HomeMy WebLinkAboutOrdinance 19372-09-2010Ordinance No 19372-09-2010
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE AVIATION ASSET DEPLETION FUND (GAS LEASE) IN THE AMOUNT OF
$5 607 381.25 FROM AVAILABLE FUNDS, FOR THE PURPOSE OF TRANSFERRING
FUNDS THE AVIATION ENDOWMENT FUND 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
Aviation Asset Depletion Fund (Gas Lease) in the amount of $5,607 381.25, from available funds, for the
purpose of transferring said funds to the Aviation Endowment Fund (Gas Lease)
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ordinances and appropriations are hereby expressly repealed.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
~~G~~r,
Assistant City Atto ney
ADOPTED AND EFFECTIVE. September 28, 2010
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 9/28/2010 -Ord. No. 19372-09-2010
DATE Tuesday September 28 2010 REFERENCE NO G-17064
LOG NAME 062040 RAREFY AVENUE
SUBJECT
Authorize the Transfer of Funds in the Amount of $5 607 381.25 from the Defunct Aviation Asset Depletion
Fund (Gas Lease) to the Aviation Endowment Fund (Gas Lease) and Correct M&C C-24298 to Adjust
Source of Inter-Fund Loan for the Construction of Harley Avenue and Crestline Drive and Adopt
Appropriation Ordinance (COUNCIL DISTRICT 7)
RECOMMENDATION
It is recommended that the City Council
1 Nullify the interest bearing interfund loan from the Aviation Asset Depletion Fund (Gas Lease) to the
Street Improvements Fund in the amount of $1 750 000 00 from revenue derived from mineral
leases at the City-owned airports for interim financing of pavement repair on Harley Avenue and
Crestline Drive as approved on June 22 2010 (M&C C-24298)•
2 Adopt the attached appropriation ordinance increasing appropriations in the Aviation Asset
Depletion Fund (Gas Lease) by $5 607 381.25
3 Authorize the transfer of $5 607 381.25 from the Aviation Asset Depletion Fund (Gas Lease) to the
Aviation Endowment Fund (Gas Lease); and
4 Authorize an interest-bearing interfund loan from the Aviation Endowment Fund (Gas Lease) to the
Street Improvements Fund in the amount of $1 750 000 00 from revenue derived from the mineral
leases at City-owned airports for interim financing of pavement repair on Harley Avenue and
Crestline Drive
DISCUSSION
The Aviation Asset Depletion Fund (Gas Lease) for a portion of the gas lease revenue from airports was
originally established as part of the Gas Lease Revenue Policy to show financial prudence to the Federal
Aviation Administration by acknowledging the depreciation of mineral assets. This was later determined to
be unnecessary On July 21 2009 (M&C G-16632), the City Council adopted Financial Management
Policy Statements that consolidated the Aviation Asset Depletion Fund (Gas Lease) with the Aviation
Endowment Fund (Gas Lease).
Funds of $5 607 381.25 remain on deposit in this now defunct fund and have been consistently included in
the Fort Worth Permanent Fund portion of the quarterly gas lease program report. Approval of this Mayor
and Council Communication (M&C) will consolidate the monies on deposit with the Aviation Endowment
Fund (Gas Lease) as intended when the policy was amended In addition this M&C will move the
interfund loan obligations that were authorized on June 22 2010 (M&C C-24298) for pavement repair on
Harley Avenue and Crestline Drive from the Aviation Asset Depletion Fund (Gas Lease) to the Aviation
Endowment Fund (Gas Lease) The repayment source will be bond funds to be available in 2013
consistent with the previously authorized M&C No new obligations are being approved with this action
This project is located in COUNCIL DISTRICT 7
Logname: 062040 RAREFY AVENUE Page 1 of 2
FISCAL INFORMATION /CERTIFICATION
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached appropriation ordinance funds will be available in the current capital budget,
as appropriated of the Street Improvements Fund
FUND CENTERS
TO Fund/Account/Centers
1.)7126 137200 000126099901
2.)T126 446100 055126099901
2.)T126 446200 055126099901
2.}T126 446500 055126099901
2.)T126 446600 055126099901
2.)T126 446800 055126099901
2.)T126 441012 055126099901
2.)T126 538040 055126099901
3.}T125 476126 055125099901
4.) C200 222125 000000014300
FROM Fund/Account/Centers
$1, 750, 000.00 1.) C200 222126 000000014300
$3.204,928.87 3.) T126 538040 055126099901
$2,114,234.69 4.} T125 137200 000125099901
1 027.50
4 942.13
$19.984.02
$262,264.04
$5.607.381.25
$5.607,381.25
$1, 750.000.00
$1,750,000.00
$5,607,381.25
$1,750,000.00
CERTIFICATIONS
Submitted for City Manager's Office by;. Fernando Costa (6122)
Originating Department Head. Susan Alanis (8180)
Additional Information Contact: Jean Petr (8367)
Logname: 062040 HARLEY AVENUE Page 2 of 2