HomeMy WebLinkAboutOrdinance 22769-06-2017Ordinance No. 22769-06-2017
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS
IN THE AMOUNT OF $700,000.00 IN THE WATER AND SEWER FUND, FROM
AVAILABLE NET POSITION, FOR PURPOSE OF MAKING A TRANSFER TO THE
WATER AND SEWER DEBT SERVICE FUND TO MAKE THE FY2017 INTEREST
PAYMENT ON THE WATER AND SEWER REVENUE REFUNDING AND
IMPROVEMENT BONDS, SERIES 2017A; 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 2016-2017 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
amount of $700,000.00 in the in the Water and Sewer Fund, from available net position, for the purpose of
making a previously approved transfer to the Water and Sewer Debt Service Fund to make the FY2017
interest payment on the Water and Sewer Revenue Refunding and Improvement Bonds, Series 2017A.
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 22393-09-2016 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said prior ordinances and appropriations are hereby expressly repealed.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 T,O FORM AND LEGALITY:
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Denis . ,McElro.y, A'ssistant City Attorney
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ADOPTED AND EFFECTIVE: June 20. 2017
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTlON:; Appro�ed on 6/20J2017 - 4rdinance No, 22769-06-2017
DATE: Tuesday, June 20, 2017 REFERENCE NO.: **G-19032
LOG NAME: 13APPROPRIATION FOR 2017 WATER REVENUE SALE
SUBJECT:
Adopt Ordinance Appropriating $700,000.00 in the Water and Sewer Fund for Fiscal Year 2017 Interest
Payments on the Water and Sewer Revenue Refunding and Improvement Bonds, Series 2017A (ALL
COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated
receipts and appropriations in the Water and Sewer Fund in the amount of $700,000.00 from available net
position for Fiscal Year 2017 interest payments on the Water and Sewer Revenue Refunding and
Improvement Bonds, Series 2017A.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to adopt an appropriation ordinance
related to the previously approved Water and Sewer Revenue Refunding and Improvement Bonds, Series
2017A.
On May 9, 2017, the City Council adopted the Thirtieth Supplemental Ordinance authorizing the Issuance
of City of Fort Worth, Texas Water and Sewer Revenue Refunding and Improvement Bonds, Series
2017A (the Bonds), in an aggregate principal amount not to exceed $120,000,000.00 (M&C G-
19002). Those bonds, which were sold in late May, provided $100,000,000.00 in funding for system
improvements and allowed refunding of previously issued revenue bonds to achieve substantial net
present value savings.
The third recommendation of (M&C G-19002) proposed adoption of an ordinance appropriating
$700,000.00 in available net position in the Water and Sewer Fund for purposes of making a transfer to
the Water and Sewer Debt Service Fund for use in making the Fiscal Year 2017 interest payment on the
Bonds, which is due August 15, 2017. However, that appropriation ordinance was omitted from the final
M&C. The purpose of this M&C is to adopt the missing ordinance in support of the previously approved
debt service payment.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon adoption of the attached ordinance, funds will be available in
the Water and Sewer Fund to support the previously approved transfer and debt service payment for the
Series 2017A Bonds.
FUND IDENTIFIERS (FIDs):
Logname: 13APPROPRIATION FOR 2017 WATER REVENUE SALE Page 1 of 2
und Department ccoun Project Prog
ID ID
Fund DepirDtment ccoun ProD ct
CERTIFICATIONS:
Submitted for City Manager's Office b�
Originatinq Department Head:
Additional Information Contact:
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ity Budget Reference # �moun
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Year (Chartfield 2)
Jay Chapa (5804)
Aaron Bovos (8517)
John Samford (2318)
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