HomeMy WebLinkAboutOrdinance 19197-06-2010Ordinance No 19197-06-2010
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE GOLF DEBT SERVICE FUND IN THE AMOUNT OF $665,338 61 FROM
AVAILABLE FUNDS FOR THE CASH. DEFEASANCE OF ALL OUTSTANDING
MATURITIES OF THE CITY OF FORT WORTH, TEXAS COMBINATION TAX AND
REVENUE CERTIFICATES OF OBLIGATION SERIES 1999 PROVIDING FOR A
SEVERABILITY CLAUSE, MAKING THIS ORDINANCE CUMULATIVE OF PRIOR
ORDINANCES REPEALING ALL 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 2009-2010 in the
Budget of the City Manager there shall also be increased estimated receipts and appropriations in the Golf
Debt Service Fund. in the amount of $665 338 61 from available funds, for the cash defeasance of all
outstanding maturities of the City of Fort Worth, Texas, Combination Tax and Revenue Certificates of
Obligation, Series 1999
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.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ordinances and appropriations are hereby expressly repealed.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 LEGALITY
Assistant Ci ~! Attorney
ADOPTED AND EFFECTIVE. June 22, 2010
City of Fort Worth, Texas
Mayor and Council Communication
CQUNCIL ACTION: Approved on 6/22/2010 Res. No._ 3896-06-20..10, Ord. No. 19196-06-
201 Q & 19197-06-2010
a ~
DATE Tuesday June 22 2010 REFERENCE NO G-16966
LOG NAME 1310 GOLF DEFEASANCE
SUBJECT
Adopt a Resolution Authorizing the Cash Defeasance of All Outstanding Golf Maturities of the City of Fort
Worth Texas, Combination Tax and Revenue Certificates of Obligation Series 1999 in the Principal
Amount of $2 050 000 00 Authorize Transfer of Funds from the Golf Capital Project Fund (Gas Wells) to
the Golf Debt Service Fund and Adopt Appropriation Ordinances
RECOMMENDATION
It is recommended that the City Council
1 Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Golf
Capital Project Fund (Gas Wells) in the amount of $665 338 61 from available funds
2 Authorize the transfer of $665 338 61 from the Golf Capital Project Fund (Gas Wells) to the Golf Debt
Service Fund
3 Adopt the attached supplemental appropriation ordinance increasing estimated receipts and
appropriations in the Golf Debt Service Fund in the amount of $665 338 61 from available funds and
4 Adopt the attached resolution authorizing the cash defeasance of all outstanding maturities of the City
of Fort Worth Texas Combination Tax and Revenue Certificates of Obligation Series 1999
DISCUSSION
The Golf Enterprise Fund currently has a debt service balance of $2 050 000 00 as of May 2010 This
debt is a result of revenue bonds sold in the late 1990's and designated for improvements at both Pecan
Valley and Meadowbrook Golf Course
Currently the City of Fort Worth Financial Management Policy Statements (Sect. I Revenues Subsection
14 a Bonus and Royalty Revenue Management; Municipal Golf Fund) stipulates that all revenues
generated through lease bonus or royalties on golf course properties be divided equally between payment
of Debt Service/Fund Balance and Golf Course Capital Improvements
The anticipated Gas Fund's balance after receipt of the Meadowbrook Golf Course gas bonus is
estimated at $3 017 514 00 In accordance with the Financial Management Policy $1 379,281 00 is
designated for debt service and $1 638 233 00 for future capital improvements Once the debt is retired
there will be an estimated $967 514 00 in the Capital Improvement Fund
The use of Gas Well Revenue to retire the outstanding Golf Debt would eliminate the principal and interest
payment in Golfs annual operating budget, thus reducing the operating budget approximately
$300 000 00 per year
Logname• 1310 GOLF DEFEASANCE Page 1 of 2
The Golf Advisory Committee endorsed this request on May 12 2010 and the Parks and Community
Services Advisory Board endorsed on May 26 2010 in their regularly scheduled meetings
FISCAL INFORMATION /CERTIFICATION
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached supplemental appropriation ordinance funds will be available in the current
operating budget, as appropriated of the Golf Debt Service Fund
FUND CENTERS
TO Fund/Account/Centers
1) P243 446100 801299990100
11P243 538040 801299990100
2 3)D102 476243 0132000
3)D102 55XXXX 0132000
FROM Fund/Account/Centers
$665.338.61 2)P243 538040 801299990100
$665,338.61 4) D102 55XXXX 0132000
$665,338.61
$665.338.61
CERTIFICATIONS
Submitted for City Manager's Office b~ Karen Montgomery (6222)
Originating Department Head. Lena Ellis (8517)
Additional Information Contact: James Mauldin (2438)
$665,338.61
$2.050.000.00
Logname: 1310 GOLF DEFEASANCE Page 2 of 2