HomeMy WebLinkAboutOrdinance 18574-04-2009Ordinance No. 18574-a4-za49
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATEONS IN
THE GENERAL DEBT SERVICE FUND IN THE AMOUNT OF $38,843.71, FROM
AVAILABLE FUNDS, FOR THE PURPOSE OF AUTHORIZING PAYMENT TO THE
UNITED STATES TREASURY FOR THE ARBITRAGE REBATE FOR GENERAL
PURPOSE REFUNDING BONDS, SERIES 2x42-A; 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 thaw amounts allocated to the various City departments for Fiscal Year 2408-2449, there
shall also be increased estimated receipts and appropriatians in the General Debt Service Fund in the
amount of 538,843.71, from available funds for the purpose of authorizing payment to the United States
Treasury for the arbitrage rebate for General Purpose Refunding Bonds, Series 2442-A.
SECTION 2.
That should any portion; section or part of a section of this ordinanoe 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 No. 18283 and aII other ordinances and appropriatians
amending the same except in those instances where the provisions of this ordinance are in direct conflict
with such other ordinances and appropriatians, 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ordinances and appropriations are hereby expressly repealed.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 LEGALfTY:
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Cify of Forf Worth, Texas
Mayor and council Cor~rr~uni+cation
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Ct7UNCIL ACTIQN; Approved on 4t28t~OttB - tJrd. No. i8574~-{1420Q9
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DATE: Tuesday, April 28, 2009 REFERENCE NO.: **G-16548
LClG NAME: 13ARBITRAGE REBATE
SUBJECT.
__-
Authorize Payment of Arbitrage Rebate in the Amount of $38,843.71 for General Purpose Refunding
Bonds, Series 2002-A, and Adopt Supplemental Appropriation Ordinance
RECOMMENDATIClN:
It is recommended that the Gity Council:
1. Authorize payment to the United States Treasury for arbitrage rebate in the amount of $38,843.71; and
2. Adapt the attached supplemental appropriation ordinance increasing estimated receipts and
appropriations in the General Qebt Service Fund.
DISCUSSION:
This payment relates to the arbitrage rebate liability of $38,843.71 on the City's $38,580,000 General
Purpose Refunding Bonds, Series 2002-A. Per Internal Revenue Service {IRS} regulation, investment
gains generated from public debt issuance with earnings above the bond yield must be remitted to the IRS
as a rebate payment. The investment earnings have averaged approximately 3.5 to 4.0 percent aver the
past several years and the Series 2002-A bond yield is 2.43 percent, thus payment to the IRS is required.
F-SCAL INFORMATIONl.CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the above recommendations
and adoption of the attached appropriation ordinance, funds will be available in the current operating
budget, as appropriated, of the Genera( C7ebt Service Fund.
FUND CENTERS:
TO FundlAccountlCenters FROM_FundlAccountlCenters
GL?OE 53J854 X3;3200[? $3E3,843'1 G~06 5347650 0132Qp(7 3:3&.fl43.7t
CERT-F-CAT-iJNS:
Submitted fray City Manager's CNfice tsy:
C3riginating 13epartment Head.:.
i~arr;r t~,'1a:s}~~orr?e€y t(',22J:
Gera Ellis t85?7}
Additional in#armatian Contact,;
L.~t;nrzmt:: l3,=~ltt~l`II2:~{ii RtrB.1TF:
Judy y'Jaltan (8334j
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