HomeMy WebLinkAboutOrdinance 13132ORDINANCE ~..3/ ,~ .2..
AUTHORIZING PROMISSORY NOTES IN THE AGGREGATE PRINCIPAL
AMOUNT OF $6,600,000 TOGETHER WITH THE CONTRACT FOR LOAN
GUARANTEE ASSISTANCE UNDER SECTION 108 OF THE HOUSING AND
COI\~LMUNTTY 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") is desirous of issuing notes (the "Notes") pursuant
to the provisions of its home-rule charter for the acquisition, construction and improvement or rehabilitation
of privately-owned buildings (the "Project") in a designated reinvestment zone as duly authorized and
created by the City, which Notes will evidence receipt by the City 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 rt advisable to authorize, issue and sell the Notes in the aggregate
principal amount of $6,600,000 for those purposes, which Notes are non-recourse.
WI~REAS, the City finds, determines, and declares that the issuance of the Notes for the Project
constitutes a legitimate municipal purpose.
NOW, THEREFORE, BE TT ORDAINED BY THE CITY COUNCII. 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 Bxhibrt A,
as follows
Note Number Maturity Date Pnnc~al Amount
B-94-MC-48-0010 August 1, 1998 $165,000
B-94-MC-48-0010 August 1, 1999 $175,000
B-94-MC-48-0010 August 1, 2000 $190,000
B-94-MC-48-0010 August 1, 2001 $205,000
B-94-MC-48-0010 August 1, 2002 $220,000
B-94-MC-48-0010 August 1, 2003 $235,000
B-94-MC-48-0010 August 1, 2004 $255,000
B-94-MC-48-0010 August i, 2005 $275,000
B-94-MC-48-0010 August 1, 2006 $295,000
B-94-MC-48-0010 August 1, 2007 $320,000
B-94-MC-48-0010 August 1, 2008 $340,000
B-94-MC-48-0010 August 1, 2009 $370,000
B-94-MC-48-0010 August 1, 2010 $400,000
B-94-MC-48-0010 August 1, 2011 $430,000
B-94-MC-48-0010 August 1, 2012 $465,000
B-94-MC-48-0010 August 1, 2013 $500,000
B-94-MC-48-0010 August 1, 2014 $540,000
B-94-MC-48-0010 August 1, 2015 $585,000
B-94-MC-48-0010 August 1, 2016 63~ 5,000
$6,600,000
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 City, in accordance with the terms as provided
in the Contract for Loan Guazantee 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 Guazantee Assistance under Section 108 of the Housing and Community Development
Act of 1974
4 That the findings and recitals set forth in the preamble to this ordinance are hereby
incorporated in and made a part of this ordinance.
PASSED ON this 21st day of August, 1997
City Secretary
~ C~.~.~.
Mayor
APPROVED AS TO FORM AND LEGALITY
Assistant City Attoriie
Date. Q .Z / 7 ~'
ADOPTED• (~ ~ f ' ~~'
EFFECTIVE ~ ~~'
~,.
'~ A
'.~ ..
~,
` "~
THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH
I, Alice Church, City Secretary of the Cary 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 special, open, public
meeting of the City Council of the City of Fort Worth, Texas held on August 21, 1997, and of Ordinance
No. X31 ~ 02 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 whereo I have set my hand and have
hereunto affixed the seal of said City of Fort Worth, this ~~ day of 1997
~~~?~.~
Ciry Secretary of the
City of Fort Worth, Texas
t`t r
i"~•f~ ~~ ~ r~
r
~1.
~,y, r
r .
,,.1 J~ .
~
`~~
,c!
ti' '~~(SEAL) _~
A=: ~~
w Y.a
r,
r
.
r /" .a
M
.k+a F',~ _
~~
~/r
L ~.,.
t
City of Fort Worth Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
08/19/97 C- 16239 12LOAN 1 of 1
SiIBJECT ADOPTION OF ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE
PROMISSORY NOTES AND A CONTRACT FOR LOAN GUARANTEE ASSISTANCE
WITH HUD FOR THE SOUTHEAST CENTER MINYARD DEVELOPMENT PROJECT
RECOMMENDATION
It is recommended that the City Counci! adopt the attached ordinance which authorizes the
City Manager to execute promissory notes and a contract for loan guarantee assistance with
the United States Department of Housing and Urban Development through the Section 108
loan program for the Southeast Center Minyard Food Store Development Project
DISCUSSION
On April 8, 1997 the City Council adopted an appropriation ordinance and authorized the City
Manager to apply for HUD Section 108 loan and economic development initiative grant for the
Southeast Center Minyard Food Store Development Project (M&C G-11856) On April 29,
1997, the City Council approved and authorized the City Manager to execute the Section 108
loan program contract with the Fort Worth Local Development Corporation for the Southeast
Center Minyard Food Store Development Project (M&C C-16021) This project is located in
the City of Fort Worth Reinvestment Zone Number 28
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 Director of Fiscal Services certifies that upon notification from HUD, the Section 108
funds will be available to finance the Minyard Southeast Center Project
CB m
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
APPRO1
Mike Groomer 6140 i~~~
m
,
fi
Originating Department Head: ~~~~ ~
~~
~
-
(~,!) F Ex
Tom Higgins 6142 (from) a«~ ~ ~#
For Additional Information "°'a"°~"~ "~'~~"~
~
Contact: ~"1
$~ ~ff Itt~ ~'~.~dlt~` ~~~~s
Tom Higgins 6192
Printed on Recyded Paper f~ij{}(jtPi~ Ordtnan^'~ ~~~'° /