HomeMy WebLinkAboutOrdinance 12594ORDINANCE NO.~~~
AN ORDINANCE DIRECTING PULICATION OF NOTICE OF
INTENTION TO ISSUE COMBINATION TAX AND REVENUE
CERTIFICATES OF OBLIGATION, TAXABLE SERIES 1996,
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 Intent to Issue Combination Tax and Revenue
Certificates of Obligation, Taxable Series 1996, 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 Combination Tax and Revenue Certificates of Obligation, Taxable Series 1996,
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 Combination Tax and
Revenue Certificates of Obligation, Taxable Series 1996, 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ordinances and such Code are hereby repealed.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, it 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 m this ordinance of any such unconstitutional phrase, clause, sentence,
paragraph, or section.
Section 5
This ordinance shall take effect and be m full force and effect from and after its passage, and it is so
ordained.
..
_.
Assista City Attorney
Date. r„ ~ 4
ADOPTED• `~ ~ "~~
EFFECTIVE. /- ~~ ~~
EXHIBIT A
NOTICE OF INTENTION TO I5SUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that it is the intention of the Crty Council of the City of Fort
Worth, Texas, to issue one or more series of the interest bearing certificates of obligation of the City to be
entitled "City of Fort Worth, Texas Combination Tax and Revenue Certificates of Obligation", for the
purpose of paying contractual obligations to be incurred by the City, to-wit, the construction of street
improvements in the vicinity of Texas Motors Speedway, m the estimated aggregate amount of $7,100,000,
and the acquisition and installation of communications equipment for use by the public safety and public
works departments of the City, in the estimated aggregate principal amount of $2,735,000, and the payment
of fiscal, engineering and legal fees incurred in 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 in the City Hall at a meeting to commence at 10 o'clock, a.m., on the 27t'' day of August,
1996 The maximum amount of Certificates of Obligation indebtedness that may be authorized to be sold
on said date for such purposes described above is $9,835,000 The City Council presently proposes to
provide for payment of said series (one or more) of Certificates of Obligation from the levy of taxes and
from surplus revenues derived from the operation of the City's owned and operated parking facilities.
CITY OF FORT WORTH, TEXAS
/s/ Kenneth Barr
Mayor
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
07/23/96 G-11544 13iss 1 of 1
SUBJECT PUBLICATION OF NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND
REVENUE CERTIFICATES OF OBLIGATION, TAXABLE SERIES 1996
RECOMMENDATION
It is recommended that the City Council adopt the attached ordinance directing publication of a
notice of intention to issue 59,835,000 in taxable certificates of obligation
DISCUSSION
The City proposes to issue 57,100,000 in taxable certificates of obligation to fund the
construction of street improvements in the vicinity of the Texas Motor Speedway An additional
52,735,000 will be used to fund the acquisition and installation of communications equipment
for use by the City public safety and public works departments The debt service on these
certificates of obligation will be paid from the levy of ad valorem taxes and from surplus revenues
derived from the operation of the City's owned and operated parking facilities The estimated
annual debt service for this issue will be 5795,000 in FY97 (interest only, 51,310,000 in FY98,
S 1,270,000 in FY 99, with annual payments declining through the 20 year period of the issue
until 2017
The Certificates of Obligation are being issued on a taxable basis due to the "private activity"
nature of the improvements to be funded The Certificates are scheduled to be sold at a
competitive sale at the City Council meeting on August 27 The City will not consummate the
sale, however, until there is an executed master agreement with the developer of the Texas
Motor Speedway
FISCAL INFORMATION/CERTIFICATION
The Director of Fiscal Services certifies that funding for the annual debt service payments on
these Certificates of Obligation will be available in the General Obligation Debt Service Fund
CB f
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
Charles Boswell 8511 APPROVE
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g
nating Department Head: CIT
Y COUNCIL
Jim Keyes 8517 (from)
JUL ~~ 1996
For Additional Information ~ ~ C
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Judy Harrell 8334 City
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Printed on Recyded Paper ~ [,~
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