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HomeMy WebLinkAboutResolution 3614-04-2008A RESOLUTION NO 3614-04-2008 AUTHORIZING THE CITY MANAGER TO EARMARK CURRENT AND FUTURE UNRESTRICTED GAS WELL REVENUES UP TO A TOTAL OF FIFTEEN MILLION DOLLARS FOR STREET IMPROVEMENTS WHEREAS, traffic congestion and the condition of our roads are among the top citizen concerns in the City of Fort Worth today and WHEREAS, addressing these concerns is a mayor priority for the Fort Worth City Council, and WHEREAS, the Crty Council has selected the highest-priority street projects based on improved mobility decreased congestion and increased public safety from a list of .streets in need of significant repair or construction prepared by the Crty staff; and WHEREAS, the City Council structured the Proposed 2008 Bond Program for presentation to voters on Saturday May 10 to address the transportation and mobility needs of the Crty• and WHEREAS, the City Council recognizes all the City's transportation needs cannot be addressed m the proposed bond package, and WHEREAS, the City of Fort Worth is receiving Barnett Shale gas well bonus and royalty revenues from the gas leasing of city-owned property and WHEREAS, while the use of certain gas welh revenue received from city-owned property is restricted by state and federal grant fund hmrtations, the City has received unrestricted gas well revenues that can be utilized as directed by the City Council, and WHEREAS, due to the need to address the City's transportation requirements beyond the proposed 2008 bond package, the Crty Council desires to use up to Fifteen Million Dollars ($15 000 000) of the future unrestricted gas well revenues anticipated for the purpose of improving city streets, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS. That the City Council hereby authorizes and directs the Crty Manager to transfer and earmark, all current and future unrestricted gas well revenues up to the amount of Fifteen Million Dollars ($15 000 000) for the purpose of street improvements. AND IT IS SO RESOLVED APPROVED ADOPTED this'15tli~day`of Apn12008 CITY COUNCIL .~,~,«~~ .~-~.~ ~ ~~ APR I ~ 2008 ATTE M " Hendrix Cl eCret City Secretary of the ~- ' ~, ~~ ity of Fort Worth, Texas .r s ~~ ~ * ~ r'r~~r Fri : E~tt~.. ,woc~rra~ .Yn. rsr ~~rae~...~.y ~.. .~.:.~..,~ ~.__.