HomeMy WebLinkAboutOrdinance 21241-05-2014 ORDINANCE NO, 21241-05-2014
AN ORDINANCE FINDING THAT THE SPECIAL
ELECTION CONDUCTED ON MAY 10, 2014, ON THE
QUESTION OF ISSUANCE OF PUBLIC SECURITIES
WAS DULY AND LAWFULLY HELD; DECLARING
THE RESULTS OF THE ELECTION; AND
EXPRESSING OFFICIAL INTENT TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE
DEBT
WHEREAS, on February 11, 2014, the City Council of the City of Fort Worth
adopted Ordinance 21123-02-201.4 Ordering an Election by the Qualified Voters of the
City of Fort Worth, Texas, on May 10, 2014, on the Question of the Issuance of Ad
Valorem Tax Supported Public Securities for the 201.4 Capital Improvement Program;
and
WHEREAS, all circumstances surrounding calling of election, giving of notice,
holding of election, and return of ballots have been legally had and done; and
WHEREAS, a tabulation of the votes for and against each measure in each
precinct and the sum of the precinct totals has been prepared in accordance with State
law; and
WHEREAS, more than fifty percent of the votes cast with regards to measures 1,
2, 3, 4, 5, 6, and 7 were cast in favor of the listed measures, meaning that public securities
outlined in the listed measures may be issued in accordance with State law; and
WHEREAS, the City expects to pay expenditures from available funds in
connection with the public-securities-funded capital improvement program representing
the listed measures approved with more than fifty percent of the votes cast (collectively,
the "Project") prior to the issuance of the securities by the City in connection with the
financing of the Project;and
WHEREAS, the City finds, considers, and declares that the reimbursement of the
City for the payment 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 Treasury Regulations,to reimburse itself for
such payments at such time as it issues public securities to finance the Project.
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NOW THEREFORE,BE IT ORDAINED BY THY, CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS THAT:
SECTION 1.
The City Council. officially finds and determines that the election on May 10, 2014 was duly and
lawfully held.
SECTION 2.
The City Council officially finds and determines that the following votes were cast at the election
held on May 10, 2014, at which election the following PROPOS11-IONS were submitted for
consideration by the resident, qualified electors of the City of Fort Worth who voted at the
election:
PROPOSITION NO. I
THE ISSUANCE OF PUBLIC SECURITIES FOR STREET
AND TRANSPORTATION IMPROVEMENTS IN THE
AGGREGATE PRINCIPAL AMOUNT OF $219,740,000.00
Tarrant County Denton County Total
FOR 11,814 65 1.1,879
AGAINST 2,372 34 2,406
PROPOSITION NO. 2
THE ISSUANCE OF PUBLIC SECURITIES FOR PARKS,
RECREATION AND COMMUNITY CENTER IMPROVEMENTS
IN THE AGGREGATE PRINCIPAL AMOUNT OF $31,440,000.00
Tarrant County Denton County Total
FOR 11,123 65 11,188
AGAINST 3,062 33 3,095
PROPOSITION NO. 3
THE ISSUANCE OF PUBLIC SECURITIES FOR LIBRARY
SYSTEM IMPROVEMENTS IN THE AGGREGATE
PRINCIPAL AMOUNT OF $1.2,650,000.00
Tarrant County Denton County Total
FOR 11,033 60 11,093
AGAINST 3,103 39 3,142
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Ordinance No. 21241.-05-2014
PROPOSITION NO. 4
THE ISSUANCE OF PUBLIC SECURITIES FOR FIRE SAFETY
IMPROVEMENTS IN THE AGGREGATE PRINCIPAL
AMOUNT OF $9,285,000.00
Tarrant County Denton County Total
FOR 11,633 71 11,704
AGAINST 2,512 27 2,539
PROPOSITION NO. 5
THE ISSUANCE OF PUBLIC SECURITIES FOR MUNICIPAL
COURT IMPROVEMENTS IN THE AGGREGATE PRINCIPAL
AMOUNT OF $1,530,000.00
Tarrant County Denton County Total
FOR 9,538 48 9,586
AGAINST 4,527 50 4,577
PROPOSITION NO. 6
THE ISSUANCE OF PUBLIC SECURITIES FOR MUNICIPAL
SERVICE FACILITY IMPROVEMENTS IN THE AGGREGATE
PRINCIPAL AMOUNT OF $15,080,000.00
Tarrant County Denton County Total
FOR 9,576 48 9,624
AGAINST 4,467 50 4,517
PROPOSITION NO. 7
THE ISSUANCE OF PUBLIC SECURITIES FOR ANIMAL CARE
AND CONTROL FACILITY IMPROVEMENTS IN THE
AGGREGATE PRINCIPAL AMOUNT OF $2,350,000.00
Tarrant County Denton County Total
FOR 10,991 64 11,055
AGAINST 3,146 34 3,180
SECTION 3.
The City Council officially finds, determines, and declares the result of said election to be
that the aforesaid PROPOSITION NOS. 1, 2, 3, 4, 5, 6, and 7 so submitted that is shown above have
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Ordinance No. 21241-05-2014
received a favorable majority vote, that such PROPOSITION NOS. 1, 2, 3, 4, 5, 6, and 7
therefore have passed and that the public securities authorized by the aforesaid PROPOSITION
NOS. 1, 2, 3, 4, 5, 6, and 7 may be issued and the ad valorem tax supporting said public
securities may be levied and pledged by the City within the limits prescribed by law.
SECTION 4.
The City intends for the obligations approved by the voters at the election to be issued as
tax-exempt obligations under the provisions of the Internal Revenue Code of 1986. The City
expects to pay expenditures from available funds in connection with the design, planning,
acquisition, and construction of the projects described in the propositions approved by the voters
prior to the issuance of obligations authorized at the election, The City Council hereby 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 obligations authorized by the
voters at the election for such purpose. All expenditures to be reimbursed will be capital
expenditures; the obligations authorized to be issued by the voters at the election shall be issued
within 18 months of the later of(1) the date the expenditures are paid or (ii) the date on which the
property, with respect to which such expenditures were made, is placed in service; and the
foregoing notwithstanding, no obligations will be issued on a date that is more than three years
after the date any expenditure which is to be reimbursed is paid.
SECTION 5.
This ordinance shall take effect upon adoption.
et rice
M yor of t ity of Fort Worth
AT TEST:
..........
Ma y J. Kay
APPROVED AS TO FORM AND LEGALITY:
Sarah J. 174nwider, City Attorney
ADOPTED AND EFFECTIVE: May 20, 2014
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