HomeMy WebLinkAboutOrdinance 27936-09-2025Ordinance No.
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN THE
CONVENTION CENTER VENUE DEBT SERVICE FUND IN THE AMOUNT OF
$630,942.00,TRANSFERRED FROM THE (FWCC)VENUE 2%HOTEL OCCUPANCY FUND,FOR
THE PURPOSE OF FUNDING ALLOCATIONS TO DEBT SERVICE PAYMENTS ON THE
SPECIAL TAX REVENUE BONDS (CCVP),SERIES 2025;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 2024-2025 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the CC
Venue Debt Service Fund in the amount of $630,942.00, transferred from the (FWCC) Venue 2% Hotel
Occupancy Fund, for the purpose of funding allocations to debt service payments on the Special Tax Revenue
Bonds (CCVP), Series 2025.
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 judgment 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 27107-09-2024 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said prior ordinances and appropriations are hereby expressly repealed.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.
CITY SECRETARY
_________________________
Jannette S. Goodall
APPROVED AS TO FORM AND LEGALITY:
___________________________________
Assistant City Attorney City Secretary
ADOPTED AND EFFECTIVE:
City of Fort Worth,
Mayor and
Texas
Council Communication
DATE: 09/16/25 M&C FILE NUMBER: M&C 25-0851
LOG NAME: 13VENUE DEBT SERVICE FUNDS BUDGET AMEND
SUBJECT
(ALL) Adopt Appropriation Ordinances for Additional Fiscal Year 2025 Debt Service Payments Associated with Culture and Tourism Related
Bonds Issued Earlier this Summer and Amend the Fiscal Year 2025 Adopted Budget
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached appropriation ordinance adjusting estimated appropriations in the Culture and Tourism Project Finance Zone Fund by
increasing the Transfer to Debt Fund by $132,024.00, and decreasing the Contribution to Fund Balance/Net Position by the same amount;
2. Adopt the attached appropriation ordinance adjusting appropriations in the (FWCC) Venue 2% Hotel Occupancy Fund by increasing the
Debt Transfer Out by $630,942.00, and decreasing the Contribution to Fund Balance by the same amount;
3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Venue Debt Service Fund in the amount
of $132,024.00, transferred from the Culture and Tourism Project Finance Zone Fund, for the purpose of funding current-year allocations for
debt service payments on the Special Tax Revenue and Refunding Bonds (MAVP), Series 2025;
4. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Convention Center Venue Debt Service
Fund in the amount of $630,942.00, transferred from the (FWCC) Venue 2% Hotel Occupancy Fund, for the purpose of funding current-year
allocations for debt service payments on the Special Tax Revenue Bonds (CCVP), Series 2025; and
5. Amend the Fiscal Year 2025 Adopted Budget.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to take necessary actions following the successful sale of bonds benefitting to the
Will Rogers Memorial Center (Special Tax Revenue and Refunding Bonds (MAVP), Series 2025) and Fort Worth Convention Center (Special Tax
Revenue Bonds (CCVP), Series 2025).
Both the MAVP and CCVP bonds were authorized on May 13, 2025, through City Council's adoption of M&Cs 25-0416 (MAVP) and 25-0417
(CCVP). The bonds were successfully sold on June 10 and June 25, 2025, with both transactions closing and having funds delivered on July 9,
2025.
Per bond covenants, the City is required to transfer to the Venue Debt Service Fund (for the MAVP bonds) and the Convention Center Venue Debt
Service Fund (for the CCVP bonds) monthly installments equal to 1/12th principal and 1/6th interest coming due. To comply with these covenants,
appropriations are needed to make allocations for each series of bonds for the balance of fiscal year (FY) 2025.
Special Tax Revenue and Refunding Bonds (MAVP), Series 2025
Monthly allocations for the remainder of FY2025 for the MAVP bonds total $132,024.00. Adoption of the first attached ordinance adjusts
appropriations in the , Culture and Tourism Project Finance Zone Fund by decreasing a budgeted contribution to fund balance/net position by
$132,024.00 and increasing the transfer to the Venue Debt Service Fund by the same amount. The third attached ordinance appropriates those
transferred funds in the Venue Debt Service Fund for the debt service payment.
Special Tax Revenue Bonds (CCVP), Series 2025
For the CCVP bonds, debt service monthly allocations for the balance of FY2025 add up to $630,942.00. By adopting the second ordinance, City
Council is adjusting appropriations in the (FWCC) Venue 2% Hotel Occupancy Fund to decrease a budgeted contribution to fund balance by
$630,942.00 and increase the debt transfer out to the Convention Center Venue Debt Fund by the same amount. Adoption of the fourth ordinance
appropriates the transferred funds in the Convention Center Venue Debt Service Fund.
Funding is available for appropriation from planned contributions to fund balance of the Culture and Tourism Project Finance Zone Fund and the
(FWCC) Venue 2% Hotel Occupancy Fund. The current balance of the Culture and Tourism Project Finance Zone Fund in contribution to fund
balance is $10,359,111.00, and after the appropriation the balance will be $10,227,087.00. The balance of the (FWCC) Venue 2% Hotel
Occupancy Fund in contribution to fund balance is $10,193,087.00, and after the appropriation the balance will be $9,562,145.00.
The actions of this M&C amend the Fiscal Year (FY) 2025 adopted budgets of the Culture and Tourism Project Finance Zone Fund, (FWCC)
Venue 2% Hotel Occupancy Fund, Venue Debt Service, and Convention Center Venue Debt Service Funds by decreasing budgeted contributions
to fund balance, and increasing transfers to support the additional debt service allocations associated with the Special Tax Revenue and
Refunding Bonds (MAVP), Series 2025 and Special Tax Revenue Bonds (CCVP), Series 2025 for the fiscal year.
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 funds are currently available in the Culture & Tour Proj Fin Zone and Hotel Occupancy 2% Venue Tax Funds
and upon approval of the above recommendations and adoption of the attached appropriation ordinances, funds will be available in the Venue
Debt Service Fund and the CC Venue Debt Service Fund. The Public Events Department (and Financial Management Services) is responsible
for the collection and deposit of funds due to the City. Prior to any expenditure being incurred, the Public Events Department has the responsibility
to validate the availability of funds.
Submitted for City Manager's Office b� Reginald Zeno 8517
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Alex Laufer 2268