From
Tannie Camarata
Title
Resolution authorizing publication of Notice of Intent to Issue Certificates of Obligation
Presenter
Tannie Camarata, Cash & Debt Manager
Recommended Action
Approve
Analysis
Staff is currently working on plans to issue debt in accordance with the approved capital improvement program for Fiscal Year 2013. Part of the debt issuance includes the issuance of approximately $11,750,000 of Certificates of Obligation (CO's) on March 19, 2013. In addition staff has been working on several refunding opportunities. The time line for the bond sale and the proposed refunding is attached.
State law requires that in order to issue CO's, a notice of intent to issue debt must be published once a week for two consecutive weeks in a newspaper having general circulation in the City. The first notice of intent must be published at least 31 days prior to the sale date. In this case the notices will be published in the Fort Worth Star Telegram on February 10 and February 17. The CO's will be issued for the following improvement purposes:
Public Safety Fire $3,794,170
Public Safety Police $1,727,509
Municipal Facilities $2,211,815
Streets $ 683,400
Library $ 426,765
TIF#1 $2,905,358
Rounding $ 983
Total $11,750,000
The City's bond counsel, Fulbright and Jaworski, prepared the resolution which authorizes the City to issue an amount up to $11,750,000 for City purposes.
Financial Consideration
The City Council was provided information on the capital projects within the capital improvement program, along with the proposed operating budget at the City Council Budget Workshop held on August 24, 2012. Funds to pay the debt service on these CO's will be available and appropriated in the GO Debt Service Fund and TIF#1 Debt Service Fund. The Finance and Government Committee reviewed the upcoming bond sale at their meeting on January 15 and recommends moving forward with the upcoming bond sale and refundings.
Body
A R...
Click here for full text