HomeMy WebLinkAboutOrdinance 15011~ .~ ,~ •
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ORDINANCE NO
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND
APPROPRIATIONS IN THE CAPITAL PROJECTS FUNDS BY
$25,335,000 00 FROM THE SALE OF CERTIFICATE OF
OBLIGATION BONDS, SERIES 2002 FOR THE PURPOSE OF
FUNDING CAPITAL IMPROVEMENT PROGRAMS (CIP)
PROJECTS, PROVIDING FOR A SEVERABILITY CLAUSE,
MAKING THIS ORDINANCE CUMULATIVE OF PRIOR
ORDINANCES AND REPEALING ALL 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 2001/02 in
the Budget of the City Manager, there shall also be increased estimated receipts and appropriations m
the Capital Projects Funds by $25,335,000 00 from the sale of Certificate of Obligation Bonds, Series
2002 for the purpose of funding Capital Improvement Programs (CIP) projects.
SECTION 2
Should any portion, section or part of a section of this ordinance be declared mvahd, inoperative or void
for any reason by a court of competent jurisdiction, such decision, opinion or judgment shall m no way
impair the remaining portions, sections, or parts of sections of this ordinance, which said remaining
provisions shall be and remain m full force and effect.
SECTION 3
That this ordinance shall be cumulative of Ordinance No 14745 and all other ordinances and
appropriations amending the same except m those instances where the provisions of this ordinance are in
direct conflict with such other ordinances and appropriations, mwhich 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provisions of said prior ordinances and appropriations are hereby expressly repealed.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
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Assist n City Attorney ~ ~ r ,7 7 ¢ ~-
ADOPTED AND EFFECTIVE ~ CI~~',-E{ ~,~ ~ pZQ~
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City of Fort Worth, Texas
Mayor and Council Communication
TE REFERENCE NUMBER LOG NAME PAGE
3/19/02 **G-13550 13SALE 1 ofi 3
sua~ECT ADOPTION OF CAPITAL IMPROVEMENT PROGRAM PROJECT APPROPRIATION
ORDINANCE FOR PROCEEDS FROM THE SALE OF CERTIFICATE OF OBLIGATION
BONDS, SERIES 2002
RECOMMENDATION
It is recommended that the City Council adopt the attached appropriation ordinance increasing
estimated receipts and appropriations in the Capital Projects Funds by $25,335,000 for Capital
Improvement Program (CIP) projects as follows
STREET IMPROVEMENTS
*Critical Capital Projects
Regional Projects -City's Part $6,067,024
Arterial Street & Urban Design $1,860,355
Traffic Signals $1,000,000
Sidewalks $ 500,000
New Deve{opment $6,507,621
PARKS AND COMMUNITY SERVICES
*Critical Capital Projects $1,640,000
AVATION
*Critical Capital Projects. $ 560,000
PUBLIC SAFETY
*Critical Capital Projects $7,200,000
*See attached listing
DISCUSSION
In early December 2000, staff presented the "Un/Underfunded Capital Needs Strategy" to the City
Council, which the City Council endorsed This report was two-fold
a) The identification of un/underfunded capital needs, and
b) A recommended fu
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City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
3/19/02 **G-13550 13SALE 2 of 3
ORDINANCE FOR PROCEEDS FROM THE SALE OF CERTIFICATE OF OBLIGATION
BONDS, SERIES 2002
Some unfunded and underfunded capital needs in the amount of $45 million were identified for
immediate funding, before the formulation of the next CIP These projects were comprised of two
components
• Projects in the 1998 and 1993 CIP, where it was anticipated that allotted funds would be
inadequate for completion, and
• Other capital projects that had not been anticipated, as well as several federal/regional projects
in transportation, parks, and aviation which require City participation
This report also recommended a t"tnancing strategy to address these needs. Based on updated
financial models, it was determined that these critical capital projects could be accommodated without a
tax rate increase, but it would be necessary to extend the implementation of some of the projects to
year 2004
At the same time, in December 2000, staff reported that in addition to issuing the remaining 1998 ClP
bonds, it would also be necessary and feasible to issue $45 million in Certificates of Obligation over the
next four year period to cover the capital needs as they materialize As a result, by using a combination
of Certificates of Obligation and voted funds in each year of this four-year period, the critical needs
could be addressed Staff also presented a Specific Project Implementation Plan for these projects
Accordingly, on January 29, 2002, the City Council authorized the sale of an additional $25,335,000 in
Certificates of Obligation, Ordinance No 14944, for year two of the four-year plan to fund the critical
projects identified in this recommended funding strategy
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that funds are available for the recommended appropriations as a result
of the sale of Certificates of Obligation on January 29, 2002.
CB.k
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
3/19/02 **G-13550 13SALE 3 of 3
suB.IECT ADOPTION OF CAPITAL IMPROVEMENT PROGRAM PROJECT APPROPRIATION
ORDINANCE FOR PROCEEDS FROM THE SALE OF CERTIFICATE OF OBLIGATION
BONDS, SERIES 2002
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT
Office by: (to)
C116 485202 020116021211 $ 112,588.1
Charles Boswell SSl 1 C116 541200 020116021211 $ 112,588.1
C116 485202 020116021103 $1772,167.1
Originating Department Head C116 541200 020116021103 $1 772,167.1
Jim Keyes 8517 C116 485202 020116021218 $ 930,000 I
1 C116 541200 020116021218 $ 930,000,1
Additional Information Contact: C116 485202 020116021212 $ 356,250.1
Judy Walton 8334 C116 541200 020116021212 $ 356,250,1
C116 485202 020116021101 $ 253,350.
C116 541200 020116021101 $ 253,350.
C116 485202 020116021206 $ 362,669.
C116 541200 020116021206 $ 362,669.
C116 485202 020116021901 $2,280,000.
C116 541200 020116021901 $2,280,000.
C116 485202 020116023227 $1,360,355.
C116 485202 020116136296 $2,507,621.00
C116 541200 020116136296 $2,507,621.00
C116 485202 020116136902 $1,500,000.00
C116 541200 020116136902 $1,500,000.00
CITY SECRETARY
APPROVED 03J19J02
ORD.# 15011
00
C182 541200 080182050010 $ 200,000.00
GC24 485202 055240438500 $ 560 000.00
GC24 541200 055240438500 $ 560.000.00
City of Fort Worth, Texas
Mayor and Council Communication
DATE
3/19/02 REFERENCE NUMBER
**G-13550 LOG NAME
13SALE PAGE
4 of 3
SUBJECT ADOPTION OF CAPITAL IMPROVEMENT PROGRAM PROJECT APPROPRIATION
ORDINANCE FOR PROCEEDS FROM THE SALE OF CERTIFICATE OF OBLIGATION
BONDS, SERIES 2002
C132 541200 020132002001 $3,000,000.00
C132 485202 020132011008 $1,600,000.00
C132 541200 020132011008 $1,600,000.00