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HomeMy WebLinkAboutOrdinance 15333ORDINANCE NO L~~'~ DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION (CONVENTION CENTER HOTEL PROJECT), AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT WHEREAS, the City of Fort Worth expects to pay expenditures m connection with the design, planning, acquisition and construction of the projects described m Exhibit A to this Ordinance prior to the issuance of the Certificates of Obligation hereinafter described, and WHEREAS, the Crty Council hereby finds, considers and declares that the reimbursement of the payment by the Crty of such expenditures will be appropriate and consistent with'the lawful objectives of the Crty and, as such, chooses to declare its intention, m 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 rt issues the hereinafter described Certificates of Obligation, and WHEREAS, rt 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, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS Section 1 That attached hereto anc~ marked "Exhibit A" is a form of notice, the form and substance of which are hereby passed and approved. Section 2. That the Crty Manager shall cause said notice to be published, m substantially the form attached hereto, in the Fort Worth Star-Telegram, 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 assuance of the Certificates of Obligation as shown an 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 property, with respect to which such expenditures were made, is placed m 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 rts passage m accordance with the provisions of Section 2 of Chapter 25 of the Charter of the Crty, and rt is accordingly so ordained. PASSED AND APPROVED this the 19th day of November, 2002. ~'~ Mayor, City of Fort Worth, Texas AT EST City Secre ity of Fort Worth, Texas APPROVED AS TO FORM. Crty~Attorney-;~Crty o F;~or`t Worth,"Tti ax s~, r~ ~_ .~ K rr `i ~ r / ~ ~~~' s l ~~ 1~ EXHIBIT A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that rt is the intention of the City Council of the City of Fort Worth, Texas, to issue one or more series of interest bearing certificates of obligation of the City to be entitled "City of Fort Worth, Texas Combination Tax and Revenue Certificates of Obligation (Convention Center Hotel Project)", for the purpose of paying contractual obligations to be incurred by the Crty, to-wit: the acquisition of land and the construction and equipping of a hotel and facilities ancillary thereto (the "Convention Center Hotel"), as part of the ongoing expansion of the existing convention center facility owned by the City located at 1111 Houston Street, in the City of Fort Worth, Texas (the "Fort Worth Convention Center"), with such Convention Center Hotel to be located at or within 1,000 feet of the Fort Worth Convention Center; the funding of other funds relating to the proposed Certificates of Obligation, including debt service reserve and contingency funds; and the payment of fiscal, engineering and legal fees incurred m 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 m the City Hall at a meeting to commence at 7 o'clock, p.m., on the 10th day of December, 2002 The maximum amount of Certificates of Obligation indebtedness that may be authorized to be sold on said date for such purposes described above is $160,000,000 The maximum amount of proceeds from the sale of the Certificates of Obligation indebtedness that may be sold on said date to fund the acquisition of land and the construction and equipping of the Convention Center Hotel and the payment of fiscal, engineering and legal fees incurred m connection with the acquisition of land and the construction and equipping of the Convention Center Hotel is $130,000,000 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 pledge of "Pledged Revenues", which shall consist of (i) the revenue derived from the hotel occupancy tax imposed under the provisions of Chapter 351, Texas Tax Code, on the price of a room at the Convention Center Hotel, (ii) the revenues from the municipal hotel occupancy tax charged and collected by the City under authority of Chapter 351, Texas Tax Code, in connection with the use of a hotel room m the City that are lawfully available to secure the payment of debt service on the Certificates of Obligation after payment of all other obligations now or hereafter payable by the City therefrom, and (ui) the revenues received by the City from the operation and management of the Convention Center Hotel remaining after payment of all operation and maintenance expenses thereof and any other obligations heretofore or hereafter incurred to which such revenues have been or shall be encumbered by a lien on and pledge of such revenues superior to the lien on and pledge of such revenues to the Certificates of Obligation. CITY OF FORT WORTH, TEXAS /s/ Kenneth Barr Mayor 553008-1 THE STATE OF TEXAS COUNTIES OF TARRANT AND DENTON CITY OF FORT WORTH I, Gloria Pearson, City Secretary of the City of Fort Worth, m the State of Texas, do hereby certify that I have compared the attached and foregoing excerpt from the minutes of the regular, open, public meeting of the City Council of the Crty of Fort Worth, Texas held on November 19, 2002, and of Ordinance No 3 which was duly passed at said meeting, and that said copy is a true and correct copy of said excerpt and the whole of said ordinance Said meeting was held m accordance with the provisions of Chapter 551, Texas Government Code In testimony whereof, I have set my hand and have hereunto affixed the seal of said City of Fort Worth, this 19th day of November, 2002. rty Secretar of the Crty of Fort orth, Texas ~ {t y ,~ (SEAL) ; ~. ~ .~, ~~ ~ = ~, ~~ r' t . THE STATE OF TEXAS COUNTIES OF TARRANT AND DENTON CITY OF FORT WORTH On the 19th day of November, 2002, the Crty Council of the City of Fort Worth, Texas, met m regular, open, public meeting m the Crty Council Chamber m the Crty Hall with the following members present, to-wit: Kenneth Barr, Mayor Jim Lane, Chuck Silcox, Becky Haskin, Frank Moss, Clyde Picht, Councilmembers, - Jeff Wentworth, Ralph McCloud, Wendy Davis, Gary Jackson, Crty Manager, David Yett, Crty Attorney, Gloria Pearson, Crty Secretary, Jim Keyes, Director of Finance with more than a quorum present; and after the City Council had transacted certain business, the following business was transacted, to-wrt: Councilmember ~ in'tr/oduced an ordinance and moved rts passage. The motion was seconded by Councilmember W-~~~ The Ordinance was read by the Crty Secretary The motion, carrying with rt the passage of the ordinance prevailed by a vote of YEAS, NAYS The ordinance as passed is as follows ORDINANCE NO ~~-3~,,~ DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION (CONVENTION CENTER HOTEL PROJECT), AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT WHEREAS, the Crty of Fort Worth expects to pay expenditures m connection with the design, planning, acquisition and construction of the projects described m Exhibit A to this Ordinance prior to the issuance of the Certificates of Obligation hereinafter described, and WHEREAS, the Crty Council hereby finds, considers and declares that the reimbursement of the payment by the Crty of such expenditures will be appropriate and consistent with the lawful objectives of the Crty and, as such, chooses to declare its intention, m 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 rt issues the hereinafter described Certificates of Obligation, and WHEREAS, rt 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, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE 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 Crty Manager shall cause said notice to be published, m substantially the form attached hereto, in the Fort Worth Star-Telegram, a newspaper of general circulation m the Crty 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 m 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 property, with respect to which such expenditures were made, is placed m 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 m accordance with the provisions of Section 2 of Chapter 25 of the Charter of the City, and rt is accordingly so ordained. PASSED AND APPROVED this the 19th day of November, 2002 ll. L.~.. Mayor, City of Fort Worth, Texas ATT T Crty Secretary, Crty f Fort Worth, Texas APPROVED AS TO FORM GlGGI~' Crty Attorney, Crty o Fort SE~AI')~s v ~ ~ w4 ~. _r +~- J ~~ ~ ~ ~" ~~" ~~ ` '' fG~ ~4~~. ~ffrj//.rtt ~ . ~.. ~5 r~ EXHIBIT A NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that rt is the intention of the City Council of the City of Fort Worth, Texas, to issue one or more series of interest bearing certificates of obligation of the City to be entitled "City of Fort Worth, Texas Combination Tax and Revenue Certificates of Obligation (Convention Center Hotel Project)", for the purpose of paying contractual obligations to be incurred by the Crty, to-wit: for the purpose of paying contractual obligations to be incurred by the Crty, to-wit: the acquisition of land and the construction and equgppmg of a hotel and facilities ancillary thereto (the "Convention Center Hotel"), as part of the ongoing expansion of the existing convention center facility owned by the City located at 1111 Houston Street, m the Crty of Fort Worth, Texas (the "Fort Worth Convention Center"), with such Convention Center Hotel to be located at or within 1,000 feet of the Fort Worth Convention Center; the funding of other funds relating to the proposed Certificates of Obligation, including debt service reserve and contingency funds, and the payment of fiscal, engmeermg and legal fees incurred m connection therewith. The Crty Council tentatively proposes to authorize the issuance of said series (one or more) of Certificates of Obligation at its regular meeting place m the City Hall at a meeting to commence at 7 o'clock, p.m., on the 10th day of December, 2002 The maximum amount of Certificates of Obligation indebtedness that may be authorized to be sold on said date for such purposes described above is $160,000,000 The maximum amount of proceeds from the sale of the Certificates of Obligation indebtedness that may be sold on said date to fund the acquisition of land and the construction and equipping of the Convention Center Hotel and the payment of fiscal, engmeermg and legal fees incurred m connection with the acquisition of land and the construction and equipping of the Convention Center Hotel is $130,000,000 The Crty 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 pledge of "Pledged Revenues", which shall consist of (i) the revenue derived from the hotel occupancy tax imposed under the provisions of Chapter 351, Texas Tax Code, on the price of a room at the Convention Center Hotel, (ii) the revenues from the municipal hotel occupancy tax charged and collected by the Crty under authority of Chapter 351, Texas Tax Code, m connection with the use of a hotel room m the Crty that are lawfully available to secure the payment of debt service on the Certificates of Obligation after payment of all other obligations now or hereafter payable by the Crty therefrom, and (iii) the revenues received by the Crty from the operation and management of the Convention Center Hotel remaining after payment of all operation and maintenance expenses thereof and any other obligations heretofore or hereafter incurred to which such revenues have been or shall be encumbered by a lien on and pledge of such revenues superior to the lien on and pledge of such revenues to the Certificates of Obligation. CITY OF FORT WORTH, TEXAS /s/ Kenneth Barr Mayor