HomeMy WebLinkAboutOrdinance 9339r
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ORDINANCE NO.
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P,N ORDINANCE APPROPRIATING ADDITIONAL REVENUE OF THE CITY
OF FORT WORTH IN THE AMOUNT OF $550,000.00 TO BE TRANS-
FERRED TO THE CAPITAL PROJECTS RESERVE FUND 10; PROJECT
010001-00; DECREASING IN TURN THE AIRPORT'S FUND RETAINED
EARNINGS IN A LIKE AMOUNT; PROVIDING FOR A SEVERABILITY
CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDI-
NANCES AND REPEALING ALL PRIOR ORDINANCES IN CONFLICT
HEREWITH: AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF 'THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That the City Manager of the City of Fort Worth is hereby
authorized to appropriate $550,000.00 from the Capital Projects
Reserve Fund 10, Project 010001-00, and that the City Manager be
further authorized to decrease the Airport's Fund Retained Earnings
by the same amount, i.e., $550,000.00.
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 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.
SECTION 3.
That this Ordinance shall be cumulative of Ordinance No. 8886,
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.
SECTION 4.
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:
City Attorne
Date: 3~~g,~s`
ADOPTED:
EFFECTIVE:
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E REFERENCE BJECT PAGE
NUMBER ~~nancing of South Fort Worth
/19/85 G-6287 Airport 1`0~--1--
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ackground
n JJuly 22, 1980 (hl&C G-4596), the City Council approved the concept of a South-
ide Airport. Since that time, staff has undertaken the purchase of land within
he designated boundaries.
This financing proposal is necessary to reimburse the Airports Grant Fund for
those portions of the proposed South Fort Worth Airport Thoroughfare which are
not reimbursable under the terms of the FAA grant ($485,000). It was agreed that
grant funds could be utilized for the purchase of right-of-way but that those
portions of the thoroughfare determined by the FAA as nonreimbursable purchases
would be disallowed at a later date and the costs incurred by the City. By
following this procedure, funds available for actual right-of-way purchases have
been depleted, and several critical purchases need to be made at this time. A
total amount of $550,000 is required for immediate purchases of which $65,000 may
be eligible for reimbursement from a future FAA grant.
Financing
Tt is proposed to use proceeds from the sale of Greater Southwest International
Airport (GSIA) to fund this land purchase. On May 8, 1979, (M&C G-4167), the
Council established four priorities for the sale proceeds of GSIA. These priori-
ties are:
1. Resolve all appropriate claims of the Federal government as to use of
proceeds;
2. Defense any outstanding revenue bonds,
3. Repay General Fund advances ($10,635,382) to the Airports Fund to be
placed in the Capital Projects Reserve Fund;
4. Contribute to Capital Projects Reserve Fund, with funds to be earmarked
specifically for future airport improvements.
Proceeds credited to the Airports Fund to date from the GSIA sale total
$7,889,354.
This amount provides funding for the following
° Resolve Claims of FAA (Priority 1) $1,397,697
° Defense outstanding revenue 'bonds
(Priority 2) $2,278,347
° Grant Match for Phase I, South Fort ~
Worth Airport (Priority 4) $1,857,100
° Construction of Automated F11ght
Service Station (Priority 4) $1,100,000
and leaves a balance of $1,256,210.
v<--~~~'~I..:-
DATE REFERENCE
NUMBER SUBJECT
Financing of South Fort Worth PAGE
3/19/85 G-6287 Airport °t~--
It is proposed at this time to transfer $550,000 of this amount from Airports Re-
tained Earnings in the manner outlined below to cover immediate land purchase
needs. During the next two weeks, Finance staff will review the overall status
of the Municipal Airports Enterprise Fund and provide this financial information
to Council as one part of a comprehensive status report on the South Fort Worth
Airport Project scheduled for the Work Session on April 2nd.
Recommendation
It is recommended that the City Council:
1) Adopt the attached supplemental appropriation ordinance decreasing the
Airports Fund Retained Earnings and appropriating $550,000 to be transferred
to the Capital Projects Reserve Fund 10, Project 010001-00.
2) Approve the transfer of $485,000 from Capital Projects Reserve Fund 10,
Project 010001-00 of $485,000 to Streets Bond Fund 3U, 'Project 023197-00;
furthermore, authorize the transfer of expenditures in the amount of
$485,000 currently recorded in the Airparts Grant Fund 76, Project No.
218670 to Streets Bond Fund 30-023197-00.
3) Approve the transfer from Capital Projects Reserve Fund 10, Project
010001-00 of $65,000 to Airports Grant Fund 76, Project No. 218670-00.
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City Seozetaty of the
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SUBMITTED FOR THE
CITY MANAGER'S
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DISPOSITION BY COUNCIL.
PROCESSED BY
FICE BY ~ ~
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ORIGINATING Ka Cecil
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D I. j OTHER (DESCRIBE)
EPARTMENT HEAD CITY SECRETARY
ITIONAL INFORMATFR~y Cecil Ext. 8331
CONTACT GATE