HomeMy WebLinkAboutOrdinance 20627-02-2013 Ordinance No. 20627-02-2013
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE PARKING BUILDING DEBT SERVICE FUND IN THE
AMOUNT OF $1,530,000.00, FROM AVAILABLE FUNDS, FOR THE PURPOSE OF
DEBT SERVICE 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 2012-2013 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Parking Building Debt Service Fund in the amount of$1,530,000,00, from available funds, for the purpose
of debt service payments.
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, opliuon or jud&rment shall in no way
impair the remairring 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. 204 1 1-09-20 1 2 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of said prior ordinances and appropriations are hereby expressly repealed.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.
A O. VED IS fO FORM AND LEGALITY:
Denis cEll,'A sistant City Attorney
ADOPTED AND EFFECTIVE: February 19, 2013
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION:,' Approved,on 2/1912013 - Ordinance Nd,1 20627-02-20,13 '
DATE: Tuesday, February 19, 2013 REFERENCE NO.: G-17813
LOG NAME: 13HOUSTON ST GARAGE DEBT SERVICE
SUBJECT:
Authorize Transfer in the Amount of$1,530,000.00 in Unspent Bond Proceeds from the Parking Garage
Capital Project Fund to the Parking Building Debt Service Fund to Cover Debt Service for the Houston
Street Parking Garage and Adopt Appropriation Ordinance (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize transfer of unspent bond proceeds from the sale of Combination Tax and Parking Revenue
Certificate of Obligation, Series 2007, in the amount of$1,530,000.00 from the Parking Garage Capital
Project Fund, P259, to the Parking Building Debt Service Fund, PE62, for debt service payments; and
2. Adopt the attached appropriation ordinance, increasing receipts and appropriations in the Parking
Building Debt Service Fund in the amount of $1,530,000.00 from available funds.
DISCUSSION:
On January 9, 2007, (M&C G-15572) the City Council authorized the sale in the amount of
$22,030,000.00 in Combination Tax and Parking Revenue Certificates of Obligation, Series 2007, for the
purpose of the construction and equipping of a parking garage on Houston Street in the vicinity of the Fort
Worth Convention Center, and the payment of fiscal, engineering and legal fees related to the project. On
March 6, 2007, (M&C G-15621) the City Council appropriated those funds after the sale.
Of the total proceeds, the amount of$1,530,000.00 was designated for debt service. However, that
amount was inadvertently recorded in the construction project fund. To allow these funds to be used for
their designated purposes, Staff recommends that City Council authorize a transfer in the amount of
$1,530,000.00 to the Parking Building Debt Service Fund (PE62)from the Parking Garage Capital Project
Fund (P259) to cover future debt service payments and adopt the attached appropriation ordinance.
FISCAL INFORMATION / 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 Parking Building Debt Service Fund.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
PE62 476259 0132000 $1,530,000.00 P259 538040 301079990100 $1,530,000.00
PE62 552010 0132000 $1,530,000.00
Lognarne: 13HOUSTON ST GARAGE DEBT SERVICE Pagel of
CERTIFICATIONS:
Submitted for City Manager's Office bT. Susan Alanis (8180)
Horatio Porter (2379)
Originating Department Head: James Mauldin (2438)
Additional Information Contact: Lisa Parks (6630)
Logname: 13HOUSTON ST GARAGE DEBT SERVICE Page 2 of 2