HomeMy WebLinkAboutOrdinance 12516ORDINANCE NO.
AN ORDINANCE DIRECTING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE WATER AND SEWER SYSTEM
SUBORDINATE LIEN REVENUE BONDS;PROVIDING THAT
THIS ORDINANCE SHALL BE CUMULATIVE OF ALL
ORDINANCES; PROVIDING FOR A SAVINGS CLAUSE;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, it is hereby officially found and determined that it
is necessary under the laws of the State of Texas 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 that 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.
Attached hereto and marked Exhibit "A" is the form of notice
to be used in the publication of the Notice of Intention to Issue
Subordinate Lien Revenue Bonds, the form and substance of which are
hereby approved.
Section 2.
The City Secretary shall cause the said notice to be published
in substantially the form as contained in Exhibit "A" in the Fort
Worth Star-Telegram, a newspaper of general circulation in the City
of Fort Worth, texas, for two (2) consecutive weeks, the date of
the first publication to be before the fourteenth ( 14th ) day before
the date tentatively proposed for authorizing the issuance of the
Subordinate Lien Revenue Bonds as shown in said notice.
Section 3.
This ordinance shall be cumulative of all provisions of
ordinances and of the Code of the City of Fort Worth, Texas (1986),
as amended, except where the provisions of this ordinance are in
direct conflict with the provisions of such ordinances and such
Code, in which event conflicting provisions of such ordinances and
such Code are hereby repealed.
Section 4.
It is hereby declared to be the intention of the City Council
that the sections, paragraphs, sentences, clauses and phrases of
this ordinance are severable, and, if any phrase, clause, sentence,
paragraph or section of this ordinance shall be declared
unconstitutional by the valid judgment or decree of any court of
competent jurisdiction, such unconstitutionality shall not affect
any of the remaining phrases, clauses, sentences, paragraphs and
sections of this ordinance, since the same would have been enacted
by the City Council without the incorporation in this ordinance of
any such unconstitutional phrase, clause, sentence, paragraph or
section.
Section 5.
This ordinance shall take effect and be in full force and
effect from and after its passage, and it is so ordained.
~ ~-~-~
Assista t City Attorney
Date : ~/~ J /q~'
ADOPTED • ~ - ~°~f ~ Cl~
EFFECTIVE:
EXHIBIT A
NOTICE OF INTENTION TO ISSUE
REVENUE BONDS
NOTICE IS HEREBY GIVEN that rt 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 1996", 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 11th day of June, 1996
The maximum amount of revenue bond indebtedness that may be authorized for such
purpose is $17,120,000 The City Council presently proposes to provide for payment for
such revenue 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
Mayor and Council Communication
DATE REFSRENCS NUMBER LOG NAME PAGE
05/14/96 ,~* _ 131SSUE 1 of 1
SUBJECT PUBLICATION OF NOTICE OF INTENTION TO ISSUE WATER AND SEWER SYSTEM
SUBORDINATE LIEN REVENUE BONDS
RECOMMENDATION
It is recommended the City Council adopt the attached ordinance directing publication of a notice
of intention to issue up to 517,120,000 in Water and Sewer System subordinate lien revenue
bonds to the Texas Water Development Board
DISCUSSION
On January 23, 1996, City Council approved M&C G-11382 authorizing the filing of an
application with the Texas Water Development Board (TWDB) for a loan under the State
Revolving Loan Program The proceeds of this loan will be used by the Water and Sewer
Department in the construction of improvements to the wastewater collection and treatment
systems, specifically for the West Fork Collector (Contracts 2 and 3) and the Village Creek
Digester Gas Upgrade The interest rate on this. Loan will be approximately 1 % lower than market
rates, resulting in annual savings of approximately 5171,200
The City currently has four loans outstanding to the TWDB
ISSUE ORIGINAL AMOUNT OUTSTANDING 5/1 /96
Series 1989 $33,300,000 526,500,000
Series 1991 16,1.55,000 14,700,000
Series 1992 12,000,000 10,800,000
Series 1995 18,880,000 18,880,000
TOTAL 570,880,000
The Series 1996 bonds will be sold at the City Council meeting on June 11
FISCAL INFORMATION/CERTIFICATION
The Director of Fiscal Services certifies that funding for the annual debt service payments on this
loan will be available in the operating budget, as appropriated, in the Water and Sewer Fund
CB b
Submitted for City Manager's FUND ACCOiJN'P CENTER AMOUNT CITY SEC~k1Li1'
Office by: (to)
APPROVED
Charles Boswell 8511 CITY COUNCIL
Originating Department Head:
~9AY x4 1996
Jim Keyes 8517 (from)
For Additional Information ~~~~~
Contact:
Jim Keyes 8517
Printed on Recyded Paper Adopted Ordinance ~!o. ~/~