HomeMy WebLinkAboutOrdinance 25970-02-2023 ORDINANCE NO. 25970-02-2023
AN ORDINANCE authorizing and approving the extension of the Maximum
Maturity Date of the City's Water and Sewer System Commercial Paper Notes,
Callable CP Series, as established in Ordinance No. 23028-12-2017; approving an
increase in the aggregate principal amount at any one time outstanding of such
Commercial Paper Notes from $150,000,000 to $225,000,000; restating
Ordinance No. 23028-12-2017 as supplemented by this Ordinance; resolving
other matters incident and related to the issuance, sale, security and delivery of
such Commercial Paper Notes, including approving and authorizing certain
authorized officers and employees to act on behalf of the City in executing
amendments to the Issuing and Paying Agent Agreement, the Dealer Agreement
and the Calculation Agent Agreement currently in effect; and providing an
effective date.
THE STATE OF TEXAS
COUNTIES OF TARRANT, DENTON, WISE, PARKER AND JOHNSON
CITY OF FORT WORTH
WHEREAS, the City of Fort Worth, Texas (the "City" or the "Issuer") is a home-rule
municipality, acting as such under the Constitution and laws of the State of Texas, has a
population in excess of 50,000, and has outstanding long-term indebtedness that is rated by a
nationally recognized rating agency for municipal securities in one of the four highest rating
categories for long-term obligations; and
WHEREAS, on December 5, 2017, the City Council adopted Ordinance No. 23028-12-
2017, which authorized the issuance by the City of Fort Worth, Texas of its Water and Sewer
System Commercial Paper Notes, Callable CP Series in an aggregate principal amount at any
one time outstanding not to exceed $150,000,000, for the purposes set forth in Ordinance No.
23028-12-2017; and
WHEREAS, the commercial paper notes authorized to be issued pursuant to Ordinance
No. 23028-12-2017 constitute bond anticipation notes which the City intends to retire through
the issuance of its revenue bonds; and
WHEREAS, in furtherance of the issuance of commercial paper notes under Ordinance
No. 23028-12-2017, the City executed and delivered, and there remain in effect, a Calculation
Agent Agreement between the City and Hilltop Securities Inc. (the "2017 Calculation Agent
Agreement"), a Dealer Agreement with J.P. Morgan Securities LLC (the "2017 Dealer
Agreement"), and an Issuing and Paying Agent Agreement with U.S. Bank National Association
(the "2017 Issuing and Paying Agent Agreement"), each agreement dated as of December 1,
2017; and
WHEREAS, there are no Water and Sewer System Commercial Paper Notes, Callable
CP Series of the City currently outstanding and unpaid; and
WHEREAS, the City Council hereby finds and determines that Ordinance No. 23028-
12-2017 shall be restated, with changes made to extend the program period in which such
commercial paper notes may be issued, increase the maximum amount of commercial paper
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notes that may at any one time be outstanding, update the terms of Ordinance No. 23028-12-
2017 to reflect changes in federal and state law enacted subsequent to the adoption of Ordinance
No. 23028-12-2017, and the names of entities with whom the City contracted when the
commercial paper program was established, all subject to the terms, conditions and limitations
hereinafter prescribed; and
WHEREAS, the City Council hereby finds and determines that the issuance of
commercial paper notes, subject to the terms, conditions and limitations hereinafter prescribed,
should be approved and authorized at this time;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Section 1. That Ordinance No. 23028-12-2017 is restated and incorporates the revisions
reflected below in Sections 2 through 8 of this Ordinance. For all purposes, references to
"Ordinance" shall mean, collectively, Ordinance No. 23028-12-2017 and this Ordinance.
Section 2. That all references in Ordinance No. 23028-12-2017 to "ONE HUNDRED
MILLION DOLLARS" and 1150,000,000" shall be read as "TWO HUNDRED TWENTY-
FIVE MILLION DOLLARS" and 1225,000,000" including, but not limited to, the references
set forth in Sections 2.01 and 4.01 therein.
Section 3. That all references in Ordinance No. 23028-12-2017 to "U.S. Bank National
Association" shall be read as "U.S. Bank Trust Company, National Association" including, but
not limited to, the references set forth in Section 2.03 and Exhibit C-1 therein. In addition,
clause (ii) of Exhibit C-1 shall be revised to read: "the maturity date of the Notes shall be
, 20_ (which is a Business Day, is a day that is not more than 270 days from the date
of issue and is not a day after February 14, 2043)".
Section 4. That (a) the definition of"Maximum Maturity Date" as set forth in Ordinance
No. 23028-12-2017 shall read: "twenty (20) years following the date of passage of Ordinance
No. -02-2023", (b) the definition of "Outstanding Prior Lien Bonds" as set forth in
Ordinance No. 23028-12-2017 shall read: "bonds currently outstanding or hereafter issued
secured by a first lien on and pledge of Pledged Revenues, and include the outstanding and
unpaid bonds of the following series, to-wit: the City of Fort Worth, Texas Water and Sewer
System Revenue Bonds, Series 2009; the City of Fort Worth, Texas Water and Sewer System
Revenue Refunding Bonds, Series 2012; the City of Fort Worth, Texas Water and Sewer System
Revenue Refunding and Improvement Bonds, Series 2014; the City of Fort Worth, Texas Water
and Sewer System Revenue Bonds, Series 2015; the City of Fort Worth, Texas Water and Sewer
System Revenue Refunding and Improvement Bonds, Series 2015A; the City of Fort Worth,
Texas Water and Sewer System Revenue Bonds, Series 201513; the City of Fort Worth, Texas
Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2016; the City of
Fort Worth, Texas Water and Sewer System Revenue Bonds, Series 2017; the City of Fort
Worth, Texas Water and Sewer System Revenue Refunding and Improvement Bonds, Series
2017A; the City of Fort Worth, Texas Water and Sewer System Revenue Bonds, Series 201713;
the City of Fort Worth, Texas Water and Sewer System Revenue Bonds, Series 2018; the City of
Fort Worth, Texas Water and Sewer System Revenue Bonds, Series 2019; the City of Fort
Worth, Texas Water and Sewer System Revenue Bonds, Series 2020; the City of Fort Worth,
Texas Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2020A; the
City of Fort Worth, Texas Water and Sewer System Revenue Refunding and Improvement
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Bonds, Series 2021; and the City of Fort Worth, Texas Water and Sewer System Revenue Bonds,
Series 2022", (c)the definition of"S&P" as set forth in Ordinance No. 23028-12-2017 shall read:
"S&P Global Ratings, a Standard & Poor's Financial Services LLC business, or, if such entity is
dissolved or liquidated or otherwise ceases to perform securities rating services, such other
nationally recognized securities rating agency as may be designated in writing by the City", and
(d)the definition of"Subordinate Lien Obligations" as set forth in Ordinance No. 23028-12-2017
shall read: bonds or other obligations currently outstanding or hereafter issued secured by a lien
on and pledge of Pledged Revenues subordinate to the Prior Lien Obligations and the
Subordinate Lien Bonds, and include the currently outstanding City of Fort Worth, Texas
Combination Tax and Revenue Certificates of Obligation, Series 2012, City of Fort Worth,
Texas Combination Tax and Revenue Certificates of Obligation, Series 2013A, City of Fort
Worth, Texas Combination Tax and Revenue Certificates of Obligation, Series 2013C, and City
of Fort Worth, Texas Combination Tax and Revenue Certificates of Obligation, Series 2021. In
addition, with respect to the definition of "Subordinate Lien Bonds" set forth in Ordinance No.
23028-12-2017,there currently are no Subordinate Lien Bonds outstanding and unpaid.
Section 5. That Section 4.06 of Ordinance No. 23028-12-2017 shall be updated to reflect
changes in the Internal Revenue Code of 1986 enacted subsequent to December 5, 2017, by
revising clause (g), and adding a new clause (h) and relettering current clause (h)to clause (i), to
read as follows:
"Section 4.06. Commercial Paper Notes to Remain Tax Exempt. In order to maintain
the exclusion from gross income of the interest on the Commercial Paper Notes for federal
income tax purposes, the Issuer will make all calculations required by section 148 of the Code,
including, but not limited to, the calculation of rebate, in a reasonable and prudent fashion and to
segregate and set aside the lawfully available amounts that such calculations indicate may be
required to be paid to the United States of America. The City will at all times do and perform all
acts and things within its power and authority necessary to comply with each applicable
requirement of section 103 and sections 141 through 150 of the Code. The City will execute or
cause to be executed a Federal Tax Certificate as may be required by the Code, in the opinion of
Bond Counsel, and the Form 8038-G, or any other forms designated by the Internal Revenue
Service in substitution thereof. In furtherance of the foregoing, the Issuer will execute annually,
or at any other time necessary in the opinion of Bond Counsel, a Federal Tax Certificate and
Form 8038-G necessary to assure the tax-exempt status of the Commercial Paper Notes. In
furtherance thereof, the City covenants as follows:
(a) to take any action to assure that no more than ten (10) percent of the
proceeds of the Commercial Paper Notes or the projects financed therewith(less amounts
deposited to a reserve fund, if any) are used for any "private business use", as defined in
section 141(b)(6) of the Code or, if more than ten (10) percent of the proceeds are so
used, that amounts, whether or not received by the City, with respect to such private
business use, do not, under the terms of this Ordinance or any underlying arrangement,
directly or indirectly, secure or provide for the payment of more than ten (10) percent of
the debt service on the Commercial Paper Notes, in contravention of section 141(b)(2) of
the Code;
(b) to take any action to assure that in the event that the "private business use"
described in subsection (a) hereof exceeds five (5) percent of the proceeds of the
Commercial Paper Notes or the projects financed therewith (less amounts deposited into
a reserve fund, if any) then the amount in excess of five (5) percent is used for a "private
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business use" which is "related" and not "disproportionate", within the meaning of
section 141(b) (3) of the Code, to the governmental use;
(c) to take any action to assure that no amount which is greater than the lesser
of $5,000,000, or five (5) percent of the proceeds of the Commercial Paper Notes (less
amounts deposited into a reserve fund, if any) is directly or indirectly used to finance
loans to persons, other than state or local governmental units, in contravention of section
141(c) of the Code;
(d) to refrain from taking any action which would otherwise result in the
Commercial Paper Notes being treated as "private activity bonds" within the meaning of
section 141(b) of the Code;
(e) to refrain from taking any action that would result in the Commercial
Paper Notes being "federally guaranteed" within the meaning of section 149(b) of the
Code;
(f) to refrain from using any portion of the proceeds of the Commercial Paper
Notes, directly or indirectly, to acquire or to replace funds which were used, directly or
indirectly, to acquire "investment property" (as defined in section 148(b)(2) of the Code)
which produces a materially higher yield over the term of the Commercial Paper Notes,
other than investment property acquired with --
(1) proceeds of the Commercial Paper Notes invested for a reasonable
temporary period until such proceeds are needed for the purpose for which the
obligations are issued,
(2) amounts invested in a bona fide debt service fund, within the
meaning of section 1.148-1(b) of the Treasury Regulations, and
(3) amounts deposited in any reasonably required reserve or
replacement fund to the extent such amounts do not exceed ten (10) percent of the
proceeds of the Commercial Paper Notes;
(g) to otherwise restrict the use of the proceeds of the Commercial Paper
Notes or amounts treated as proceeds of the Commercial Paper Notes, as may be
necessary, so that the Commercial Paper Notes do not otherwise contravene the
requirements of section 148 of the Code (relating to arbitrage);
(h) to refrain from using the proceeds of the Commercial Paper Notes or the
proceeds of any prior bonds to pay debt service on another issue more than 90 days after
the date of issue of the Commercial Paper Notes in contravention of section 149(d) of the
Code (relating to advance refundings); and
(i) to pay to the United States of America at least once during each five-year
period (beginning on the date of delivery of the Commercial Paper Notes) an amount that
is at least equal to ninety (90) percent of the "Excess Earnings", within the meaning of
section 148(f) of the Code, and to pay to the United States of America, not later than
sixty (60) days after the Commercial Paper Notes have been paid in full, one hundred
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(100) percent of the amount then required to be paid as a result of Excess Earnings under
section 148(f) of the Code.
The City shall not expend, or permit to be expended, the proceeds of the Commercial
Paper Notes in any manner inconsistent with its reasonable expectations as certified in the
Federal Tax Certificates to be executed from time to time with respect to the Commercial Paper
Notes; provided, however, that the City may expend proceeds of the Commercial Paper Notes in
any manner if the City first obtains an unqualified opinion of Bond Counsel that such
expenditure will not impair the exemption from federal income taxation of interest paid on the
Commercial Paper Notes. The City hereby elects to treat those Commercial Paper Notes
redeemed during each eighteen-month period as one "issue" in accordance with the provisions of
section I48(f)(3) of the Code, unless otherwise provided in the Federal Tax Certificate.
The City understands that the term "proceeds" includes "disposition proceeds" as defined
in the Treasury Regulations and, in the case of a refunding bond, transferred proceeds (if any)
and proceeds of the refunded bonds expended prior to the date of the issuance of the Commercial
Paper Notes. It is the understanding of the City that the covenants contained herein are intended
to assure compliance with the Code and any regulations or rulings promulgated by the U.S.
Department of the Treasury pursuant thereto. In the event that regulations or rulings are
hereafter promulgated which modify, or expand provisions of the Code, as applicable to the
Commercial Paper Notes, the City will not be required to comply with any covenant contained
herein to the extent that such failure to comply, in the opinion of Bond Counsel, will not
adversely affect the exemption from federal income taxation of interest on the Commercial Paper
Notes under section 103 of the Code. In the event that regulations or rulings are hereafter
promulgated which impose additional requirements which are applicable to the Commercial
Paper Notes, the City agrees to comply with the additional requirements to the extent necessary,
in the opinion of Bond Counsel, to preserve the exemption from federal income taxation of
interest on the Commercial Paper Notes under section 103 of the Code. In furtherance of such
intention, the City Council hereby authorizes and directs, jointly and severally, the Mayor, the
City Manager, any Assistant City Manager and the Chief Financial Officer/Director of Financial
Management Services of the City to execute any documents, certificates or reports required by
the Code, and to make such elections on behalf of the City which may be permitted by the Code
as are consistent with the purpose for the issuance of the Commercial Paper Notes.
In order to facilitate compliance with the above clause (i), upon the issuance of
Commercial Paper Notes, a "Rebate Fund" may be established by the City for the sole benefit of
the United States of America, and such Fund shall not be subject to the claim of any other
person, including without limitation the Noteholders. The Rebate Fund is established for the
additional purpose of compliance with section 148 of the Code."
Section 6. That the First Amendment to Issuing and Paying Agent Agreement by and
between the City and the Issuing and Paying Agent, relating to the Commercial Paper Notes, in
substantially the form attached to this Ordinance as Exhibit A, is hereby approved, and any
Authorized Representative is hereby authorized and directed to execute the same for and on
behalf of the City and the City Secretary is authorized to attest and place the City seal on such
instrument. Any Authorized Representative is hereby authorized to enter into any supplemental
agreements with the Issuing and Paying Agent or with any successor Issuing and Paying Agent
in order to implement the functions of the Issuing and Paying Agent or Registrar with respect to
the Commercial Paper Notes. For all purposes, the term "Issuing and Paying Agent Agreement"
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shall mean, collectively, the 2017 Issuing and Paying Agent Agreement and the First
Amendment to Issuing and Paying Agent Agreement.
Section 7. That the First Amendment to Dealer Agreement by and between the City and
the Dealer, in substantially the form attached to this Ordinance as Exhibit B, is hereby approved,
and any Authorized Representative is hereby authorized and directed to execute the same for and
on behalf of the City and the City Secretary is authorized to attest and place the City seal on such
instrument. For all purposes, the term "Dealer Agreement" shall mean, collectively, the 2017
Dealer Agreement and the First Amendment to Dealer Agreement.
Section 8. That the First Amendment to Calculation Agent Agreement by and between
the City and the Calculation Agent, in substantially the form attached to this Ordinance as
Exhibit C, is hereby approved, and any Authorized Representative is hereby authorized and
directed to execute the same for and on behalf of the City and the City Secretary is authorized to
attest and place the City seal on such instrument. For all purposes, the term "Calculation Agent
Agreement" shall mean, collectively, the 2017 Calculation Agent Agreement and the First
Amendment to Calculation Agent Agreement.
Section 9. That any Authorized Representative, the City Secretary, and the other officers
of the City, each are hereby authorized and directed, jointly and severally, to do any and all
things and to execute and deliver any and all documents which they may deem necessary or
advisable in order to consummate the issuance, sale and delivery of the Notes and otherwise to
effectuate the purposes of this Ordinance, the Issuing and Paying Agent Agreement, the Dealer
Agreement, the Calculation Agent Agreement and the Offering Memorandum. Specifically, by
the adoption of this Ordinance, the City Council hereby authorizes the payment of the fees and
expenses incurred and to be paid by the City in connection with the issuance, sale and delivery of
the Notes and the execution and delivery of the Dealer Agreement, the Calculation Agent
Agreement and the Issuing and Paying Agent Agreement including, without limitation, the fee of
the Attorney General of the State of Texas payable in respect to the review of the proceedings
authorizing the issuance of the Commercial Paper Notes required under Section 1202.004, Texas
Government Code. By adoption of this Ordinance, each Authorized Representative is designated
as a special Acting Assistant City Manager for the limited purposes of executing certificates,
agreements, notices, instruction letters, requisitions, and other documents on behalf of the City in
accordance with this Ordinance.
Section 10. That the City Manager, or his designee, is directed to provide notice of the
adoption of this Ordinance to each Rating Agency currently providing a rating for the
Commercial Paper Notes, consistent with the provisions of Section 4.16 of Ordinance No.
23028-12-2017.
Section 11. That the preamble to this Ordinance shall be considered an integral part of
this Ordinance and is herein incorporated as part of the body of this Ordinance for all purposes.
Section 12. That this Ordinance shall be effective immediately from and after its passage
in accordance with the provisions of Section 1201.028, Texas Government Code.
[Execution Page Follows]
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Section 13. That it is hereby offieially found and determined that the meeting at which
this Ordinance was passed was open to the public, and public notice of the time, place and
purpose of said meeting was given, all as required by Chapter 551, Texas Government Code, as
amended.
ADOPTED AND EFFECTIVE February 14, 2023.
Mayor, hty of Fort Worth, Texas
ATTEST:
(SEAL)
City Se retary, City of Fort Worth, Texas
0
0
APPROVED AS TO FORM AND LEGALITY: %* _
�XAS
1
Ci Attorney, City of Fc#t Worth
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THE STATE OF TEXAS
COUNTIES OF TARRANT, DENTON, WISE, PARKER AND JOHNSON
CITY OF FORT WORTH
1, Jannette S. Goodall, City Secretary of the City of Fort Worth, in the State of Texas, do
hereby certify that I have compared the attached and foregoing excerpt from the minutes of the
regular, open, public meeting of the City Council of the City of Fort Worth, Texas held on
February 14, 2023, and of the ordinance amending Ordinance No. 23028-12-2017, which was
duly passed at said meeting, and that said copy is a true and correct copy of said excerpt and the
whole of said ordinance. Said meeting was open to the public, and public notice of the time,
place, and purpose of said meeting was given, all as required by Chapter 551, Texas Government
Code, as amended.
In testimony whereof, I have set my hand and have hereunto affixed the seal of said City
of Fort Worth,this day of February, 2023.
. -&— � ltr�
ty Secretary of the
ty of Fort Worth, Texas
(SEAL) O� F ART�y
i C
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City of Fort Worth, Texas
Mayor and Council Communication
DATE: 02/14/23 M&C FILE NUMBER: M&C 23-0105
LOG NAME: 13WATER SEWER COMMERCIAL PAPER PROGRAM INCREASE
SUBJECT
(ALL)Adopt Ordinance Authorizing the Extension and Increase of the Callable Commercial Paper Program for the Water Department with a
Final Issuance Date No Later than February 14,2043 and in an Aggregate Outstanding Principal Amount Not to Exceed$225,000,000.00 at Any
One Time,Authorizing Conforming Amendments of Existing Dealer, Paying Agent/Registrar and Calculation Agent Agreements for the Program,
and Ordaining Other Matters Related Thereto; Adopt Amended and Restated Thirty-Second Supplemental Ordinance Authorizing Issuance and
Sale of City of Fort Worth,Texas Water and Sewer System Revenue Refunding Bonds in an Amount Up to$225,000,000.00 to Allow for
Refinancing of Outstanding Commercial Paper if Needed;Adopt Appropriation Ordinances;and Amend the Fiscal Year 2023 Adopted Budget
RECOMMENDATION:
It is recommended that City Council:
1. Adopt the attached ordinance authorizing an extended and expanded callable commercial paper program for the Water Department with a
final issuance date no later than February 14,2043, in an aggregate outstanding principal amount not to exceed$225,000,000.00 at any one
time,with an annual cost of$20,500.00;authorizing conforming amendments to the existing Dealer,Paying Agent/Registrar and Calculation
Agent Agreements for the program,authorizing certain officers and employees to act on behalf of the City in the selling and delivery of the
obligations, and resolving other matters incident and related to the issuance,sale,security and delivery of the obligations;
2. Adopt the attached Amended and Restated Thirty-Second Supplemental Ordinance authorizing issuance and sale of City of Fort Worth,
Texas Water and Sewer System Revenue Refunding Bonds in an aggregate principal amount not to exceed$225,000,000.00 to allow
outstanding commercial paper to be refunded/refinanced for a longer term if needed;
3. Adopt the attached appropriation ordinance, increasing appropriations in the Water and Sewer Callable Commercial Paper Fund in the
amount of$75,000,000.00,for a total appropriation of$225,000,000.00,to support contracting authority under the callable commercial
paper program;
4. Adopt the attached appropriation ordinance, increasing estimated receipts and appropriations in the Water and Sewer Fund (Operating)in
the amount of$130,000.00,from future revenues,to pay for closing and delivery fees associated with the program; and
5. Amend the Fiscal Year 2023 Adopted Budget.
DISCUSSION:
The purpose of this Mayor and Council Communication(M&C) is to take actions to extend and increase the liquidity facility for the City's Water and
Sewer System,which supports appropriations to initiate capital projects between annual revenue-bond sales.
Since 2017,the City's Water and Sewer Utility System has employed a financing tool known as the Callable Commercial Paper(CCP) Program
with J.P.Morgan Securities LLC engaged as dealer(M&C C-28496, Ordinance 23028-12-2017). The CCP program has provided appropriation
authority for capital projects identified within the Water and Sewer Capital Improvement Program. The Water Department has used this authority in
conjunction with Council-adopted reimbursement resolutions to facilitate the initial award of capital improvement contracts that will ultimately be
financed by longer term bonds issued after the project has commenced. During the initial period of construction, interim payments are paid out of
available resources.When System revenue bonds are then issued,proceeds are used to repay the System's interim payment sources,fund the
projects,and replenish the CCP authority.
Although the CCP ordinance provides authority to have up to$225 million in commercial paper outstanding at any one time in order to support
appropriations and expedite project delivery between bond issues,no commercial paper has actually been issued under the program to date. If
CCP were to be issued, in accordance with state law the paper would have a maturity date that is no greater than 270 days from its date of
issuance. Were the City to actually issue CCP and have it approaching maturity,the City would have several options
One such option would be to issue long-term refunding debt utilizing the authority provided under the amended and restated thirty-second
supplemental ordinance,which is attached second recommendation. Having the ability to issue long-term refunding bonds also enhances the
credit rating for the CCP program. Updated supplemental ordinances are anticipated for adoption each calendar year to extend the delegated
standby authority to issue refunding bonds,if needed,throughout the life of the program.
As is required by Chapter 1371 of the Texas Government Code,the CCP program must be investment grade rated. The utility System's strong
financial performance and strong market access resulted in the CCP program being awarded S&P's highest short-term rating of A-1+.
The action in this M&C will amend the Fiscal Year 2023 Adopted Budget as approved in connection with Ordinance 25773-09-2022,Section 4.
Enterprise Funds,as listed on Page 19:
Section 4.Enterprise Funds
Page 19
Fund/Department FY2023 Adopted Authority Budget Revised FY2023
Budget Category Budget Adjustment Budget
Water and Sewer Fund
Revenues
License and Permits $ 1,420,659 $ 1,420,659
Charges for Services $ 474,620,055 This M&C $ 130,000 $ 474,750,055
Use of Money and Property $ 1,646,386 $ 1,646,386
Other Revenue $ 11,515,000 $ 11,515,000
Sale of Capital Asset $ 80,000 $ 80,000
Salvage Sales $ 25,000 $ 25,000
Transfer from Water Impact $ 14,669,420 $ 14,669,420
Transfer from Sewer Impact $ 8,311,270 $ 8,311,270
Transferfrom Environ Protection Fund $ 495,475 $ 495,475
Transfer from Stormwater Utility Fund $ 1,268,956 $ 1,268,956
Transfer from Solid Waste Fund $ 1,399,239 $ 1,399,239
Total Revenues $ 515,451,460 $ 130,000 $ 515,581,460
Expenditures
Water $ 196,654,144 This M&C $ 65,000 $ 196,719,144
Reclaimed Water $ 119,164 $ 119,164
Wastewater $ 109,159,558 This M&C $ 65,000 $ 109,224,558
Transfer to Capital Fund $ 120,000 $ 120,000
Transfer to Water Capital Fund $ 2,999,000 $ 2,999,000
Transfer to General Fund for Public Art $ 480,712 $ 480,712
Transfer to General Fund for Energy Savings Prog $ 27,116 $ 27,116
Transfer to Dev Services for Positions $ 1,060,221 $ 1,060,221
Transfer to Financial Management Services for $ 244,394 $ 244,394
Purchasing Positions
Transfer to Water and Sewer Capital Fund $ 74,102,103 $ 74,102,103
Payment in Lieu of Taxes $ 5,791,939 $ 5,791,939
Street Rental $ 24,038,181 $ 24,038,181
Transfer to Water Debt Funds $ 100,472,611 $ 100,472,611
Transfer to IT Refresh Capital $ 182,317 $ 182,317
Total Expenditures $ 515,451,460 $ 130,000 $ 515,581,460
A Form 1295 is not required because: This contract will be with a publicly-traded business entity or a wholly-owned subsidiary of a publicly-traded
business entity:JP Morgan Chase, US Bankcorp, Hilltop Holdings
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that funds are currently available in the net position of the Water&Sewer Fund.Upon approval of the above
recommendations and adoption of the attached appropriation ordinances,funds will be available in the Water&Sewer Fund and the W&S
Commercial Paper Fund for the W&S Commercial Paper project. Prior to any expenditure being incurred,the Water Department has the
responsibility to validate the availability of funds.
Submitted for City Manager's Office by: Reginald Zeno 8517
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Anthony Rousseau 8338
Expedited