HomeMy WebLinkAboutOrdinance 22915-09-2017 Ordinance No. 22915-09-2017
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE
PROJECT FINANCING ZONE FUND BY $290,551.20, FROM AVAILABLE FUNDS, FOR
THE PURPOSE OF MAKING A TRANSFER TO DEBT SERVICE; 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 Project
Financing Zone Fund in the amount of$290,551.20,from available funds,for the purpose of making a transfer
to debt service.
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said prior ordinances and appropriations are hereby expressly repealed.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.
OVED JJT0 FORM AND LEGALITY: CITY SECRETAR
Denis . MCI
enior Assistant City Attorney ary J. r
ADOPTED AND EFFECTIVE: September 26, 2017
City of Fort Worth
Debt Service Transfers
Special Tax Revenue Bonds,Series 2017B
Monthly Cumulative
Month Amount Total
Jul-17 96,850.40 96,850.40
Aug-17 96,850.40 193,700.80
Sep-17 96,850.40 290,551.20
Oct-17 96,850.40 387,401.60
Nov-17 96,850.40 484,252.00
Dec-17 96,850.40 581,102.40
Jan-18 96,850.40 677,952.80
Feb-18 96,850.40 774,803.20
Mar-18 57,798.44 832,601.64
Apr-18 57,798.44 890,400.08
May-18 57,798.44 948,198.52
Jun-18 57,798.44 1,005,996.96
Jul-18 57,798.44 1,063,795.40
Aug-18 57,798.44 1,121,593.84
Sep-18 130,298.44 1,251,892.28
Oct-18 130,298.44 1,382,190.72
Nov-18 130,298.44 1,512,489.16
Dec-18 130,298.44 1,642,787.60
Jan-19 130,298.44 1,773,086.04
Feb-19 130,298.44 1,903,384.48
Mar-19 165,323.00 2,068,707.48
Apr-19 165,323.00 2,234,030.48
May-19 165,323.00 2,399,353.48
Jun-19 165,323.00 2,564,676.48
Jul-19 165,323.00 2,729,999.48
Aug-19 165,323.00 2,895,322.48
Sep-19 527,978.76 3,423,301.24
FY17 Total: 290,551.20
FY18 Total: 961,341.08
FY19 Total: 2,171,408.96
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 9/26/2017 - Ordinance Nos. 22915-09-2017 & 22916-0%-
2017
DATE: Tuesday, September 26, 2017 REFERENCE NO.: **G-19111
LOG NAME: 25PFZ2017BTRANSFER
SUBJECT:
Authorize Transfer of$290,551.20 from the Project Financing Zone Fund to the Venue Debt Service Fund
and Adopt Appropriation Ordinances (ALL COUNCIL DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance increasing estimated receipts and appropriations in the Project Financing
Zone Fund by $290,551.20 from available funds for purpose of making a transfer to debt service;
2. Authorize transfer of$290,551.20 from the Project Financing Zone Debt Service Fund to the Venue
Debt Service Fund; and
3. Adopt the attached ordinance increasing estimated receipts and appropriations in the Venue Debt
Service Fund by $290,551.20 for the purpose of paying debt service on the 2017B Special Tax Revenue
Bonds.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to take actions associated with meeting
the City obligations and covenants for the 2017B Special Tax Revenue Bonds.
On Tuesday, June 6, 2017, City Council authorized the issuance of the 2017A and 2017B Special Tax
Revenue Bonds for the purpose of funding the public contribution associated with the Dickies Arena as
well as other improvements to adjacent support facilities in and adjacent to the Will Rogers Memorial
Center complex (M&C G-19020). Bond covenants within the adopted ordinances indicate monthly
transfers of pledged revenues are to be deposited into the Venue Debt Service Fund to ensure the safe
and timely payment of principal and interest coming due.
The portion of the debt associated with the Arena included capitalized interest that is already in the Venue
Debt Service Fund and available for making initial debt service payments of that portion of the
bonds. Adoption of this M&C will provide for and authorize the appropriations and transfers for Fiscal
Year 2017 necessary to meet the City's obligations with respect to the remainder of the bonds, which were
issued to finance other improvements on the Will Rogers campus.
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, funds will be available
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in the Project Financing Zone Fund to transfer to the Venue Debt Service Fund. As of Fiscal period 10, of
FY2017, the fund balance is $4,307,322.00 in the Project Financing Zone Fund.
FUND IDENTIFIERS (FIDs):
TO
Fund Department ccoun Project JProgram ctivity Budget Reference # moun
ID ID Year Chartfield 2
FROM
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year Chartfield 2
CERTIFICATIONS:
Submitted for City Manager's Office by: Susan Alanis (8180)
Originating Department Head: Kirk Slaughter (2501)
Additional Information Contact: Stacey Church (2502)
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