HomeMy WebLinkAboutOrdinance 15935~.
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Ordinance No. ~ ~~~~
AN ORDINANCE 1NCREASiNG APPROPRIATIONS IN THE COMMERCIAL
PAPER-GENERAL OBLIGATION CONSTRUCTION FUND IN THE AMOUNT OF
$125,000,000.00 FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING
INTERIM FINANCING FOR THE CONSTRUCTION OF ELIGIBLE PROJECTS;
MAKING THIS ORDINANCE CUMULATIVE OF PRIOR 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 2003-
2004 in the Budget of the City Manager, there shall also be increased appropriations in the
Commercial Paper-General Obligation Construction Fund in.the amount of $125,000,000.00 from
available funds for the purpose of funding interim financing for the construction of eligible projects.
SECTION 2.
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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 No. 15636 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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 shah take effect upon adoption.
PROVE AS O ORM D LEGALITY:
stant City Attorney
ADOPTED AND EFFECTIVE: { ', rt`J l.:r~ `~~J C
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 3/30/2004 -Ordinance No. 15934 and 15935
DATE: Tuesday, March 30, 2004
LOG NAME: 13NOTES REFERENCE NO.: '`*C-20014
SUBJECT:
An Ordinance Approving and Authorizing the Issuance of Commercial Paper Notes in an Aggregate
Principal Amount at Any One Time Outstanding Not to Exceed $125,000,000.00 to Provide Interim
Financing to Pay Project Costs for Eligible Projects Approved by the Voters at Bond Elections Held
by the City and to Refund Obligations Issued in Connection with an Eligible Project; Approving and
Authorizing Certain Authorized Officers and Employees to Act on Behalf of the City in the Selling
and Delivery of Such Short Term Obligations; Providing for the Levy, Assessment and Collection of
a Tax Sufficient to Pay the Interest on Commercial Paper Notes and a Bank Note and to Create a
Sinking Fund for the Redemption of a Bank Note; and Resolving Other Matters Incident and Related
to the Issuance, Sale, Security and Delivery of Commercial Paper Notes
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the .attached ordinance approving and authorizing the issuance of General Obligation
Commercial Paper Notes, in an amount not to exceed $125,000,000.00, to provide interim financing for the
construction of eligible projects; and
2. Adopt the attached appropriation ordinance appropriating $125,000,000.00 to a "Commercial Paper
G.O. Construction Fund".
DISCUSSION:
Approval of this M&C will make available $125,000,000.00 in appropriation authority for eligible projects
authorized by the February 7, 2004 bond .election. It will further authorize the issuance of commercial paper
notes to provide interim construction financing for those projects.
The City's financial advisors and the City staff are recommending that J. P. Morgan Securities Inc. be
retained to market any notes that may be issued. DEPFA, an Irish bank with the highest short-term credit
ratings available, has been selected to provide the liquidity facility, and U.S. Bank Trust National
Association will be utilized as the Issuing/Paying Agent.
FISCAL INFORMATION/CERTIFICATION:
The Director of the Department of Finance certifies that upon adoption of the attached ordinances, funds
will be available in the current capital budgets, as appropriated. .
Logname: 13NOTES Page 1 of 2
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TO Fund/AccountlCenters
FROM Fund/Account/Centers
Submitted for City Manag_er's Office b~ Charles Boswell (8511)
Originating Department Head: Jim Keyes (8517)
Additional Information Contact: Jim Keyes (8517)
Logname: 13NOTES
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