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Home My WebLink AboutOrdinance 22770-06-2017Ordinance No. 22770-06-2017 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE AMOUNT OF $803,967.15 IN THE GENERAL DEBT SERVICE FUND, FROM RESIDUAL BOND PROCEEDS, FOR CLEANUP AND CLOSURE; 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 $803,967.15 in the General Debt Service Fund, from residual bond proceeds, for cleanup and closure. 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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 TO FORM AND LEGALITY: e-- _ r (' � � Denis McEI oy Sr. Assistant City Attorney ADOPTED AND EFFECTIVE: June 20, 2017 CITY SECRETARY � � � ary J. �4 � e Ordinance No. 22770-06-2017 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE AMOUNT OF $803,967.15 IN THE GENERAL DEBT SERVICE FUND, FROM RESIDUAL BOND PROCEEDS, FOR CLEANUP AND CLOSURE; 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 $803,967.15 in the General Debt Service Fund, from residual bond proceeds, for cleanup and closure. 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 competentjurisdiction, such decision, opinion orjudgment 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 223�09-2016 and all other ordinances and appropriations amending the same except in those instances ere 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: CITY SECRETARY Denis McElroy Sr. Assistant City Attorney ADOPTED AND EFFECTIVE: June 20, 2017 Mary J. Kayser City of Fort Worth, Texas Mayor and Council Communication • Ordinance Nos. 22770-06-2017, 22771-06- ', 22774-06-2017 & 22797-06-2017 DATE: Tuesday, June 20, 2017 REFERENCE NO.: **G-19033 LOG NAME: 13�EGACYBONDCLEANUP SUBJECT: Approve Multiple Transfers Among Identified Funds to Allow Clean-Up and Close-Out of Legacy Capital Improvement Funds with Residual Bond Proceeds from the 2004 Bond Program, Certificate of Obligations Bond Series 2005, Certificate of Obligations Bond Series 20136 and the General Obligations Bond Series 1994 and Adopt Appropriation Ordinances (ALL COUNCIL DISTRICTS) RECOMMENDATION: It is recommended that the City Council take the following actions to facilitate the clean-up and close-out of the City's Legacy Capital Project Funds with residual bond proceeds from the 2004 Bond Program, Certificate of Obligations Bond Series 2005, Certificate of Obiigations Bond Series 20138 and the General Obligations Bond Series 1994: 1. Adopt the attached ordinance increasing estimated receipts and appropriations from residual 2004 Bond Program proceeds for the following amounts and Funds: $720,790.32 in the Library Improvements Fund (39009); and $2,000.00 in the CO Special Projects Fund (39002); 2. Adopt the attached ordinance increasing estimated receipts and appropriations from residual Certificate of Obligations Bond Series 2005 proceeds for the following amount and Fund: $55,893.54 in the CO Special Projects Fund (39002); 3. Adopt the attached ordinance increasing estimated receipts and appropriations from residual Certificate of Obligations Bond Series 2013B proceeds for the following amount and Fund: $1,907.06 in the Culture and Tourism Capital Projects Legacy Fund (39201); 4. Adopt the attached ordinance increasing estimated receipts and appropriations from residual General Obligations Bond Series 1994 proceeds for the following amount and Fund: $23,376.23 in the Streets Improvements Fund Close (39409); 5. Approve the following transfers to the General Debt Service Fund in the amounts from the following Funds: $720,790.32 from the Library Improvements Fund (39009); $57,893.54 from the CO Special Projects Fund (39002); $1,907.06 from the Culture and Tourism Capitai Projects Legacy Fund (39201); and $23,376.23 from the Streets Improvements Fund Close (39409); and 6. Adopt the attached ordinance increasing estimated receipts and appropriations in the General Debt Service Fund in the amount of $803,967.15 from residual bond proceeds. DISCUSSION: The purpose of this Mayor and Council Communication (M&C) is to ciean-up and zero out Legacy Capital Logname: 13LEGACYBONDCLEANUP Page 1 of 2 Funds that have residuai bond proceeds from the 2004 Bond Program, Certificate of Obligations Bond Series 2005, Certificate of Obligations Bond Series 2013B and the General Obligations Bond Series 1994 and move the remaining proceeds to the General Debt Service Fund along with preparing the funds to be closed. The Financial Management Services Department has been conducting a comprehensive review of Legacy Capital Funds that have residual bond proceeds and provide recommendations for clean-up and closure. The goal has been to verify and "clean up" data in all of the old funds in order to close funds that are no longer needed so that the City's financial records are in the best possible condition. All the funds contain residual balances following completion of all projects and Staff recommends the residual amounts be transferred to the General Debt Service Fund. This M&C does not request approval of a contract with a business entity. FISCAL INFORMATION / CERTIFICATION: The Director of Finance certifies that upon approval of the above recommendations and adoption of the attached appropriation ordinances, funds will be availabie in the current capital budgets, as appropriated, of the Library Improvements Fund, CO Special Projects Fund, Culture and Tourism Capital Projects Legacy Fund, the Streets Improvements Fund Close and the General Debt Service Fund. FUND IDENTIFIERS (FIDs�: TO Fund Department ccou I Di�-� �__ FROM Fund Department ccou _ �_�—I D __�__-- Project Program ctiv� � � __� __. �_.� _ Project Program ctivi ID �.__- � `-- CERTIFICATIONS: Submitted for Citv Manaqer's Office bv: Oriqinatinq Department Head: Additional Information Contact: Budget Reference # E moun Year _ (Chartfield 2) �___ Budget� Reference # moun Year I (Chartfield 2) � Susan Alanis (8180) Aaron Bovos (8517) Brian Hickman (8568) Logname: 13LEGACYBONDCLEANUP Page 2 of 2