The purpose of this Mayor and Council Communication (M&C) is to adopt an appropriation ordinance related to the previously approved Water and Sewer Revenue Refunding and Improvement Bonds, Series 2017A.
On May 9, 2017, the City Council adopted the Thirtieth Supplemental Ordinance authorizing the Issuance of City of Fort Worth, Texas Water and Sewer Revenue Refunding and Improvement Bonds, Series 2017A (the Bonds), in an aggregate principal amount not to exceed $120,000,000.00 (M&C G-19002). Those bonds, which were sold in late May, provided $100,000,000.00 in funding for system improvements and allowed refunding of previously issued revenue bonds to achieve substantial net present value savings. The third recommendation of (M&C G-19002) proposed adoption of an ordinance appropriating $700,000.00 in available net position in the Water and Sewer Fund for purposes of making a transfer to the Water and Sewer Debt Service Fund for use in making the Fiscal Year 2017 interest payment on the Bonds, which is due August 15, 2017. However, that appropriation ordinance was omitted from the final M&C. The purpose of this M&C is to adopt the missing ordinance in support of the previously approved debt service payment. This M&C does not request approval of a contract with a business entity. |
