HomeMy WebLinkAboutOrdinance 13413~• ;~
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ORDINANCE DIRECTING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE WATER AND SEWER SYSTEM
SUBORDINATE LIEN REVENUE BONDS; AND ORDAINING OTHER
MATTERS RELATING TO THE SUBJECT
WHEREAS, it is hereby officially found and determined that
it is necessary under Texas law to authorize the publication of,
Notice of Intention to Issue. Subordinate Lien Revenue Bonds to
provide funds for the improvements described in the Notice
referred to below; and that said 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, as amended
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 City Secretary shall cause said .notice
to be published, in 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 (14th) day before the date tentatively proposed for
authorizing the issu~ince of the Revenue Bonds as shown in said
notice
PASSED the 7th day of April, 1998
Mayor, City of Fort
Worth, Texas
ATTEST
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City,RSecretary
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.r'ty'"of~Fort Worth, Texas
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APPROVED AS TO FORM AND LEGALITY
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'ty Attorney
City of Fort Worth, Texas
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE
REVENUE BONDS
NOTICE IS HEREBY GIVEN that it is the intention of the City
Council of the City of Fort Worth, Texas, to issue the interest
bearing revenue bonds of the City entitled "City of Fort Worth,
Texas Water and Sewer System Subordinate Lien Revenue Bonds,
Series 1998", for the purpose of providing funds for extensions
and improvements to the City's wastewater treatment facilities
The City Council tentatively proposes to authorize the issuance
of said revenue bonds at its regular meeting place in the City
Hall at a regular meeting to commence at 10 00 o'clock a m on
the 28th day of April, 1998 The maximum amount of revenue bond
indebtedness that may be authorized for such purpose is
$60,980,000 The Cit•r Council presently proposes to provide for
payment of such revenge bonds from surplus revenues of the City's
Water and Sewer System The proposed revenue bonds are to be
sold to the Texas Water Development Board as part of its State
Revolving Fund program to provide low-interest loans to political
subdivisions to construct wastewater treatment facility
improvements
CITY OF FORT WORTH, TEXAS
/s/ Kenneth Barr
Mayor
City of Fort Worth, Texas
~1-~Ayar And Caunc~l C,ammun~cAt~an
DATE
4/x/98 REFERENCE NUMBER
**G-12179 LOG NAME
13NOTICE PAGE
1 of 1
SUBJECT PUBLICATION OF NOTICE OF INTENTION TO ISSUE WATER AND SEWER SYSTEM
SUBORDINATE LIEN REVENUE BONDS, SERIES 1998
RECOMMENDATION
It is recommended that the City Council adopt the attached Ordinance directing publication of a notice
of intention to issue up to $60,980,000 in Water and Sewer System Subordinate Lien Revenue Bonds,
Series 1998, to the Texas Water Development Board
DISCUSSION
On March 12, 1998, the Texas Water Development Board (TWDB) approved a loan of $60,980,000 to
the City of Fort Worth for improvements to the City's wastewater system The funds will be used to
rehabilitate nearly 1,900 manholes, make point repairs and replace about 434,000 linear feet of sewer
line to reduce infiltration and inflow within the wastewater collection system. In addition, approximately
16,500 feet of a 54-inch interceptor sewer line will be constructed to relieve wastewater overflow
problems in the West Fork Interceptor System
The debt service on these bonds will be paid from surplus revenues of the City's Water and Sewer
System. No ad valorem taxes will be used to make the debt service payments on this issue.
The City Council will be asked to adopt an ordinance on April 28, 1998, issuing these revenue bonds to
the TWDB The bonds will be delivered to the TWDB on June 9,1998. Environmental reviews for the
projects must be completed and .the engineering feasibility reports approved by the TWDB before funds
are released for design The remaining funds budgeted for the construction phase will be held in
escrow until bid documents are approved and executed construction contracts are awarded
FISCAL INFORMATION/CERTIFICATION
The Director of Fiscal Services certifies that funding for the annual debt service payments on these
.subordinate lien revenue bonds will be available in the Water and Sewer Enterprise Fund
CB:m
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Charles Boswell 8511 CITY i
Originating Department Head: /V
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APR
Jim Keyes 8517 (from) 7
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Additional Information Contact:
Cit7~ rOartR~,
Jim Keyes 8517
Hgopted QCdi ~