HomeMy WebLinkAbout2020/12/01-Attachments-Rec 4 PFZ Fund AO 20104.PDFOrdinance No.
AN ORDINANCE ADJUSTING ESTIMATED RECEIPTS IN FISCAL YEAR 2020 IN THE
CULTURE AND TOURISM PROJECT FINANCING ZONE FUND FOR THE PURPOSE OF
REALLOCATING RESOURCES TO COVER OBLIGATIONS DUE TO THE SIGNIFICANT
REVENUE LOSS FROM THE IMPACT OF COVID-19 AS FOLLOWS, WITH NO CHANGE
TO THE TOTAL ANNUAL BUDGET: APPROPRIATING USE OF TRANSFERRED
UNPLEDGED SURPLUS DEBT FUNDS FROM THE CULTURE AND TOURISM DEBT
SERVICE FUND IN THE AMOUNT OF $3,361,130.00, DECREASING ESTIMATED
RECEIPTS IN THE AMOUNT OF $3,109,656.00, AND DECREASING ESTIMATED USE
OF FUND BALANCE IN THE AMOUNT OF $251,474.00 FOR A REVISED TOTAL USE OF
FUND BALANCE OF $5,358,200.00; 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 the budget of the City of Fort Worth for Fiscal Year 2019-2020, as enacted by Ordinance 23835-09-
2019, is hereby further amended to make the following adjustments to the Culture and Tourism Project
Financing Zone Fund for the purpose of reallocating resources to cover obligations due to the significant
revenue loss from the impact of COVID-19, with no change to the total annual budget: increase appropriations
in the amount of $3,361,130.00 from the use of transferred unpledged surplus debt funds from the Culture
and Tourism Debt Service Fund; decrease estimated receipts in the amount of $3,109,656.00; and decrease
the estimated use of fund balance in the amount of $251,474.00 for a total revised use of fund balance
$5,358,200.00..
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 23835-09-2019 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said prior ordinances and appropriations are hereby expressly repealed.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: CITY SECRETARY
Denis C. McElroy, Asst City Attorney Mary J. Kayser
ADOPTED AND EFFECTIVE: