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Home My WebLink AboutOrdinance 19556-02-2011Ordinance No. 19556-02-2Q11 AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE STORMWATER UTILITY FUND IN THE AMOUNT OF $3,50(~,fl00.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF TRANSFERRING SAID FUNDS TO THE STORM WATER CAPITAL PROJECTS FUND FOR THE CONSTRUCTION OF STORM DRAIN IMPROVEMENTS NEAR FOREST PARK BOULEVARDIIH 30; 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 201Q-2Q11 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Stormwater Utility Fund in the amount of $3,500,OOQ.QO, from available funds, for the purpose of transferring said funds to the Storm Water Capital Projects fund, for the construction of storm drain improvements near Forest Park BoulevardllH 30. 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, ar 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.19355 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 appropria#ions, in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed. SEGTiON 4. This ordinance shall take effect upon adoption. APPROVED AS TO FORP~,i AND LEGALITY: >. .* t ~ City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 2/15/2011 -Ordinance Nos. 19556-02-2011 and 19557-02- . 2011 DATE: Tuesday, February 15, 2011 LOG NAME: 20FOREST PARK ILA IFL REFERENCE NO.: G-17211 SUBJECT: Authorize Interiocal Agreement with The Fort Worth Transportation Authority for the Acceptance of $2,000,000.00 Towards the Construction of Storm Drain Improvements Near the Forest Park Boulevard, Interstate Highway 30 Intersection, Authorize a Five Year Interest Bearing Loan from the Aviation Endowment Gas Lease Fund to the Stormwater Utility Fund in the Amount of $3,500,000.00 and Adopt Appropriation Ordinances RECOMMENDATION: It is recommended that the City Council: 1. Authorize the execution of an Interiocal Agreement with The Fort Worth Transportation Authority for the acceptance of $2,000,000.00 towards the construction of storm drain improvements near the Forest Park Boulevardllnterstate Highway 30 Intersection; 2. Authorize a five year interest bearing (4.34 percent) inter-fund loan from the Aviation Endowment Gas Lease Fund to the Stormwater Utility Fund in the amount of $3,500,000.00 for interim financing of this project, pending contract execution; 3. Adopt the attached appropriation ordinance increasing appropriations in the Stormwater Utility Fund in the amount of $3,500,000.00 and authorize the transfer of $3,500,000.00 from the Stormwater Utility Fund to the Stomwater Capital Projects fund; and 4. Adopt the attached appropriation ordinances increasing estimated receipts and appropriations in the Storm Water Capital Projects Fund by $5,500,000.00 {$3,500,000.00 + $2,000,000.00). CtISCUSSION: ~~ ~ ,.<rr ~f 'h~~ PJo~*h Texas Toii~~~ay Author+tv' ~ (NT i Al Soufih~wesf Park~,wav Pr~~iect !S'JVPI. a d~fe~~tion In order to expedite the City`s project, The T offered to donate $2 million toward the cast of construction if the project would be constructed in a timeframe such that the NTTA would agree not to build the detention pond. The remaining expected construction cost after this donation is $7 million {inclusive of right-of-way costs, construction management and contingency}. Staff does not believe that this project is high enough priority to spend $7 million {approximately 28 percent of Storm Water capital funding available for 2011 } to expedite this project. The Aviation Endowment Gas Lease Fund is able to provide an inter-fund loan to the Stormwater Utility in the amount of $3.5 million with a five year payback at 4.34 percent interest {interest rate is current 10 year treasury bill rate plus 1 percent}. The Financial Management Services Department has asserted that this loan can be made in compliance with Section 402.49 of the Local Government Code which requires that "the income of the drainage utility system be segregated and completely identifiable in municipal accounts." The Stormwater Utility Fund will repay the principal and interest over five years and the first year of repayment was included in the City's Fiscal Year 11 adapted annual budget. With this loan and the donation of The T, City staff recommends expediting construction of the drainage project with the following breakdown of the cast of construction: FlSGAL INF4RMATIC?N I CERTIFlCATlC}N: The Financial Management Services Director certifies that upon approval of the above recommendations and adoption of the attached appropriation ordinances, funds will be available in the current capital budget, as appropriated, of the Stormwater Capital Projects Fund. FUND CENTERS: TU FundlAccountlCenters 2} PE69_ _ 2221._25 040040.0_ 3}P228_ 476069_20.9.280067483 ~~_P228__ 488.1.00 209285067483 ~1P228 X76069 209280067483 :1~ P'~'?° ~~~~~nn ~,a17(l(1 w ~ ~, , ,a,ai_1~T;.. 'di -t~*~)Irt1<li~c~t~ ~,~rt~,3c:i FRAM Fun_d_/Acco_u__ntlCenters $3 500 000.00 2j T125___137069__000125099901_ ~3~500 040.00 ~3 5{7Qs000.04 3}_PE69__538040____0209000 $3;500 000.00 X2,000 000._0___0_ S 3.500, 000.00 X5.500.000.00 1S ~J La I MAP MAYOR AND COUNCIL COMMUNICATION MDrain M l j N I Rehabilitation , , , ,,7 .- -, -- ..,,,f Forest Park-Parkview S ' \ '' . *;"2:7"- 47.4',1*, ,-....N-0 '...,'-''' ',` •ii**-- ‘t„,„,,I,..,2,.._ , ..,,,, 11 ,. .,,,,,A)..: INitation ,, ,, ..,.,„ ,, ,.... .,,,-, .,,,:::::,,„,„:„.,i,::„,,,.,,,,,,,..i.:;;I't!",..z%,..,:::,..', • ,,,It„, .". 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