HomeMy WebLinkAboutOrdinance 21001-10-2013 Ordinance No.
AN ORDINANCE INCREASING THE ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE GENERAL FUND IN THE AMOUNT OF $19,423,232.50,
FROM THE SALE UP COMBINATION TAX AND REVENUE CERTIFICATES OF
OBLIGATION, SERIES 20|3C' FOR THE PURPOSE DF ACQUIRING THE JAMES
AVENUE MAINTENANCE FACILITY; PROVIDING FOR A 8£V2R \BD.lTY
CLAUSE; MAKING THIS ORDINANCE CUMULATIVE 0F PRIOR ORDINANCES;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN
EFFECTIVE DATE.
BBlT ORDAINED Bl/THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for Fiscal Year 2013-2014 in the
8od8ot of the City Manager, there aknU also be increased outiuu(od receipts and uyyropdodono in the
General Fund iu the amount of$\9,423,232.50, from the sale of Combination Tax and Revenue Cnrtifioutem
of Obligation, Series 20l3C, for the purpose o[ooqoido�the Junueo�\veuue8�uioten000cFuci\ky.
SECTION 2.
That should any portion, ynndoo or pod of moodon of this ordinance be declared invalid, inoperative or
void for any reason byu court ofcompetent jurisdiction, such decision, opioi000r judgment shall i000way
impair the ronuubdog portions, soodoou, or puda of sections of this ordinance, vvbicb said remaining
provisions shall be and remain iu full force and effect.
SECTION 3.
That this ordinance shall be cumulative of Ordinance No. 20952-09'2013 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
o[said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
This ordinance shall take effect upon adoption.
APPROVED AS TO FORM AND LEGALITY:
ADOPTED AND EFFECTIVE: October 15,2013
City of Fort Worth, Texas
Mayor and Council Communication
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CQ►UNICIL ACTION.° Approved on 10/15/201 1 - Ordinance, No, 21004?1 1,0,-21143"
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DATE: Tuesday, October 15, 2013 REFERENCE NO.: G-18040
LOG NAME: 1313 SERVICE CENTER CO APPR
SUBJECT:
Adopt Appropriation Ordinance Increasing Estimated Receipts and Appropriations in the General Fund in
the Amount of$19,423,232.50 From the Sale of Combination Tax and Revenue Certificates of Obligation,
Series 2013C, for the Purpose of Acquiring the James Avenue Maintenance Facility (ALL COUNCIL
DISTRICTS)
RECOMMENDATION:
It is recommended that the City Council adopt the attached appropriation ordinance increasing estimated
receipts and appropriations in the General Fund in the amount of$19,423,232.50 from the sale of
Combination Tax and Revenue Certificates of Obligation, Series 2013C, for the purpose of acquiring the
James Avenue Maintenance Facility and paying issuance costs.
DISCUSSION:
On September 10, 2013, (M&C G-17992, Ordinance No. 20930-09-2013) the City Council authorized the
parameter sale of City of Fort Worth, Texas, Combination Tax and Revenue Certificates of Obligation
(COs), Series 2013C, in the amount not to exceed $20,000,000.00 to acquire the Maintenance
Facility. The COs were sold on September 17, 2013, in accordance with the parameters set forth in the
authorizing ordinance.
Because the COs were sold at a premium, the sale amount of$19,270,000.00 generated the amount of
$19,633,970.25. After deducting issuance costs and underwriter's discount in the amount of$210,737.75,
the City will receive the amount of$19,423,232.50 in net proceeds, which will be appropriated by the
attached ordinance.
This financing will be used for payment of the option purchase price to acquire the James Avenue
Maintenance Facility,
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that upon approval of the attached appropriation
ordinance, funds will be available in the current budget, as appropriated, of the General Fund.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/Account/Centers
GG01 485513 0909110 $19,423,232.50
GG01 551010 0909110 $19,423,232.50
CERTIFICATIONS:
Logname: 1313 SERVICE CENTER CO APPR Page 1 of 2
Submitted for City Manager's Office by: Susan Alanis (8180)
Originating Department Head: Jay Chapa (8517)
Additional Information Contact: Lisa Parks (6630)
Logname: 1313 SERVICE CENTER CO APPR Page 2 of 2