HomeMy WebLinkAboutOrdinance 18245-09-2008Ordinance No. 18245-09-2008
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE AMOUNT OF $21,560,000 IN THE 2004 BOND PROGRAM STREET
IMPROVEMENTS FUND, $6,000,000 IN THE SOUTHWEST PARKWAY FUND,
$4,090,000 IN THE LIBRARY IMPROVEMENT FUND, AND $18,000,000 IN THE 2008
BOND PROGRAM STREET IMPROVEMENTS FUND, FROM THE SALE OF GENERAL
PURPOSE BONDS, SERIES 2008 FOR THE PURPOSE OF FUNDING 2004 AND 2008
BOND PROGRAM; 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 COdJNCIL 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 aiso be increased estimated receipts and appropriations in the
amount of $21,560,000 in the 2004 Bond Program Street Improvements Fund, $6,000,000 in the Southwest
Parkway Fund, $4,090,000 in the Library Imq~rovement Fund and $18,000,000 in the 2008 Bond Program
Street Improvements Fund, from the sale of General Purpose Bonds, Series 2008 for the purpose of funding
2004 and 2008 Bond Program projects.
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ordinances and appropriations are hereby expressly repealed.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 JFORM AND LEGALITY:
Imo,-~(~- ~ . ~ . D
Assistant City A`t`torney
ADOPTED AND EFFECTIVE: September 2, 2008
C® ®f F®rt or~th9 7`exas
ayor and Council Communication
COUNCIL ACTION: Approved on 9/2/2008 -Ord. No. 18245-09-2008
.a a ~-:r.,~,~.,~. _,_.~- .
DATE: Tuesday, September 02, 2008
LOG NAME: 13BONDAPPR008 REFERENCE NO.: G-16264
SUBJECT:
Adopt Appropriation Ordinance for Proceeds from the Sale of $49,650,000.00 General Purpose
Bonds, Series 2008, to Fund Projects in the 2004 and 2008 Bond Programs
RECOMMENDATION:
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated
receipts and appropriations in the amount of $49,650,000.00 from the sale of General Purpose Bonds,
Series 2008, for the purpose of funding 2004 and 2008 Bond Program projects as follows:
Bond Program Proposition Category Amount Totals
2004 One Arterial Streets $10,441,500.00
2004 One Neighborhood Streets $10,868,500.00
2004 One Bridges $250,000.00
2004 One 121T Southwest Parkway $6,000,000.00
2004 One Proposition One Total $27,560,000.00
2004 Three Library System $4.090,000.00
2004 Bond Program Total $31,650,000.00
2008 One Arterial Streets $13,000,000.00
2008 One Neighborhood Streets $2,000,000.00
2008 One Bridges $1,500,000.00
2008 One Traffic Signals $1,000,000.00
2008 One Intersection Improvements $500,000.00
2008 Bond Program Total $18,000,000.00
Total Sale $49,650,000.00
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.
In May 2008, voters approved another $150,000,000 bond program with a single proposition of Streets and
Related Improvements.
On September 2, 2008, City Council approved the sale of $49,650,000 of General Purpose Bonds to fund
capital projects authorized for both the 2004 and 2008 bond programs. Of the $49,650,000 in proceeds,
$21,000,000 will make available previously appropriated authority of the Commercial Paper Program for
use on future 2004 bond projects as needed.
Logname: 13BONDAPPR008 Page 1 of 2
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that as a result of the sales of General Purpose Bonds and the adoption of
the attached appropriation ordinance, funds will be available in the current capital budgets, as appropriated,
of the Street Improvements Funds, the Southwest Parkway Fund, and the Library Improvements Fund.
TO FundlAccountlCenters
FROM FundlAccount/Centers
C200 485208 201239990100 $10.441.500.00
C200 485208 201409990100 $10.868,500.00
C200 485208 201269990100 $250,000.00
C221 485208 301210000580 $6,000,000.00
C230 485208 201849990100 $4,000,000.00
C230 485208 031989990100 $90,000.00
C204 485208 201239990100 $13,000,000.00
C204 485208 201409990100 $2,000,000.00
C204 485208 201269990100 $1,500,000.00
C204 485208 201719990100 $1.000.000.00
C204 485208 201399990100 $500,000.00
C200 541200 201239990100 $10,441,500.00
C200 541200 201409990100 $10,868.500.00
C200 541200 201269990100 $250,000.00
C221 541200 301210000580 $6,000,000.00
C230 541200 201849990100 $4,000,000.00
C230 541200 031989990100 $90,000.00
C204 541200 201239990100 $13.000,000.00
C204 541200 201409990100 $2.000.000.00
C204 541200 201269990100 $1,500.000.00
C204 541200 201719990100 $1,000,000.00
C204 541200 201399990100 $500,000.00
Submitted for City Manager's Office b~ Karen Montgomery (6222)
Originating Department Head: Lena Ellis (8517)
Additional Information Contact: James Mauldin (2438)
Logname: 13BONDAPPR008 Page 2 of 2