HomeMy WebLinkAboutOrdinance 22773-06-2017Ordinance No. 22773-06-2017
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE AMOUNT OF $55,893.54 IN THE CO SPECIAL PROJECTS FUND, FROM RESIDUAL
CERTIFICATE OF OBLIGATIONS SERIES 2005 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 $55,893.54 in the CO Special Projects Fund, from residual Certificate of Obligations Series 2005 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 22394-09-2016 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said prior ordinances and appropriations are hereby expressly repealed.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.
A PROVED AS TO FORM AND LEGALITY:
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Denis cElro �
Sr. Assistant ity Attorney
ADOPTED AND EFFECTIVE: June 20, 2017
CITY SECRETARY �
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ary J.
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City of Fort Worth, Texas
Mayor and Council Communication
' COUNCIL ACTION: Approved on 6/20/2017 - Ordinance Nos. 22770-06-2017, 22771-06-
2017, 22772-46-2017, 22773-06-2817, 22774-06-2017 &' 22797-06-2017 '
DATE: Tuesday, June 20, 2017 REFERENCE NO.: **G-19033
LOG NAME: 13LEGACYBONDCLEANUP
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 20138 and the Generai 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 Obligations Bond Series 2013B 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 20138 proceeds for the following amount and Fund: $1,907.06 in
the Cuiture 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 Capital 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 clean-up and zero out Legacy Capital
Logname: 13LEGACYBONDCLEANUP Page 1 of 2
Funds that have residual bond proceeds from the 2004 Bond Program, Certificate of Obligations Bond
Series 2005, Certificate of Obligations Bond Series 2013B and the Generai 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 ail 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 ali 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 available 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):
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Department ccoun Project Program
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DepartmentT�4ccoun I P�ro�'�ect Program
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CERTIFICATIONS:
Submitted for Citv Manaqer's Office bv:
Oriqinating Department Head:
Additional Information Contact:
Logname: 13LEGACYBONDCLEANUP
ctivity Budget Reference # � mou
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Susan Alanis (8180)
Aaron Bovos (8517)
Brian Hickman (8568)
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