The purpose of this Mayor and Council Communication (M&C) is to appropriate funds for the costs of issuance associated with the previously approved General Purpose Bonds, Series 2018, which were issued as part of the City's 2014 Bond Program.
On April 10, 2018, the City Council adopted the Ordinance authorizing the Issuance of City of Fort Worth, Texas General Purpose Bonds, Series 2018 (the Bonds), in an aggregate principal amount not to exceed $65,000,000.00 (M&C G-19265). Those bonds, which were sold in early June, provided $65,000,000.00 for the purpose of funding projects within the 2014 Bond Program to include (i) constructing permanent street and transportation improvements, parks, recreation and community center improvements, library system improvements, fire safety improvements, and animal care and control improvements, and (ii) paying the costs of issuance associated with the issuance of the Bonds.
However, the authorizations within M&C G-19265 erroneously omitted a recommendation to adopt an appropriation ordinance increasing estimated receipts and appropriations in the General Debt Service Fund to pay cost of issuance for the bonds. The purpose of this M&C is to adopt the missing ordinance in support of the previously approved sale of the series 2018 General Purpose Bonds.This M&C does not request approval of a contract with a business entity.