Page 444 - FortWorthFY23AdoptedBudget

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-
today operations of the executive departments, including the Department of
Financial Management Services. This policy shall be administered on behalf
of the City Manager and Assistant City Managers by the Chief Financial
Officer/Director of Finance.

II. Purpose

As a municipal government, the City issues both tax-exempt and taxable
securities in the form of tax notes, certificates of obligations, general purpose
bonds, public property finance contractual obligations and revenue bonds in
support of the City’s Vision to be the most livable and best managed city in
the county. The proceeds from these debt transactions are utilized to fund the
City’s comprehensive Capital Improvement Program for multiple sectors of
our operation. It is considered best practice for the City, as part of the issuance
of tax-exempt obligations, to adopt written procedures outlining how the City
will maintain compliance with federal guidelines. The current version of such
procedures was adopted on July 24, 2012, as Exhibit C - Written Procedures
Relating to Continuing Compliance with Federal Tax Covenants to the City’s 23 rd
Supplemental Ordinance authorizing the issuance and sale of the City’s
Water and Sewer Revenue Refunding Bonds, Series 2012 (Ordinance No.
201301-07- 2012). This policy is intended to supplement such Written
Procedures, as the same may be updated from time to time by action of the
City Council.

III. Applicability and Scope

This policy shall apply to all debt issuances under the fiscal control of the
City Manager and the City Council and issued by the City of Fort Worth
(the “City” or “Issuer”). Sections V through IX pertain only to tax-exempt
debt issuances by the City (the “Obligations”).

IV. Glossary

See Definitions related to this policy provided in the appendix.

V. Arbitrage Compliance

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