HomeMy WebLinkAbout28254-01-2026 - City Council - OrdinanceOrdinance No.
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE MUNICIPAL PARKING DEBT SERVICE FUND,IN THE AMOUNT OF $18,000,000.00,
FROM PROCEEDS FROM SALE OF THE GENERAL PURPOSE REFUNDING BONDS,
SERIES 2025,FOR THE PURPOSE OF PAYING PRINCIPAL RETIREMENT FOR THE
PARKING PORTION OF THE GENERAL PURPOSE REFUNDING AND IMPROVEMENT
BONDS,SERIES 2016,WITH SUCH AMOUNT SUBJECT TO REDUCTION TO CONFORM
TO THE FINAL FIGURES REFLECTED IN THE DEBT CLOSING DOCUMENTS;
PROVIDING FOR A SEVERABILITY CLAUSE;MAKING THIS ORDINANCE CUMULATIVE
OF PRIOR ORDINANCES;REPEALING ALL ORDINANCES IN CONFLICT HEREWITH;
AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2025-2026 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Municipal Parking Debt Service Fund, in the amount of $18,000,000.00, from proceeds from sale of the
General Purpose Refunding Bonds, Series 2025, for the purpose of paying principal retirement for the parking
portion of the General Purpose Refunding and Improvement Bonds, Series 2016, with such amount subject
to reduction to conform to the final figures reflected in the debt closing documents.
SECTION 2.
That should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in no way impair
the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall
be and remain in full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance 27979-09-2025 and all other ordinances and
appropriations amending the same except in those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of
said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
CITY SECRETARY
_________________________
Jannette S. Goodall
APPROVED AS TO FORM AND LEGALITY:
___________________________________
Assistant City Attorney City Secretary
ADOPTED AND EFFECTIVE:
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 01/13/26 M&C FILE NUMBER: M&C 26-0010
LOG NAME: 13RESTATE GENERAL PURPOSE REF BONDS SERIES 2025
SUBJECT
(ALL) Adopt Ordinance Appropriating $18,000,000.00 out of the Proceeds from the General Purpose Refunding Bonds, Series 2025 to the
Municipal Parking Debt Service Fund to Properly Account for Obligations Being Refunded
RECOMMENDATION:
It is recommended that the City Council adopt the attached ordinance increasing estimated receipts and appropriations in the Municipal Parking
Debt Service Fund in the amount of $18,000,000.00, from a portion of the proceeds from the General Purpose Refunding Bonds, Series 2025, for
the purpose of paying principal retirement for the General Purpose Refunding and Improvement Bonds, Series 2016 (Parking Portion), with such
amount subject to reduction to conform to the final figures reflected in the closing documents for the refunding.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to adopt an additional appropriation ordinance for the recently authorized
General Purpose Refunding Bonds, Series 2025, in order to properly account for the obligations that are being refunded.
Taking advantage of the Federal Reserve's September and October 2025 interest rate cuts, the City issued $60,205,000.00 of General Purpose
Refunding Bonds to achieve debt service savings through refunding (refinancing) the General Purpose Refunding and Improvement Bonds, Series
2016 (M&C 25-1000; October 28, 2025). The transaction received 15 competitive bids and was priced with an average life of 4.865 years and a
True Interest Cost of 2.7507%. The refunding retired $65,955,000.00 of outstanding bonds, producing net present value savings of $3,338,234.00
(5.061 % of refunded principal). The City will realize average annual debt service savings of approximately $460,000.00 through Fiscal Year 2035.
A portion of the debt being refunded was attributable to the parking fund and being serviced through the Municipal Parking Debt Service Fund.
However, the appropriation ordinance attached to M&C 25-1000 showed all proceeds being appropriated in the General Debt Service Fund.
Approval of this M&C and adoption of the attached ordinance will appropriate $18,000,000.00 of those proceeds in the Municipal Parking Debt
Service fund to extinguish the obligation for the portion of the 2016 bonds associated with that fund.
The appropriation in the General Debt Service Fund will be reduced by a corresponding amount, utilizing the language in the prior ordinance that
provides that appropriations can be reduced to reflect the amounts determined at closing. The total appropriations for the Series 2025 refunding
bonds will remain the same despite being split across two different debt service funds.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendation and adoption of the attached ordinance, the sale of the tax-
exempt Series 2025 General Purpose Refunding Bonds occurred as required under the parameters set forth therein; that funds will be available in
the General Debt Service Fund and the Municipal Parking Debt Service Fund as appropriated; and that funds will be available to repay the debt
when due and payable.
Submitted for Citv Manaaer's Office bv: Reginald Zeno 8517
Oriainatina Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Alex Laufer 2268
Expedited