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HomeMy WebLinkAboutOrdinance 18869-10-2009Ordinance No. 18869-10-2009 AN ORDINANGE TRANSFERRING IMPAC7 FEE REVENUE IN THE AMOUNT OF X10,575,565.00 FROM THE WATER GAPITAL PROJECTS FUNd AND TRANSFERRING X4,016;663.00 FROM THE SEWER CAPITAL PRCJECTS FUNd ANd INCREASING ESTIMATEd RECEIPTS ANd APPROPRIATIONS IN THE WATER ANd SEWER FUND IN THE TOTAL AMOUNT OF X14,592 228 00 FOR THE PURPOSE OF PAYING dEBT ASSOCIATEd WITH IMPACT FEE ELIGIBLE PROJECTS; PROVIdING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORdINANCES ANd REPEALING ALL PRIOR ORDINANCES IN CONFLICT HEREWITH; ANd PROVIDING AN EFFECTIVE BATE. BE IT ORdAINED BY THE CITY COUNCIL flF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That in addition to those amounts allocated to the various Gity departments for Fiscal Year 2009-2010 and in the Budget of the Gity Manager, there shall also be increased estimated receipts and appropriations in the Water and Sewer Fund in the amount of $14,592,228.00 from impact fees, for the purpose of paying debt associated with impact fee efigibie projects SECTION 2. That 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 ar judgment 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.18809 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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 This ordinance shall take effect upon adoption. APPROVED AS TO FORM ANd LEA"~r+~!TY: City of Fort 11~`orth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 10!13/2009 -Ord.... No. 18868-10-2009 & 18869-10-2009 DATE: Tuesday, October 13, 2009 REFERENCE NC}.: G-16734 LC}G NAME: 641(~iPACT FEE 49 SUBJECT: Adopt Ordinances Appropriating Impact Fee Revenues in the Amount of $14,575,565.44 in the Water Capital Projects Fund and $4,416,663.44 in the Sewer Capital Projects Fund and Authorize the Transfer of the Total Amount of $14,592,228.44 to the Water Sewer Fund far the Purpose of Paying Debt Associated with Impact Fee Eligible Prajects __ _ RECOMMENDATI©N: It is recommended that the City Council: 1. Adapt the attached appropriation ordinance increasing estimated receipts and appropriations in the Water Capital Prajects Fund in the amount of $14,575,565.44 and in the Sewer Capital Prajects Fund in the amount of $4,416,663.40 from impact fees; and 2. Authorize the transfer of $10,575,565.04 from the Water Capital Prajects Fund and $4,016,663.44 from the Sewer Capital Projects Fund to the Water and Sewer Fund in the total amount of $14,592,228.44 for the purpose of paying debt associated with impact fee eligible projects. DISCUSSION: During the retail cost of service studies, it was determined that the use of impact fee revenues could Power the amount of water and sewer service revenue required to have sufficient revenues to cover Fiscal Year 2449 budgeted expenditures. While Section 35-74.9 (b} of the Gity Cade "Use of proceeds of impact fee accounts" prohibits use of impact fees for operating expenses, they can be used to pay principal and interest on debt associated with projects eligible to be funded by impact fees. By transferring $14,592,228.44 x$14,575,565.44 from Water Impact Fee revenue and interest revenue and X4,416,663.44 from Wastewater Impact Fee revenue} to the Water and Sewer Fund, sufficient revenues will be available to pay principal and interest on existing revenue bonds used to fund impact fee eli~i!~le projects. FISCAL }N FORMATION /CERTIFICATION: ,_ rl-, .- - i' ".1 ?'. ~`~ lii r~iic„ tr.:' rt~_ _ ~f,=1! ~' `~' !, -. ~ r" `' _. 'll~ ,a~~ ,'at ~ ,c, FUND CENTERS TO FundAccountiCer~ters FROM FundiAccount,Centers i , .~~~~ :~~,~,~ ~,~;Iyfit`~~"T ~~LF 4~~ i',~~.~~~ 1 cif? 1) PS55 538440 070500?OOQ50 $2,949,,549,25 2} PW53 538040 0605020405C} 37=058,440.15 1 } PU`~ ~3 488013 06050200040 $3,51,7,_124.55 1) PU`~~:~3 538040 060530200040 53,517,124,85 1 } PW53 485023, Oi?(~53t}20o050 e:~ 326.222.15 1} PW53 441012 060530200050 53,,:2,218.00 1 ~ PW53 538040 060536200Q50 37,058,440.15 2~ PE45 476U58 0701000 34.61.6,663.60 2} PE45 476053 0601.000 310,_575,565.00 . CERTIFICATIONS: _ Submitted for City Manager`s tJffice by; Fernando Costa {622} Originating_Department Head: S. Frank Crumb {8207} Additional Information Contact: Melissa Ramon {8245}