HomeMy WebLinkAboutOrdinance 26360-08-2023ORDINANCE NO. 26360-08-2023
AN ORDINANCE INCREASING APPROPRIATIONS IN THE 2022 BOND
PROGRAM FUND BY $85,600,000.00, FROM AVAILABLE FUNDS, FOR
EXPENDITURES ASSOCIATED WITH 2O22 BOND PROJECTS AND
REALLOCATING $8,534,651.00 PORTION OF THE EXTENDABLE
COMMERCIAL PAPER APPROPRIATION CAPACITY THAT IS BEING USED
FOR BOND PROJECTS ON AN INTERIM BASIS; 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 2022-2023 in the
Budget of the City Manager, there shall also be the following changes in the 2022 Bond Program Fund: (a)
an increase in appropriations in the amount of $85,600,000.00, from available funds, for expenditures
associated with 2022 bond projects, and (ii) reallocations of $8,534,651.00 in the extendable commercial
paper appropriation capacity that is being used for bond projects on an interim basis by decreasing the Streets
and Mobility allocation by $8,534,651 and increasing the following allocations — Parks and Recreation by
$305,000, Public Safety by $5,100,750, and Natural Area and Open Space by $3,128,901 with project details
as shown on the attached Exhibit A.
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 j udgment 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 25773-09-2022 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said prior ordinances and appropriations are hereby expressly repealed.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:
Denis C. McElroy, Assistant City Attorney
ADOPTED AND EFFECTIVE: August 8, 2023
CITY SECRETARY
Jannette S. Goodall
City Secretary
EXH Ia IT
DESCRIPTION
PROPOSITIONS
COMPONENTS
SUBCOMPONENT $ STATIC PROGRAMMA! 2029APPR
2023 APPR
Streets and Mobility Infrastructure Improvements
369,218,300
238,364,944 r
60,239,349
Street Construction/Reconstruction/Rehabilitation Projects
263,663,000
STATICS
101014
Avondale Haslet Road
17,020,WO Static
17,020,ODO
104153
Bailey Boswell
29,000,000 Static
11,450,OW
104152
Bailey Boswell (Design &Right of -way Acq-a-)
1,000,000 Static
1,000,0W
103278
Bonds Parch Road and Wagley Robertson Road,West
16,400,000 Static
16,400,000
101012
Cromwell Manne Creek Road
10,970,000 Static
10,970,000
103300
Heritage Trace Pkwy I(Design & Right-of-way Acq-,tionl
3,200,OW Static
3,200,01)1
103276
Keller Hicks Road
9,200,OW Static
9,200,000
103272
Meacham Blvd- Phase 2(Design Only)
868,000 Static
868,000
103281
Pa rk Vista Blvd
4,950,000 Static
4,950,000
103270
Ray White Road South
23,305,000 Static
11,652,500
103280
Tnnrty Blvd- Phase 2
6,150,000 Static
6,150,000
103299
W j Boaz Road/West Half
12,300,000 Static
6,150,000
104154
Wagley Robertson Road(Phase l)
11,000,000 Static
5,500,000
5,500,000
PBOO19
Vanous Projects Detenorating Streets
81,100,000 Programmable
61,580,444
19,519,556
104254
East Lancaster Ave
10,000,D00 Static
5,000,D00
104222
East Berry St(I-35Wto Martin Luther King Fwy(US-287))
2,500,000 Static
1,250,000
1,250,000
104221
McCart Ave (111-20 to Sycamore School Rd)
2,500,000 Static
1,250,000
1,250,000
103271
Everman Parkway Connector- Grade Separated Railroad Crossing
22,200,000 Static
11,100,000
Mobility Improvements
101,900,000
Pa.,
-
PB0020
Sidewalks
16,000,000 Programmable
5,000,000
5,000,000
PB0021
Bicycle Facilities
6,000.D00 Programmable
1,000,000
2,500,000
PB0003
Bridge Rehabilitation
10,D00,000 Programmable
10,000,000
STATICS
Intersections
STATICS
-
103304
lacksboro Highway at W Northside/N University
1,700,000 Static
850,000
850,000
103305
Camp Bowie Blvd and Bryant Irvin Rd
2,400,000 Static
1,200,000
1,200,000
103313
Camp Bowie Blvd at Horne St
4,400,000 Static
2,200,000
2,200,000
103311
Trinity Blvd at Euless South Main St
2,900,000 Static
1,450,000
1,450,000
103307
Bryant Irvin Rd@Oakmount Blvd
1,700,000 Static
850,000
850,000
103306
Ntamesa Blvd at Woodway Dr
1,900,000 Static
950,000
950,000
103312
5 Hulen St at W Rismger Rd
2,800,000 Static
1,400,000
1,400,000
303308
Forest Hill Dr, at Royal Crest Dr.
2,000,000 Static
I,DOO,000
1,OOg000
103310
E Berry St at 5. Riverside Dr
2,500,000 Static
1,250,000
1,250,000
103314
Mam Street - Downtown Signal Corridor- 7 signals
3,600,000 Static
1,800,000
1,800,000
PB0004
Railroad Cmssmgs
6,000,000 Programmable
2,000,000
2,G00,000
PBOOOS
Street Lights
12,000,000 Programmable
12,000,000
PB0006
Traffic Signals
15,000,000 Programmable
6,000,000
5,664,493
PB0007
Neighborhood/School Safety
6,000,000 Programmable
2,000,000
2,000.000
PB0022
Vision Zero (Road Safety) Program
5,000,000 Programmable
2,500,000
2,500,000
Public Art/Enhanced Design
3,655,300
Programmable
-
P80008
Public Art/Enhanced Design
3,655,300
224.000
105,300
Park and Recreation Improvements
123,955,500
33,581,921
11,575,500
Drainage, Erosion Repair and Control, and Dam Restoration
7,150,000
PBW23
Drainage, Erosion Repair and Control, and Dam Restoration
7,150,000 Programmable
2,000,000
Comm unity Parks
18,000,000
104192
Gateway Park
8,000,000 Static
500,000
100,000
104193
Sycamore Park
2,000,000 Static
266,667
750,000
104194
Oak Grove Park
3,000,000 Static
300,000
300,000
104195
Echo Lake Park
5,G00,000 Static
225,000
600,000
Trail Gap Connections
5,500,000
PB0010
Trail Gap Connections
5,500,000 Programmable
2,060,064
475,482
Neighborhood Parks
5,100,000
PB0024
Neighborhood Parks
5,100,000 Programmable
100,0W
1,542,500
Fort Worth Zoo - Utility Infrastructure
3,500,000
P80012
Fort Worth Zoo- Utility Infrastructure
3,500,000 Programmable
3,375,000
-
Community Centers
29,075,000
104196
Fire Stab -Community Center
11,575,000 Static
1,247,482
252,518
103855
Stop Six Hub Community Center
17,500,000 Static
4,190,234
-
Meadowbrook Golf Course
7,000,000
104201
Meadowbrook Golf Course
7,000,000 Static
750,000
6,250,000
Aquatic Facilities
19,200,000
103326
Forest Park Pool Replacement
11,000,000 Static
11,00i
114312
Stop Six Aquatics Facility
8,200,000 Static
1,968,a00
Fort Worth Botanic Gardens
7,000,000
PB0025
Fort Worth Botanic Gardens
7,000,000 Programmable
2,000,000
1,000,000
Fort Worth Water Gardens
6,500,000
PB0026
Fort Worth Water Gardens
6,500,000 Programmable
1,300,000
-
Heritage and Paddock Parks
13,500,000
PB0027
Heritage and Paddock Parks
13,500.000 Programmable
1,999474
-
Public Art/Enhanced Design
2,430,500
PBOO13
Public Art/Enhanced Design
2,430,500 Programmable
310000
305,000
Public Library Improvements
12,505,200
r 1,681,709
712,500
Far Northwest Library
12,260,000
103990
Far Northwest Library
12,260,D00 Static
1,642,709 r
712,500
Public Art/Enhanced Design
245,200
PBOO14
Public Art/Enhanced Design
245,200 Programmable
39,000
-
Police and Fire Public Safety Improvements
39,321,000
14,500,327
9,943,750
Police Northwest Patrol Division
18,600,000
101919
Police Northwest Patrol Division
18,600,000 Static
7,556,250�
9,443,750
Fire Station 16
10,450,000
104185
Fire Station 16
10,450,000 Static
4,306,850
-
Fire Station 37
9,500,000
104196
Fire Station 37
9,500.000 Static
2,506.227
500,ow
Public Art/Enhanced Design
771,000
PB0015 (Fire)
Public Art/Enhanced Design
399,000
64,000
-
PB0017 (Police)
Public Art/Enhanced Design
372,000
67,000
-
Natural Area and Open Space
15,000,000
, 11,871,099 ,
3,128,901
Natural Area and Open Space
15,000,00o
PA0001
Open Space Appropriations
15,000,000 Programmable
11,871,099r
3,12B,901
560,000,000
560,000,000
560,000,000
r 300,000,000 r
85,600,000
City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 08/08/23 M&C FILE NUMBER: M&C 23-0611
LOG NAME: 032022GO BOND PROGRAM SERIES 2023 APPROPRIATION
SUBJECT
(ALL) Adopt Ordinance Increasing Appropriations in the 2022 Bond Program Fund by $85,600,000.00, from Available Funds, for Expenditures
Associated with 2022 Bond Projects and Reallocating $8,534,651.00 of the Extendable Commercial Paper Appropriation Capacity Being Used
for Bond Projects on an Interim Basis; and Amend the Fiscal Years 2023-2027 Capital Improvement Program (2022 Bond Program)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached ordinance increasing appropriations in the 2022 Bond Program Fund, in the amount of $85,600,000.00, from available
funds, for expenditures associated with 2022 Bond Program projects and reallocating a portion of the extendable commercial paper
appropriation capacity in the amount of $8,534,651.00 that is being used for bond projects on an interim basis; and
2. Amend the Fiscal Years 2023-2027 Capital Improvement Program.
DISCUSSION:
The purpose of the Mayor and Council Communication (M&C) is to appropriate the proceeds of the recent bond sale and to reallocate the
capacity within the extendable commercial paper appropriation to allow projects to keep moving forward until the next bond sale in spring of 2024.
Background
In May of 2022, Fort Worth voters approved issuance of $560,000,000.00 in bonds across five propositions.
Prior to 2014, the City would issue voter -authorized bonds in advance, which often resulted in large amounts of proceeds sitting idle in bank
accounts for projects that were not yet ready to move forward — an approach that resulted in a more complicated arbitrage rebate process and the
incurring of borrowing costs before bond dollars had been put to work. Beginning with the 2014 bond program, the City began a process of
issuing bonds in arrears by (1) adopting an official reimbursement -intent statement, (2) utilizing available pooled cash balances to commence
work, and (3) issuing the bonds in a series of annual installments with proceeds used to repay the interim funding source and provide a modicum
of funding for the upcoming year's projects.
Given the size of the 2022 bond program, it was determined that pooled cash alone would be insufficient to facilitate the in -arrears approach. So,
staff recommended and City Council approved a $300,000,000.00 extendable commercial paper (ECP) program as a liquidity facility (M&C 22-
0607) with the resulting $300,000,000.00 in appropriation authority allocated among the five propositions (M&C 22-0599) and subsequently
readjusted (M&C 22-0772 and M&C 22-0772R).
The first tranche of the 2022 bonds were authorized for sale earlier this year in a total amount of $85,600,000.00 (M&C 23-0252), but the M&C
omitted the ordinance to appropriate those funds. The first part of the attached appropriation ordinance for Recommendation 1 appropriates
those proceeds. The second part of the ordinance makes further adjustments to the allocation of the ECP to allow projects to continue moving
forward through next spring's sale of the second tranche of 2022 bonds.
The following chart depicts how the funds from the recent sale are being appropriated and the ECP allocation is being adjusted:
Proposition
2023
Appropriation
(Bond)
Prior ECP
Appropriation
Appropriation
Adjustment
(ECP)
Revised ECP
Appropriation
Streets and Mobility
$68,774,000
$238,364,944
($8,534,651)
$229,830,293
Parks and Recreation
$11,270,500
$33,581,9211
$305,00011
$33,886,921
Public Library
$712,500
$1,681,709
$011
$1,681,709
Public Safety
$4,843,000
$14,500,327
$5,100,75011
$19,601,077
Natural Area and Open Space
$0
$11,871,099
$3,128,901 IF
$15,000,000
Total
1 $85,600,00011
$300,000,000
$0
$300,000,000
Given the size of appropriation for Prop A (Streets and Mobility) from the recent bond sale, Transportation and Public Works has indicated they will
be able to cash -fund some expenses, rather than using the ECP authority. This change frees up $8,534,651.00 previously set aside for Prop A for
use among other projects that are planned to move forward prior to the next bond sale.
The projects receiving additional funding from the reallocation provided through the ECP include:
Funding for the three noted projects was not included in the Fiscal Years (FY) 2023-2027 Capital Improvement Program. The action in this M&C
will amend the FY2023-2027 Capital Improvement Program as approved in connection with Ordinance 25773-09-2022. Attached in Exhibit A are
the projects and funding to support this appropriation.
The 2022 Bond Projects are located in ALL COUNCIL DISTRICTS
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that upon approval of the above recommendations and adoption of the attached appropriation ordinance, funds
will be available in the 2022 Bond Program Fund for the specified projects. Prior to an expenditure being incurred, the Transportation and Public
Works, Park and Recreation, Library, Police, Fire, and Financial Management Services Departments have the responsibility of verifying the
availability of funds.
Submitted for City Manager's Office bk Reginald Zeno 8517
Originating Business Unit Head: Mark McDaniel 6222
Additional Information Contact: Ashley Clement 8505
May Ma 8706
Expedited