HomeMy WebLinkAboutOrdinance 9747'~ "':
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ORDINANCE N0.
AN ORDINANCE DECREASING THE UNDESIGNATED FUND BALANCE OF
THE GENERAL FUND OF THE CITY OF FORT WORTH FOR FISCAL YEAR
.,1986-1987 BY $55,884 AND APPROPRIATING SAID SUM TO ACCOUNT
N0. 90-75-00, CONTRACTUAL SERVICES - BANK STOCK TAX, FOR
THE PURPOSE OF PROVIDING ADDITIONAL FUNDS FOR REIMBURSE-
MENT OF TAXES AND PAYMENT OF INTEREST THEREON; PROVIDING
FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULA-
TIVE OF PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDI-
NANCES IN CONFLICT HEREWITH; PROVIDING FOR ENGROSSMENT AND
ENROLLMENT ; AND PROVIDING AN EFFECTIVE DATE .
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT -WORTH,
TEXAS:
SECT ION 1 .
That the undesignated General Fund Balance of the General Fund
of the City of Fort Worth for fiscal year 1986-1987 is hereby
decreased by appropriating $55,884 to Account No. 90-75-00,
Contractual Services - Bank Stock Tax, to provide additional funds
for the reimbursement of tax payments and the payment of interest
thereon as required under the terms of City Secretary Contract
No. 13470.
SECT ION 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 judg-
ment 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.
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SECTION 3 .
That this Ordinance shall be cumulative of Ordinance No. 9690
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 instances said conflicting provisions are hereby expressly re-
pealed.
SECT ION 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 of this Ordinance in the minutes of the City Council
and by filing the Ordinance in the ordinance records of the City.
SECTION 5 .
That this Ordinance shall take effect and be in full force and
effect from and after the date of its passage, and it is so or-
dained.
APPROVED AS TO FORM AND LEGALITY:
Ass,: ty Attorney
Date: /O- b~ ° $ ~.
ADOPTED: Q ~.~
EFFECTIVE:
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114Y~ER AGMINISTRATiGN .~ l~r.~!/Y~ (f l~fN71/ /LLl.)W/ /(~/
FINANCE 2
~ DATE REFERENCE
'NUMBER SUBJECT
SUPPLEMENTAL APPROPRIATION, PAGE
10/28/86 **G-6854 BANK STOCK TAX DIVISION 2of 1.__
RECOMMENDATION
It is-recommended that the City Council adopt a supplemental appropriation
ordinance appropriating $55,884 from the General Fund, Fund Balance, to General
Fund Account 90-75-00, Contractual Services - Bank Stock Tax (329524) for bank
tax reimbursement.
DISCUSSION
Under the provisions of City Secretary Contract 13470, entered into in December,
1983, as a result of a lawsuit styled American State Bank et al vas. City of Fort
Worth, the City is required to reimburse city area banks for ad valorem taxes
collected in 1982.
The amount budgeted in 1986-87 does not include the necessary interest on
principal and an additional $55,884 is required to make the payment due in
October.
FUNDING
Funds are available in General Fund, Fund Balance.
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APPROVED BY
CITY COUNCIL
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SUBMITTED FOR Inr_
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CITY MANAGER'S
OFFICE BY
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DISPOSITION BY COUNCIL.
PROCESSED BY
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ORIGINATING [ OTHER (DESCRIBE)
DEPARTMENT HEAU• J Ba • 1 i ff CITY SECRETARY
FOR ADDITIONAL INFO MAT O
CONTACT ~ ~a`~terson 8517 Adopted Ordinance No, e,,, ~
DATE