the necessity of voters going to the polls twice within a short period
of time and it is possible that election costs could be shared to produce a savings for the tax-
Owl payers,
Given the current local economic environment and the level of some of the Cityts debt load indi-
cators, it would be prudent for the City to adopt a bond program that Is modest In scale and one
that can be spread over at least four bond sales. In this way debt service requirements can be
minimized without jeopardizing needed Improvements to the Infrastructure. Our last two bond
programs were each p tanned to be three year efforts. The 1982 program total led $130 ml i I Ion
($43.3 average yearly expenditure) and the 1986 program totalled $160 ml Ilion (53.3 average
yearly expenditure). A modest program In the range of $150 mi.1IIon divided over four bond sales
would entail yearly expenditures of approximately $37.5 mlIIIon. Of course, the size of the
bond program cannot be finally determined until project needs have been IdentIfled and
evaluated.
A suggested schedule of events is also attached for your review, it should be noted that the
suggested schedule, and the process it reflects, entails multiple opportunities for Input from
Counclimembers, advisory boards and commissions, and the public at large as has been our custom
for the past several bond programs. it is believed that participation from all segments of the
community to the design of the bond program ultimately makes for the most successful program
possible.
Should you have any questions concerning the planning process for the next bond program, please
do not hesitate to contact me.
. g
ugtas Harman
City Manager
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Attachment
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS --
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SCHEDULE OF EVENTS FOR A PROPOSED 1990-93 BOND PROGRAM
DATE ACTIVITY
10/19/88 City Manager held a Department Head meeting and started the bond pro-
gram planning process.
11/01/88 IR and proposed bond program schedule submitted to Council.
11/17/88 Bond Program Staff Committee meets.
11/23/88 Mail out requests to Boards, Commissions and other Organizations for bond
projects.
03/15/89 Departments submit all proposed projects that adversely impact the
annual budget.
04/20/89 Departments submit list of other bond projects.
06/13/89 Submit initial list of proposed bond projects to Council.
06/16/89 Initiate public information efforts for the two public meetings to be held in
each Council District.
06/28/89 Begin Council District meetings.
08/22/89 Citizen input complete.
09/28/89 Submit recommended projects, by propositions, to Council.
11/14/89 Council approves Bond Program and sets election date as May 5, 1990.
03/02/90 City Attorney makes submission to Justice Department of bond election as
required by Voting Rights Act.
03/07/90 City staff starts briefings for citizens.
05/05/90 Tentative Bond Program election.
05/10/90 Submit proposed bond sales to Council.
06/20/90 Submit CIP book to print shop.
07/20/90 Distribute CIP books.