HomeMy WebLinkAboutOrdinance 15937.~,
Ordinance No ~~~~,
AN ORDINANCE INCREASING APPROPRIATIONS IN THE WATER AND
SEWER COMMERCIAL PAPER FUND IN THE AMOUNT OF $25 000 000 00
FROM AVAILABLE FUNDS FOR THE PURPOSE OF FUNDING INTERIM
FINANCING FOR THE CONSTRUCTION OF ELIGIBLE PROJECTS FOR THE
CITY'S WATERWORKS AND SEWER SYSTEM; 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 2003-
2004 in the Budget of the City Manager there shall also be increased appropriations in the Water
and Sewer Commercial Paper Fund in the amount of $25,000 000.00 from available funds for the
purpose of funding interim financing for the construction of eligible projects for the City's waterworks
and sewer system
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 No 15636 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conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed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
ROVED S T RM A LEGALITY
sistant City Attorney
q~ I~, ~
ADOPTED AND EFFECTIVE. ~~/ ;~ ~ t
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 3/30/2004 Ordinance No 15936 and 15937
DATE Tuesday March 30 2004
LOG NAME 13PAPER REFERENCE NO *C-20015
SUBJECT
An Amended and Restated Ordinance Approving and Authorizing the Issuance of Water and Sewer
System Commercial Paper Notes in an Aggregate Principal Amount at Any One Time Outstanding
Not to Exceed $100 000 000 00 to Provide Interim Financing to Pay Project Costs for Eligible
Projects for the City's Waterworks and Sewer System and to Refund Obligations Issued in
Connection With an Eligible Project; Approving and Authorizing Certain Authorized Officers and
Employees to Act on Behalf of The City in the Selling and Delivery of Such Short Term Obligations
and Resolving Other Matters Incident and Related to the Issuance Sale Security and Delivery of
Commercial Paper Notes
RECOMMENDATION
It is recommended that the City Council:
1) Adopt the attached amended and restated ordinance approving and authorizing the issuance of
commercial paper notes in an amount not to exceed $100 000 000 00 to provide interim financing for the
construction of eligible projects for the City's waterworks and sewer system and
2) Adopt the attached appropriation ordinance increasing appropriations in the Water and Sewer
Commercial Paper Funds by $25 000 000 00
DISCUSSION
Approval of this M&C will reauthorize the Water and Sewer Commercial Paper Program, make available an
additional $25 000 000 in appropriation authority for eligible projects and further authorize the issuance of
commercial paper notes if necessary to provide interim construction financing for those projects
The City's financial advisors and the City staff are recommending that Lehman Brothers be retained to
market any notes that may be issued Bank of America, with the highest short-term credit ratings available
has been selected to provide the liquidity facility and U S Bank Trust National Association will be utilized
as the Issuing/Paying Agent, if required
FISCAL INFORMATIONICERTIFICATION
The Director of the Department of Finance certifies that upon adoption of the attached ordinance and
appropriation ordinance funds will be available in the current capital budgets as appropriated of the Water
and Sewer Funds
Logname 13PAPER Page 1 of 2
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TO Fund/Account/Centers FROM Fund/AccountlCenters
P164 488102 060164015901 $25.000,000.00
P164 541200 060164015901 $25.000,000.00
Submitted for City Manager's Office by. Charles Boswell (8511)
Originating Department Head. Jim Keyes (8517)
Additional Information Contact: Jim Keyes (8517)
Logname. 13PAPER Page 2 of 2