HomeMy WebLinkAboutOrdinance 18243-09-2008Ordinance No. 18243-09-2008
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE 2007 CRITICAL CAPITAL PROGRAM FUND IN THE
AMOUNT OF $63,150,000.00 FROM THE SALE OF COMBINATION TAX AND
LIMITED SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2008
FOR THE PURPOSE OF FUNDING VARIOUS PROJECTS FROM THE 2007
CRITICAL CAPITAL NEEDS PROGRAM AND COST OVERRUNS FROM THE
2004 CAPITAL IMPROVEMENTS PROJECT; 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 2007 Critical Capital Program Fund in the amount of $63,150,000.00 from the
sale of Combination Tax and Limited Surplus Revenue Certificates of Obligation, Series 2008 for
the purpose of funding various projects from the 2007 Critical Capital Needs Program and cost
overruns from the 2004 Capital Improvements Project.
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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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.
APPROV AS .O~FORM AND LEGALITY:
Assistan i y ttorney
ADOPTED AND EFFECTIVE: September 2, 2008
Mayor and Council Communication
COUNCIL ACTION: Approved on 9/2/2008 -Ord. No. 18243-09-2008
DATE: Tuesday, September 02, 2008
LOG NAME: 13COAPPR008 REFERENCE NO.: G-16262
SUBJECT:
Adopt Appropriation Ordinance for Proceeds from the Sale of $63,150,000.00 Combination Tax and
Limited Surplus Revenue Certificates of Obligation, Series 2008, to Fund Projects from the 2007
Critical Capital Needs Program and Cost Overruns from the 2004 Capital Improvements Project
RECOMMENDATION:
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated
receipts and appropriations in the amount of $63,150,000.00 from the sale of Combination Tax and Limited
Surplus Revenue Certificates of Obligation, Series 2008, for the purpose of funding various projects from
the 2007 Critical Capital Needs Program and cost overruns from the 2004 Capital Improvements Project.
DISCUSSION:
On September 2, 2008, the City Council considered an Ordinance authorizing the sale of $63,150,000.00 in
Combination Tax and Limited Surplus Revenue Certificates of Obligation. This financing will fund Critical
Capital projects, including a new police station, fire station, expansion of outdoor siren system, and
numerous street projects.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that upon sale of the Combination Tax and Limited Surplus Revenue
Certificates of Obligation, Series 2008, and approval of attached appropriation ordinance, fund will be
available in the 2007 Critical Capital Program Fund.
TO Fund/Account/Centers FROM Fund/Account/Centers
C295 485228 000009990100 X63.150.000.00
Submitted for City Manager's Office by: Karen Montgomery (6222)
Originating Department Head: Lena Ellis (8517)
Additional Information Contact: James Mauldin (2438)
Logname: 13COAPPR008 Page 1 of 1