Page 404 - FortWorthFY22AdoptedBudget

I. Authority

The Fort Worth City Council is responsible for legislation, policy formulation, and
overall direction setting of the government. This includes the approval of financial
policies which establish and direct the operations of the City of Fort Worth. The
City Manager and Assistant City Managers are responsible for carrying out the
policy directives of the City Council and managing the day-to-day operations of
the executive departments, including the Department of Financial Management
Services. This policy shall be administered on behalf of the City Manager and the
Assistant City Managers by the Chief Financial Officer / Director of Finance.

II. Purpose:

This policy is intended to establish guidelines and principles associated with the
management of the City's issuance of debt transactions to finance the acquisition,
repair, or construction or capital assets.

III. Scope:

This policy shall apply to all debt issued by the City of Fort Worth and any revenue
pledged to debt payments which are under the budgetary and fiscal control of the
City Manager and the Mayor and City Council.

IV. Glossary

See definitions related to this policy provided in the appendix.

V. Policy:

A. Use of Debt Financing

Debt financing, to include general obligation bonds, revenue bonds,
certificates of obligation, certificates of participation, commercial paper,
tax notes, lease/purchase agreements, and other obligations permitted to be
issued or incurred under Texas law, shall only be used to purchase capital
assets and equipment that cannot be prudently acquired from either current
revenues, assigned fund balance, or Net Position, and to fund
infrastructure improvements and additions. The useful life of the asset
or project shall exceed the payout schedule of any debt the City
assumes.

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