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The City of Fort Worth is a political subdivision and municipal corporation of the State, duly organized and existing under the laws of the State, including the City's Home Rule Charter. The City was incorporated in 1873, and first adopted its Home Rule Charter in 1924.
The City operates under a Council/Manager form of government with a City Council comprised of the Mayor and eight Councilmembers. The term of office for the Mayor and the eight Councilmembers is two years. The City Manager is the chief administrative officer for the City.
Some of the services that the City provides are public safety (police and fire protection), streets, water and sanitary sewer utilities, culture-recreation, public transportation, public improvements, planning and zoning, and general administrative services. The 2010 Census population for the City was 741,206, while the estimated 2016 population is 812,238. The City covers approximately 345 square miles.
May 12, 2017 -- Issue: Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2017A; Rating: Aa1; Rating Type: Underlying LT; Sale Amount: $112,785,000; Expected Sale Date: 05/23/2017; Rating Description: Revenue: Government Enterprise;
Summary Rating Rationale
Moody's Investors Service has assigned a Aa1 underlying rating to the City of Fort Worth, TX's $112.8 million Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2017A. Concurrently, we have affirmed the Aa1 rating on the system's $554.8 million of outstanding senior lien parity debt. The outlook is stable.
The Aa1 rating reflects the system's stable customer base and large service area that extends beyond the City of Fort Worth. The Aa1 rating also reflects the system's healthy debt service coverage and improving, but still below average, days cash on hand. The Aa1 further reflects the strong fiscal management, multiyear capital planning, a manageable debt profile and weak legal provisions.