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Home My WebLink AboutIR 7496 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7496 _p.1 � October 23, 1990 �o�sQRt,�� To the Mayor and Members of the City Council fxA%' Subject: PROPOSED GENERAL OBLIGATION� AND CERTIFICATES OF t„� OBLIGATION Vff SALE FOR 1990-91 Proposal It is proposed that $23,950,000 in general obligation and $6-,000,000 certificates of obligation bonds be sold at a competitive bond sale on November 13, 1990. peterminata n, o Ca2ital_ Financing_Needs Following the established method of determining annual capital financing needs of the City, those departments responsible for capital construction have been requested to identify the capital financing required to proceed with project schedules for approximately the next twelve months. The responses are as follows: Aviation $ 6,000,000 Library $ 250,000 Park & Recreation $ 1,800,000 Streets $2119101040 Total $29,950,000 These identified needs were further analyzed in the light of three basic consider- ations (1) the critical nature of the need, (2) direction from the City Manager, and (3) arbitrage restrictions. A fall sale would create no budget impact until 1991-92. The City of Fort Worth has sold general obligation and certificates of obligation bonds on the following dates and for the following amounts: General Obligation: May 1, 1986 $ 73,000,000 March 1, 1487 $127,000,000* March 1, 1988 $ 24,000,000 May 1, 1989 $ 14,000,000 Certificates of Obligation: September 10, 1985 $ 6,500,000 March 15, 1988 $ 436,000 August 1, 1989 $ 10,700,000 *Only $23,000,000 of this issue was new, the rest was a refinancing of outstanding obligations. Debt Service The impact of a $29,950,000 bond sale on the City's debt service requirements is projected as shown on Attachment A. Attachment B shows the total City debt service requirements after the sale. ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS ----� INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7496 p.2 foRr To the Mayor and Members of the City Council October 23, 1990 Subject: PROPOSED GENERAL OBLIGATION AND CERTIFICATES OF " OBLIGATION BOND SALE FOR 1990-91 and gale Schedule If the City Council gives direction to proceed with the $29,950,000 bond sale, the required rating agency presentation will be conducted on October 29, 1990 and the appropriate MSC will be prepared for the November 13, 1990 Council agenda. The sale will be held the morning of the meeting with ratification action by the Council later in the day.(5i LK Davi A. Ivory City Manager ATTACHMENT A: PRINCIPAL AND INTEREST ON BOND SALE OF $29,950,000 ATTACHMENT B: CITY OF FORT WORTH TOTAL DEBT SERVICE REQUIREMENTS ATTACHMENT C: SUMMARY OF BOND PROJECTS ATTACHMENT D: INNER CITY STREETS ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS �--- ATTACHMENT A PRINCIPAL AND INTEREST ON BOND SALE OF $29,950,000 YEAR PRINCIPAL INTEREST TOTAL 1991 0.00 2,321,125.00 2,321,125.00 1992 1,663,888.89 2,321,125.00 3,985,013.89 1993 1,663,888.89 2,192,173.61 3,856,062.50 1994 1,663,888.89 2,063,222.22 3,727,111.11 1995 1,663,888.89 1,934,270.83 3,598,159.72 1996 1,663,888.89 1,805,319.44 3,469,208.33 1997 1,663,888.89 1,676,368.06 3,340,256.94 1998 1,663,888.89 1,547,416.67 3,211,305.56 1999 1,663,888.89 1,418,465.28 3,082,354.17 2000 1,663,888.89 1,289,513.89 2,953,402.78 2001 1,663,888.89 1,160,562.50 2,824,451.39 2002 1,663,888.89 1,031,611.11 2,695,500.00 2003 1,663,888.89 902,659.72 2,566,548.61 2004 1,663,888.89 773,708.33 2,437,597.22 2005 1,663,888.89 644,756.94 2,308,645.83 2006 1,663,888.89 515,805.56 2,179,694.44 o"" 2007 1,663,888.89 386,854.17 2,050,743.06 2008 1,663,888.89 257,902.78 1,921,791.67 2009 1,663,888.89 128,951.39 1,792,840.28 29,950,000.00 24,371,812.50 54,321,812.50 ATTACHMENT B CITY OF FORT WORTH TOTAL DEBT SERVICE REQUIREMENTS FUTURE FUTURE FUTURE YEAR PRINCIPAL INTEREST REQUIREMENTS 1991 27,938,521.88 30,783,842.88 58,722,364.76 1992 30,901,323.97 28,636,750.20 59,538,074.17 1993 31,955,690.95 26,231,239.86 58,186,930.81 1994 31,905,011.68 23,746,643.99 55,651,655.67 1995 31,584,081.44 21,245,439.78 52,829,521.22 1996 31,623,077.40 18,728,324.80 50,351,402.20 1997 31,643,052.19 16,187,045.37 47,830,097.55 1998 30,777,564.99 13,686,408.77 44,463,973.76 1999 30,321 ,111.10 11,465,282.76 41,786,393.86 2000 30,384,853.64 9,476,538.03 39,861,391.67 2001 29,018,992.77 7,492,995.73 36,511,988.50 2002 27,808,102.08 5,572,723.33 33,380,825.41 2003 17,787,462.12 4,054,299.67 21,841,761.79 2004 13,926,598.84 3,006,094.07 16,932,692.91 2005 9,963,698.65 2,213,510.31 12,177,208.96 2006 10,063,698.65 1,548,770.35 11,612,468.99 "\ 2007 10,268,397.19 875,739.42 11,144,136.61 200E 4,063,888.89 394,402.78 4,458,291.67 2009 2,563,888.89 158,201.39 2,722,090.28 434,499,017.30 225,504,253.49 660,003,270.79 ATTACHMENT C SUMMARY OF BOND PROJECTS PROPOSED BOND SALE IN NOVEMBER, 1991 GENERAL OBLIGATION BONDS TRANSPORTATION AND PUBLIC WORKS 1982 CIP CRESTLINE ROAD $ 2,435,500.00 MEACHAM BLVD. $ 4,362,000.00 US 80 $ 3,500.00 1985 CIP INNER CITY STREETS $10,101,000.00 ENGINEERING $ 4,248,000.00 1990 CIP ENGINEERING $ 730,000.00 TOTAL $21,900,000.00 LIBRARY EAST REGIONAL LIBRARY $ 250,000.00 TOTAL $ 250,000.00 PARK AND RECREATION NEW COMMUNITY PARKS $ 466,500.00 SYCAMORE GOLF COURSE $ 500,000.00 DEVELOPING AREAS $ 176,500.00 TRINITY EAST GREENBELT $ 100,000.00 MID-SOUTH RECREATION CTR $ 555,000.00 TOTAL $ 1,800,000.00 TOTAL GENERAL OBLIGATION BONDS SALES $23,950,000.00 CERTIFICATES OF OBLIGATION ALLIANCE AIRPORT CONTROL TOWER $ 6,000,000.00 TOTAL BOND SALE $29,950,000.00 AMOUNT OF BONDS RETIRED AS OF MARCH 1, 1991 $27,938,522.00 ATTACHMENT D INNER CITY STREETS PROJECTS SCHEDULED FOR 1990 BOND SALE Gould Avenue 30th to 32nd CD 2 110,667 Bale Avenue Moore to Irian CD 2 105,000 N. Nichols St. Long to 38th CD 2 186,733 Terminal Road Weber to Deen CD 2 667,000 Chestnut Avenue 21st to 22nd CD 2 45,240 32nd Street Refugio to N. Main CD 2 135,067 Moore Avenue Irion to 800 ft S. CD 2 100,000 Trail Lake Dr. Woodway to Wedgmont CD 3 390,000 Bird Street Sylvania-Riverside CD 4 162,000 Ayers Street Rosedale-Crenshaw CD 5 291,533 E. Berry St (1) Vaughn to Crouch CD 5 256,000 Hardeman Street Edgewood-MLK Fwy. CD 5 551,000 Wesleyan Drive Rosedale to Ave. J CD 5 96,567 Rosedale Sidewalk Thrall-Vaughn CD 5 115,000 Martin Street Miller to Tahoe CD 5 315,000 Rickenbacker Place Lucas to Carverly CD 5 181,000 Rickenbacker Stalcup to Farrell CD 5 97,000 Rickenbacker Lucas to Cravens CD 5 71,700 184� Bunche Maceo to Eisenhower CD 5 100,000 Avenue J Beach to Vaughn CD 5 229,267 Anderson Street Farrell to Stalcup CD 5 132,000 Forbes Street Miller to Donalee CD 5 177,000 Valera Court North Old Hemphill-Dead-end CD 6 40,000 Bourine Street Goodman to Curzon CD 7 198,533 Micki Lynn Kilpatrick-W. Vickery CD 7 194,000 Bourine Street Goodman to Blackmore CD 7 76,000 Blackmore Avenue Neville to Prevost CD 7 175,000 Bonnell Avenue Merrick to Guilford CD 7 450,000 Bryce Avenue Western to Tremont CD 7 168,000 May Street Kellis to Felix CD 8 289,000 Mississippi Avenue Baltimore-Glen Garden CD 8 584,000 Morphy Street New York to Hillside CD 8 90,000 Ripy Street Alice to Cole CD 8 156,320 Cannon Avenue Virginia to Exeter CD 8 127,000 Chenault Street Riverside to Pauline CD 8 106,833 Martin Avenue Wichita-Shackleford CD 8 472,000 Martin Avenue Trentman to Miller CD 8 193,000 Stella Riverside to Vickery CD 8 250,000 Troost Street Terrell to Rosedale CD 8 93,400 r ATTACHMENT D Page 2 Exeter Street Vickery to Terrell CD 8 138,000 Fairway ]hive High Point-Ellis Ranch CD 8 45,000 Illinois Avenue Rosedale to Pulaski CD 8 70,000 Judkins Street 1st to Airport Fwy CD 8 51,520 Seminary Berke-Sycamore Crk. B CD 8 300,000 Seminary Sycamore Crk. B-Campus CD 8 206,787 Butler McCart to Livington CD 9 252,400 Maddox Avenue College to Hemphill CD 9 76,767 Cantey Street Hemphill to East RR CD 9 158,000 Lowden Street Hemphill to East RR CD 9 210,000 Main Street Biddison to Bewick CD 9 44,833 South Jones Street Biddison to Bolt CD 9 257,833 Page Avenue Hemphill to East RR cd 9 112,000 TOTAL 10,101,000