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HomeMy WebLinkAboutOrdinance 10512(.~ ~ r l p X ~ - ORDINANCE NO AN ORDINANCE APPROPRIATING $15,000 TO THE GENERAL FUND 01,NON-DEPARTMENTAL ACCOUNT NO 90- 55-00 AND DECREASING THE UNRESERVED, UNDESIGNATED FUND BALANCE OF THE GENERAL FUND 01 BY THE SAME AMOUNT FOR PAYMENT OF LEGAL FEES RELATED TO THE PENDING BANKRUPTCY CASES CONCERNING BRISCOE ENTERPRISES LTD II AND BRISCOE ENTERPRISES, LTD III; PROVIDING FOR A SEVERABILITY CLAUSE, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES 1N CONFLICT HEREWITH, PROVIDING FOR ENGROSSMENT AND ENROLLMENT, AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS SECTION 1 That in addition to those amounts allocated to the various City departments for the Fiscal Year 1989-90 and in the Budget of the City Manager, there shall also be increased appropriations in the General Fund 01, Non-Departmental Account No 90-55-00, thereby decreasing the unreserved, undesignated fund balance by the same amount for payment of legal fees related to the pending bankruptcy cases concerning Briscoe Enterprises, Ltd. II and Briscoe Enterprises, Ltd III SECTION 2 Should any portion, section or part of a section of this ordinance be declared invalid, inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion or judgement shall in no way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full force and effect. SECTION 3 That this ordinance shall be cumulative of Ordinance No 10363 and all other ordinances and appropriations amending the same except in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SECTION 4 The City Secretary of the City of Fort Worth is hereby directed to engross and enroll this ordinance by copying the caption and effective date into the minutes of the City Council and by filing this ordinance in the ordinance records of the City of Fort Worth SECTION 5 This ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so ordained. APPROVED AS TO FORM AND LEGALITY City Attorney Date ___ _, /~ , n __ _ Adopted ~~7 ~~'U.C. Effective __,~-- "" a ~ _ MAS tER FILE• 1 ~~ty of Fort - ~; ~®a°t~t, `~eacC~S ACCOUNTING 2 TRAfdSPORTATION~PU~~•~®~ ~~ILN/ ~®!i/W~~~W ~®~U U WLL/W~~RI~~IV®~/ IV N~pYER MANAG DATE REFERENCE SUBJECT Retention of 6i 1 Bert and Colvin PAGE a -NT SERVICES•i NUMBQR 2-6-90 6-8452 as Outside Legal Counsel >o, ?__ CAWrl' ~~/~ Recommend~tion• It is recommended that the City Council. 1. Retain the law firm of Gilbert and Colvin as outside legal counsel, pursuant to Section 3, Chapter VI of the City Char- ter,+to assist the City Attorney in representing the City in the pending bankruptcy cases concerning Briscoe Enterprises, Ltd., II and Briscoe Enterprises, Ltd., III, and to advise the City in other bankruptcy matters relating thereto; and 2. Adopt the attached resolution fixing in advance, •as far as practicable, the compensation to be paid to Gilbert and Colvin for their services, in an amount not to exceed $15,000. 3. Adopt the attached supplemental appropriations ordinance increasing appropriations in General Fund Ol, Non- departmental Account No. 90-55-00 by $15,000 and decreasing the.. unreserved, undesignated fund balance of the General Fund O1 by a like amount. Backctround On December 29, 1989, the City was notified that Briscoe Enterprises, Ltd., II and Briscoe Enterprises, Ltd., III, d/b/a Regalridge Apartments, had filed petitions in bankruptcy pursuant to Chapter 11. These petitions were filed in the United States Bank~~`Ltp'tcy~~~'Court, Northern District of Texas, Fort Worth Divi~s.on,;~~'`a"s"~~.ase No. 489-44447 and Case No. 489-44448. The City is a~ creditor of Briscoe Enterprises II and III. The City is also concerned about the continued operation and maintenance of the ~Regalydge Apartments, which were financed through the issuance of $18.7 million of -tax exempt bonds by the Trinity Housing Fi'nanc,e Corporation, and a $7 million Urban Development Action cGrant. Because~thi.s matter is of extraordinary importance, it is the opinion of `the City Attorney and the City Manager that outside legal counsel with expertise in bankruptcy law should be retained to assist the City Attorney with representation in this matter and to advise the City concerning bankruptcy matters related thereto Gilbert and Colvin, well recognized for their knowledge and experience in bankruptcy law, have agreed to assist the City with this matter for an hourly rate of $200 00. It is estimated at this time that Gilbert and Colvin,'s fees in this matter should not exceed ;$15, 000 :,~, ~~,';-;;4, -, ..:.nz DATE REFERENCE SUBJECT Retention of Gilbert and Colvin PAGE NUMBER as Outside Legal Counsel 2-6-90 G-8452 .~_,,,~ ot_ ,_;._,._• ., Financing: ,:.~, Upon adoption of the attached supplemental appropriations ordinance, sufficient fu nds will be available in General Fund O1, Non-departmental Account No. 90-55-00, Consultant Fees, for these expenditures. The unre served, undesignated fund balance in the General Fund O1 will be $27,680,130 after this action. APPROVED BY CITY COUNCIL ~'~® 6 1998 4~~c~~, City S®aretcry of tka~ City of Fart Worth, T'~otar SUBMITTED FOR THE 1.1 OIFFICEABV GER'S Wi 11 i am Wood 6122 DISPOSITION BY COUNCIL. ^ APPROVED PROCESSED BY ORIGINATING DEPARTMENT HEAD• Wade Adkins ~ 7623 ~d ^ OTHER (DESCRI F~ "~ 2 ted Resolution Ntl, J[C~/-'~) CITY SECRETARY FOR ADDITIONAL INFORMATION CONTACT Wade Adkins 7623 Adv ©~~ ted Ordinan0@ No. DATE t u,