HomeMy WebLinkAboutOrdinance 15456
ORDINANCE NO. 1 ~~'~~
BY TIC CITY COUNCIL OF TTdE CITY OF FORT WORTH, TEXAS, DIlZECTING
PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND
REVENUE CERTIFICATES OF OBLIGATION, SERIES 2003; AND ORDAINING OTHER
MATTERS RELATING TO THE SUBJECT
WI~REAS, 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
WI~REAS, 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, TI~REFORE, BE IT ORDAINED BY THE CITY COUNCIL OF TFIE 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 fourteenth 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 pr6perty, 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.
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 25th day of February, 2003.
Ce~~.
Mayor, City of Fort Worth, Texas
A T:
City Secretary, ity of
Fort Worth, Texas
APPROVED AS TO FORM:
0~ ~~
City Attorney, City of/
Fort Worth, Texas
(SEAL)
EXEIIBIT A
NOTICE OF INTENTION TO
ISSUE 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 and construction of improvements at Meacham Field,
including noise mitigation improvements and runway reconstruction; park improvements throughout the City of Fort
Worth; general street and major arterial improvements throughout the City of Fort Worth; the costs associated with
the relocation of Fire Station #8 resulting from the West Rosedale/Forest Parlc to Main Street street improvements;
and the payment of fiscal, engineering and legal fees incurred in connection therewith. 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 7 o'clock, p.m., on the 18th day of March, 2003. The maximum
amount of Certificates of Obligation indebtedness that maybe authorized to be sold on said date for such purposes
described above is $20,000,000. 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 of surplus revenues
derived from the operation of the City's municipal water and sewer system.
CITY OF FORT WORTH, TEXAS
/s/.Kenneth Ban
Mayor