HomeMy WebLinkAboutOrdinance 24791-04-2021ORDINANCE NO. 24791-04-2021
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE SEWER IMPACT FEE FUND IN THE AMOUNT OF
$11,638,349.00 FROM AVAILABLE FUNDS FROM THE WATER/WASTEWATER
WHOLESALE IMPACT FEES AND WATER/WASTEWATER RETAIL IMPACT
FEES PROJECTS FOR THE PURPOSE OF TRANSFERRING TO THE WATER
PRIORITY LIEN DEBT SERVICE FUND TO REIMBURSE IMPACT FEE
ELIGIBLE DEBT PAYMENTS; 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 2020-2021 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Sewer
Impact Fee Fund in the amount of $11 ,638,349.00 from available funds from the Water/Wastewater
Wholesale Impact Fees and Water/Wastewater Retail Impact Fee projects for the purpose of transferring to
the Water Priority Lien Debt Service Fund to reimburse impact fee eligible debt payment made from other
system revenues ..
SECTION 2.
That should any portion , section or part of a section of this ordinance be declared in val id, 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 cumulati ve of Ordinance 24446-09-2020 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said prior ordinances and appropriations are hereby expressly repealed.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:
Chris f q R looez-Re vno!ds
Christa R. Lopez-Reynok!s (Apr 14, 2b2 112:42 CDT)
Sr Assistant City Attorney
ADOPTED AND EFFECTIVE: April 13, 2021
Mary J. Kayser
City Secretary
City of Fort Worth, Texas
Mayor and Council Communication
DATE: 04/13 /21 M&C FILE NUMBER: M&C 21 -0287
LOG NAME : 60WATERIFTRANSFERFY2021
SUBJECT
(ALL) Adopt Attached Appropriation Ordinances Totaling $25 ,202 ,174 .00 in the Water and Sewer Impact Fee Funds and the Water Priority Lien
Debt Service Fund for the Purpose of Making a Transfer and Reimbursing Impact Fee Eligible Debt Service Payments Made from Other System
Revenues
RECOMMENDATION:
It is recommended that the City Council :
1. Adopt the attached appropriation ordinance increas ing receipts and appropriations in the Water Impact Fee Fund in the amount of
$13 ,563 ,825 .00 from available funds within the Water/Wastewater Wholesale Impact Fees and Water/Wastewater Retail Impact Fees
projects for the purpose of transferring to the Water Priority Lien Debt Service Fund to reimburse impact fee eligible debt payments made
from other system revenues ;
2 . Adopt the attached appropriation ordinances increasing receipts and appropriations in the Sewer Impact Fee Fund in the amount
of $11 ,638 ,349.00 from available funds within the Water/Wastewater Wholesale Impact Fees and Water/Wastewater Retail Impact Fees
projects (C ity Project Nos. B20004 and B20005) for the purpose of transferring to the Water Priority Lien Debt Service Fund to reimburse
impact fee eligible debt payments made from other system revenues ; and
3 . Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Water Priority Lien Debt Service Fund
in the amount of $25 ,202,174 .00 transferred from the Water and Sewer Impact Fee Funds to reimburse impact fee eligible debt payments
made from other system revenues and to fund partial cash defeasance of Water and Sewer System debt, with the appropriation for
defeasance subject to reduction to conform to final figures at the time of defeasance.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to appropriate funding from the Water and Sewer Impact Fee Funds and transfer
it to the Water Priority Lien Debt Service Fund for the purpose of reimbursing payments made on debt associated with impact fee eligible projects
using other system revenues . In accordance with Texas Local Government Code Chapter 395, the Utility may pledge impact fee revenue for
payment of debt service on growth-related capital improvement projects or public facility expansions as identified in the capital improvement
program .
Because th ese debt service costs were actually incurred and were eligible for impact fee funding , staff recommends that impact fees be used to
reimburse the other system revenues that bore the debt service costs attributable to the impact fees in the Water Priority Lien Debt Service Fund .
Adoption of the third appropriation ordinance reimburses the Debt Service Fund with the transferred impact fee revenues ; it also makes these
funds available for a partial cash defeasance of outstanding Water and Sewer System debt.
A separate M&C on today's agenda authorizes the defeasance and provides details of the anticipated present value savings , which are projected
to be almost 25%. The appropriation fo r the defeasance reflects the maximum amount that might be used for that purpose but allows figures to
"settle" if the final numbers at defeasance end up being slightly less . This structure accommodates variables in costs that are associated with the
transaction date being a couple weeks away and ensures that the ultimate appropriation amount does not exceed actual cost.
A Form 1295 is not required because: This M&C does not request approval of a contract w ith a business entity.
FISCAL INFORMATION/ CERTIFICATION:
The Director of Finance certifies that funds are currently available in the W/WW Wholesale Impact Fees and W/WW Retail Impact Fees projects
within the Water and Sewer Impact Fee Funds and upon approval of the above recommendations and adoption of the attached appropriation
ordinances , funds will be available in the Water Priority Lien Debt Service Fund . Prior to an expenditure being incurred , the Water Department has
the responsibility of verifying the availability of funds.
Submitted for City Manager's Office by: Dana Burghdoff 8018
Originating Business Unit Head: Chris Harder 5020
Additional Information Contact: Matt Thurber 8820