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HomeMy WebLinkAboutOrdinance 16958-05-2006Ordinance No. 16958-05-2006 AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE WATER CAPITAL PROJECTS FUND IN THE AMOUNT OF $7,013,815 AND THE SEWER CAPITAL PROJECTS FUND IN THE AMOUNT OF $4,018,663 FROM IMPACT FEES FOR THE PURPOSE OF FUNDING A TRANSFER TO THE WATER AND SEWER FUND TO PAY PRINCIPLE AND INTEREST ON EXISTING REVENUE BONDS; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR 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 2005-2006 in the Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the Water Capita[ Projects Fund in the amount of $7,013,815 and the Sewer Capital Projects Fund in the amount of $4;016,663 from impact fees for the purpose of funding a transfer to the Water and Sewer Fund to pay principle and interest on existing revenue bands. SECTION 2. That should any portion, section or part of a section of this ardinance be declared invalid, inoperative ar void far any reason by a court of competent jurisdiction, such decision, opinion or judgment shall in na way impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining provisions shall be and remain in full farce and effect. SECTION 3. That this ardinance shack be cumulative of Ordinance No. 16582 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed, SECTION 4.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 ardinance shall take effect upon adoption. APPROVED AS TO FORM AND LEGALITY: Assistant C y Attorney ADOPTED AND EFFECTIVE: „~ Ma~23, 2006 Gib ®f ~vrt Y#~®rth, Texas r ~r~~ u RtrC©MMENdATION: It is recommended that the City Council 1. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Water Capita! Projects Fund in the amount of $7,013,815.D0 and $4,016,663.00 in the Sewer Capital Projects Fund from impact fees; and 2. Authorize the #ransfer of $7,013,815.00 from the Water Capital Project Fund and $4,016,863.00 from the Sewer Capital Projects Fund to the Water and Sewer l=and. DISCUSSION: During the retail cost of service studies, it was determined that the use of impact fee revenues could lower the amount of water and sewer service revenue required #o have sufficient revenues fo cover FY2D06 budgeted expenditures. While the impact fee ordinance prohibits use far operating expenses, they can be used to pay principal and interest an debt associated with projects eligible to be funded by impact fees. By transferring $11,D30,478.00 ($7,013,815.D0 from Water Impact l=ee revenues and $4,016,663.00 from Wastewater Impact Fee revenues) fa the Water and Sewer Fund, sufficient revenues wilk be available to pay principal and knferest on existing revenue bonds used to fund impact fee eligible projects. This transfer represents an increase in the amoun# of funds used to offset debt service in the operating fund. F15CA~, INF©RMATIt)NiCERTIFICATI(7N: The Finance Director certifies that upon adoption of the attached appropriation ordinance, funds will be available in the current operating budget, as appropriated, of the Water and Sewer Fund. T©1=uncllAccQUntlCenters 1) PW53 488013 06053fl200fl4fl 1)PW53 488023 060530200050 1 PS58 488343 070560200040 1 PS58 488353 fl7058020flD50 1) PW53 538040 06053(1200040 1) PW53 538040 060530200050 1 PS58 538040 070580200040 FROM FundfAccountlCenters $2.735,385.OD 2) PW53 538040 Of©53020D04D $4.278,43{1.00 2) PW53 538040 060530200050 X204,998.00 2) PS58 538fl4D 07058Q200040 $2.811,665.OD 2} PS58 538040 0705$0200D50 $2,735,385,OD $4,278,430.DQ 1 204 938.OD $2,811,665.OD Lognazxre: 60IMPACT 2006 $2,735,385.80 $4.278.430.00 $1.204,998.00 Page 1 of 2 1 PS5$ 538040 070580200050 X2.811.665.00 2 P~45 488023 0601000 7 01$ 3~81.5..,:Ot~ 2l PE45 488353 070100Q $4.016,663.OD S~6mitted for Ci Mana_ger's Office by Marc Ott (8476) dri inatin De artment Head: S. Frank Crumb (8207) Additional Information Cpntact: 5. Frank Crumb {8207} Lo~name: 60IMPACT 2006 Page 2 of 2