HomeMy WebLinkAboutOrdinance 18045-04-2008Ordinance No. 18045-04-2008
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE STREET IMPROVEMENT FUND IN THE AMOUNT
OF $50,000,000 FROM PROCEEDS FROM THE SALE OF GENERAL PURPOSE
BONDS, SERIES 2007 FOR THE PURPOSE OF FUNDING STREET AND
STORM SEWER IMPROVEMENTS; PROVIDING FOR A SEVERABILITY
CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF 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 in addition to those amounts allocated to the various City departments for Fiscal Year 2007-
2008 in the Budget of the City Manager, there shall also be increased estimated receipts and
appropriations in the Street Improvement Fund in the amount of $50,000,000 from proceeds from
the sale of General Purpose Bonds, Series 2007, for the purpose of funding street and storm sewer
improvements.
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 or
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. 17749 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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 LEGALITY:
~-
Assistant City Attor
ADOPTED AND EFFECTIVE: April 8, 2008
City ®f F®rf ~f®rth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 4/8/2008 -Ord. No. # 18045-04-2008
DATE: Tuesday, April 08, 2008
LOG NAME: 03GPBONDS2007 REFERENCE NO.: G-16100
SUBJECT:
Adopt Appropriation Ordinance for Proceeds from the Sale of $50,000,000 General Purpose Bonds,
Series 2007, to Fund Projects in the 2004 Bond Program
RECOMMENDATION:
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated
receipts and appropriations in the amount of $50,000,000 from the sale of General Purpose Bonds, Series
2007, for the purpose of funding 2004 Bond Program projects as follows:
Proposition 1 -Street and Storm Sewer Improvements $50,000,000.00
Total 2007 Series $50,000,000.00
DISCUSSION:
In February 2004, asix-year, $273,500,000 bond program was approved by voters. On March 30, 2004,
(M&C C-20014) the City Council authorized $125,000,000 in commercial paper authority to be used as
interim funding for the 2004 Bond Program and to show immediate benefits to the citizens who approved
the bond program.
Subsequently, the City Council authorized the sale of General Purpose Bonds to fund capital projects
authorized for the 2004 Bond Program. Proceeds from the bond sale of $50,000,000 were received on
January 24, 2007 and will be used to construct projects identified in the 2004 bond election.
All of the $50,000,000 in proceeds will make available previously appropriated authority of the Commercial
Paper Program for use on future 2004 bond projects as needed.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that as a result of the sale of the General Purpose Bonds and the adoption of
the attached appropriation ordinance, funds will be available in the current capital budget, as appropriated,
of the Street Improvements Fund.
TO Fund/Account/Centers FROM Fund/Account/Centers
C200 485207 031990000100 $50,000,000.00
C200 541200 031990000100 $50,000,000.00
Submitted for City Manager's Office b~
Originating Department Head:
Additional Information Contact:
Karen Montgomery (6222)
Lena Ellis (7517)
Sandy Oliver (7313)
Lognaine: 03GPBONDS2007 Page 1 of 2
Logname: 03GPBONDS2007 Page 2 of 2