HomeMy WebLinkAboutOrdinance 13499ORDINANCE NO. r .~ ~ G! `~
• AUTHORIZING PROMISSORY NOTES IN THE AGGREGATE
PRINCIPAL AMOUNT OF $5,000,000 TOGETHER WITH THE
CONTRACT FOR LOAN GUARANTEE ASSISTANCE UNDER SECTION
108 OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF
1974, AS AMENDED, 42 U.S.C., SECTION 5308, IN CONNECTION
THEREWITH.
THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH
WHEREAS, the City of Fort Worth ("City") has entered into a community development
project in accordance with Chapter 373 of the Local Government Code, and the City is desirous
of issuing notes (the "Notes") pursuant to Section 373 005 of the Local Government Code , to
implement the program for the acquisition, construction and improvement or rehabihtahon of
privately-owned buildings ("the Project"), and other improvements in an approved community
development program that the City has determined to be a public program and is also the
recipient of federal funds which may be used for these purposes in accordance with the Housing
and Community Development Act of 1974 as managed by the United States Department of
Housing and Urban Development; and
• WHEREAS, the City deems it advisable to authorize, issue and sell the Notes in the
aggregate principal amount of $5,000,000 for those purposes, which Notes are non-recourse.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH:
1 That the Notes are hereby authorized to be executed and delivered by the City in
accordance with the terms as provided in such Notes, copies of which are attached hereto as
Exhibit A, as follows.
Note Number Maturity Date Principal Amount
B-97-MC-48-0010 August 1, 1998 $125,000
B-97-MC-48-0010 August 1, 1999 $170,000
B-97-MC-48-0010 August 1, 2000 $200,000
B-97-MC-48-0010 August 1, 2001 $265,000
B-97-MC-48-0010 August 1, 2002 $265,000
B-97-MC-48-0010 August 1, 2003 $265,000
B-97-MC-48-0010 August 1, 2004 $265,000
B-97-MC-48-0010 August 1, 2005 $265,000
B-97-MC-48-0010 August 1, 2006 $265,000
B-97-MC-48-0010 August 1, 2007 $265,000
B-97-MC-48-0010 August 1, 2008 $265,000
• B-97-MC-48-0010 August 1, 2009 $265,000
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City Secretary
APP OVED AS TO FORM AND LEGALITY
Assistant Crty Atto y
Date: ~ - 7' 9~
EFFECTIVE. ~~ ~ ~ " ~ ~
B-97-MC-48-0010 August 1, 2010 $265,000
B-97-MC-48-0010 August 1, 2011 $265,000
B-97-MC-48-0010 August 1, 2012 $265,000
B=97-MC-48-0010 August 1, 2013 $265,000
B-97-MC-48-0010 August 1, 2014 $265,000
B-97-MC-48-0010 August 1, 2015 $265,000
B-97-MC-48-0010 August 1, 2016 $265,000
B-97-MC-48-0010 August 1, 2017 $265„000
$5,000,000
2. That the Contract for Loan Guarantee Assistance between the City, as the
Borrower, and the Secretary of Housing and Urban Development, as the Guarantor, in
reference to the payment of such Notes, is hereby authorized to be executed on behalf of
the Crty, in accordance with the terms as provided in the Contract for Loan Guarantee
Assistance, attached hereto as Exhibit B
3 That the officers and employees of the City are hereby directed to do any and all
things necessary in order to accomplish the issuance of the Notes and securing of same
all in accordance with the Contract for Loan Guarantee Assistance under Section 108 of
the Housing and Community Development Act of 1974
4 That the findings and recitals set forth m the preamble to this ordinance are
hereby incorporated in and made a part of this ordinance.
PASSED ON this the~3~.. day of , 1998
Q U- C_~-_Q._~,
Mayor
2
City of Fort Worth, Texas
M,Ayar and Council Cammun~cAtian
DATE REFERENCE NUMBER LOG NAME PAGE
6/23!98 C-16847 02NOTES 1 of 1
SUBJECT ADOPTION OF ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE
PROMISSORY NOTES IN THE PRINCIPAL AMOUNT OF $5,000,000 TOGETHER WITH
A CONTRACT FOR LOAN GUARANTEE ASSISTANCE WITH HUD FOR THE NORTH
MAIN MERCADO PROJECT
RECOMMENDATION
It is recommended that the City Council adopt the attached ordinance which authorizes the City
Manager to execute promissory notes together with a contract for loan guarantee assistance with the
United States Department of Housing and Urban Development ("HUD") through the Section 108 loan
program for the North Main Mercado Project.
DISUCSSION
On April 8, 1997 (M&C G-11857), the City Council adopted an appropriation ordinance and authorized
the City Manager to apply for HUD Section 108 loan and an economic development initiative grant
("EDI Grant") for the Mercado Fort Worth Project. The City Council in the same M&C, also approved
and authorized the City Manger to execute the Section 108 loan program contract with HUD to provide
funding for the North Main Mercado Project. On May 26, 1998, the City Council adopted Resolution
No 2403, which established the Fort Worth Community Development Program under Chapter 373 of
the Texas Local Government Code The North Main Mercado Project is a part of this community
development program
The HUD Section 108 Program requires the City to execute promissory notes and a contract for loan
guarantee assistance in order to fund this project.
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that upon notification from HUD, the Section 108 funds will be available
to finance the Mercado Fort Worth Project.
MG•m
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
R106 237002 000106002000 $5,000,000.00 APPROVED
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